Posted by William Charles on November 14, 2017
Bank Account Bonuses

Published on November 14th, 2017 | by William Charles

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[Expired] [YMMV] Charles Schwab $200 Bonus For Existing Checking Account Holders

This checking bonus has expired and is no longer available. Click here for a list of the best checking bonuses.

Before we get started a quick note about eligibility. This offer was sent out via e-mail with the subject line of ‘Earn $200 by using your investor checking account.’ You can try calling 888-403-9000 to get this bonus added to your account. This datapoint states that everybody that doesn’t have a direct deposit already set up will receive the bonus as long as they receive the new direct deposit of $2,500 by December 31st, 2017 even if you didn’t receive any communication. I’ll try to confirm with Charles Schwab.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: See above. Must be an existing account holder
  • Direct deposit required: Yes, $2,500+
  • Additional requirements: None
  • Hard/soft pull: None as it’s for existing users
  • ChexSystems: None as it’s for existing users
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: N/A
  • Household limit: None
  • Expiration date: December 31st, 2017

The Offer

No direct link, see above

  • Charles Schwab is offering a bonus of $200 for using your High Yield Investor Checking account. You must do the following:
    • Enroll in direct deposit by visiting our site.
    • Establish and make direct deposits totaling $2,500 or more before December 31, 2017.

The Fine Print

  • This offer is made available at the discretion of Charles Schwab Bank (“Schwab Bank”) and is valid from November 14, 2017 to December 31, 2017.
  • A $200 incentive* will be deposited to your High Yield Investor Checking (“Investor Checking”) account provided that you set up new direct deposits totaling at least $2,500 to your Investor Checking account of your payroll check, routine deposits to dollar cost average associated with your financial plan, Social Security payment, or pension or other retirement distributions, and a direct deposit is received into that account on or before December 31, 2017.
  • This offer is available to individuals 18 years of age or older only and is limited to one per client.
  •  This offer is not transferable, saleable, or valid in conjunction with other Schwab Bank offers.
  • This offer is available to legal U.S. residents only. Schwab Bank may modify or end this offer at any time without notice.
  • This offer is not available to Schwab Bank High Yield Investor Checking accounts which are closed, inactive or in default, and is void where prohibited by law. Other restrictions may apply.
  • The amount of the incentive deposit to your Investor Checking account is considered interest and is subject to IRS and other tax reporting requirements.
  • The value of all Schwab Bank offers received during the calendar year will be included in the Form 1099-INT you receive from Schwab Bank.
  • The incentive deposit will be deposited into your High Yield Investor Checking account by January 31, 2018.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about. Not sure if there is any early account termination fee but don’t think it should really matter as this account is worth keeping long term.

Our Verdict

This offer is insane, it’s rare to see a bonus for existing account holders and this account is one of the few that’s worth keeping long term. So much so that I recommend signing up if you don’t have an account as it comes with a $100 bonus and provides the following useful benefits: ATM fees reimbursed, no fees for foreign transaction withdrawals. Signing up for the account is a hard pull but thankfully that doesn’t matter for this promotion as it’s targeted to existing customers. Before anybody asks, we don’t know what counts as direct deposit. That information is always added here. Please don’t just randomly ask for datapoints, it just clogs up the comments and if anybody has any I’m sure they will add them.

I doubt we will know what works/doesn’t work until after the promotion ends as the bonus is due to post on January 31st, 2018. Keep in mind the fine print states the following will work: payroll check, routine deposits to dollar cost average associated with your financial plan, Social Security payment, or pension or other retirement distributions.

Fingers crossed all Charles Schwab High Yield Investor checking accountholders are eligible.

Big thanks to reader, Curmudgeon, Daniel B, Andrew H & Nicolas who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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John

I called and SO called and we were both told that we were not eligible and only those who received the email are but the terms say “at the discretion of Charles Schwab” which doesn’t say you have to have received an email.

I was going to set up Direct Deposit anyway so I will see if I am credited automatically or if they will credit me after the fact if I call in and ask where the bonus is.

TS
TS

I was offered 25 free trades over Live Chat since I wasn’t eligible for the promotion.

Tom
Tom

Probably not good if we all call!

Jeff S
Jeff S

The guy I spoke with at Schwab said “We are being told that if you didn’t receive the email then your account isn’t eligible for this bonus, as it, for whatever reason, was not in the parameters selected by our system to receive the email”.

Though I am tempted to just do it and hope I can get the bonus anyway. But on the other hand I don’t want to be a dick about it since I was indeed not targeted.

JL
JL

did not receive offer, called & told its targeted so can’t be added to my account.

in this case i don’t want to set up direct deposit in hopes of getting targeted in the future.

Too Good 2B!
Too Good 2B!

Do you have to set up DD through Schwab site? Or can you set up through employer instead?

Too Good 2B!
Too Good 2B!

Nevermind. Their link only send you to a form to print to give your employer for DD.

anthonyjh21
anthonyjh21

So just to be clear, if you’re not an existing account holder you should be able to sign up for the $100 bonus and still be eligible for the $200? I know it’s all still YMMV but I’ve been on the fence with opening a checking and if there’s a chance I’m eligible for both then I might pull the trigger.

Too Good 2B!
Too Good 2B!

Doubtful. Seems specifically for existing account holders. Maybe at another time if offered again?

Andrew
Andrew

I tried chatting with customer service earlier today. The CSR told me: “I see that the promotion is only available by invitation only.”

However, he also said: “However, as an appreciation of your business and your patience. I will credit your account $100.00 for being a valuable customer of Schwab. The credit will be able within the next 24 hours in your checking account.”

So, it might be worth chatting with customer service regardless to see if you can get the extra bonus. Note: I also received the $100 Schwab bonus earlier this year (when Doc posted about messaging them on chat and asking for a delayed sign-up bonus), so it’s possible to get both.

Hope this is helpful!

In other random news… I always post on here as Andrew, but that’s fairly generic and I’ve seen other Andrews on the forum, too. So from here on out, I’ll be posting as Xena WP (yes, the warrior princess <3 )

Jim
Jim

Easy phone call. I called for mine, then family member for their’s.

My rep wasn’t familiar and put me on hold for research, then said everyone’s eligible, but she put a note on my account, as well.

The rep for the family member knew all about it as soon as we said promotion for DD. Also said everyone who enrolls in DD is eligible. We asked that it be documented in our records and rep gladly noted it.

Now to find some ACH sources that will work to trigger… Adding to various banks/brokerage accounts now 🙂

Ken
Ken

Did chat and they first said it was open to all who don’t have an active biweekly direct deposit. Then backpedaled and said it was only open to those who received the email.

Nicole
Nicole

Called. Rep knew about the deal before even I finished talking… clearly stated that if you didn’t receive the email then your not eligible.

Gan
Gan

What works as fake DD in this case?

kct
kct

Just called. Rep said something similar to “everybody that doesn’t have a direct deposit already set up will receive the bonus as long as they receive the new direct deposit of $2,500 by December 31st, 2017”. He didn’t mention anything about being targeted. I asked for any written record. He wasn’t able to send me a link or an inbox message, but he was able to put a note on my account about this offer for me. So hopefully that would be sufficient. Thanks again DoC for the awesome intel!

Adrian
Adrian

Just spoke with CS rep in Denver. Stated that I received email about this offer and wanted to confirm my eligibility or if it was just a mass marketing type email.

Rep stated that this offer is targeted towards certain customers and then asked if I currently have DD set up.

I used their checking account as my primary account and receive payroll DD as well – also have my IRA with them. Rep simply said ‘Perfect! As long as you maintain those $2500 DD/month you will automatically receive the bonus by January 31, 2018’

Looks like some people had luck getting it manually added but others may need to wait until January.

Philywei
Philywei

Just chatted online. CSR asked if I received an email, I said I didn’t but would like to enroll. He then said he will send me the terms and conditions and enroll my account for the promotion. Easy $200, thanks DOC!

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