Update 11/19/23: Extended until 12/31/23.
Update 11/13/23: Extended until 11/18/23.
Update 9/11/23: Extended until 10/31/23.
Update 6/5/23: Extended until 8/31/23.
Update 3/1/23: Extended until 4/30/23.
Update 1/25/23: Deal is back and valid until 2/28/23.
Update 9/11/22: Extended through 10/31/22.
Updated 7/4/22: Extended through 8/30/22.
Update 5/2/22: Extended through 6/30/22.
Update 3/27/22: Extended until April 30th, 2022.
Offer at a glance
- Maximum bonus amount: $300
- 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: One
- Expiration date:
March 31st, 2020July 31st, 2020September 30, 2020December 31, 2020 March 31, 2021April 30, 2021
Contents
The Offer
Direct link to offer : VA | OH | PA
- Dollar Bank is offering a bonus of $300 when you open a new checking account with promo code CHK22 and complete the following requirements:
- Get $200 in Mastercard debit card rebates with a total of $2,500 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 payments via check, Online Banking bill payments, Telephone Banking bill payments, ACH debit, or Point of Sale transactions (both signature or PIN based) posted to the account.
- 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 $400. 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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Post history:
- Update 8/9/21: Deal is back and valid until 9/30.
- Update 6/5/21: Deal is back and valid until 7/31/21.
- Update 4/24/21: $300 offers all dead, dollar.bank/ads/200-va.
- Update 4/13/21: Extended until April 30, 2021.
- Update 2/2/21: Deal is back and valid until March 31, 2021. Bonus is now only $300 instead of $400. Because of that I would recommend waiting. Hat tip to reader Gadget.
- Update 11/3/20: Extended until December 31, 2020
- Update 10/11/20: Deal available again until October 31. Hat tip to Xinqing W
- Update 8/25/20: Deal available again until August 31. Hat tip to Gadget
- Update 5/30/20: Extended until July 31st, 2020.
- Update 3/28/20: Deal has been extended until 5/30/20. Hat tip to reader Don B
Applied online, approved and they took my initial deposit. Couldn’t create an online account for a few days so I called and they said one of my security questions was wrong and would have to go into a branch. None within 50 miles. Account closed. It’s shocking how bad some of these banks are. It’s 2023. I haven’t gone into a bank in many many years and I’m definitely not going into your bank.
too complicated for this homey. pass.
Per the Dollar bank website:
*To qualify for the offer ($300) an Everything Checking account must be opened by 11/18/23.
Link: https://dollar.bank/300-checking
Follow up DP:
11/1 $100 year long bonus posted
account was opened on 3/4/2022. The first $200 rebate has been received after debit card purchase. However, the $100 anniversary bonus still has not been posted yet. Will the $100 be credited to the account as bonus, or as rebate after debit card purchase?
I faxed the letter to close the account. It has been a week and it still hasn’t been closed.
How long after your DD did you start receiving $200 rebate?
I sent a message to CS asking to close the account, and they replied telling me that I either have to visit a branch (none where I live) or mail a “signed letter of request” to their PO Box in Pittsburgh. This is very obnoxious, and I probably wouldn’t have bothered with this if I’d known this beforehand.
I keep a general “Account Closure” letter around. Takes a couple minutes to alter the contents per the bank and mail it off, which is typically less time than I spend on the phone.
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.
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.
Deposit isn’t required to keep it fee free. If you do want to leave it there the opportunity cost is $100 at 4%.
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
Reread TOS. $200 Bonus is based on POS transactions. Cap One 360 transfers still count as DD.
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
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.
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.
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.