Deal has expired, view more bank account bonuses by clicking here.
Update 6/30/19: Deal is back and valid until July 31st, 2019, this time you can get an additional $50 bonus by opening a savings account. Hat tip to reader IS250
Offer is being advertised on the home page again. Still shows a 9/30/18 end date but I suspect this will be updated shortly. Hat tip to Richard N
Offer at a glance
- Maximum bonus amount:
- Availability: FL, MA, NJ, NY, VT, must open in branch [Branch locator]
- Direct deposit required: Yes, full paycheck/benefits
- Additional requirements: None
- Hard/soft pull: Soft
- Chexsystems: Yes
- Credit card funding: Can’t be funded with a credit card
- Monthly fees: $5, avoidable
- Early account termination fee: $26 if closed within three months + you forfeit bonus
- Household limit: None listed
- Expiration date:
August 31st, 2018September 30th, 2018 July 31st, 2019September 14th, 2019
Contents
The Offer
- Trustco Bank is offering a bonus of $100 when you open a Home Town Premier checking account and complete the following requirements:
- Set up a direct deposit (entire amount from recurring Payroll, Social Security, and/or Pension (minimum of $100 monthly Direct Deposit). Must be completed within 60 calendar days of July 31st, 2019
- Get an additional $50 when you open a new savings account as well (excluding club accounts)
The Fine Print
- Promotional offer valid from 6/3/19 until 7/31/19.
- To receive the $100, you must open a Home Town Premier Checking or Home Town Free Checking Account with Direct Deposit
- Minimum of $50 to open a Home Town Premier or Home Town Free Checking Account.
- To receive the $150, you must open a Home Town Premier Checking or Home Town Free Checking Account with Direct Deposit and a new Savings Account (Club Accounts excluded).
- Direct Deposits must be the entire amount from a recurring Payroll, Social Security, and/or Pension (minimum of $100 monthly Direct Deposit).
- Direct Deposit must be completed within 60 calendar days from end of promotion. Bonuses will be paid within 60 calendar days of verification of Direct Deposits.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The Home Town Premier checking account has a $5 monthly fee, this is waived with either:
- Direct Deposit of Payroll, Social Security or Retirement Income Or
- $500 monthly average collected balance
Not sure what the balance requirement is to keep the savings account fee free.
Early Account Termination Fee
If the account is closed within three months you have to pay a $26 fee, you also forfeit the bonus.
Our Verdict
Not the biggest bonus available, but might be worth doing for those who have already done the bigger/easier bonuses in their area. Will add this to our best bank bonus page.
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
View Comments (49)
Bonus is back, and now you can get up to $200:
https://yourhometownbanktrustco.com/checking/?utm_medium=display&utm_source=google%20ads&utm_campaign=trustco%20bank%20checking%20campaign&utm_content=start%20banking%20200%20300x250&utm_term=in-market%20targeting%20audience&gclid=EAIaIQobChMI7bXtmNqo5QIVVCHTCh1LdgAmEAEYASAAEgIMK_D_BwE
@will Article needs update. @guest_634394 pointed out bonus went up. Expiration is 12/31. New link. Et cetera.
Yup, got a new post that will go up on the weekend
Sounds great! Thank you.
Closed out the account in branch. No clawback of bonus nor was there an ATM/debit card surrender fee as previously mentioned here in the comments.
You were over 3 months so no claw-back makes sense.
What doesn't make sense is why I skipped over this one when I was in FL in July? And no HH Limit. Oh well.
It was an easy bonus so can't complain too much. But this bank has archaic tech like Dollar Bank.
Yeah, Dollar has to be in my top worst couple online banking that I have ever dealt with. I really love that you have a separate PIN just to access your estatements that they mail you, and have no way to change that I know of. You have to use Bill Pay to try to ACH out, and I only figured out how to do two banks. Pretty sure they take months before they enable it.
Supposedly they have plans to update soon.
https://www.trustcobank.com/page/news-and-information-88/news/home-town-checking-promotion-18.html
Bonus went up
Called CSR to try to close out the account. They said I had to go in branch. The disclosure does say that accounts with a $0 balance for 5 days will be closed. But I don't want to take that risk for a possible deragatory mark on my Chex so I'll just go in branch to close out properly.
Schedule of Service Charges: https://imgur.com/efs9tsZ
Seems that there's a $6 surrender fee if you don't return your ATM/debit card when closing which might complicate closing via phone. When you open, you can opt to not receive an ATM/debit card.
Never seen such a fee at a bank before. It just says "when closing" so who knows if that's referring to when closing the checking account. Guess we'll just have to see if they enforce this or not since I have a debit card.
@will I think this post needs some updating. If I understand the offer link correctly, you can open either the Premier Checking or Free Checking that has no monthly fees. The bonus is listed for $150 and doesn't mention needing a savings account, although it says the bonus will be deposited into tudent Checking Account, Tax Saver Account or Savings Account so maybe you need a savings account just to receive the bonus?
Does anyone know that is it churnable? Closed an account last winter.
@will Extended until 9/14
Update - I can verify there is a $26 ETF for accounts closed less than 3 months. It was not in any disclosures during account opening but I found it on my online account.