Offer at a glance
- Maximum bonus amount:
- Availability: Seems to be in branch only, all branches are in PA [Branch locator]
- Direct deposit required: Yes, $800+
- Additional requirements: Three bill payments or debit card transactions
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: Unknown
- Early account termination fee: $20, 90 days
- Household limit: None listed
- Expiration date: None listed
The Offer
- Mars Bank is offering a $200 checking bonus when you complete the following requirements:
- Receive a qualifying monthly $800 minimum direct deposit within the first 60 days of account opening
- Makes at least three bill payments or three debit card transactions within the first 60 days of account opening
The Fine Print
- A qualifying account is a Basic, Regular or Interest Bearing Checking account opened by an individual who is not currently a Mars Bank checking or savings account customer.
- The $200 bonus is paid to a new customer who opens an account with a minimum balance of $25, a qualifying monthly $800 minimum direct deposit is established within 60 days and makes at least three online bill payments initiated or three debit card purchases during the 60 day period from opening the account.
- The bonus will be paid out within thirty days of meeting these requirements.
- Mars Bank first checking account is not included in the promotion.
- The bonus is subject to IRS 1099 reporting in the tax year in which it is received.
- Offer is valid as of publication date and may be modified or discontinued at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
I wasn’t able to find the fee schedule so I don’t know what if any early account termination fee is, according to this comment it’s $20 if closed within 90 days. I also wasn’t able to work out if there was a monthly fee or not for their accounts.
Our Verdict
Way too many unknowns with this bonus for me to really pass judgement. I’d say if you live in the area it’s worth trying to find out more, just remember to report back your findings in the comments below.
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
Any update on this?
Denied due to Chexsystems (have 20 inquiries by the report they gave me), friend also denied with just 6 inquiries. Banker told me they being a community bank are very conservative, and the system will probably deny with anything more than five Chex inquires over the last year (his guess). Waste of time in my opinion, I even wasted ~$10-20 getting there from Pittsburgh.
Didn’t open an account yet, may do so next month if offer is ongoing. Called a rep and asked the basic questions, seeing that there are not enough DPs for this one. This is what I was told:
1. No address restrictions as long as it’s in PA.
2. No hard pull if I opt out of overdrafts.
3. Will pull chexsystems, was told this specifically.
Also, from what I could get without directly asking, the rep seemed to indicate they will check for DDs manually. I can easily change or split my work DDs, so no worries there, but just to keep in mind this may be a possibility. Whether they’re chexsensitive or not, I’ll know when/if I do open next month, provided it sticks around. I’m at 21 inquiries this year (all since April, so in last six months, thanks M&T!!!), so I’m an extreme example. If they approve me, they’ll approve anybody lol.
Opened one today will see how it goes.
$20 fee for closure before 90 days.
Soft/hard pull?
How do i check that?
https://www.doctorofcredit.com/whats-best-cheapest-way-monitor-credit/