Posted by William Charles on December 3, 2018
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Published on December 3rd, 2018 | by William Charles

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[VA, In Branch] Essex Bank $250 Checking Bonus – Direct Deposit Not Required

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Timberlake, Old Forest, Fairfax and Stonehenge branch locations only
  • Direct deposit required: Optional
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: Unknown
  • Monthly fees: $9.95
  • Early account termination fee: Unknown
  • Household limit: One
  • Expiration date: None listed

The Offer

Direct link to offer

  • Essex Bank is offering a bonus of $250 when you open a new cash back checking account. You can earn $50 for the first 5 full monthly statement cycles. To qualify you need to complete the following requirements:
    • Qualify for the monthly fee waived ($1,500 minimum daily balance or $500 direct deposit)
    • Conduct at least 5 non-pin, signature- based debit card transactions
    • Conduct one bill payment transaction through online banking

The Fine Print

  • Valid only for new Cash Back Checking accounts opened in person at the Timberlake, Old Forest, Fairfax and Stonehenge branch locations.
  • Limited to one account per household.
  • Cash bonus only available to new customers that do not currently have a personal checking account with us and have not received a cash bonus from Essex Bank in the prior 12 months.
  • $50 minimum deposit to open.
  • You may earn 1% cash back on any online or signature-based debit card transaction, up to$10 per statement cycle.
  • In addition to the standard cash back rewards associated with the account, new account customers are eligible to receive up to $250 credited in $50 monthly increments for the first five (5) complete monthly statement cycles.
  • The first monthly statement cycle will be a partial month depending on when the account is opened and therefore does not qualify as a complete statement cycle.
  • The bonus program will begin on your second monthly statement cycle and will run through the sixth monthly statement cycle.
  • Each of the $50 increments will be credited to your new checking account on the last day of your statement cycle.
  • In order to qualify for the $50 monthly rewards, you must (1) Open a Cash Back Checking account at the eligible branch locations listed above; (2) avoid the monthly service charge; (3) conduct at least 5 non-pin, signature- based debit card transactions during each monthly statement cycle; and (4) conduct one bill payment transaction through online banking during each monthly statement cycle.
  • If you do not meet the qualifications listed above in any one of the eligible monthly statement cycles, you will not receive the $50 bonus for that month, however you will remain eligible to receive a bonus if qualifications are met in subsequent eligible months.All cash rewards will be reported to the IRS as taxable income
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

  • $9.95 monthly service charge unless a $500 minimum direct deposit is made per statement cycle or a $1,500 average daily balance is maintained in the account.

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Seems like a good bonus considering it’s for a maximum of $250 and direct deposit isn’t required. Considering it’s a soft pull as well, it’s worth doing and we will be adding this to our list of the best bank account bonuses. As always share your experiences with this bank/bonus in the comments below.

Useful posts regarding bank bonuses:



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I was looking at this one recently, but not sure it’s worth the drive (3 hours round trip), esp if I end up getting denied for Chex. The first two branches it lists with the phone numbers on the flier are too far away, Fairfax is near DC, but the Stonehenge location is in Richmond Va. I will report back if I go for it.

I live in Arlington VA I mma go try it on Monday and see

Well wouldn’t you know – the Fairfax branch is literally three buildings down from my office, and I’ve never noticed it.

Will certainly be popping in tomorrow!

Mike- Can you please post here if you get approved tomorrow. We need to check if the bank is Chex sensitive and also if they do a hard pull. Wow never heard of the bank inspite of living in VA for 20 years.

i called the bank , they said no hard pull. I’m going to step into the fairfax branch & find our for myself if they are Chex sensitive!

Also let us know if there is an early termination fee and if any minimum spending requirements for the card purchases/bill pay.

The 5 debit transaction and 1 online BP are MONTHLY requirements during the bonus period. Miss these requirements and you forfeit bonus for the month.

Also: “The first monthly statement cycle will be a partial month depending on when the account is opened and therefore does not qualify as a complete statement cycle. The bonus program will begin on your second monthly statement cycle and will run through the sixth monthly statement cycle.”

Opened in Fairfax today. Chex only, didn’t seem sensitive to my frequent acct opening; no hard pull. This branch seems mainly loan production. Very friendly & efficient staff, no hard upsell. Pretty congested area. Parking lot is gated, but just pull up and gate will open; same on exit. Added bonus: 1 block away from Red Hot & Blue BBQ, great lunch specials.

Any minimum requirements regarding the debit purchases / bill pay? Instant issue debit card?

No minimums stated in T&Cs, so presumably there are none. No instant issue, DC to be mailed. Presumably pointless to do any transactions during first (partial) statement period, see below.

DP:
1) Confirmed Chex pull. They had a sign on the desk as well.
2) ETF: $25 if closed within 6 months
3) ACH push/pull is free
4) No instant issue debit card
5) No specific requirements for minimum debit card purchases or BP’s to meet the bonus
6) 1st month of opening account doesn’t count towards bonus (also monthly fee waived for the first month). Bonus will post months 2-6.

Also, this promotion was already on their desk so they are aware of it. You don’t need to print out the flyer and bring it in.

Guessing since Chex wasn’t an issue, worried about footprint. How far do you live from a branch?

This question goes out to anyone who tried this one, please! Most banks are not footprint sensitive – usually credit unions are though. Wish I had an excuse to travel
118.69 miles away.

I’m 10 miles away from the Fairfax branch. But the banker I spoke with says they have people who live further out but use Essex Bank when they’re in the area for work or so. Maybe that’ll help you a little? Let us know if you’re successful if you try.

My usual story is that I have family in the area and going to be visiting often. No bank sent me away in branch for living to far… Yet. I can’t justify the trip during the work week to yucky Richmond, to do other things that I can’t do in Hampton Roads.

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