Posted by Chuck on May 23, 2019
Bank Account Bonuses

Published on May 23rd, 2019 | by Chuck

10

[Targeted] Schwab Brokerage $100 Bonus for Existing Customers with $5,000 Direct Deposit

The Offer

No direct link, offer sent out via email

  • Schwab Brokerage is sending out an offer to some of their users to get $100 bonus if they have $5,000 direct deposited to the account by August 31, 2019.

The Fine Print

  • Bonus will be awarded within a week of meeting the requirement
  • Requires net deposit of $5,000 (transferring in and out immediately won’t work)

Update, here’s the full fine print:

  • To earn a $100 cash bonus, establish a new transfer through direct deposit or Schwab MoneyLink and make a total qualifying net transfer of at least $5,000 from May 23, 2019 through August 31, 2019 into a Schwab One Brokerage account in your household that has payment features enabled.
  • Net transfers, calculated daily, are direct deposit or MoneyLink transfers into one Schwab One brokerage account (with payment features enabled) in your household, as defined in the Charles Schwab Pricing Guide for Individual Investors, minus assets withdrawn from that account and transferred out of Schwab. Only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded.
  • The cash bonus will be credited to the account within approximately one week of confirmation of your qualifying net transfer. Account must be open, active, and in good standing to receive the cash bonus.
  • You must maintain the $5,000 (less any market losses) at Schwab for at least one year or Schwab may charge back the cash bonus.
  • The offer is limited to one per account, one account per household, and is only available to enrolled Charles Schwab & Co., Inc. (“Schwab”) retail clients who have an existing Schwab One brokerage account with payment features enabled and receive an email invitation to participate. The offer does not apply to accounts managed by independent investment advisors, Schwab One brokerage accounts that do not have payment features enabled, or High Yield Investor Checking accounts.
  • The offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents 18 or older only. Employees, contractors, or persons similarly associated with Schwab or a Schwab affiliate; their spouses; and employees of any securities regulatory organization or exchange are not eligible. Other restrictions may apply. Schwab reserves the right to change the offer terms or terminate the offer at any time without notice.
  • The cash bonus will be reported on your Form 1099-INT. Any related taxes are your responsibility.

Our Verdict

Question is how sensitive they’ll be with the direct deposit requirement. Could be an easy win for those targeted.

Hat tip to alexischase



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Woori
Woori

DP. Last time they had a direct deposit a push from Chase did not count.

James
James

They specify that you have to pull it from their end

K
K

5,000 is a pretty big amount for a direct deposit if it actually requires your paycheck. Far more than I make on a weekly or bi-weekly basis. 🙂

PNC views Paypal transfers and refunds as direct deposit. I wonder if that would work here. Then you can just transfer 5,000 to Paypal and then to CS.

Tim
Tim

Sounds like cumulative 5K over next ~3 months.

JDM
JDM

Can anyone send a screenshot of their email? Thanks!

Pam
Pam

Please note that it has to be a “net” deposit of $5,000. That means transferring in and out immediately won’t work.

Bonus_Chaser
Bonus_Chaser

Pam, did you receive targeted email for this particular bonus offer?

Pam
Pam

Yes

nick
nick

was hoping i was targeted, but no luck. i haven’t added any new money in over a year at least. curious what their criteria for targeting people is? can anyone post a screen cap of the email?

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