[Expired] [IA, In Branch only] Cedar Rapids Bank & Trust – $100 Referral Bonus For Both Parties

This bonus has expired, click here for other Cedar Rapids Bank & Trust bank bonuses or here for the best current checking bonuses.

Offer at a glance

• Maximum bonus amount: $100 for both parties
• Availability: In branch only
• Direct deposit required: Says ACH transfer, so any ACH transfer should work. No minimum specified
• Additional requirements: Be referred
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: March 31st, 2018

The Offer

Direct link to offer

• Cedar Rapids Bank & Trust is offering both the referrer and the referee $100 when the following requirements are met:
  • Open new checking account
  • Receive an ACH transfer into the new account, no minimum specified

The Fine Print

• Must open a checking account.
• The $100 reward will be credited to your referral’s account after an automatic (ACH) transfer occurs in their new account.
• Your $100 reward will be credited into your CRBT account only after your referral has met this requirement.
• Rewards are unlimited per client and will be reported as interest income to the IRS on a 1099-MISC.
• Promotion valid January 1 – March 31, 2018
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

They offer a free checking account with no monthly fees to worry about. I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Not a terrible deal given there are no monthly fees to worry about and any ACH transfer should trigger the bonus. This assumes it’s a soft pull of course and you have somebody that can refer you. Deal becomes even better if the person referring you gives you some of their $100 as well. As always please feel free to share your referral details in the comments below, but also share any datapoints you have (e.g hard/soft pull and if there is any early account termination fees or not).

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