[ME, Scarborough] Katahdin Trust Company $500 Checking Bonus

Offer at a glance

• Maximum bonus amount: $500
• Availability: Must open at 136 Route One, Scarborough Maine branch
• Direct deposit required: Yes, for personal bonus
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees:
• Early account termination fee: $15, 180 days
• Household limit:
• Expiration date: None listed

The Offer

Direct link to offer

• Katahdin Trust Company is offering up to a $500 personal & business checking bonus. Bonuses are as follows:
  • $500 when you open a new Summit Relationship Checking, or $250 when you open a new Adventure Checking Cash or Adventure Checking Points account, by February 1, 2023, and complete the following requirements within 45 days of account opening:
    • Bring in your unused checks and/or old debit card from your current account at another financial institution; AND
    • Setup at least one electronic direct deposit of $500.00 or more; AND
    • Use your debit card to make at least five Point-of-Sale (POS) PIN or signature based purchases.
  • Open any new business checking account by February 1, 2023, and simply bring us your unused checks and/or old debit card from your current account at another financial institution. We will buy them from you for $500!

The Fine Print

• Valid only at the Scarborough branch at 136 US Route One for new checking account customers.
• Offer not available to individuals or businesses who have had a Katahdin Trust Company checking account in the last 12 months.
• Katahdin Trust Company employees are not eligible.
• The cash reward will be deposited into your account within 30 days of meeting all requirements; or for business checking, on the day we receive your unused checks and/or debit card. Account must be in good standing and not be closed, overdrawn, or restricted at the time the reward is credited.
• The cash reward will be reported on IRS Form 1099-INT.
• Limit one cash reward offer per qualifying account per customer every 12 months.
• This offer may be withdrawn at any time.
• Refer to our Fees for General Services for charges on unusual activities such as overdrafts, stop payment orders, etc. that may be assessed.
• If you close your new account within 180 days of opening, you will be assessed a $15.00 fee.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Summit Relationship Checking ($500 Bonus)

This account has a $15 fee that is waived if maintain $10,000.00 in combined average deposit balances during the statement period.

Adventure Checking ($250 Bonus)

This has a $5 monthly fee that is waived with maintain a $500.00 average balance or $5,000.00 in combined average deposit balances during the statement period

Totally Free Business Checking ($500)

No monthly fee.

Early Account Termination Fee

$15 if closed within 180 days

Our Verdict

Business bonus looks exceptionally easy to do and no monthly fee to worry about. Personal checking bonus is a bit more difficult. We need to know if it’s a hard or soft pull, but you should be able to ask before opening an account.

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