This bonus has now expired, click here for the best current checking bonuses.
Reposting again as it’s available in a lot more states than first thought. Thanks to reader MarcoPolo.
Bonus is back and has been increased from $100 to $200. Thanks to reader Steve.
Offer at a glance
- Maximum bonus amount:Â $200
- Availability: D.C., MD, NC, PA, SC WV & VAÂ only
- Direct deposit required:Â Yes, no minimum specified
- Additional requirements:Â 10 debit card transactions
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â None
- Monthly fees:Â $5, avoidable
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â None listed
The Offer
- Open a new MVB smart checking account online and earn a bonus of $200 when you complete the following requirements:
- Setting up a qualifying direct deposit of at least $500 that posts and settles within 60 days of account opening
- Make at least 10 qualifying PIN point of sale or signature based purchases using your MVB Visa debit card within the first monthly statement cycle (must post and settlement)
The Fine Print
- Earn $100.00 when opening a new MVB Smart Checking account in branch or earn $200 when opening a new MVB Smart Checking account online by 1) signing up for online banking at mvbbanking.com 2) setting up a qualifying $500 Direct Deposit within 60 days of opening your new Smart Checking account.
- The direct deposit can be one or multiple direct deposits and must post and settle to the account in the first 60 days of account opening. 3) making at least ten (10) qualifying PIN Point of Sale or signature-based purchases using your new MVB Visa Debit Card within the first full Monthly Statement Cycle. Debit card transaction must post and settle to the account during the statement cycle to count.
- After you have completed all of the above requirements, we’ll deposit the incentive into your new account within 30 business days.
- Incentive is considered interest and will be reported on IRS Form 1099-INT.
- A qualifying direct deposit is an electronic credit of your salary, pension, Social Security or other regular monthly income deposited to your account by your employer or an outside agency.
- Transfers from one account to another or deposits made at a banking location, ATM or online transactions do not qualify as a Direct Deposit. Promotion only extended to new MVB Smart Checking Account customers.
- You may only receive one Smart Checking account related incentive per calendar year.
- The new account must remain open and in good standing with a minimum balance of $0.01 until the reward is processed to receive the reward.
- Promotion valid beginning 08/09/2018 and is subject to withdrawal at any time.
Avoiding Fees
Smart Checking account has a $7.5 monthly fee, this is waived if you do either of the following:
- Receive a monthly direct deposit
- Have a daily balance of $1,000+
I wasn’t able to find a full fee schedule so I’m unsure if there is any early account termination fee or not. Also keep in mind they charge a $4 fee if you opt to receive paper statements.
Our Verdict
Deal is much better now that the bonus is for $200 instead of only $100. Because of that I will now add it to the list of the best checking accounts. As always please 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
