Posted by William Charles on February 9, 2020
Bank Account Bonuses

Published on February 9th, 2020 | by William Charles

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[VA only] Chesapeake Bank $100 Savings Bonus – No Requirements

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: VA only
  • Direct deposit required: No
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: April 12th, 2020

The Offer

Direct link to offer

  • Chesapeake Bank is offering a bonus of $100 when you open a new savings account. This is for people that have completed the money smart program (see links in the sidebar)

The Fine Print

  • Offer limited to one new savings account per person. Offer available to savings accounts opened between 2/3/2020 and 04/30/2020 and may be discontinued at any time.
  • $100 will be deposited to the new savings account 60 days after account opening.
  • Account needs to be open and in good standing at the time of deposit, otherwise the $100 deposit will not take place.
  • The minimum balance to open a Totally-Free Savings is $100, a Solo-Savings minimum to open is $200, a Youth Savings minimum to open is $25, a Clear Sky Savings has no minimum to open.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The totally free checking account has no monthly fees to worry about

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 deal as it’s a soft pull as there are no real requirements for the bonus. Unfortunately seems to be ChexSystems sensitive so keep that in mind. I will add this to our list of the best checking account bonuses.

Hat tip to reader IS250

Useful posts regarding bank bonuses:



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Grasshopper
Grasshopper

The offer is for a savings account, not checking as described in the title and description.

swsander
swsander

Conflicting information above. One part says $100 for new checking and another says for savings.

Website appears it should be a savings opened.

dizzy

OOS, I applied and it went pending. We shell see…

dizzy

🙂 58 days and counting now

Mark
Mark

My partner and I both applied with an Arlington address. We both went pending, said it could take two days to make a decision. Now to wait and see.. seems like an easy $100.

Mark
Mark

I was approved but P2 was NOT. Email said something about Experian, so I don’t know if it was a hard pull or not. I have multiple credit monitoring services, and I haven’t received any notice that I have a new HP.

IS250
IS250

What’s your Chex like? I’m assuming she has her Experian frozen?

Sean
Sean

Just opened the clear sky savings with $1 opening deposit. I don’t think there was a hard pull. Easiest $100, I’ve ever made when I receive it. I’ll check back in 60 days (3/10)

IS250
IS250

Applied. Denied after an hour of submitting application.

“Unfortunately, due to information obtained from a third party reporting agency during the application process, we are unable to open your account at this time. Please note that we use Experian for authentication and identification purposes only. Chesapeake Bank obtains this verification through a soft-pull of general information contained in your credit files, not to include your credit score. An application may be declined when the information provided during the application process differs from that on file with Experian. Please contact Experian to correct these discrepancies by visiting their website at http://www.experian.com.”

My Experian is not frozen nor any derogatory information. So not sure if there were other reasons for denial such as Chex (if they pull) or being out of footprint.

1. Chex – Unsure.
2. Hard Pull – No. Soft pull only (verified with CSR and no HP alerts)
3. No CC funding.
4. ETF – $25 if closed within 90 days
5. Their Clear Sky Savings account is an eligible account. No fees nor minimum balances. Their totally free savings account is similar BUT it requires a checking account with it.
6. Applied out of footprint but within the correct state (Northern VA)

Ugh
Ugh

received the same within an hour as well. Also no derog and experian is not frozen. My guess is I may have finally come under Chex scrutiny (purely a guess based on recent other bank openings).

ieatdogfood
ieatdogfood

Based on DPs, I believe NoVa is safe so it may be one of the other reasons. However, since it is manual verification and not instant, variables can change later.

Svy
Svy

Closing Account Fee is $25.00 if closed within 90 days of opening date
4 questions to verify identity and then “application successful,” but “It can take up two business days to approve and activate your account. We’ll send you messages letting you know the status as it changes.”

Svy
Svy

Application approved. I likely opened 6-8 new checking accounts within last 12 months, including Suntrust personal and biz accounts that the bank closed on me for doing the debit card transactions on the personal account too quickly through the Square Cash app. Not sure if that earned me a black mark on Chex or not. Applied out of footprint, in correct state for bonus. Also, like IS250, in NoVA. May try with P2 to see result.

Svy
Svy

Applied yesterday for P2, and the clear sky savings account was approved today. My initial funding was pulled yesterday for my account.

ieatdogfood
ieatdogfood

Approved on same day (not instant, manual verification?) for Clear Sky Savings. No HP. From NoVa.

ieatdogfood
ieatdogfood

I have no idea how to initiate a transfer with this bank to somewhere else. The app tells me to log in via internet. Website is old AF like caveman. I know I can pull from any other bank but I’m trying to figure out how to do it within this bank.

Also, I’m not sure if this should be of concern. If you log in via website, go to “Open Account” and view your prior application documents, go to “Truth in Savings Clear Sky Checking – Promo”, go to the very bottom left of the pages related to “Bonuses”. Nothing is mentioned about having a bonus attached to the account? The box isn’t checked like many other boxes on the documents.

Gadget 🕵️

I have seen a few banks that don’t enable ACH transfers from within their online banking until you have been an account holder for 30 days. (NWFCU, Dollar Bank) I also saw at least one that you have to have a written request to have it added – I had to take a picture of a signed, handwritten note and e-mail it to Mountain America CU, since I couldn’t go in-branch. Some banks still expect certain things to happen at a banker’s desk and aren’t used to this internet stuff.

It’s possible they aren’t using the “Bonuses” functionality of the application software for this promo? I know, that’s not the answer you want to hear. You can always contact the bank and ask WTF, to verify enrollment in the program.

ieatdogfood
ieatdogfood

That’s a perfect answer! Thank you. I’m new to this so I didn’t realize the variance between banks. I’ll probably just let this one go and pull from an external account after bonus and close after 90 days. I don’t really see any use for this account after with too many restrictions (only one transfer in/out per day, and a lot more, etc.).

ieatdogfood
ieatdogfood

How odd, I just got an email mentioning my bonus even though it was opened over a month ago. Still another month to go before payout.

“Thank you for opening
a new savings account!

As a reward for completing our Banzai Money Smart Program, $100 will be deposited into your account within 60 days of opening.*

Gadget 🕵️

If it wasn’t for bad luck, I’d have no luck at all… lately.

ieatdogfood
ieatdogfood

I can say the same for Fulton Bank and whatever cross checking identity verification system they are using. This is my first fumble since starting.

ieatdogfood
ieatdogfood

Sorry for the spam, but it appears the expiration date has changed.

“Offer available to savings accounts opened between 2/3/2020 and 04/12/2020 and may be discontinued at any time.”

Gadget 🕵️

Applied around midnight. At 8 AM, got an e-mail.

Thank you for your recent application. Upon further review of your application, we regret to inform you that we are unable to process your request due to information received from ChexSystems, a consumer-reporting agency. For more information on how to contact ChexSystems, please follow the instructions outlined in the enclosed attachment.

Thank you again,

Online Banking Support

Standard “Adverse Action” document attached, blaming Chexsystems. FYI IS250 ieatdogfood Svy

I’m probably 18+/12, and 36+/24 on Chex inquires. Seem Chex Sensitive to me. The nearest branch is about 50 miles away.

No CC funding available – just ACH or Mail a check. No hard inquiry.

IS250
IS250

When I applied, the email I got said denial due to Experian. I pulled my Chex report after and just got it a couple of days ago. Can confirm Chex hit. So they should’ve said I was denied because of Chex, not Experian.

Gadget 🕵️

Guessing in your case, rep was being lazy and didn’t change the verbiage. And, people with frozen credit reports are probably more common than people like us with tons of Chex inquires.

Svy
Svy

Bummer!

ieatdogfood
ieatdogfood

Sorry to hear that. At least it wasn’t the foot print issue we discussed. Unfortunately we didn’t discuss Chex before you applied. $100 for waiting 60 days if they actually pay out. I’m sure you can make that somewhere else in 5 mins with minimal effort. I’ll use one of your referrals to make up for it. 🙂

Gadget 🕵️

Thanks. I am not surprised… a lot of the smallest banks & CU’s are the hardest to get in.

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