Posted by William Charles on May 4, 2019
Bank Account Bonuses

Published on May 4th, 2019 | by William Charles

140

[Expired] SunTrust Up To $750 Checking Promotion [AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only]

Deal has expired, view more bank account bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $750
  • Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only
  • Direct deposit required: Yes, $3,000
  • Additional requirements: Deposit $100 and 10 debit card transactions + deposit requirements
  • 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: July 1st, 2019

The Offer

Direct link to offer

  • SunTrust Bank is offering bonuses of up to $750 when you open a new checking account. All three tiers require opening a SunTrust Advantage checking account. Bonuses are as follows:
    • Earn $250:
      • Deposit at least $100 within 14 days of account opening
      • Receive $3,000 in qualifying direct deposits within 60 days of account opening
      • Make at least 10 debit card purchases within 60 days of account opening
    • Earn $500:
      • Bring back to $25,000 in total new balances within 30 days and maintain that balance for 90 days from account opening
      • Deposit at least $100 within 14 days of account opening
      • Receive $3,000 in qualifying direct deposits within 60 days of account opening
      • Make at least 10 debit card purchases within 60 days of account opening
    • Earn $750:
      • Bring back to $100,000 in total new balances within 30 days and maintain that balance for 90 days from account opening
      • Deposit at least $100 within 14 days of account opening
      • Receive $3,000 in qualifying direct deposits within 60 days of account opening
      • Make at least 10 debit card purchases within 60 days of account opening

The Fine Print

  • You must be a new SunTrust personal checking client. Clients with an existing personal checking account with SunTrust (either as the primary or secondary 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 November 2, 2018). 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 with a mailing address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, or the District of Columbia.
  • After meeting the qualification requirements, the applicable reward will be credited to the new checking account up to 8 weeks after all qualifications are met. “Advantage Checking Online Reward Q1 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. No reward will be earned if the checking account qualifications are not met within the required timeframe. This promotion is only applicable once per client and per account, including all individual and joint accounts. For the purpose of promotion reward qualification, the first name listed on the Savings, Money Market, CD, and IRA accounts will be considered as the participating client.
  • 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.

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

So this is $250 more than the previous best SunTrust bonus, but keep in mind the large deposit requirements. Previously you could downgrade the account to help keep it fee free, but this is specifically called out as not working in the fine print and now the deposit is required for the bonus rather than for keeping the account fee free so I think this will be enforced.

You’ll need to have the $25,000/$100,000 in the account for at least 90 days (we will ignore the monthly fee for now). If you put that same amount in a 2.5% APY savings account you’d earn:

  • ~$154 ($25,000)
  • ~$616 ($100,000)

I don’t think the $750 bonus is worth considering because of that. I think the $500 bonus is probably the sweet spot as having the $25,000 invested would also keep the account fee free for those first 90 days. After that you’d either need to do the direct deposit or have $10,000 invested or have a SunTrust credit card.

Hat tip to Danny Deal Guru

Useful posts regarding bank bonuses:



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Yet Another Redditor

Looks like learnt from their mistakes last year when customers didn’t really move in the $25K for the $500 bonus.. Still not bad for the $500 offer. 8% return for $25K for 3 months.

Also William Charles , the link to the offer can be cleaned up to be just this – https://www.suntrust.com/lp/checking-offer

Dontdoit
Dontdoit

Tried it last year. So painful to deal with that I closed the account and gave up

workedforme
workedforme

I did it last year for the $500 bonus and it was easy. Downgraded my account without a problem after receiving the bonus and never had to pay a fee. In fact, I’ve still got the account open.

EW
EW

They also offer a $200 business checking bonus:
https://www.suntrust.com/lp/open-small-business-checking-account

Traylor
Traylor

This bonus seems easier to attain and keep fee free. Thanks for the link.

Orin
Orin

I did Sutrust last year. Bonus posted but they were the only ones who made me come into the branch to verify myself.

Lily
Lily

Geez, i forgot to close the account that was opened last March.

Moe
Moe

Does anyone remember the link to track the status of the processing?

Banking On Bonuses
Banking On Bonuses

Just to clarify on this, do you need to hold the funds at the bank for any amount of time? If I do the business concurrent with this, would it be feasible to open the personal, push 3k to it, open the business, push 1.5k to the biz, link the accounts (to avoid personal fees), and then withdraw funds to satisfy the $.01 to keep the accounts open and fee free until the time frame and then either keep em or close them? That way I really only have to float 3k for a short amount of time, unless I’m missing something about keeping the funds there. Speaking about the 250 bonus.

Mike
Mike

This needs addressed. This seems like the best valid path to the most return with least amount of $$ tied up.

LD
LD

Does a Venmo payment with the debit card count toward the debit card requirement not just for SunTrust but for all banks?

William Charles Would be great of there was a master post for bank account bonuses that listed all the ways you can make debit card purchases to count toward bank account bonuses (i.e. paypal, venmo, POS system etc.)

Nick C
Nick C

I was told by the SunTrust banker that any new deposit into the money market savings also counted towards the 25k and 100k requirements. The current promotional interest for the savings above 10k is 2%, so the interest lost opportunity cost calculation is out-of-date.

Matthew
Matthew

†Total new balances must be new money to SunTrust and will include balances in SunTrust Advantage Checking (including linked Purpose checking accounts), personal Savings, personal Money Market (MMA), CD, and Bank IRA accounts on which the client is the first listed name on the account. The new money cannot be funds currently held in deposits by SunTrust or any of its affiliates

missjenniferd1
missjenniferd1

do you have a link showing the rate on the savings is 2%. im not finding it.

missjenniferd1
missjenniferd1

i think that promo is no longer. best rate i can find currently on money market with them is:

SunTrust offers an introductory rate of 1.01% for the first three months if you make a $10,000 opening deposit.

missjenniferd1
missjenniferd1

actually, i stand corrected nick c. when i just now applied for the account, i see that i am offered a promo rate of 2% for 3 months…

i didnt invest too much time in reading the details of it, since it is a promo rate, and i wonder whether those funds can be combined — ie, having 2 offers going at the same time.

i decided i didnt feel like risking it, since i dont see anyone else successfully doing it this way… i think it’s definitely something worth looking into, but unfortunately, i didnt want to be the guinea pig.

did you do it this way? i would assume you’d know the answer by now if you did, since your original post is dated 2/7. if you did this, please post your datapoint.

arch
arch

Bring back to $25,000 in total new balances within 30 days and maintain that balance for 90 days from account opening
Deposit at least $100 within 14 days of account opening

This wording is confusing to me. sounds like you can open account for $100, then on 29th or 30th day deposit enough to bring to $25000 and keep it in until 90 days from opening day (doing the DD’s and debits), effectively only having the 25k tied up for 60 or so days. Am i missing something? Of course you still need the DD’s and debits

Chris
Chris

Any updates on this?

missjenniferd1
missjenniferd1

you missed the word “maintain” even though you actually quoted it in your question.

arch
arch

You misunderstand–of course you maintain the balance for 90 days from account opening, but you have 30 days to get to 25000, hence my post. The wording would suggest that what I mentioned in my first post would qualify, reducing the 25k to 60 or so days. Not sure what your point is.

missjenniferd1
missjenniferd1

ok arch, suit yourself. i think the wording is clear though. try it out and report back.

arch
arch

I’d love to hear your take on what clear means–not being snide, just trying to get your point

missjenniferd1
missjenniferd1

what i mean is it says you have to maintain “that” balance, referring to $25,000 for 90 days. so if you only do it for 60 days, i believe one of 2 things will happen:
you won’t get the bonus at all if you withdrew it after 60 days of keeping the $25,000

OR, if you actually held it in there and didnt withdraw it after 60 days, i believe they would delay your bonus posting by one month (after you held it in there 90 days)…

but stranger things have happened, and you may well be right. but for me, i dont want to risk it, but if you do, please come back here and post, because i LOVE data points of gaming the system, and if your theory works, i would gladly be wrong and be happy to do the same, as i’m sure many other doc’ers would. i just dont wanna be the guinea pig.

perhaps someone will see this conversation who has already done what you suggested (only kept it in there for 60 days) and maybe they got the bonus…

i actually want to jump on this bonus, but am waiting for more recent data points of anyone actually getting the bonus with faking dd’s as i wont be able to do $3000 of legit dd’s and most people are still waiting for their bonus on this thread, and so i’m not sure at the moment.

Lily
Lily

I’m with you on this. To me, it is clear that the 25k needs to be maintained for 90days.

John
John

Just adding another DP for CC funding: $250 opening deposit online with SunTrust using Citi Premier card coded as cash advance, not purchase.

John
John

As an additional data point, it appears that my $3k+ ACH from Ally counted towards the DD requirement as expected (offers page says that DD requirement was fulfilled).

Racer
Racer

how long did it take to show up in the offer page once the ACH posted to your account?

missjenniferd1
missjenniferd1

John did you get the bonus yet?

John
John

missjenniferd1 nope still waiting on it…

missjenniferd1
missjenniferd1

🙁 theyve got 2 days left!! i think i will wait till you post back, because i have to use fake dd’s also, and if you dont get it, then maybe it didnt count after all… i think they are just taking their time though. i think they post it at the 60 day mark, and you posted it qualified on march 8th. so hopefully may 8th you’ll get it, please post back. im gonna wait for your dp John

John
John

missjenniferd1 $250 bonus posted on 3/9!

John
John

I meant 5/9 not 3/9…whoops

Erin
Erin

When did you receive ACH from Ally and made 10 transactions?

missjenniferd1
missjenniferd1

awesome!! i opened my account, and initiated a dir dep from chase to suntrust. i’ll probably do an ach with ally too just to be safe. thanks for the working dp!

Chris
Chris

Where can I see the offers page?

wjs
wjs

It took 3 appointments, 3 hours total, this week to even get to the part of opening an Advantage checking account for the $500.00. This particular branch has been having issues since Sept. with customers opening new accounts with the bonus attached. The agent had to escalate a request to verify I’ll get the bonus. Time will tell.

My paperwork states to avoid the $20 Monthly Maintenance Fee: $3000 or more in total MONTHLY qualify direct deposits.

DP: I had to unfreeze my Equifax acct. before the account could be opened.

Chris
Chris

I don’t know if it was my branch but the business consultant said they didn’t allow CC funding for initial deposit

Mimi
Mimi

Even if they allowed it, afaik any CC will run as cash advance when done in-branch.

Svy
Svy

Caution – maybe I was stupid, but I did the debit card transactions using amazon reloads within a period of 3-4 days in .50 increments. Within two weeks of those purchases, SunTrust closed my newly opened business and personal accounts, as a result, I believe of making those purchases. I wanted to knock out the 10 x debit card purchases before I forgot, as I don’t really carry around a debit card. Oh well, live and learn and out the $700 worth of bonuses.

DCJoe
DCJoe

$500 bonus now shows as pending at offers.suntrust.com, exactly 92 days after opening the account. Says bonus will post within 8 weeks as long as the account remains in good standing until then. Feel pretty confident this means I can move out $15K to drop down to the $10K level to avoid monthly fees. Or should I just wait until the bonus posts to be sure? After the bonus posts I will downgrade the account.

David7914
David7914

If you do not have to move the money, keep there till. I always play safe and keep money unmoved till bonus posted to be 100% sure or leave no excuse for banker.YMMV.

DCJoe
DCJoe

Yeah I think you are right. My guess is it will post within a week or two anyway, that seems to be the normal time frame for Suntrust.

missjenniferd1
missjenniferd1

DCJoe did you get the bonus yet?

DCJoe
DCJoe

Not yet as of May 11. Going on 5 weeks after confirmation of qualifying.

L
L

DCJoe Did you leave $25000 in checking or did you move it to a linked account such as money market or CD or investment?

John
John

Offers page has said “Reward Pending” for over a month now…still waiting for the $250 to hit my account. Fulfilled DD requirements with Ally P2P and 10x Amazon, which appear to have worked, but nothing yet.

DCJoe
DCJoe

Mine is still pending after 3 weeks. Offers page says they have up to 8 weeks to pay out after they have determined if you met the terms.

Erin
Erin

Did they pay you? How did you avoid monthly fee?

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