Posted by William Charles on October 3, 2019
Bank Account Bonuses

Published on October 3rd, 2019 | by William Charles

247

[Targeted?][NY, MA, RI, and CT Only] Webster Bank $250/$400 Checking Bonus

Update 10/3/19: Deal is back and valid until December 31st, 2019

Update 7/2/19: Deal is back and valid until, bonuses have been increased to $250 & $400. Valid until September 30th, 2019.

Update 4/23/19: Deal is back and valid until 06/28/2019

Update 1/27/19: Deal is back and valid until March 29th, 2019. Still contains the targeted language. Hat tip to happ316

Update 07/28.18: Deal is back until September 7th, 2018 Matt K. Still contains the targeted language.

Update 05/23/18: Bonus is back, but contains targeted language: This is an exclusive, non-transferable offer, available to the addressee of our direct mail or email offer. Hat tip to David.

Reposting as bonus is back. Thanks to reader GM for letting us know.

Offer at a glance

  • Maximum bonus amount: $350 personal and $350 business
  • Availability: Valid for residents in NY, MA, RI, and CT
  • Direct deposit required: Optional
  • Additional requirements: Yes, see below
  • Hard/soft pull: Soft
  • Credit card funding: None
  • Monthly fees: $11.95- $21.95, waivable
  • Early account termination fee: $15 if closed within 90 days
  • Expiration date: March 10th, 2017 May 12th, 2017 July 14th, 2017 October 6th, 2017 June 8th, 2018 September 7th, 2018 June 28th, 2019 September 30th, 2019

Our Verdict

Direct link to offer

  • Webster Bank are offering a bonus of $250 or $400 for opening a new checking account. Let’s take a quick look at both offers:
    • Open a Webster Value Checking account and receive a bonus of $250 when you do the following:
      • Use promo code MOV-OCT-DEC19VALUE$250
      • Minimum deposit of $50
      • Complete one qualifying direct deposit OR have average account balance greater than or equal to $1,000 in the calendar month ending 11/29/2019
    • Open a Webster Value Premier account and receive a bonus of $400 when you do the following:
      • Use promo code MOV-OCT-DEC19PREMIER$400
      • Minimum deposit of $500
      • Complete one qualifying direct deposit OR have average account balance greater than or equal to $10,000 in the calendar month ending 11/29/2019

 

The Fine Print

  • This is an exclusive, non-transferable offer, available to the addressee of our direct mail or email offer
  • Promotion valid for new checking accounts opened between 04/16/2018 and 06/08/2018 meeting minimum opening balance requirements.
  • Customer must be a resident of NY, MA, RI or CT at time of account opening and promotion payout.
  • Customer must have a direct deposit of $500 or more (Direct Deposit transactions are limited to payroll, social security, pension, and government benefits; PayPal® and Venmo transactions are excluded) between the month the account was opened and 09/30/2018. OR Customer must have an average account balance greater than or equal to $10,000 for the calendar month ending 09/30/2018.
  • To be eligible, the primary customer must qualify for Premier Checking and must not have had an open checking account since 04/01/2017 at Webster Bank.
  • Account must be in good standing at the time of payout; an account is considered to be in good standing if it has a positive balance and is not in the process of being closed.
  • All funds will be transferred into the newly established checking account by 11/15/2018.
  • All amounts will be reported to the IRS, and customer is responsible for any applicable taxes.
  • Cannot be combined with any other offers from Webster.
  • Please present this mailer to receive the offer and speak to a Webster banker for details. Rates shown for any product or tier are subject to change at any time.
  • This is an exclusive, nontransferable offer, available to the addressee of our direct mail offer.
  • One offer per household.

Avoiding Fees

There is also a $2 fee for paper statements, avoided with eStatements.

Webster Value Checking $11.95 Monthly Fee

This account has a $11.95 monthly fee, this is waived when you meet one of the following requirements during your monthly statement cycle:

  • Maintain a monthly average balance of at least $1,000
  • Are age 65 or older and have at least one direct deposit
  • Have at least 10 debit card purchases (PIN or signature) post to your account during the statement period (ATM transactions do not qualify, nor do any purchases using an ATM-only card).

Webster Premier Checking $21.95 Monthly Fee

This account has a $21.95 monthly fee, this is waived if you meet any of the following requirements during your monthly statement cycle:

  • By keeping $20,000 in combined average checking, money market, and savings balances during your monthly statement period
  • By keeping $50,000 adding CD, home equity, and installment loan balances as of the end of your statement period

Early Account Termination Fee $15

If account is closed within 90 days a $15 fee is charged.

Our Verdict

Would definitely be worth doing, but it’s a shame about the targeted language. I haven’t seen that on previous offers before so not sure if it’s enforced or not. It’s nice there is no direct deposit required, but a $10,000 balance is required. Best case scenario you open the account in early June and then close it after the bonus posts. I would add this to our best checking sign up bonuses page because of how good a deal it is, but I won’t due to the the targeted language.

Big thanks to reader, David who let us know. Please consider sharing bank bonuses with this site so we can make it even better.

Useful posts regarding bank bonuses:

Big thanks goes to reader Curmudgeon for sending this through

 

 



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Justin
Justin

Did this bonus last year. The fee was maybe waived the first month, but definitely not the second month.

To minimize fees if you plan on not depositing the 10k I would recommend opening the account in a couple weeks, and closing out right after 5/19. Maybe you could get away with only 2 monthly fees, and at worst 3.

Alternatively I guess you could try opening in last week of March, quickly completing transactions, and closing out on 5/20. You pay the $15 early term fee, but probably only get hit with 1 monthly fee. Net fees of $37. I wouldn’t try that route as its an easy way to get blacklisted, but could work for some.

Saabfan
Saabfan

Expires March 10th.

Anynomous
Anynomous

Can you close this bank acct online

joe
joe

I tried to do the bonus last year … the people at Webster were very nice, but “needed additional information”… they told me it was perfectly fine for me to open an account, but I had to go to an actual branch (despite the terms of the deal not actually saying anything about being in branch only). What makes you guys think that this particular offer is not going to be similarly restricted?

Derek
Derek

Can it be stacked with referral bonus?

Sa
Sa

It did stack last year when i did it.

Matt
Matt

Anyone have a referral link? Looks like the extra bonus is a $50 Visa gift card, which helps offset a couple months of fees.

Saabfan
Saabfan

Send me your email address and first and last name. Saabfan@hotmail.com

Saabfan
Saabfan

I’m no longer giving referral links. The reason is that the people I have referred are not registering. This leads me to believe (and I hope I am wrong) they are trying to get my email address and name. I don’t know if anything could be done with this information, but I’m no longer taking any chances. You guys might want to consider this also. Cheers!!

Mike
Mike

I wonder if there is something wrong with your referral link.
Make sure your link is working so that people will get the bonus.

I posted my link further down and 1 person already signed up.

David
David

Where do you see 2.5% return for the 3-4 months with the $350 account? On the interest page, I see only 0.01%

Dave
Dave

Applied online. It asked a few Equifax questions,
all were the “none of the above” nonsense.

s
s

I did this last year and let’s just say that Webster is not Chase/Citi. It takes time and patience dealing with them. On a good note their customer service is helpful, but I think that their processes and not automated. I am not sure I would do it again but on the other hand that’s quite an easy one on paper…decisions decisions

Jonathan
Jonathan

I applied for this in branch last year, and the monthly fee was not waived even for the first month. I emailed the banker that I opened the account with and she were willing to manually credit the fee for the first month. Even if you open online, it’s probably worth calling Webster after a month and asking if they’ll credit you the fee.

Last year, the banker told me that the $350 bonus would stack with the referral bonus, but this didn’t end up happening in reality. I had to file a CFPB complaint because I didn’t get the $350 bonus or the referral bonus (and contacting Webster proved to not be helpful at all), and I got contacted by someone from the Office of the President. She indicated that the referral bonus is not eligible to be stacked with the $350 bonus, but she would make an exception for me due to the circumstances. I’m not sure if that still holds true, but I wouldn’t expect to receive both the $350 bonus and the $50 referral bonus.

Andrew G.
Andrew G.

For some reason the detail that $50 is required to be deposited in basic and $500 is required to be deposited in premier is only showing in the fine print:

“Receive $350 with Premier Checking. Minimum opening deposit of $500 is required”

“Receive $100 with Webster Value Checking. Minimum opening deposit of $50 is required”

Well I don’t know what timeframeI have to deposit this.. going to do it as fast as I can.

Rhody
Rhody

Could someone tell me if I’m crazy….$100 bonus for $1000 hold = 10% return, $350 bonus for 10,000 hold = 3.5% return. Wouldn’t the $100 bonus be a better option? Less money to hold with a larger return percentage? However, I may be reading this totally wrong!

joe
joe

Everyone’s personal situation is different. For me, the $350 is far better. Let’s assume you have $250K sitting in a 1.5% acct — say for example at MyMemory Bank. Let’s assume it takes 6 months to receive the bonus and close this Webster acct. I move ~$10K from memory bank into Webster, I lose out on $75 of interest, and instead get $350. I’m $275 ahead. On the other hand, if I move $1K into webster and get a $100 bonus, I lose $0.75 in interest, and come out $99.25 ahead.

jcb
jcb

As the first comment suggests, why couldn’t we just close out right after receiving the bonus and pay the ETF? Are there real risks of being blacklisted? Just tell them you are moving?

Dave
Dave

Please do not do that.. You can downgrade the account and keep it open a while.
We want to keep the bonuses coming 🙂

jcb
jcb

thats a good point on the downgrade.

Grant

I opened my account over the phone a few days ago and tried to log in this morning and got an error msg that said my account is temporarily suspended. I called their CS number and was told that since there is no funds in the account, that my account is frozen. I had already set up my account with my external checking account and was going to verify the micro deposits and transfer in $500 to complete the minimum funding requirement. The CSR said that since I have no funds in the account, I wouldn’t be able to log in. So stupid, so I initiated a Chase Biz Checking direct deposit for $500 to my account. Hopefully that DD posts before my account is officially closed :/

I will keep you guys posted…

shaky02dd
shaky02dd

Denied for too many chex inquiries. Have opened about 8 bank accounts in the past 12 months.

Time to get my chex report…

JASON
JASON

Thanks for the DP. Please keep us posted.

Matt
Matt

I’m at 18 accounts in the last 3 months and haven’t run into this issue yet :/

Pablo
Pablo

So they are that sensitive to chex inquiries huh? I think I may have about 10 or soracked up during the past 12 months so I may just skip out on this one for now and come back (hopefully if they do it again) when I have not so many inquiries. Thanks for the heads up.

Mr.Bean
Mr.Bean

They approved my account when I opened it online only for it to be closed soon after. Called and provided a reason for being denied; ‘multiple discrepancies’. I guess this is due to multiple Chex Enquiries. Looks like they are hyper sensitive!

Johnny

Still waiting for the damn debit card. Transferred 10k over to avoid the fee. Anyone know if 10x amazon gift card reload should trigger the requirements?

Thanks.

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