[Expired] [NY, NJ, PA, MD, VA, CA only] Woori America Bank $200 Checking

This offer has now ended, click here for the best current checking bonuses.

Update: Apparently the direct deposit needs to be recurring ‘recurring payroll direct deposit of $500 of more within 2 months of account opening’

Update 10/15/18: Deal is back and valid until December 31st, 2018. Thanks to reader Gotham.

Update: According to multiple comments it looks like they have killed the $300 savings bonus. $200 checking is still available though.

Reposting as we’ve confirmed that it’s available in all states thanks to readers in the comments.

Offer at a glance

• Maximum bonus amount: $500
• Availability: In branch at NY, NJ, PA, MD, VA, CA  branch locations only [Branch locator]
• Direct deposit required: Yes, $500+
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees:
• Early account termination fee: One year, bonus forfeit
• Household limit: None listed
• Expiration date: June 30th, 2018 July 31st, 2018 December 31st, 2018

The Offer

No direct link to offer, in branch only

• Woori America Bank is offering bonus of up to $500 when you open a new checking & savings account.
  • Get a $200 bonus when you open a rewards checking account
    • Deposit $500+ at account opening
    • Receive a direct deposit of $500 or more within 2 months of account opening
    • Maintain an average daily balance of $500+ for three months
  • Get a $300 bonus when you open a savings & money market account
    • You must complete all the rewards checking account requirements above
    • Open a new savings or money market account (regular statement savings, silver statement savings, gold statement savings, regular money market or priority money market)
    • Maintain an average daily balance of $5,000+ for three months

 

The Fine Print

• Direct deposit needs to be an electronic deposit of your paycheck from your employer (can’t be government benefits or pension)
• Bonuses will post to your account within 10 business days of meeting the requirements
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Early Account Termination Fee

If the accounts are closed within a year of opening, the bonuses will be clawed back.

Regular Statement Savings

This account is the easiest to keep fee free, as long as you have a balance of $200 no monthly fee is charged. Otherwise a $4 fee is charged.

Dream Checking

This account has no monthly fees to worry about.

Rewards Checking

Looks like you need to open a rewards checking account instead of dream. This has a monthly fee (unknown amount) if you don’t have a balance of $500+

Our Verdict

This is a great bonus, but it looks like they are very strict on the direct deposit requirement so I’d probably only do it if you can change your payroll. When you sign up they actually ask you for your employers name as they want to make sure it matches what the direct deposit says.  Checking account has a $500 minimum opening deposit and savings is $5,000, you need to deposit this when opening in branch (check and cash are accepted). That being said it’s still a massive $500 bonus and even the savings account doesn’t require a massive amount deposited compared to other accounts. This will definitely be added to the best bank account bonuses currently available. As always share your experiences and data points with this bank in the comments below.

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