[AL only] Bank Independent $200 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: All branches are in AL
  • Direct deposit required: Yes, two direct deposits
  • Additional requirements: 5 debit card transactions and online banking
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Up to $500
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: One
  • Expiration date: None

The Offer

Direct link to offer

  • Bank Independent is a bonus of $200 bonus when they open a new checking account and complete the following requirements:
    • Have at least two recurring ACH direct deposits posted to your new personal or business checking account within 60 days of account opening
    • Maintain the account in good standing for 60 days from account opening

The Fine Print

  • One per customer or household.
  • To earn the $200 bonus, you have at least two recurring ACH direct deposits posted to your new personal or business checking account within 60 days of account opening.
  • To receive the bonus, code should be given to relationship banker at account opening or entered into appropriate field if opened online.
  • 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 fee schedule so I’m unsure if there is an early account termination fee or not.

Our Verdict

Better than the previous $150 business bonus that was offered. It looks like account opening works out of state, but unsure if the bonus will post. Also says you need to enter a code but doesn’t provide one?

Hat tip to Smurfit

Useful posts regarding bank bonuses:
    William Charles
  • On May 25, 2024, 13:00
Tags: al bank bonusescredit card fundingdirect deposit required

View Comments (72)

  • Here is my timeline DP (bonus payout took longer than an earlier DP):

    7/7: Applied
    7/7-7/10: Sending messages and documents back and forth within portal.
    7/11: Got notification of portal message but couldn't access (made me think I got denied)
    7/24: Called in to get confirmation of whether I was approved or denied or still pending. Rep made it seem like they had decided to deny, but during call spontaneously decided to approve me.
    7/24: Accounts opened
    7/25: $100 opening deposit from Apple CC
    8/16: Microdeposit #1 from Laurel Road
    8/16: Microdeposit #2 from Laurel Road
    8/30: $501 Real DD
    9/11: $10 push from Laurel Road
    9/23: Received $50 prepaid card for referral bonus in mail
    9/23: $200 "NEW CUSTOMER CASH BONUS" pending

    So not sure what other transactions counted as second "DD". If the microdeposits counted, then bonus was received much later than other DPs. Otherwise it must have been the transfer, which confirms that 2 real DDs are not necessary but reveals not all microdeposits count.

  • OOS Fail. I tried my best. After a week of them jerking me around with messages via some messaging portal I have never seen before (encryptedportal.com), uploading photos of USPS mailed utility bills & ID, and answering questions from the security dept on how I planned to use the account and why I wanted it, I called to get a status. The rep said "there were discrepancies in the information on my application" and said it was canceled. Chex numbers this year - averaging about 1 per month.
    Did pull Chex on day of the application. No HP.

    • Oh, I forgot to mention... my LoansPQ status was "Approved Pending" instantly when I applied. At some point it changed to "Referred" (which I have seen at other banks), but not Canceled as the rep stated.

  • Applied OOS and opened account on 5/24 (a CSR called me to complete the application, I mentioned the bonus to her). $10 real DDs on 5/31 and 6/14. Bonus finally posted today after I called a couple of times about it (once on a Saturday when the right people apparently weren't working). I tried chatting first, but they said I had to speak to the Digital Branch team because that's how I opened the account

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