Posted by William Charles on October 15, 2018
Bank Account Bonuses

Published on October 15th, 2018 | by William Charles

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[Expired] [NY, NJ, PA, MD, VA, CA only] Woori America Bank $200 Checking

This offer has now ended, click here for the best current checking bonuses.

Update: Apparently the direct deposit needs to be recurring ‘recurring payroll direct deposit of $500 of more within 2 months of account opening’

Update 10/15/18: Deal is back and valid until December 31st, 2018. Thanks to reader Gotham.

Update: According to multiple comments it looks like they have killed the $300 savings bonus. $200 checking is still available though.

Reposting as we’ve confirmed that it’s available in all states thanks to readers in the comments.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: In branch at NY, NJ, PA, MD, VA, CA  branch locations only [Branch locator]
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees:
  • Early account termination fee: One year, bonus forfeit
  • Household limit: None listed
  • Expiration date: June 30th, 2018 July 31st, 2018 December 31st, 2018

The Offer

No direct link to offer, in branch only

  • Woori America Bank is offering bonus of up to $500 when you open a new checking & savings account.
    • Get a $200 bonus when you open a rewards checking account
      • Deposit $500+ at account opening
      • Receive a direct deposit of $500 or more within 2 months of account opening
      • Maintain an average daily balance of $500+ for three months
    • Get a $300 bonus when you open a savings & money market account
      • You must complete all the rewards checking account requirements above
      • Open a new savings or money market account (regular statement savings, silver statement savings, gold statement savings, regular money market or priority money market)
      • Maintain an average daily balance of $5,000+ for three months

 

The Fine Print

  • Direct deposit needs to be an electronic deposit of your paycheck from your employer (can’t be government benefits or pension)
  • Bonuses will post to your account within 10 business days of meeting the requirements
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Early Account Termination Fee

If the accounts are closed within a year of opening, the bonuses will be clawed back.

Regular Statement Savings

This account is the easiest to keep fee free, as long as you have a balance of $200 no monthly fee is charged. Otherwise a $4 fee is charged.

Dream Checking

This account has no monthly fees to worry about.

Rewards Checking

Looks like you need to open a rewards checking account instead of dream. This has a monthly fee (unknown amount) if you don’t have a balance of $500+

Our Verdict

This is a great bonus, but it looks like they are very strict on the direct deposit requirement so I’d probably only do it if you can change your payroll. When you sign up they actually ask you for your employers name as they want to make sure it matches what the direct deposit says.  Checking account has a $500 minimum opening deposit and savings is $5,000, you need to deposit this when opening in branch (check and cash are accepted). That being said it’s still a massive $500 bonus and even the savings account doesn’t require a massive amount deposited compared to other accounts. This will definitely be added to the best bank account bonuses currently available. As always share your experiences and data points with this bank in the comments below.

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Traditionally a Korean bank here is Los Angeles. Nice people from what I hear from Korean mates that transfer monies to Korea.

there’s an image of the ad on [] showing the expiration date as 7/31/18 rather than 6/30/18

what might count as a direct deposit at Woori?

How do we know it’s (likely) just NY? Only been sighted there, or more specific reasoning?

There is one down the street from my work, I walk by it frequently. Never seen the bonus deets though so will have to check it again. This looks a lot like the Popular Bank $500 bonus last year (split between savings and checkings). Would be interesting to see what their interest rates are for the savings account but otherwise, seems liek a great bonus!

No interest for checking account.
0.15% APY for Savings account.

Just spoke with the CSR from Manhattan branch. The promotion will last until end of July. It’s a different promo that ends on 6/30.

I was the original submitter to HMB. Here are my original photos with the full terms: https://ibb.co/ijgNpy & https://ibb.co/fDEa9y

Just called the flushing branch and rep said this offer is available until the end of July.

Confirmed with rep that offer is good til 7/31, no credit card funding available

Georgia location is an LPO and can not open deposit accounts

Called the local branch here in SoCal to ask if the promo is available at their branch.

After some language issues (she answered the phone in Korean with a heavy accent but a pretty good command of English), was able to find out the following, assuming she understood my questions correctly:

1) The promo is available in SoCal, at least at the Olympic Blvd branch
2) They pull Chexsystems but none of the credit bureaus so no hard pull
3) The promotion goes until July 31, 2018

Perfect I’ll be calling in for the NorCal one next week.

Justin – I don’t think the NorCal location is a bank branch as it’s listed as a LPO (loan production office). I could be wrong, so if you’re able to open an account in the NorCal branch, please reply. Otherwise, I might open one when I visit SoCal.

Any success?

I am curious too if NorCal office works.

Called the LPO, Nor Cal is not a branch and could not open such accounts there.

Yup, just opened at the Olympic branch, had to unfreeze my Chexsystems to get approved. The bank was literally covered in posters for the $200/$300 promo.

This offer is available in Los Angeles, CA at the OLYMPIC Branch.

how about the Wilshire office?

Centerville Virginia branch works. Need to deposit 500 for checking account opening and 5000$ for savings account opening while in branch the same day. Was told cannot open savings account without exact money in hand at branch. Just a heads up.

Cash only or check allowed?

I suppose bringing $5000 in money orders would be frowned upon.

Yet Another Redditor
Yet Another Redditor

I saw your name on the list of people who opened up the account and had to sign for a debit card there! 🙂

Guess, I just missed you there 🙂 Yeah, they have a account control log, which is manually updated with debit card number, account number , and contact of the account holder. That was first I saw something like that.

Also to @looney tunes question, both check and cash seem to be accepted. When I mentioned I didn’t have 5000$ cash on me , she asked if I had a check, unfortunately I didn’t. @dave Try the money orders and let us know 🙂

You need to have both deposit amounts in hand if you want to open both accounts. They will not allow you to open the savings and then deposit the 5k later. Some banks allow you to open the account and give you a time limit to deposit funds, this bank does not do that.

William Charles Worked in VA. I asked about opening an account in MD, and the banker said it is possible at their branch there.

Do not do a HP. Do look at Chex/EWS as the banker mentioned we look at your bank accounts history.

Strict requirements for DD – took down the name of my employer and wanted to make sure the name on the DD matches. There might be an issue since my employers DD users abbreviations and not the full company name.

I have a copy of their flyer, offer valid until 7/31. I will email you the flyer if you need a good scan.

Know that the flyer says a direct deposit needs to be an electronic deposit of your paycheck but any mention that the direct deposit could also be pension or government benefit such as social security?

Nope, seems to be limited to employer DD. The banker emphasized that quite a few times.

I called them back and asked about using a pension or social security for the direct deposit and she said no, only a paycheck.

They will cover themselves and repeat back what it says in the fine print. There is nothing to be gained by calling. Even if they say it will work, doesn’t mean that their word will overrule the fine print if it turns on they where wrong.

Normally you’d be right but since this is a new bank without any DP’s on it, figure every bit of information might be helpful to someone like me who lives over 100 miles to the nearest branch.

With the information that’s been discovered already from those who have called or visited a branch, I’ll wait on further DP’s from those who actually open accounts to determine whether that trip will be worth it to me.

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