[TN, In Branch] Bank of Tennessee $500 Checking Bonus

Offer at a glance

• Maximum bonus amount: Up to $500
• Availability: TN, in branch only [Branch requirements]
• Direct deposit required: Yes, no minimum mentioned
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: Unknown
• Early account termination fee: None
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• Bank of Tennessee is offering a bonus of up to $500. To receive a bonus you must meet the following requirements:
  • Open a new Pay Back checking account in branch
  • Set up a direct deposit into your account
  • Make 15 debit card transactions during the promotional period
  • Sign up for eStatements
• The bonus you receive depends on the minimum daily balance ( To qualify for the reward payout, the account must maintain the required minimum daily balance from day 31 through day 120 after the account is opened):
  • $100 Bonus for $5,000 minimum daily balance
  • $200 Bonus for $10,000 minimum daily balance
  • $300 Bonus for $25,000 minimum daily balance
  • $500 Bonus for $50,000 minimum daily balance

The Fine Print

• Offer valid for new personal Pay Back Checking accounts opened on or after June 26, 2019.
• Funds to open the account must be considered new funds to the bank.
• The promotion period is defined as 120 days after the opening date of the Pay Back Checking account.
• To qualify for the reward payout, the account must maintain the required minimum daily balance from day 31 through day 120 after the account is opened.
• The Pay Back Checking account will automatically convert to an Everything Perfect Checking account 121 days after the account is opened and the promotional period has ended.
• Offer only available on new personal Pay Back Checking accounts opened on or after June 26, 2019 using new funds.
• Existing customers are eligible if they open a new Pay Back Checking account and meet all the criteria, using funds outside of Bank of Tennessee, Carter County Bank and Mountain Community Bank divisions.
• Primary account holder must be 18 years or older.
• Bank of Tennessee employees and their families are eligible if they meet all the criteria.
• Offer available to U.S. residents with a valid I.D. and Taxpayer ID inside the state of Tennessee and neighboring counties of states bordering Tennessee.
• Reward amount will be based on the lowest balance maintained between days 31 and 120 after account opening.
• The reward will be automatically credited to your checking account within 7 days after the promotion period has ended.
• “Interest Adjustment/Bonus” will appear as the description on your monthly statement.
• Bank of Tennessee will report the value of any reward received as part of this promotion to the IRS as required by law. Any applicable taxes are the responsibility of the recipient.
• Reward Forfeiture: If the Pay Back Checking account is converted, closed, or does not meet all criteria requirements, no reward will be earned.
• The Pay Back Checking account must remain open and in good standing after the promotion period has ended and until the reward is credited to the account.
•  a qualifying direct deposit is a recurring or one time ACH deposit i.e. payroll, social security, or other regular monthly income deposited in to your Pay Back Checking account from an outside entity within the promotion period.
• Transfers from one account to another, or deposits made at the branch or ATM do not qualify.
• at least 15 qualifying PIN or Signature based transactions that post to the account within the promotion period to qualify. Pending transactions, ATM withdrawals and branch withdrawals do not apply.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Not sure if this account has any monthly fee or not

Early Account Termination Fee

Doesn’t look like there is an early account termination fee but you do need to wait for the bonus to post before closing the account.

Our Verdict

Really need to know more about opening this account before deciding if it’s a good or bad deal to open the account. Return gets worse as the bonus increases which is a shame. For most people it’ll be too much work to be worth seriously considering, especially with better savings account bonuses being available.

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• Introduction To ChexSystems
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