Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Direct deposit required: Yes, $5,000+
- Additional requirements: Use a referral
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit:
- Expiration date:
Contents
The Offer
No direct link to offer, requires a referral. Find & share referrals in this linked post, do not share them in the comments below.
- Wallet by Boss Money is offering a $100 referral bonus when the person being referred signs up and receives direct deposits of $5,000+ within the first 45 days.
The Fine Print
- Full terms here
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a full fee schedule so unsure if there is any EATF.
Our Verdict
According to this post and comments it looks like Charles Schwab has worked to trigger the bonus in the past. We will add this to our list of the best bank account bonuses. Remember do not share your referrals below, share them in this linked post instead.
Hat tip to RobertL
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
“elroy” pushed out an app notification about upcoming changes due to the Synapse fiasco. If you didn’t get the notification, you will see the full page of instructions as soon as you log into the app.
William Charles
They are changing banking partners (didn’t say which one) and it appears they want everyone to link their bank via Plaid… says you only have UNTIL SUNDAY, MAY 28th to do so, or else they will mail a check. LoL
My previously linked bank was showing as no longer valid, and I’m not going to relink. I have 2 cents in there and will wait for the check. They can spend the postage. Support the USPS!
Other options for getting your balance out is via Plaid linked ACH, or if you have less than a $1K balance, you can contact them to get a Virtual Mastercard. Hmmm. Maybe I should get my penny back this way?
I completed real payroll DD for 5k in 12/2023. Then maintained deposit for 60 days. Now they are saying the promo is not available anymore. Anyone run into similar situations?
The comments below are pretty frightful! And it looks like now you have to actually maintain the DD of 500 for a 60 day maint period, yes? For the DD and the referral promo: “Maintain the qualifying deposit amount in your account for 60 days to earn your reward.”
We’ve been watching this thread from the beginning, folks. We read DoC too, you know!
Good, because i am filing CFPB complaint for missing bonus 🙂
Did you hear anything back from CFPB?
Does anyone have a full page of the old terms, now they say that DD should have been set up via app
Did Anyone get the bonus?
Does anyone know how to transfer the money out of the Elroy account? I cannot link the Elroy account with external account, vice versa. Or should I just use my debit card to spend all the money in it?
It appears Wallet by BOSS Money just became “elroy” overnight…. The first time their caps lock got stuck and the second time they forgot the capitalize.
William Charles
Seems like nobody is having any success. I might just forget about this one. Doesn’t seem worth all the trouble for such a small bonus.
My DD was on Aug 29. Currently no bonus. Giving them 30 days in line with their terms. Following up October 1 and will see what happens.
any luck with the bonus payout?
Nope. Chatted them and left on read lmao. I will call today or tomorrow.
Well that was weird. Got someone abroad on the phone for sure, but could not understand them towards the end (I’ve never had this problem before with workers abroad). They said they would escalate the situation, whatever that means. If I don’t hear in another week I’ll HUCA. They seemed just very unfamiliar with the entire concept of a DD and bonus lol.
The earliest DD date since this post is late Aug, it’s not even 30 days yet per their terms. I can’t speak for others but there are comments that are not reporting an issue, and for me I did not comment because everything goes smoothly so far.
The debit card arrived two days ago. Activated without issue using the app. They include a miniature Direct Deposit Form that is already filled out to provide to your payroll provider.