Posted by William Charles on July 7, 2019
Bank Account Bonuses

Published on July 7th, 2019 | by William Charles

5

[NJ & PA, In Branch Only] The Bank of Princeton $100 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Must be opened in branch, branches are in NJ & PA [Branch locator]
  • Direct deposit required: Yes, $500 minimum
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Unknown 
  • Monthly fees: None
  • Early account termination fee: $100, six months
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • The Bank of Princeton is offering a bonus of $100 when you open a new Wise Checking Account and complete the following requirements:
    • Have Direct Deposit of a Payroll or Social Security check with a minimum of $500.00 made to Wise Checking Account within 60 days of account opening

The Fine Print

  • Offer valid on NEW MONEY ONLY. New money cannot be funds held at The Bank of Princeton prior to the opening of this promotional Wise Checking account.
  • To receive the exclusive $100.00 Wise Checking Bonus: 1) Open new Wise Checking Account, which is subject to approval; 2) Deposit minimum $50.00 at account opening; 3) Have Direct Deposit of a Payroll or Social Security check with a minimum of $500.00 made to Wise Checking Account within 60 days of account opening.
  • Limit 1 Wise Checking account per Tax ID.
  • The Bank will deposit the $100.00 promotional bonus to the Wise Checking Account within 30 business days after the initial direct deposit of a minimum of $500.00 posts to the account.
  • If Wise Checking Account is closed by the customer or The Bank of Princeton within 6 months after opening and the $100.00 promotional bonus has been deposited into the account, the Bank will deduct the $100.00 promotional bonus from the account at account closing.
  • Wise Checking Offer begins 9:00 AM EST on June 17, 2019; subject to change or cancellation without notice.
  • Other terms and conditions may apply. Wise Checking Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Wise checking has no monthly fees to worry about.

Early Account Termination Fee

Account needs to be kept open for six months otherwise the bonus of $100 is forfeit.

Our Verdict

Worth doing if you live near a branch, just keep in mind they are somewhat Chexsystems sensitive so if you’ve opened more than 7-8 accounts in the last 12 months I’d give this one a miss. I will still add this to our best bank account bonus page.

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IS250
IS250

I’ll see if I can attempt this. I’m not worried about the DD since I can use my employer. Just hoping they aren’t Chex sensitive.

bax
bax

Nothing to see here, kids. No credit pull but very Chex-sensitive: My 43 Chex inquiries (over lifetime?) freaked the banker and the branch manager out. I was told even the 8-9 inquiries so far this year alone would have required back-office approval to open the account. Also, they want to see the SSN card as a second form of ID and want to see the Permanent Resident Card (Creen Card) or the Visa if not a citizen.

IS250
IS250

Well then. Definitely won’t attempt this now. Thanks for the DP.

So what did you say when they asked about all the Chex hits?

bax
bax

Initially I was given the impression that there’s 43 inquiries in the last year alone, which does sound excessive, so I asked to get a copy so I could dispute it with Chex to set the record straight. After I realized it’s probably over lifetime or otherwise a much longer timeframe than just the last 12 months, I told them it’s not really that mind-boggling when spread over a timespan of over a decade, given the interest rate changes and the fact I’ve been rate-chasing from bank-to-bank. The banker just kept saying that’s the most inquiries she’s ever seen, and eventually that the 8-9 inquiries this year alone (many banks don’t even do Chex, or their minds would’ve been blown even worse, haha) means I’ve been [“flirting with” (my words)] different banks. In hindsight, I probably offered too much information to no avail, because almost certainly nothing is going to change their mind, including their back-office’s: They seem to want “loyalty”, which simply doesn’t come standard with the churning crowd. FWIW, there’s a sign of this offer displayed on a cardboard outside the branch, and the banker brought up the $500 DD requirement like it’s a difficult deal.

IS250
IS250

If I’m not mistaken, I think the Chex report only shows activity for the past 3 years.

But anyway, yeah they would’ve denied you in any case it seems like.

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