[Expired] SunTrust $400 Checking Promotion [AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only]

Deal has now ended, but there is a new $500 bonus.

Update 7/2/20: Deal is back and valid until September 30th, 2020. New promo code is Q320ADVANTAGE

Update 4/2/20: Deal is back but has been increased from $300 to $400 with the same requirements. Hat tip to reader Jakefromstatefarm

Update 3/12/20: Deal is available again. Hat tip to reader Jesse

Offer at a glance

• Maximum bonus amount: $300
• Availability:  AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only
• Direct deposit required: Yes, $3,000 for two consecutive cycles
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Mixed DP
• Credit card funding: Up to $250 (lots of reports of it coding as a cash advance)
• Monthly fees: $20, avoidable
• Early account termination fee: 180 days or bonus is forfeit
• Household limit: None
• Expiration date: September 30th, 2019 January 2nd, 2019 March 31st, 2020 June 30th, 2020 September 30th, 2020

The Offer

Direct link to offer

• SunTrust is offering a bonus of $400 when you open a new advantage checking account and complete the following requirements:
  • Use promo code Q320ADVANTAGE
  • Complete at least $3,000 in direct deposits per statement cycle for two consecutive cycles

 

The Fine Print

• Earn $300 for opening a new SunTrust Advantage Checking account and completing at least $3,000 in Direct Deposits* into the new checking account, per statement cycle, for two consecutive statement cycles within the first three full monthly statement cycles**.
• Offer valid for new personal SunTrust Advantage Checking accounts opened online from July 2, 2019 through September 30, 2019. Enrollment in the promotion is required by providing the Promotion Code in the online application at account opening. Accounts opened without the promotion code applied will not be eligible to participate in the promotion. (See Account Opening & Enrollment Instructions below.)
• You must be a new SunTrust personal checking client. Clients with an existing personal checking account with SunTrust (either as the primary or joint account holder) are not eligible. You must not have closed a personal checking account within 180 days of the promotion start date (on or after January 3, 2019). The primary account holder of the participating checking account must be 18 years old or older at the time of account opening. SunTrust employee-designated accounts are not eligible for this promotion. Offer available only to U.S. residents with a U.S. address and a valid U.S. taxpayer identification number. The qualifying checking account must be opened online using the applicable promotion code and must have a mailing address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, or the District of Columbia.
• The reward will be credited to the new checking account up to 8 weeks after the Direct Deposit qualification requirement has been verified. “Advantage Checking Online Reward Q3 2019” will appear on the monthly checking account statement when the reward is credited to the account holder’s checking account. If the checking account opened in response to a Promotional Offer is converted to another account type or product, it may no longer be eligible to receive the promotional offer. SunTrust may report the value of any reward received through any offer to the Internal Revenue Service as required by law. Any applicable taxes are the responsibility of the recipient.
• The new checking account must remain open and in good standing with a minimum balance of $0.01 until the reward is processed in order to receive the reward. If you close an account that was opened in response to a Promotional Offer, you are no longer eligible for that promotional offer and will not be able to receive any rewards applicable to that offer. If the checking account is closed by you or SunTrust within 180 days after opening, SunTrust reserves the right to deduct the reward amount from the account at the time of closing.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees ($20)

Account required for this bonus has a $20 monthly fee. This is waived if you do any of the following:

• Make $3,000 or more in total qualifying monthly Direct Deposits OR
• Hold $10,000 total combined relationship balances linked across deposits and investments OR
• Linked personal SunTrust Credit Card, Mortgage, or Loan OR
• Linked Small Business Checking account

Early Account Termination Fee

You need to keep your account open for at least 180 days otherwise your bonus will be forfeit

Our Verdict

Previously you were able to earn up to $750, but that required a $100,000 balance so not possible for most people. This seems to be more equivalent to the $250 bonus that was offered, so in those terms this is actually an upgrade. A lot of people did the $500 bonus as that only required $25,000 for 90 days. Still that isn’t an option for a lot of people so this bonus might actually be better than the previous offer even though the maximum is much less. Because of that we will be adding this to our list of the best bank account bonuses.

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