Published on July 12th, 2017 | by William Charles170
[South FL, NY, NJ Only] Popular Community Bank Up To $500 Checking Bonus
Please note they are ChexSystems inquiry sensitive. This only seems to be the case for online applications and not in branch.
Offer at a glance
- Maximum bonus amount: $500
- Availability: South FL, NY, NJ Only
- Direct deposit required: For $200 bonus, yes. No minimum mentioned
- Additional requirements: $10,000 deposited for 60 days for $300 bonus
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: $10, avoidable
- Early account termination fee: $25, six months
- Household limit: None listed
- Expiration date: October 31st, 2017
- Popular Community Bank is offering a checking bonus of up to $500 when you open a new Popular Prstige Checking or Popular Everyday Checking account and complete the following requirements:
- $200 if you set up a recurring monthly direct deposit within 60 days of account opening
- $300 if you deposit $10,000 or more of new money into your account and maintain that balance for 60 days
- $500 if you do both (e.g set up recurring monthly direct deposit and deposit $10,000 in funds)
The Fine Print
- Checking offer is available only for new Popular Prestige Checking and Popular Everyday Checking accounts.
- Promotion begins on 07/10/17 and ends on 10/31/17. Popular Community Bank, in its sole discretion, reserves the right to change or terminate this offer at any time.
- To receive the promotional $200 cash bonus, open a new Popular Prestige Checking or a new Popular Everyday Checking account in any Popular Community Bank branch or via www.popularcommunitybank.com, which shall be subject to our approval, and set up recurring monthly direct deposit within 60 days; the direct deposit needs to be an electronic deposit of sources such as payroll, pension and government benefits, among others. The $200 cash bonus will be deposited in the account within 90 days of account opening, if the checking account is in good standing, a direct deposit has been received in the account within 60 days and all requirements are met.
- To receive the promotional $300 cash bonus, open a new Popular Prestige Checking account or Popular Everyday Checking, in any Popular Community Bank branch or via www.popularcommunitybank.com, which shall be subject to our approval. Deposit $10,000 or more of new money into the Popular Prestige Checking or Popular Everyday Checking account and maintain $10,000 or more of new money for 60 days from the date of deposit. New money is defined as deposits not previously held with Popular Community Bank. The cash bonus of $300 will be deposited within 90 days from the date you deposit $10,000 or more in new money.
- Bonuses are limited to one per customer, per lifetime, and may be subject to IRS form 1099-MISC. Banco Popular North America (referred to herein as “our” or “Popular Community Bank”) is a Member of the FDIC and operates under the assumed name “Popular Community Bank” in the market in which it operates. Accordingly, Popular Community Bank and Banco Popular North America are the same FDIC-insured institution. Copyright © 2017 Banco Popular North America. Member FDIC.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
There is an early account termination fee of $25 if closed within 6 months. The easiest account to keep fee free that is eligible for the bonuses is the popular everyday checking account. This has a $10 monthly fee that is avoided if you do either of the following;
- $1,000 in average monthly checking balance OR
- by setting regular monthly direct deposit of a minimum aggregate amount of $750
As mentioned in the title I think it’s best to think of this as a checking bonus offer of $200 and a savings bonus offer of $300. Let’s look at them individually:
- $200 checking: Worth doing. Highest bonus previously was $125 and actually had more requirements. Pretty easy to keep account fee free and not that difficult to meet the bonus requirements.
- $300 savings bonus: Requires $10,000 for 60 days, not sure what the interest rate is but I assume it’s basically 0% APY. If you have $10,000 laying around then a return of $300 for 60 days is 3% (over 60 days or ~18.25% annualized). Great deal if you have the money.
These offers are going straight to the best bank bonus page.
Big thanks to reader, Jake N who let us know. Learn how to find bonuses and contribute to the site here.
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