Bonus has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400 ($20 per month)
- Availability: In branch only, all branches are in NJ & PA
- Direct deposit required: Yes, $2,000+ monthly (maybe no minimum?)
- Additional requirements: $200 minimum daily balance
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Account must be kept open for at least 20 months
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- Parke Bank is offering a bonus of $20 per month for 20 months ($400 maximum) promotion when you open a new ParkeBank 20 for 20 Checking Account. To receive the bonus you need to do the following:
- Have a minimum daily balance of $200
- Establish direct deposit with a cumulative monthly total of $2,000 (according to this comment after initially depositing $2,000 the following direct deposits can be of any amount)
The Fine Print
- $20 bonus will be credited to the account each month, beginning after 90 days of direct deposit activation, for a maximum of 20 months as long as all of the eligibility requirements are satisfied at the time we seek to credit the bonus. Account must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus.
- Self-employed individuals must complete a minimum of two (2) bill pays per month to obtain bonus. Bill Pay must be established within 90 days of account opening.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
As far as I can tell this account has no monthly fees to worry about.
Early Account Termination Fee
Account needs to be kept open for 40 months to get the full bonus.
Our Verdict
Obviously a massive bonus, but I hate ones that are broken up over so many months and have direct deposit requirements. I guess it’s still worth doing, especially if it’s easy to change your direct deposit/or you can split your payroll into multiple accounts or they aren’t strict on the requirements. We won’t be adding it to the best checking bonuses until we know more.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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- 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?
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expired, link is dead
If anyone else did this bonus, chex sensitive?
Dang! Was wondering when one of the local Chinatown banks was going to have a bonus. There are a few rando ones like this here. I’ll give it a try this week as self-employed (I actually am w/several biz)
Did you ever try for this? Wanted to see if the bill pay route works too.
I just came back from the bank there is not a hard credit pull. You have to deposit $2,000 within 90 days and opening deposit has to be $200 or more. After you deposit the $2,000 the monthly direct deposit can be of any amount you want.
Interesting
Hi William, the Early Termination Fee section says 40 months, but I think it just needs to be open 20 months?
… Or maybe 20 months plus 90 days, because the offer details say the bonuses start 90 days after the first DD…
Yup, let me fix
I saw this in the fineprint
“Self-employed individuals must complete a minimum of two (2) bill pays per month to obtain bonus. Bill Pay must be established within 90 days of account opening.”
Maybe a good workaround for direct deposit?
I would call about this because I might consider it if this was the case. Definitely not tying up $2,000 a month in direct deposit as that would limit the other potential bonuses I could do.
Even if this is the case, you have to keep the account open for over 3 years. Doesn’t seem worth it.
I think that was a typo. The bonus is 20 for 20 so $20 over 20 months, so I don’t know where the 40 months came from.
Nice find, let me add. I wonder if they will check for self employment somehow?
I called. I asked about opening the account for a small side business and doing the two bill pays as I wanted to keep this separate from my regular job. She at first said that the terms would not work for a personal account, but then I read her the fineprint and she changed her mind. She confirmed that I would not need a business license or anything beyond my social security number to open the account and I wound need to continue making the 2 bill pays. I assume they likely will ask about your business when you open up the account.
It’s worth noting this is the woman I was transferred to, so she was probably a manager. I may try to take a trip downtown to open an account later this week.
Ever try to see if the bill pays work instead of DD?
Continuous $2k+ dd for 20 months? lol no thanks