Posted by William Charles on August 1, 2018
Bank Account Bonuses

Published on August 1st, 2018 | by William Charles


[NY, NJ] Northfield Bank $350 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: In branch only, all branches are in NY & NJ [Branch locations]
  • Direct deposit required: Yes, recurring $500+
  • Additional requirements: Maintain average balance of $500+, make 10 debit card transactions per month
  • Hard/soft pull: Hard pull (report of soft pull)
  • ChexSystems: Unknown
  • Credit card funding: ACH funding only
  • Monthly fees:
  • Early account termination fee:
  • Household limit: One
  • Expiration date: None listed

The Offer

No direct link, in branch only

  • Northfield Bank is offering a bonus of $350 when you open a new eligible checking account and complete the following requirements within 90 days of account opening:
    • Maintain average balance of $500+
    • Receive a monthly recurring direct deposit of at least $500+
    • Perform 10 point of sale debit card transactions per month

The Fine Print

  • Eligible checking accounts are MyChecking, MyChecking 60+ or MyChecking Student
  • Must not have an existing or prior NorthField Checking account
  • Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits.
  • Bonus will post within 30 business days following the end of the 90 day period
  • Account must remain open, active and in good standing and in the same product type during the qualifying period to receive the bonus
  • Offer is effective as of 07/06/18 and may be withdrawn at any time.
  • Once bonus per household
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

MyChoice checking has a monthly fee of $8. This is waived if you do any of the following:

  • Maintain a $500 average monthly balance OR
  • have a monthly direct deposit totaling $500 or more OR
  • perform 10 debit card transactions during statement cycle.

Early Account Termination Fee

I wasn’t able to find any mention of an early account termination fee in the fee schedule.

Our Verdict

You might know of Northfield Bank as they have a 2.25% APY basic savings account (best current rate). Unfortunately they do a hard pull to open a new account, so even with this $350 bonus it won’t be worth it for a lot of people. Keep in mind bank bonuses are taxable. Because of the hard pull I won’t be adding it to the best checking bonuses for now. I’d be interested to know what threshold a bank bonus with a hard pull would need to hit for you to be interested?

Big thanks to reader, Joseph P who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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is hard pull really that bad? i understand if you are planning on mortgage or car loan, so hard pulls and new accounts should be avoided. but otherwise, generally i’m more concerned about new credit accounts to stay under 5/24 or similar rules. hard pulls seems to matter a bit less.

if someone has different opinion, would love to hear! thanks.

I completely agree with you. The main thing stopping me from doing this is the Direct Deposit requirement as who knows what counts for it.

Is it that hard to just do the direct deposit?

My company is great because you can edit it online at any time. You can also break it up into 6 accounts (3 checking, 3 saving) at once, so I am able to do multiple bonuses concurrently.

wow, that is nice. i can edit, but only allowed 2 at a time. usually not an issue since most accounts give up to 90 days to receive direct deposit.

I’m confused by your question. Why would you assume that everyone has access to an employer’s direct deposit?

I was one of the few to do the Northfield Richmond branch 250 bonus that you posted before.

Some DPs for everyone that I also posted in that thread:
-Sqaurecash 1.xx charges count as purchases
-They auto closed my account without asking after 2 months of meeting the bonus. After meeting the bonus, I would transfer 10 dollars in and do 10x $1 squarecash transactions to avoid the monthly fee. I guess they didn’t deem this as sufficient enough activity. I was going to close the account “6 months after bonus posting” to avoid it being taken away, but they did it for me ahead of time!

All in all, it was a positive experience.

What did you use for DD to get the bonus?

Real work DD.

I opened this account today. There was a sign on the rep’s desk saying that all accounts are verified through Chex. They could not possibly be very Chex sensitive since I was not turned down. July, as we all know, was National Bank Account Bonus Month! The rep was really quick opening my account and I was in and out of there within 15 minutes. Drove down the road so that hubby and I could open accounts at Investors Bank. An $850 day for us. Thanks, DoC!

Does anybody know if canceling a checking account here is hard? Or have more details about how many days after bonus can we cancel?

You have to keep the account open for six months or they deduct the bonus

Opened today. They do use CHEX inquiries for all new checking accounts. The sign says CHEX behavioral risk or something to that effect. You must keep the account open for six months. Bonus credits 30 business days after the 90 day qualifying period.

Did a 1.5 hour train/subway trip into Brooklyn, NY today while my wife got her hair done in Manhattan to give this one a try. CS rep wanted to know why I was opening account there, so far from home and I said I have friends who live in the area and they told me about the bonus cash offer from Northfield Bank. Taking my ID, information, etc. then CS rep says “I see you have been opening a lot of checking accounts recently.” He says he will have to get an OK from his superiors to go ahead with opening the account and will notify me by email. If they OK it I can come back into the branch and sign in and make a deposit the next time I am in the city visiting my friends. This one does not look like it is going to end up happening. . Maybe Northfield Bank needs to hit their new account opening quota and will give me a call back saying all is well. Hate to drag my ass back into Brooklyn but $350 is a nice bonus. Will let you know when I hear… (o:

They ran chexsystems on spot and saw everything and told you too many accounts? wow

Yup! CS desk had a sign on it that he pointed out that they run chexsystems. I had account opening deposit check all made out and then the brakes were put on…the branch manager and my guy (supposedly the asst. manager according to his B card) looked very tired and not interested in getting new business. Who knows? Maybe they have had a whole parade of folks coming in that they know they are not going to open new accounts for… )o:

Does ChexSystems also show account opened? I don’t think so. Only inquiries they show. Early Warning show account opened. Am I missing something?

9 days later they contacted me…they got the ‘OK’ from superiors so I headed back to the branch and officially opened the account. Took about a half hour and all Northfield Bank employees were pleasant. The whole thing, including commute on train and subway, took another 4 hours out of my life but, like I said, this is a pretty nice bonus cash offer! (o:

“Household limit: One” enforced?

Proctologist Of Credit
Proctologist Of Credit

I second this, will be trying this soon with my girlfriend.

Please report back! I will pass with second player for this time, cannot keep up for 3-4 months with DD and 10 transactions per month for two people….

I called 3 local branches Brooklyn: THey said no hard credit pull!
I emailed customer service: “Yes, a hard credit check is pulled from Experian.
Also, Northfield Bank does utilize CkexSystems.”

As always, contradiction! They maybe changed the rules and no longer do hard pull, or based on location maybe>?!

Just opened an account
1. they use ChexSystems not credit check
2. Early Termination: “If the account is closed by the customer or Northfield within six months after opening, we will deduct the bonus amount from the account at closing.”

lol. if there will be zero on the account, what they will deduct?)
and what they mean by saying can be closed by Northfield? they can close an account on their own and deduct the bonus from customer? lol

FYI, the bonus is still available for new accounts as of today, 9/24/2018. The banker didn’t know how much longer the promo would be offered. I didn’t ask about hard pull, but there was a sign on her desk saying all new accounts are verified through ChexSystems.

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