[Expired] [NJ & PA] Parke Bank $500 Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: To be a resident of New Jersey or select Eastern Pennsylvania counties (the zip code provided in your application will receive an error stating “Zip code is not valid for this application” in the event that your zip code is not in an approved area).
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $7, avoidable
  • Early account termination fee: 12 months for the full bonus
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • Parke Bank is offering a $500 bonus when you open a new checking account with initial funding of $1,000+. Bonus broken down as follows:
    • Open this special checking account and receive $250 after having two qualifying direct deposits totaling $500 or more post to your account within 90 day
    • On the one-year anniversary of the account (with at least two additional qualifying direct deposits), you will be eligible for an additional $250

The Fine Print

  • Minimum deposit to open account is $1,000. If the minimum daily balance falls below $1,000 a $7.00 per month service fee will be charged, and the customer will not be eligible for the $250 bonus.
  • New money only.
  • (Funds not on deposit with Parke Bank within the last 30 days.)
  • A qualifying direct deposit is defined as a recurring direct deposit (paycheck, pension, Social Security or other regular monthly income electronically deposited by an employer or outside agency). Funds that do not qualify are credit card payments, cash advances, wire transfers, person-to-person transfers and deposits made at an ATM or physical branch.
  • Product is a non-interest-bearing checking account.
  • Offer may be discontinued, extended or changed at any time.
  • This product is only for personal accounts.
  • Business Accounts are not eligible for this promotion.
  • Parke Bank employees and families of employees are not eligible for this offer.
  • Limit of one bonus per customer.
  • Your account must remain open to receive this bonus.
  • Bonus will be credited within 30 days after all conditions have been met.
  • All account applications are subject to approval.
  • As stated in the Deposit Account Agreement, accounts with a zero balance may be closed, by the Bank, without prior notice.
  • The value of the bonus is considered taxable income. Please consult with your tax advisor.
  • 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 a $7 monthly fee, this is waived if you have a balance of $1,000+.

Early Account Termination Fee

As far as I know there is no EATF. But account does need to be kept open for 12 months.

Our Verdict

Previously there was a bonus that was $20 per month. This is better as it doesn’t need to be opened in branch and you can get the full bonus quicker as well. We will add this to our list of the best checking bonuses.

Hat tip to ShawntheShawn

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    William Charles
  • On September 14, 2024, 16:00
Tags: direct deposit requirednj bank bonusesno credit card fundingpa bank bonusessoft pull

View Comments (77)

  • Received $250 bonus today after completing two employer DDs.

    Someone from the bank actually called me to tell me I received the bonus and reinforced I can get an additional $250 after 12 months if I do two additional DDs.

    09/16: $1,000 deposit from bank
    10/12: $250 Employer DD
    10/31: $250 Employer DD
    11/19: $250 Bonus posted

  • Pending then Denied. No reason given, had to check the portal linked in comments below. Chex 1/1, 2/3, 8/6, 20/12, 44/24

  • !!! SECURITY / IDENTITY THEFT RISK !!!

    !!! RUN AWAY FROM THIS BANK AS FAST AS HUMANLY POSSIBLE !!!

    9/16 - I applied for this bonus. 

    9/17 - I got an email saying, "Welcome to Parke Bank! We’re so glad you’ve joined our family. Our team is looking forward to serving you and helping you meet your financial goals. To complete the account opening process, please digitally sign your signature card by visiting the Parke Bank Application Center."

    I did that then...crickets.

    9/18 - I went back to that 'Application Center' mentioned in the first email and was able to send a message to them saying I got the welcome email but no way to log in to my new account.

    9/19 - I received an email with my entire application attached INCLUDING ALL OF MY PERSONAL INFORMATION (NAME, ADDRESS, SSN, DL#, MOTHER'S MAIDEN NAME) IN CLEAR TEXT asking me to sign and return it (presumably via return email).

    THAT'S A HUGE RED FLAG THAT PARKE BANK DOES NOT TAKE SECURITY SERIOUSLY!!!

    Giving them the benefit of the doubt (and since the damage had already been done...they already sent my personal info via email in clear text), I wrote back asking if I could snail mail it back to them because of the sensitive info in it.

    They wrote back with an email that had the word 'SECURED' in the subject and the body saying, "This email thread is now being sent and received through secured mail. Unfortunately, we are on a time crunch with receiving the signed paperwork back.
    I would need to have it back within 10 days. Would this be possible?"

    It was NOT a secure email (I work in IT). The application file was not even attached to the 'SECURED' email, and I was not given a password to unlock the 'secure' email/file.

    I wrote back telling them to cancel my application because it's clear Parke Bank doesn't take security seriously.

    • Yeah I wasn't happy when I received that signature card PDF in my regular email but I wasn't going to be this dramatic over it. Do this hobby long enough, all our info is already out there.

      • I'm well aware of that. Just posted this as a PSA. Sorry that you thought it was 'dramatic'. Just stating the facts so someone else knows what to expect from this bank. Had I seen a post like mine prior to applying...I could have made a more informed decision about whether or not I wanted to attempt this bonus. Maybe there are other who feel the same way.

  • Update from my previous DP: I was approved yday and today got a call stating they are cancelling due to Chex. All they could say was sorry for the mixup. Bunch of idiots and a wasted chex now. FWIW my chex was 2/1, 2/3 and 10+/12.

    • That's pretty worrisome for me as my stats are worse than that and I haven't heard a peep from them yet. How long after you applied did they contact you? Did they call or email you?

      • All happened in 2 days. What is worse they did not call initially. I called to check and that is when they informed and later a manager called and mentioned in detail. I would say go to the status page and check what it says.
        For P2, it was denied after reapplying with chex unfreeze, but no email or whatsoever. Found out via status page.

        I feel like there should be a class action on these banks that are chex sensitive. I cannot fathom # of inquiries being a criteria.

        • I didn't see a Status page but was able to find it by going to the application page. For anyone interested, the Status link is below.

          Anyway, it shows "Application Denied". That's terrible if they don't call or email rejected applicants.

          Their initial email shows "Our Online Accounts Team will review your application and follow up with you shortly."

          Do you think that I should wait another week to follow up with them to find out the reason for denial?

          https://forms.fivision.com/parkebank/sc/#/

          • Thanks for this -- I just checked and I, too, am denied. I guess these smaller banks are finally realizing many of us are not good candidates for their bank! :(

          • I actually do want to hear what they have to say. I probably won't be able to sway them but it never hurts to try. 😉

  • @2,

    Can you add a bolded note to the post that everyone should make sure to do $1K+ (rather than $100) for the initial funding? @guest_1912122 and @guest_1912510 saw the warning in my comment too late, unfortunately.

      • Unfortunately for me, the account is already open despite calling in twice on the first business day. I will have to withdraw funds and close it. Just one of those things.

      • Yes, I believe that I saw the comments from you and @guest_1911888 after I made this comment. I hope that I end up getting approved also.

        You ended up getting a 2nd Chex inquiry, correct?

          • I don't think that a Chex inquiry can be "cancelled". Did you actually check your Chex report? If anything, it would be the 2nd app that wouldn't have an inquiry, I would think.

          • I mean the first application cancelled so they even did not bother to check the chex

            They are small bank without much fancy tech or automation. They even send email to request signature card with a scanned pdf file.

          • I received an alert from OnAlert that a Chex inquiry was done during or immediately after the app. You followed up much later with them. I was wondering if they pulled Chex for the 2nd app.

  • Was denied due to chex frozen. Called and checked to check on it and they mentioned to reapply with chex unfrozen. Did that and approved.

  • My gut is telling me they may be checking DD carefully (based on the customer service response) and the lack of data points? Thoughts?

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