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escot
escot

Increasingly not impressed by promotions (and write-ups) that don’t factor in the value of interest lost while leaving pot of cash stashed in non-interest bearing account (in this case for a year) …. to avoid monthly fees. (lot of work to actually use the account for 12 months to avoid both — and then ETF. No thanks.

Kyle

Not sure how you would value “interest lost” on an account like this when simple debits/bill pays work to avoid monthly fee. Last time I did this I kept about $10 in the account and just reloaded cash app every month. No need to keep a “pot of cash” in the account. Even if you just kept $100 in there for a year and just did debit purchases at the end of that year it would net you $100. I don’t know of any interest bearing accounts that net you that kind of return.

Dom
Dom
NorseTikiBar
NorseTikiBar

DP:
10/28 applied for account online and approved
11/3 $1250 DD Cap One 360
11/10 $1250 DD Cap One 360
11/14 started POS transactions (avoid monthly fees)
11/15 POS transactions reimbursed as “ONL DEBIT CARD PURCHASE REBATE”

Does anyone know what this means? Why are they reimbursing my POS transactions? (~$30 have been reimbursed thus far)

Still waiting for $200 Bonus from promo

NorseTikiBar
NorseTikiBar

Reread TOS. $200 Bonus is based on POS transactions. Cap One 360 transfers still count as DD.

Gadget - Bank Bonus Geek

6/13 P2’s Acct open
6/24 $2,500 “DD” = DIR CAPITAL ONE N.A. 1510394779 BR CAPITALONE (Cap One 360 Checking)
6/28 $200 “debit purchase” = POS MC CASH APP firstname 4153753176 CA (Loaded $200 on Cash App)
crickets… no bonus as of Aug 4th – over 40 days since DD had posted
Trying another DD & debit.
8/09 $2,500 “DD” = DIR SCHWAB BROKERAGE 9005586224 BR MONEYLINK
8/12 $200 “debit purchase” = POS MC FZSOFT BR 929348 2320 NY (Online purchase of $200 GC on Fluz)
8/12 $200 Bonus Posted! ONL DEBIT CARD PURCHASE REBATE

Most likely Cash App no longer counts as a debit purchase, but there is a slight chance the DD was not satisfied by Cap One, or even less likely that the bonus just happened to post later than expected. Alana

Now comes the question of keeping the account for the additional $100 in another 10-11 months. Financially probably makes the most sense to cut ties now and open a new one in 6 months, but I fear a smaller, local-ish bank like this will hold a grudge if you churn it too often, even if not in the terms. Probably will just stick it out and churn it every two years as opposed to trying for every year. They are already denying P2’s online applications and forcing her to go to a branch as it is – this was her 3rd time opening an account with Dollar Bank. Kenny Shaw

Kenny Shaw
Kenny Shaw

Because I have to open in branch, I’ve been waiting out the year as well because it’s a small bank. I’m using a real DD so it’ll take some time for that to post. I’ll post my DP as soon as I get the bonus.

Gadget - Bank Bonus Geek

Because of the long timeframe given for the DD to occur (I would have time to try other options or switch to real), and fakes are readily available, I find it’s best not to mess with real DD’s. Yes, there is always that slight chance they do a clawback, but really, I can’t say I have ever seen any bank do this on a deposit account bonus. But your way is safer.

Also a factor, P2’s DD is not flexible and I often end up having to “fake it til I make it” anyway.

Kyle

Just received the $100 bonus for keeping open for a year. Typically a year and a handful of days. Yeah I have feeling Dollar Bank would not look kindly on trying to churn this every 6 months or so. This is the 2nd time I’ve left open for a year and been successful with the bonus.

Gadget - Bank Bonus Geek

Any new DP’s? Per terms, takes 40 days after the DD’s are complete for the $200 rebate to post now, but is this what people are seeing?

6/13 Acct open
6/24 $2,500 “DD” = DIR CAPITAL ONE N.A. 1510394779 BR CAPITALONE
6/28 $200 “debit purchase” = POS MC CASH APP firstname 4153753176 CA
crickets…

Alana
Alana

Same here. Same timeline

Gadget - Bank Bonus Geek

$200 bonus is officially overdue. Probably going to try a different source DD, and a different debit… and see what happens then. More than likely this is due to being a past customer, they botched up the promo, and I will have to whine and beg.

Ylmir
Ylmir

Extended to 8/30/22 per terms:

“To qualify for the offer, an Everything Checking account must be opened by 8/30/22. Offer is for new checking customers. Those who had an open checking account within the past 180 days are not considered to be new customers and are not eligible for the offer. … Promo Code: CM602”

Gadget - Bank Bonus Geek

William Charles Chuck Post needs an update. Promo Code: CHK22 Same promo online as on the in-branch flier. Also, I think all three states now point to one universal link. Per the branch flier: https://Dollar.Bank/300

Because of the HH limit, I will probably hold off churning for a bit until I see what happens with P2.

Gadget - Bank Bonus Geek

Not sure if Dollar Bank is taking a page out of the Truist Bank playbook, but sort of a weird DP. In footprint, a few miles from branch in VA.

P2 tried to open this online late last month. Looked to be approved – had an instant account number. $50 debit was charged to her other bank debit card for funding. She was a past customer, so she already had online access. However, the new account did not appear automatically in online banking. The old account, which closed 8 months ago was still there listed as “closed”.

The next business day she gets an email:

Thank you for your interest in opening a Dollar Bank Account. Unfortunately, we have not been able to validate all of the information which you provided and are unable to open an account for you through this office at this time. As result of this situation, it will be necessary for you to visit a Dollar Bank branch.

I assumed they would just cancel the application, and refund the $50 funding. After a week, sent an email asking how the funding would be refunded. No response after another week.

Now two weeks have gone by… I send P2 to a branch. They can’t resume the application but start a new application. Approved. Used the existing opening deposit. Per P2’s convo with the local banker, the online denial was due to too many Chex inquiries – not an identity issue.

So, it could be one of those occasions where the bank is more lenient for branch account openings… or, maybe two weeks from now they shut down the account. The jury is still out! I would do a Chex number count here, but the Chex website is being an ass and not producing a report… Approx 2 Chex hits per month is P2’s norm.

Kenny Shaw
Kenny Shaw

I had the same exact timeline as your P2 Gadget 🕵️ Bank Bonus Geek I applied and had an old account about 9 months old in my login but no new account and they took the $50 deposit. I get that same email with the same wording. I asked them, they said to go in-branch or they can give me a refund. I went in branch, they started a new application and I was approved. The local banker did not know about the Chex issue or mentioned any other issues. It seems to be open in my account as of today with the promo code attached. I am LOL/24.

Gadget - Bank Bonus Geek

You can try, but when my buddy from CA tried, he got shot down. The banker said he needed something with a local address… util bill, paystub, etc. YMMV. Feel free to find a less hardcore banker.

Carly
Carly

Extended until 6/30/22.