Posted by William Charles on June 17, 2015
Bank Account Bonuses

Published on June 17th, 2015 | by William Charles

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Santander Adds A Definition For What Is A Direct Deposit For Their Extra20 Deal

Santander offers a checking + savings account that allows you to earn $20 per month, I’ve now been earning this for over a year and it’s one of our most recommended bank bonuses due to it’s on going nature. The requirements of this bonus are as follows:

  • Receive $10 a month when you receive direct deposits totaling $1,500 or more per month
  • Receive $10 a month when you pay two bills per month through the BillPay tab in online banking. You must receive the direct deposit bonus to be eligible for this bonus

In the past almost anything counted as a direct deposit, but they’ve been cracking down on this practice recently. They’ve now clearly defined what counts as a direct deposit for this bonus and if you’re an existing customer you should see this at the bottom of your next statement:

SantanderDeposit

 

This is the standard definition of what counts as a direct deposit, but it also includes that they are pretty intent on closing down any loopholes that still exist. I’ve actually changed my employer payroll to auto deposit $1,500 a month into this account so I can set it and forget it, so that would be considered a win for Santander (although I still won’t b a profitable customer for them in the end – so it really doesn’t make that much of a difference).

You can still find out what else is currently triggering the direct deposit requirement here.



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Eric
Eric

Of course after waiting many months I finally signed up and literally just used PayPal a few days ago and now it is specifically mentioned as not counting. Does anyone think that Serve would still count as they said “made by corporations”?

rob
rob

I can confirm that it worked for me for my most recent statement that closed last week. I’ve been using it for about a year now.

Eric
Eric

Rob, do you think there is any risk in switching back and forth between banks from Serve every month? What I mean is a risk of Serve banning me or disallowing any changes.

Jen
Jen

Any advice on how to keep it going for ppl who can’t or don’t want to change their employers deposit?

HoKo
HoKo

so I tried signing up for this account a couple weeks ago and my allocation was declined “due to information from my ChexSystems report.” This was baffling since I have a spotless banking record.

I ordered my ChexSystems report and sure enough it had zero negative items so I have no clue what they were talking about.

Have you heard about this happening before with Santander / any ideas on how to get it approved?

P.S. I was going to go into a branch to discuss with a banker but it appears they closed the only branch that had been in my area. So then I called the customer contact center and the rep was totally clueless, she didn’t even know what ChexSystems is.

Bill
Bill

I was turned down online, not even given a reason. They suggested I go into a branch. I visited the branch, they can’t see the online application, but entered a new application in the branch, sitting in front of the banker, and the account was approved without a hitch.

I know I have a lot of recent ChexSystems inquiries, nothing negative per se, but wouldn’t be too surprised since they probably realize that those that open a lot of checking accounts are likely doing it primarily for the bonus and likely will not be a profitable customer for the bank.

JB
JB

I ran into the same wall several months ago. They asked me a ton of the usual questions like in what street did you live before, you had a mortgage in 2007 etc. Not a single one of the questions applied to me and in the end I was denied a checking account because they couldn’t verify my identity…

Matthew
Matthew

Hopefully CO360 will still work as I just signed up with Santander this month.

Alfred
Alfred

Deposits from Discover to Santander still works. June bonus posted. not sure about July though.

Eric
Eric

When did your June bonus post? Maybe my PayPal for June will still work as I did it about a week ago.

Alfred
Alfred

Details below.
06/04/2015 EXTRA20 BILL PAY BONUS PRIOR PERIOD $10.00
06/04/2015 EXTRA20 DIRECT DEPOSIT BONUS PRIOR PERIOD $10.00

Eric
Eric

Since I didn’t get the notice that William mentioned yet I’m guessing these changes won’t take affect until the next statement.

Eric
Eric

William,

I completely agree that they can change it at any time. I just meant it’s possible that these will still work for June. I will find out in about a week.

Eric
Eric

My statement finally arrived in the mail today and it included the clarification that William mentioned. Has anyone yet gotten credit in July? If so, what did you use? I’m considering trying PayPal again since it worked in June.

Jay
Jay

CO360 this month I’m showing a $10 monthly fee, guess its no longer a go, will have to get my work paycheck deposited now

Nick
Nick

Can anyone confirm if an ACH transfer from Chase will still count for bonus?

trackback

[…] each month, see Santander $20 Per Month Bonus When You Sign Up For Their Extra20 Bundle. They did crack down on what’s considered direct deposit, but many of us are still enjoying the free $240 annually […]

Rob
Rob

Yes, ACH transfer from Chase still works as of 1/5/2016.

JJ
JJ

Does Fidelity ACH work for this?

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