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Offer at a glance
- Maximum bonus amount:Â $100
- Availability:Â HI
- Direct deposit required:Â Yes, $200+
- Additional requirements:Â No
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees:Â None
- Early account termination fee: Unknown
- Household limit:Â None listed
- Expiration date:Â March 31, 2022
Contents
The Offer
- Central Pacific Bank is offering a $100 checking bonus when you open a Shaka by CFB account. Bonus is broken down as follows:
- Deposit $25+ and receive a $50 bonus
- Receive a direct deposit of $200 or more by April 15, 2022Â and receive a $50 bonus
The Fine Print
- To receive your $100 credit, you must open a Shaka Checking account between December 28, 2021 12:00AM – March 31, 2022 11:59PM and meet 2 requirements.
- Receive $50 when you meet the $25 minimum deposit and get an additional $50 when you set up a qualifying direct deposit transaction of $200 or more and receive your first direct deposit by April 15, 2022.
- The bonus will be credited to your qualifying Shaka account by April 30, 2022 based on when you opened the account.
- Limit one $100 credit per account one $100 credit per customer
- 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 unsure if there is any early account termination fee.
Our Verdict
Small bonus, but it is nice you can get some of it without a direct deposit. We don’t see a lot of Hawaii bank bonuses though, so might be worth doing. If anybody goes for it then please share your experiences in the comments below.
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- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- 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?
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- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
This bank may possibly be available nationwide. I looked everywhere and could not find anything saying that this bank is limited to Hawaiian customers. That being said, I tried applying tonight, but had trouble submitting my application. Credit and debit card funding is available and limited to $2k per account or application. I got all the way to the end and it simply said that my account application submission failed. Not sure if I was denied due to Chex or being OOS, or if they’re having technical issues right now.
Do you have any update on your application? Thank you!
When you know more please advise on the status of any CC funding you did. Card used etc. TIA!
Bummer, sorry to hear it. Hope it works out and/or your funds are returned promptly. Thanks for the info and looking forward to hearing more!
Thanks. For CC, was the charge reversed or did you receive the funds a different way? Thanks for reporting back and all the data!
It’s genuinely refreshing to see actual shakeup or should I say Shaka-up in the Hawaiian banking market. Free accounts are super common, but ATM rebates are NOT in any way. Credit Unions provide the only somewhat relative competition, but most don’t serve a large majority of the islands and are restricted to a single one. BoH and FHB have a stranglehold on the market with ASB behind them and now CPB nipping on their heels. Mainland banks just do not exist in Hawaii. I hope this leads to actual change and competition at a local level rather than a one-off digital experiment.
Interesting! Can you speak to which banks or credit unions are good to join in anticipation of applying for a mortgage for a house in Hawaii (big island)? TIA!
There are still online-only or online-mainly banks that are available to people in Hawaii. Many of those offer ATM rebates everywhere. One example is Charles Schwab. I recognize that the major limitation is not being able to deposit cash, however.
I agree that mainland banks do not really exist in Hawaii. However, I would hope that would stay that way and allow for more local development as opposed to overseas banks coming in and crushing the marketplace.
First Hawaiian Bank as the largest player in the market is actually owned by BNP Paribas/Bank of the West. Which is now currently being merged into BMO Harris, owned by BMO the Canadian banking group. It’s the closest thing to a mega-bank that you’ll find in Hawaii. Not to exactly say BoH is any better, but it’s still locally owned. But yes, digital banking options are an option such as Charles Schwab, but you are limited in many ways to purely digital banking and do not have the support of a local branch network and variety lending experience and opportunities that using a local bank such as CPB or ASB would give you.
For a credit union on the Big Island, I would suggest HFS CU or Hawaii Community CU if you want to look into them. Both have a decently sized branch network throughout the island no matter which side, but HFS is based out of Hilo, while HiComm is based out of Kailua-Kona.
BNP has not had any ownership stake in FHB for a number of years. It’s a public company like BoH.
I stand corrected. Didn’t realize they finalized the sale of their last stake in 2019.
Thanks!
Maybe now it’s worth that 10k trip to Hawaii!