Posted by William Charles on November 2, 2016
Bank Account Bonuses

Published on November 2nd, 2016 | by William Charles

7

[NY only] Carver Federal Savings Bank $150 Checking Bonus

Warning, this bank is sensitive too too many ChexSystems inquiries. Reader Jason says that they’ll deny you with 5+ or more (basically if you’ve opened 5 or more checking/savings account in the past two years you won’t be eligible).

Offer at a glance

  • Maximum bonus amount: $150
  • Availability: Only available at Main Branch and Malcolm X branch. Both In NYC [Branch locations]
  • Direct deposit required: Yes for personal account, no minimum specified
  • Additional requirements: Deposit and maintain $2,500 balance
  • Hard/soft pull: Unknown 
  • ChexSystems: Yes, inquiry sensitive
  • Credit card funding: No
  • Monthly fees: $25, avoidable
  • Early account termination fee: Six months, bonus forfeit
  • Expiration date: November 14th, 2016

The Offer

Direct link to offer

  • Receive a $150 bonus from Carver Federal Savings Bank when you:
  • Personal bonus:
    • Open a Carver Growth Checking account with a Relationship Savings account
    • deposit the minimum opening balance of $250 and thereafter maintain the average monthly balance $2500
    • set-up direct deposit for this account within 60 days of account opening
  • Business bonus:
    • Open a Carver Smart Business Checking account with a Relationship Savings account
    • deposit the minimum opening balance of $100 and thereafter maintain the average monthly balance $2500; within 60 days of account opening

carver_150_promo

The Fine Print

  • $150: Offer is valid to new customers of Carver Federal Savings Bank (“Carver”) from October 15, 2016 – November 14, 2016.
  • “New customers” includes first accounts of Carver. “New Customers” does not include any person whose accounts at Carver have been closed within 90 days or closed at any time with a negative balance.
  • Offer is not available to Carver employees.
  • Carver reserves the right to update, any part of these terms and conditions at any time.
  • Carver also reserves the right to terminate this Offer without prior notice for any reason.
  • This Offer is only available at the following participating branches: 125th Street Main Office located at 75 West 125th Street and Malcolm X located at 142 Malcolm X Boulevard.
  • Promotion does not apply to any other Carver locations and cannot be combined with any other offer.
  • Carver Growth Checking Offer: To be eligible for this promotion, you must: (a) during the Offer Period (b) open a Carver Growth Checking account with a Relationship Savings account (subject to approval); (c) deposit the minimum opening balance of $250 and thereafter maintain the average monthly balance $2500; (c) and set-up direct deposit for this account within 60 days of account opening. The direct deposit must be an electronic deposit of your paycheck, pension or government benefits from your employer or the government. After you have completed all the above requirements, Carver will deposit the $150 bonus into your new Carver Growth Checking account within 60 days from the end of the month during which all the above requirements are met and will be reported as taxable income to the IRS in the form of a 1099-MISC.
  • Carver Smart Business Checking Offer: To be eligible for this promotion, you must: (a) during the Offer Period, (b) open a Carver Smart Business Checking account with a Relationship Savings account (subject to approval); (c) deposit the minimum opening balance of $100 and thereafter maintain the average monthly balance $2500; within 60 days of account opening. After you have completed all the above requirements, Carver will deposit the $150 bonus into your new Carver Smart Business account within 60 days from the end of the month during which all the above requirements are met and will be reported
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Carver Growth Checking

Growth checking account comes with a $25 monthly service fee, that’s waived if you do any of the following:

  • An average monthly balanceof $1,500, or
  • $1,500 in total Direct Deposits, per month

Carver Smart Business

This account has a $25 monthly fee, this is waived if you have an average monthly balance of $1,500 or more.

Early Account Termination Fee

You will forfeit the bonus if you close your account within six months of opening.

Our Verdict

In branch opening requirement is a bit annoying, especially for a relatively small bonus. Other downside is that keeping the account fee free isn’t the easiest and needs to be kept open for at least six months, if anybody goes for this bonus please let us know if it’s a soft pull to open and if you can fund with a credit card. For now we haven’t added it to our list of the best checking sign up bonuses.

Useful posts regarding bank bonuses:



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Jason
Jason

Going there after work, will advise more info.

Jason
Jason

Sorry, missed the train on 11/2, so just went back from there in lunch break today. Data points:

Hard/soft pull: N/A because in branch application declined

ChexSystems: Yes. Instead of answering questions from Chex, they pull report and see how many inquiries I have had in the past 3 months. According to the banker over there, regular number of inquiries should be 5 or less. And I got 30 which is high. Their system automatically rejects my application after banker manually input info for me in system.

Credit card funding: No. Only accept cash or check. No debit card or credit card funding.

Other requirements: must have two pieces of ID, such as driver license, passport, physical copy of the social security card.

JASON
JASON

Whole story: Not sure if all credit unions require two pieces of ID but this is what the manager asked me before I sat down. Passport or the physical copy of a social security card, I was like seriously? I just had a feeling this didn’t go well “smoothly” for me because they were so serious about identification documents. Took out other bank debit card and manager did take it as another piece of ID besides the driver license. Then sat at the table, I could feel banker was curious about the fact that my address was not even close to this branch. This is almost what I hate about walk-in as sometimes things just not make too much sense and the bonus looks like the only factor connects everything. Filled out the form, she keyed in the system, got declined, she spent some time in a room and then came back saying she needed her manager to override it. She didn’t know the issue but I did already. She and her manager walked out and stood aside talking and the look they gave me was… you know, 30 inquires on a chex report. I bet during their entire career they never saw someone walked in with a chex report like that. Manager printed out the paper and pointed out bank name one by one, that was just hilarious! She asked me one by one, well I said some it did recognize and some didn’t. Something else I wanted to point out here is that there is something call “bank reference score” (not exactly remember the name) but it was printed as a 4 digit number on their chex report but actually ranking only from 0 to 800 and mine is 0740. So the banker told me I got a very good score and hence, nothing such as negative balance reported from other banks. Yet 30 inquiries just way too many. I told them I could be that I had multiple attempts on one or two banks online application. She wanted to still ask manager if she could help with approving me. I stopped her and said my lunch break was over that I got to go. She did keep a photocopy of my driver license and social security number on the application form. That’s what I do not feel comfortable. Should have asked them to destroy it. I told… Read more »

JASON
JASON

typo: santander bank bonus does NOT require….

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