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Offer at a glance
- Maximum bonus amount: $250
- Availability: KS
- Direct deposit required: Yes or automatic withdrawals
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: 8/30/2024
Contents
The Offer
- Legacy Bank is offering a $250 checking bonus when you complete the following requirements:
- Make a minimum of 15 debit card purchases/payments.
- Set-up one or more qualifying direct deposits OR automatic withdrawals.
The Fine Print
- Promotional offer applies to new personal or business checking accounts opened during the promotional period 6/6/2024-8/30/2024 (including Free E Checking or Interest Checking*, and Free Business Checking, Primary Business Checking, Progressive Business Checking, Premier Business Checking or Business Checking NOW* accounts. Personal and business Money Market accounts are excluded from this offer.). Accounts subject to approval.
- Offer is good for one time use, cannot be combined with any other personal or business checking or deposit offer, or reproduced, purchased, sold, transferred or traded. Legacy Bank reserves the right to modify or discontinue the offer at any time without notice. This offer is not contingent upon the renewal of your maturing CD.
- ELIGIBILITY & QUALIFICATIONS: To receive the $250 new account bonus you must meet the following requirements:
- At account opening (which is either the date the account is opened or the next business day if opened on a non-business day), you cannot be a current owner or joint owner of a Legacy Bank personal or business checking account or have been an owner or joint owner of a Legacy Bank personal or business checking account in the past 12 months.
- Within 90 calendar days of opening the new personal or business checking account, you must have:
– 15 or more posted and cleared debit card purchases/payments from the account; AND
– One or more direct deposits from your salary, pension, Social Security, or other regular recurring monthly income
(Note: Internal account transfers, mobile deposits, debit card deposits, person-to-person transfers, instant payments and deposits made at a banking location or ATM do not qualify as a direct deposit.); OR
– One or more preauthorized automatic drafts by a third party using the Bank’s routing number and your account number
(Note: recurring debit card payments, person-to-person transfers and instant payments do not qualify as a preauthorized automatic draft for purposes of this promotion).
PROMOTIONAL BONUS PAYMENT: After the initial 90 calendar day period following account opening and if all qualifications are met, Legacy Bank will deposit the $250 new account bonus into your new checking account within 5 business days. The account must be in open status to receive this bonus. This new account bonus is considered interest and will be reported on IRS Form 1099-INT.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free E checking 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 EATF.
Our Verdict
Seems like a good bonus as no direct deposit is required as an automatic withdrawal will work.
Hat tip to ShawntheShawn
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View Comments (11)
Interesting availability info from their site: "Important information about procedures for opening a new account: To open an account, you must be at least 16 years of age, must be a Kansas resident and cannot be a resident alien. If you do not meet these requirements, you may still open an account in person at any Legacy Bank location or by calling us at 316‑260‑3711. Some accounts may not be eligible to open online."
Don't really want to go through calling them and convincing them why opening a bank account in Kansas is important to me, but if someone wants to be a data point on that please let us know.
Could just FIB a little bit and say you are wanting to move into the area within the year. I live in Kansas and had to justify why I wanted a bank that is 200 plus miles from me.
I once told a bank that I have family in the area so frequently traveled there and that was sufficient.
Open date: 06/30/24
Account type: Free Checking
Credit Card funding: $500 (chose this number, not necessarily the limit)
I will post if CC counts as cash advance or not.
Got a phone call from the bank today. Lots of fraud with online accounts she stated. Went over many questions regarding my interest. I live on the other side of the state, simply said I was thinking of moving closer to Wichita to where the bank is located.
I live in Topeka. I don't want to justify to them why I want to open an account with them, so I'll pass on their offer. There are other bank deals which don't require me to talk to them.
I also live in Kansas and got the phone call and had to provide my current and previous mailing addresses. The phone call took about 3 minutes which is worth the $250 bonus.
I'm not clear on using Automatic Draft instead of a DD to qualify. The requirement says " One or more preauthorized automatic drafts by a third party using the Bank’s routing number and your account number
(Note: recurring debit card payments, person-to-person transfers and instant payments do not qualify as a preauthorized automatic draft for purposes of this promotion)". Is the draft to pull money INTO Legacy or OUT OF Legacy? If OUT OF, does a monthly automatic draft by a utility company qualify?
You have the first comment on this, BE the data point you want to see!
I have read and re-read this, it seems that yes a utility company would qualify.
About "Be the data point you want to see"....My real DD from S.S. is tied up with another deal through October. I want to use it as the backup method in case the auto withdrawal from a utility company doesn't qualify. That means I have to wait until August to open the account for the November DD from S.S. to fall within the 90 days from account opening.
It is OUT OF Legacy. A monthly automatic draft by a utility company should qualify, or you can add the bank to your credit card account to make a payment.