Published on December 3rd, 2018 | by William Charles17
[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
- 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
- $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.
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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times