Posted by William Charles on February 12, 2020
Bank Account Bonuses

Published on February 12th, 2020 | by William Charles

28

[OH, VA & PA only] Dollar Bank $400 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: OH, VA & PA
  • Direct deposit required: Yes, $5,000+
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $5, avoidable
  • Early account termination fee: Need to keep account open for one year to get full bonus
  • Household limit: None
  • Expiration date: March 31st, 2020

The Offer

Direct link to offer

  • Dollar Bank is offering a bonus of $400 when you open a new checking account and complete the following requirements:
    • Get $100 in Mastercard debit card rebates with a total of $1,000 in direct deposits within 90 days of account opening.
    • Plus, get $200 with a total of $5,000 in direct deposits within 90 days of account opening.
    • And, get $100 after your one-year anniversary of account opening.

The Fine Print

  • To qualify for the offer, an Everything Checking account must be opened by 3/31/20.
  • Offer is for new checking customers only.
  • 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.
  • Up to $400 is available in one $100 Mastercard debit card rebate, one $200 credit, and one $100 credit. To receive the $100 Mastercard debit card rebate, the account must receive cumulative direct deposits of $1,000 or more within 90 days of account opening and the account must be in good standing.
  • The $100 Mastercard debit card rebate will be added to the new checking account within 40 days of the qualifying cumulative direct deposits.
  • To receive the $200 credit, the account must receive cumulative direct deposits of $5,000 or more within 90 days of account opening and the account must be in good standing.
  • The $200 will be credited to the new checking account within 40 days of the qualifying cumulative direct deposits.
  • The $100 credit will be applied within 2 months of the 1-year anniversary of account opening provided the account qualified for the $100 debit card rebate, is active, in good standing and is in a qualifying plan.  Maximum amount is $400 per account and one per household.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Everything Checking Account $5 Monthly

The Everything checking account has a $5 monthly fee, it’s waived if either of the following conditions is met:

  • Six transactions post to the account (ACH debits count, so you could pull money from this account to another bank)
  • You have an average checking balance of $2,500 or more

Early Account Termination Fee

Need to keep account open for one year to get full bonus, but $25/180 EATF otherwise.

Our Verdict

Bigger bonus we’ve seen before is $300. This is a slightly different offer, but still very much worth doing in my opinion. It’s annoying you need to keep the account open for a full year to get the full bonus. I’ll be adding this to our list of the best checking bonuses.

Hat tip to reader Derek D

Useful posts regarding bank bonuses:



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DL
DL

Anyone know if transfers from other banks (Chase, Huntington, VioBank, etc.) or investment companies (TD Ameritrade, Schwab, Etrade, etc) would be considered a Direct Deposit? I don’t see any good data points yet.

Brandon
Brandon

You may have to be the DP you want to see on this on sir, let US know

Samosa
Samosa

Any DP whether it’s possible for the out of State applicants to open account in branch and get the bonus?

Shawn
Shawn

Unable to apply with southeastern PA zip code (19XXX):
“Thank you for your interest. Dollar Bank does not currently offer products or services in the zip code entered.”

JP
JP

Did you get this right after you punched in zip? I saw no local office in dropdown but lets me proceed with choosing account.

Shawn
Shawn

I got the message in the first page when I entered my zip code below “To begin, please enter your zip code to help us best determine the Dollar Bank offices closest to you and the products offered in your area.” . There was no dropdown.

If I enter a Pittsburgh zip code for example I do get a dropdown and an option to proceed.

MN
MN

Yes, I have tried before also, I dont think this is valid across PA. Only certain areas around where the bank is present

Kid Lightning
Kid Lightning

Same here I entered my zip code (Nova) and got the same message, for everybody in VA this bank is only in Southern Virginia areas/seems to be working with zip codes down there

JP
JP

I’m away at least 125 miles from nearest Branch. It allows me to proceed but doesn’t list any “local branch” after inputting zip code. I’m guessing if it allows me to go further I’m eligible.

Kyle
Kyle

Same here. I am actually in Ohio but over 3 hours away from nearest branch. When I input my zip Code it doesn’t list any local branch but lets me proceed. If I input a zip code a few miles away in another state not listed, it says no products or services offered for that zip code. A little nervous about proceeding.

david
david

Yes, post should be edited to say Western PA, although pretty much anytime I see Ohio as an option for a bank, it’s pretty likely Philly is not.

Steve
Steve

Just put a zip code near a branch to get the branch dropdown to show up, then later in the application, set it to your actual Zip. I just got online access.

JP
JP

So are you saying you were not eligible for account when trying original zip but they opened your account regardless by using this “trick”?

David
David

Way too much fucking work: $5K DD. Must have account open for 1 year. Not 100% cash. Fuck outta here. Thumbs up for the find, but Im not doing.

dayTradeIt
dayTradeIt

Healthy attitude towards free money

David
David

I disagree. I love DoC. I only go after the ones that are attainable. Im not doing a bunch of work with little ROI. All these requirements, and you ONLY get $400 vs something like a Wells Fargo that wants two DDs for a $400 and no min balance, no fees, and 10 debit card transactions.

Take this W for WF.

Once again I reiterate, Dollar Bank….There is a reason why there are two Ls in Dollar…

Kyle
Kyle

Cool story! I’ll do both and get $800. Add player 2 and it goes to $1600.

Dan
Dan

Actually this is better than cash. It’s a reimbursement of debit card purchases so it shouldn’t be taxable income. And it works like this: you use your debit card at the gas station for a $20 gas purchase, the next day the $20 transaction posts and a credit for $20 also posts.

meed18
meed18

Interesting. I never looked at the rebate vs. bonus through the taxability lens. I signed up for the $300 bonus ($200 rebate, $100 at anniversary) last year. I don’t think I got a 1099 from them for the $200 rebate. I just emailed them to make sure. I claim all my bank bonuses on my taxes, but not my credit card points/cashback. Since this was debit card rebate, if they don’t 1099 me, I’m thinking I’ll classify it as card cashback.

meed18
meed18

I just got a super fast email response from them. They said my amount of interest in 2019 was less than $10, so I was NOT sent a 1099. I do expect to receive one for 2020 when they pay me the $100 anniversary bonus though.

Steve
Steve

What’s a MasterCard debit rebate? Is that hard to redeem?

Derek
Derek

Likely you make a debit purchase and see a credit post to your account of the same amount, up to $100. Sounds easy enough. I’ve done Dollar Bank deals before and they’ve always posted. I usually transfer from USAA for DD requirements.

Richard
Richard

Have you ever had USAA not work?? I normally use that one too. Waiting on HSBC $750.00 bonus using USAA.

GL
GL

What exactly is a MasterCard debit card rebate?

ChurningFast
ChurningFast

Free $99.xx MO.

NH4NO3
NH4NO3

Amazon balance reload $100? (+$2 bonus if your are prime member)

AllwaysLearning22
AllwaysLearning22

The link which is posted under ‘Direct Link’ seems to be for PA?
I guesses the one for OH should be https://www.dollar.bank/Ads/$400-Checking-oh and it does open the page

Samosa
Samosa

Question for those who have already opened this account; could you please share what is the maximum amount allowed for debit card funding? TIA.

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