Posted by William Charles on December 3, 2018
Bank Account Bonuses no image

Published on December 3rd, 2018 | by William Charles

31

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

Sadly it looks like this deal has expired and is no longer being offered. For the best current checking bonuses by click here.

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:



31
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Gadget
Gadget

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.

Jiasus
Jiasus

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

Mike
Mike

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!

roger
roger

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.

Roger
Roger

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!

IS250
IS250

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

tuphat
tuphat

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.”

tuphat
tuphat

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.

IS250
IS250

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

tuphat
tuphat

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.

IS250
IS250

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.

IS250
IS250

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.

Gadget
Gadget

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.

IS250
IS250

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.

Gadget
Gadget

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.

Sparky
Sparky

No ACH pull capabilities at the online site. Confirmed with phone rep. Make sure to deposit enough for the bonus or use direct deposit or hub banks.

Blue
Blue

I just found out that I have to do the cutoff for requirement happens on 26th of each month. So I forfeited the month’s opportunity. Very tricky

IS250
IS250

First month doesn’t count. Bonus posts months 2-6.

George
George

Does anyone know where to do “non-pin, signature-based debit card transactions”?
Got the debit card which has chip on it.
At Giant and Target, both required to insert chip and PIN during self-checkout.
At Walmart for a $1.4 item, also required to insert chip, no pin required but no signature either. Not sure if that qualifies.

UPDATE:
Q:What is a signature-based transaction?
A:It’s any time you do NOT enter your PIN.
https://www.interracu.com/files/interra/1/file/Info/Signature-based.pdf

Pauline the Bean
Pauline the Bean

Walmart qualifies. It appears just as you stated. The rule to remember is: If the transaction requires you to enter your pin, then that transaction will not qualify. Sometimes merchants require a minimum for pin-less transactions.

George
George

Thanks for the answer. I later checked card transactions. PIN-based begins with “POS DEB”, non-PIN begins with “DBT CRD” or “D/C”. The Walmart one is “DBT CRD”, so it should qualify.

IS250
IS250

Seems like you found your answer but also online purchases count as signature-based. I just made $.50 reloads to Amazon.

David
David

Ive been doing that for like 3 years for these BS cards from Wells Fargo

George
George

Thank you very much! I thought I must do signature to qualify as signature-based. You saved me lots of trips to Walmart!

George
George

Do they still have this? The link is invalid.

George
George

You can call the number on their ad (Doc’s screenshot) to verify if it’s still available.

Gadget
Gadget

Not looking good, but it was kind of an odd “news” site to have it posted anyway. I would call one of the 4 branches that were doing the promo (listed on DoC’s Fine Print) and ask. Let us know what they say…. new expiration? New promo?

Johnny
Johnny

Just got the 1st bonus. Month ends on 25th.One $5 bill pay and 5 pin less debit transactions at Walmart. Have $1500 in account to meet criteria.

IS250
IS250

Bonus posted as well. $.50 Amazon reloads and $1 bill pay to electric company so amounts don’t matter. Looks like they give interest or something with the bonus since they posted $50.03 to my account.

Back to Top ↑