Posted by Chuck on August 13, 2018
Bank Account Bonuses

Published on August 13th, 2018 | by Chuck

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[Expired] [WA, CA, OR, ID, HI] HomeStreet Bank $300 Checking Bonus

This bonus has expired, view more HomeStreet bank bonuses here or the best checking bonuses here.

Offer at a glance

The Offer

Direct link to offer

  • HomeStreet Bank is offering a bonus of $300 when you open the Premium Select checking account and receive a direct deposit of $1,000 within 60 days.
  • HomeStreet Bank is offering a bonus of $200 when you open the Select Checking account and receive a direct deposit of $1,000 within 60 days.

 

The Fine Print

  • Valid online or in branch between 08/09/2018 and 08/15/2018.
  • Minimum opening deposit of $100.
  • Receive qualifying direct deposits of $1,000.00 or more within the first 60 calendar days of account opening. A qualifying direct deposit is an electronic deposit from your employer, pension, or government benefits (such as social security). However, federal income tax refunds, or any state income tax refunds, are not considered qualifying direct deposits. Person-to-Person and bank transfers between your HomeStreet Bank accounts or accounts you have at other financial institutions or brokerages also do not qualify.
  • Bonus will be paid within 100 calendar days of account opening if the bonus requirements are met.
  • Your new account must remain open until the bonus is processed in order to receive the bonus.
  • The bonus is considered interest and will be reported on IRS Form 1099-INT.
  • This offer is only available to new HomeStreet Bank consumer checking account customers. This offer is not available to existing HomeStreet Bank consumer checking customers (either as the primary or secondary account holder) or individuals who have had a HomeStreet Bank consumer checking account in the last 12 months. Bank employees and members of their household are not eligible for this promotion.
  • Limit of one new consumer checking account bonus per individual and per mailing address. If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from HomeStreet Bank within the last 12 months prior to this account opening then no one at the address is eligible.
  • The new account is available only to individuals and is not available to businesses, non-profits, or for use as a personal retirement account.
  • HomeStreet Bank reserves the right to deduct the bonus from the account at closing if the account is closed by the customer or bank within 180 calendar days after account opening.

Avoiding Fees

  • Premium Checking comes with a $10 monthly fee; maintain a $2,500 balance to avoid monthly fee. Select checking does not come with any monthly fees.
  • There is an early account termination fee of $15 if the account is closed within 90 days of account opening.
  • You need to keep the account open for 180 days to avoid having the bonus clawed back.

Our Verdict

L0oks like a pretty sweet bonus and much easier than prior bonuses. Just meet the direct deposit requirement and you’ll get $300. You do need to park $2,500 there for 180 days to avoid the monthly fee, or else swallow the monthly fee or do the $200 bonus.

Readers note that they are Chex sensitive and will close the account if they don’t like your Chex. Only worth doing if yours has light activity.

Big thanks to many readers who let us know about this (AJ, DP, Nate, KL, MQ). Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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RP
RP

I opened this last week and according to reports on reddit, it is pretty strict on chex. they will apparently approve you when you submit, but will send out a letter later saying you are rejected.

Ryan
Ryan

Did a bonus with Homestreet a few years ago and got my $300 no problem. I didn’t love their online interface, but was a good bank overall.

GaryMcL
GaryMcL

They’re definitely ChexSensitive. I went for this last year when they had the offer and they closed my account a few days after opening citing Chex as the reason (I had like 4 new accounts in the previous 12 months). Maybe wait a few days after opening before initiating the DD…

Dan
Dan

Can confirm only available online for those w/in the participating states Chuck

Jeff G
Jeff G

Hmmm, just applied and was approved. Same thing happened back in Nov 2017, but received the shutdown email 6 days later. Once I logged into my account today I see the closed account listed. I am thinking that two things may happen:
1. I get a call Friday denying my account.
2. If I somehow avoid shutdown, I will not get the bonus since I had an account in November, even though they closed it.

Now I play the wait and see game. I’m going to hold off sending my $100 check until next week. I do not think this will end well.

Jeff G
Jeff G

Boom, there it is. Closed.

Dan Thomas
Dan Thomas

told you

Jeff G
Jeff G

Oh you didn’t tell me. I applied last year, same thing. Took a chance, that is the name of the bank bonus game. On to the next bonus!

britchurner
britchurner

I really think it is worth mentioning on the main post here that Homestreet did this promo last year and decided to shut a bunch of people’s accounts shortly after approval, presumably due to high Chex.

William Charles

Has been added now

AC
AC

Chex sensitive. I applied in 2016 and then tried again a little over a year later. They approved me online and I was even provided an instant account number. I was able to register and login to online banking, but a couple days later they closed my account. They told me they overturned their initial decision due to too many recently opened accounts.

Dan
Dan

Instant approval here in CA. Will report back with results…

johnjon
johnjon

im in ca and i did this one a few years ago. easy.
tried again last year,. got approved, then shutdown

Dan
Dan

Follow up. “Approved”, then instant shutdown, as johnjon predicted. ChexSystems sensitive. Weird that they give you an account number before the account is approved. Good luck

MoreSun
MoreSun

Too many DPs from last time about people getting their accounts shutdown after opening. I’ll be among those watching for DPs over the next week before I try this one.

Shirley
Shirley

Trouble is, the expiration date is Aug 15, only two days away so not a lot of time to wait and see (though might know by tomorrow if anyone is shut down who opened today)

MoreSun
MoreSun

Ack! Didn’t even notice that! Well… darn.

Matthew
Matthew

It says the bonus expires in two days, so you cannot wait too long on this one.

gmoney
gmoney

From past experience with HomeStreet: Proceed with caution and plan to be patient with this bank. First hassle is sending a check in for funding (this is your only option). The second is waiting for your account to be set up fully. I would not try to set up an external account to push/pull from until the account is funded. Using bill-pay to get your money out is probably the best way.

Good luck trying to get a fake DD past them. I assume they manually review all of them. If you read comments from the past HomeStreet promos you’ll also see lots of others had issues getting them to pay out even with real DDs (though I’m sure there were many who did not have to fight them).

All that being said, I’m giving it another go with real DDs and much patience.

Superchurn
Superchurn

can confirm. had to fight for bonus after legit DDs. they’re one of the banks that really doesn’t like bonus chasers/churners.

gmoney
gmoney

Yep. Thought I got it open, then my login was locked. Got a letter today saying they couldn’t open it.

Justin
Justin

So multiple DD’s totaling $1000? Or just 1 DD with at least $1000, before 60 days.

lingua
lingua

have people tried getting chex inquiries removed after shutdowns?

Superchurn
Superchurn

this is a god question. i wouldn’t want to have a chex ding with nothing to show for it

petitesybarite
petitesybarite

yes. i’ve had multiple chex inquiries removed.

for some banks/CUs, i received duplicate inquiries, so i submitted a dispute to remove the duplicates. most of them couldn’t be confirmed by the bank (i’m assuming no one responded) so they were removed.

IME, a lot of banks/CUs will pull 2x on chex. and then there is alliant, which pulled 4x on the same day! SMH

i also had a couple legitimate inquiries removed by mistake. submitted a dispute and didnt hear back right away, so the CSR opened a dispute over the phone. this removed the legitimate inquiry, too. i don’t recommend disputing accurate info, but it is possible to get chex inquiries removed.

i had 11 chex inquiries on my report; ended up with only 3 chex inquiries! YMMV depending on the bank and if they respond to the dispute

RP
RP

How do you go about removing the inquiries on chex?

petitesybarite
petitesybarite

go to the website and file/submit dispute or call and have the CSR submit the dispute. easy peasy.

Jeff G
Jeff G

This is a great reminder and could be the difference between being approved or denied. I last looked at mine more than a year ago – and that was many many bank accounts ago. Just filled out the form, took one minute.

petitesybarite
petitesybarite

don’t forget to request your credit score, too! both EWS and chex offer a credit score, which has to be requested. i think there’s a form on both sites that you submit, or you can have the CSR submit the request for you. both CRAs show 4 factors influencing your score. EWS ranks them in order of impact. not sure if chex does the same.

the score ranges are diff for EWS (457-755) and chex (100-899), higher=better (aka less risk). each CRA has diff factors influencing your score. for instance, my EWS scores have shown these factors influencing it:
-no paper check writing activity in 180 days
-low total dollar amount of all transactions in 180 days
-# banks inquiring within last 2yrs
-status of relationship w/ inquiring bank (not sure what this means)
-avg days account open (not great for churners)

who writes checks these days?!! lol since not every bank uses EWS, you have to write checks that actually report to EWS. i had written a check with alliant, but they don’t report to EWS so it wasn’t recorded. some banks that report to EWS:
-capital one*
-B of A*
-chase*
-BB&T*
-Wells Fargo*
-US bank*
-PNC*
-discover savings (cash edge)
-NFCU
-ING direct
-heritage bank
-citibank
*owned by

for chex, the factors were (paraphrased from CSR’s explanation):
– # of inquiries (FYI they stay on your report for 3 years!!)
– time between each inquiry (within 3 yrs… looking at if there are multiple inq. within a short period of time)
– insufficient info to build history with same FI (not sure if this is a positive or neg)
-# of recent unique inquiries (within last 30 days)

so if you’re a churner whose accounts report to either EWS or chex, your credit score could be the deciding factor in getting approved/denied since it shows how long your account(s) were open, as well as the # of inquiries within a short period of time. FYI- EWS shows all bank accounts that report, the balances, and even the transaction hx. annoying IMO

lingua
lingua

Thanks for the excellent info petite. It’s been on my to do list to address my chex. When I pulled it last year I had more duplicates than not.

P
P

The link on datapoints regarding soft pull is to fatwallet. Does anyone know which agency they soft pull? I have equifax and transunion frozen, but my experience in Hawaii is that a lot of the banks here pull equifax.

Enrico
Enrico

Yep Chex sensitive. Since my Chex isn’t better than when I tried last time/year, I dont bother trying it now.

Jim
Jim

Just to echo others’ DPs of accounts being closed, I opened in March 2016, then got the account closed a week later.

Received a letter in the mail informing me. Called and the phone rep verified the closure. Wouldn’t provide a reason why.

Superchurn
Superchurn

sounds like they thought they were going to lose money on you or something ;p

hffhjjff
hffhjjff

Cali, tons chex, approved. Well see

Yoni
Yoni

I would be curious about DP of shutdowns of accounts of people that had more than 2 Chex systems listed for past 12 months vs people that received bonus previously and denied or not denied VS people that were not within 20-50 miles of a branch and were shutdown.

Seems like an easy $300, have a branch about 4-5 miles away, if they will accept Wells Fargo Direct Pay as a DD ( Direct pay is ACH for Biz accounts – that is used to pay vendors/employees), otherwise will have to add DW to account and use her DD (which makes this a much bigger hassle). $300 not bad return for $2,500 for 180 days.

Just got my annual Chex disclosure and only list two of the many accounts I’ve opened (mainly business account bonuses).

Dan Thomas
Dan Thomas

Opened the account online last month, but it was closed 5 days later. No explanation why. Guess they are very very cheq sensitive.

TJ
TJ

Branches in Oregon as well

Ping
Ping

what the hell, i don’t think i have many inquiries in my chex
“Thank you for your interest in opening a new account.
Unfortunately, we cannot process your application”

Nathan Ponder
Nathan Ponder

Applied and was instantly approved 8/13, set up login info, today 8/14 username didn’t work. Called and CSR confirmed account was declined due to Chex.

18 new accounts in the last 12 months, unsure how many of those pulled Chex, but was also recently declined by Columbia Bank.

Xyz
Xyz

Opened in branch w/ $100 check deposit (checks or cash only for opening deposit at branch). They won’t waive the first month’s $10 fee if balance is less than $2,500 for the premium checking. Oh well, net $290 seems worth it. The statement cycle runs same as calendar month. Banker stated she has never come across new accounts opened which were subsequently closed by HomeStreet. Perhaps the shutdowns are only on online applications??? I was given a folder with hard copy disclosures and a sheet with the $300 bonus official terms and conditions. In and out in about 15 minutes.

Shirley
Shirley

What is your chex report like, many inquiries or few?

Xyz
Xyz

2018: more than 10
2017: more than 10

Shirley
Shirley

Doesn’t matter now that the offer has ended but maybe next year will give the open in branch method a try.

t
t

Does the chex pull stay on your record even if the account gets shut down? I assume it’s worth the risk of a rejection if the pull is not documented. It sounds like a lot of people are getting shut down after the application/account has been approved and opened. hmmm

RevRec
RevRec

Seems like the shutdowns after opening are still happening. I’ve opened 9 new accounts in the past year. Applied to HomeStreet online and was approved on 8/13/18. Received an email today (8/15/18) that said:

Action required – Your primary funding account has been deleted

You can no longer use the following account to make online payments because it was deleted:
SELECT_CHECKING

Any automated or scheduled payments associated with this funding account have been canceled.

To schedule payments, you must set up a new funding account.

Please do not respond directly to this e-mail message. If you have any questions, please contact us at 800-719-8080 or TTY/TDD at 855-584-0256.

Sincerely,
HomeStreet Bank

psh
psh

Just opened successfully (in Oregon). Sent a check for $100 (surprising that that was the only funding option). I’ll report back on if it gets closed or not.

psh
psh

First real DD hit on 10/1. Bonus posted 10/23.

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