Update 1/6/2019: It’s now 2019 and calling the bank is still a bad idea. This is a friendly reminder why. Keep in mind the first Tennessee deal referenced is long gone.
A lot of what we write about on this site is about skirting financial institutions rules to maximize our profit (and time). One of the great things about financial institutions is that their back end is built on legacy systems that are extremely difficult (and expensive) to update, that makes things easier for us and harder for them.
I’m not naive enough to think that these financial institutions don’t read blogs like this (even if it’s via a simple google alert that informs them of any brand name mention) aren’t aware of these issues. That being said, I’ve seen an increase of people commenting saying that they have called to confirm that a work around they’ve been using has worked or not.
This doesn’t achieve anything at all, and all it does is notify the financial institution that you haven’t meet their requirements as specified. Let me give an example, recently First Tennessee has offered a $250 bank bonus that is nationwide and requires a direct deposit (no minimum specified).
It’s typically not easy for people to change their payroll for these bonuses, so a lot of people try to use an ACH transfer or similar to meet this requirement (when in reality First Tennessee want a payroll or government benefit). Because the bonus hasn’t been posting quickly (even though the terms state they have up to six weeks to post the bonus) people have been calling to see if their work around qualified as a direct deposit.
In reality, all you’re doing is letting them know that you haven’t meet the requirements as required. It’s likely that First Tennessee uses the same back end as a lot of these financial institutions and the bonus is automated. If you don’t call, there is a good chance the bonus will just post naturally. If you do call, they know that maybe you aren’t meeting the bonus according to their terms and that could lead to your account being flagged.
Furthermore, having staff handle these queries is expensive and if they see a lot of people calling they might decide the cost to upgrade their systems to differentiate between these transfers is worth the cost and effort. Obviously this is just one example, but my general rule is as follows:
- If I’m skirting the rules, there is no point in calling the bank as all I’m doing is alerting the financial institution to that fact.
Obviously I’ll happily call the bank if I didn’t skirt the rules and my bonus hasn’t posted (and it’s been over the time specified in the fine print for the bonus posting). Same rule applies to other sorts of bonuses/tricks as well.
View Comments (78)
Account Opened Last Nov. DD hit 12/10, 12/23. Bonus not posted yet.
Hi, I am new to this, and since I am a non-resident alien, I usually have to call them or go to the branch itself to open an account. I was asked by one of the banks the purpose of opening a checking account and if it was just for the bonus. I obviously said no and that I was looking to open an additional checking account and the bonus was just an added benefit. Though I knew I wasn’t convincing enough and the banker definitely wasn’t convinced. Any tips as to what to say in such situations?
(Sorry for the cross-posting, I wasn't sure which thread was the appropriate one and would get me an immediate response)
Tell him/her that the bonus is what caught your attention to bring your business to the bank.
Screw that, I actually switched my direct deposit to US bank, met the requirements and months later still no bonus. I called them, and they told me to go to a branch which there are none near me. So now I emailed them. What a waste of time!
Not accusing you, but SLAVISH attention to the rules must be paid. I am able to split my paycheck very easily online. I'm just starting in bank bonus harvesting. If you get a bonus, great. If you don't, you cannot get excited about it. Just wait a while for the bonus to post or MOVE ON... to yet another bank bonus. I have earned $375.00 and I am waiting for a $400 bonus to come through. I might attempt non-direct means to qualify for a bonus, but I won't cry about it if I do not.
US Bank is absolutely awful in every way. They have, repeatedly, failed to pay out credit card bonuses I have earned both as a new and existing customer. Shortly after I opened a business checking account for my sole proprietorship, they sent me a nastygram demanding an EIN (I don't have or need one). The letter went on to state that my account would be frozen within 7 days if I failed to comply. I closed it immediately and walked away from the bonus. I also closed my business credit card as a result. I maintained my personal card, but I'm second guessing that decision at this point also. They failed to credit my category cashback several times now and my one and only dispute on the card took over one YEAR to resolve. US Bank just flat out sucks.
I had success with us bank but after getting my bank bonus I signed up for their credit card to earn 200 more. Problem was the system never accepted my request to transfer the bonus to checking. So I had to transfer it as a statement credit which didn't help much bc I was still at the 0% intro rate. Would have rather had the cash to invest with.
I have done everything required to receive the three bonuses ($200 + $400 + $100) for accounts opened in July 2019. One of the bonuses was promptly paid. I have contacted BMO a number of times since December 2019 seeking the other two bonuses. Despite their written promise that the bonuses would be credited to my account by now, they have not. From what I see online it appears that my experience is a pattern. How can banking regulators tolerate this behavior? What are other customers doing to get BMO to fulfill its promises?
I know this is an old post but I wanted to mention that filing a complaint with the Consumer Financial Protection Bureau is one way I’ve read of people addressing this type of problem. I hope your situation got worked out!
I just got a Wells Fargo checking account that has the $400 bonus. The main requirement is that I need to do $3,000 in direct deposits for 3 months in a row in my first 5 months of having the account. I've done multiple transfers from Venmo, Chase, and Ally, and all 3 of them show the category as "Direct Deposit". Is this sufficient for me to earn the $400 bonus? Will they have some way of knowing these weren't paycheck direct deposits?
nice try doc. but there will always be entitled n00bs who call banks and complain about all the people getting benefits on Doc and TPG and ask why "those people" are allowed to exploit the system.
I assumed it was geared more towards cheating DD requirements for a checking account bonus.
Yep, only call when you have legitimately done the requirements and the referenced time frame has lapsed. Realize you are still alerting the bank that you are a bonus chaser because they'll see minimal activity on the account.
I have also started to call certain banks to see if the bonus code has attached to the account. It is still alerting them to a potential bonus chaser, but it could save a future headache. 2018 was a fantastic year for me, but I also lost quite a few as well.
Then there is Citi... what a hot mess of incompetence.
There are people who (for some bizarre reason) seem to enjoy talking to customer service reps and call them constantly. I doubt this post will stop them.
Thank you for posting this Doc.
It's like getting away with something beneficial and then tattling on yourself to Mom and Dad. Like what the hell? Please, please ruin it for everyone else.
I hate it when people do that. When this all ends, only those tools will have themselves to blame.