[Expired] [MA or NH] Salem Five $250 Checking Bonus

Deal has expired, view more checking bonuses by clicking here

Update 8/16/19: Now only available in MA or NH.

Offer at a glance

The Offer

Direct link to offer

  • Salem Five Direct is offering a bonus of $250 when you open a new The Open checking account and complete the following requirements:
    • Use promo code OPEN
    • Receive cumulative direct deposits of $1,500 or more within 60 days of account opening and receive a $200 bonus
    • Complete 50 debit card transactions and receive a $50 bonus

The Fine Print

  • Qualifying direct deposits are recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security) from your employer or government. Person-to-Person and bank transfers between your accounts or accounts you have at other financial institutions or brokerages do not qualify.
  • 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 no monthly fees to worry about.

Early Account Termination Fee

There is no early account termination fee according to the fee schedule

Our Verdict

Probably not worth considering due to the hard pull. Previously the best bonus was $150. This bonus is better, but to get the full $250 you do need to complete 50 debit card transactions and that’s very annoying. I probably won’t add this to the best bank bonus page due to the hard pull.

Useful posts regarding bank bonuses:
    William Charles
  • On July 4, 2019, 13:00

View Comments (183)

    • Emailed to find out what bureau to unfreeze if I wanted to apply:

      "Salem Five may use Chex and/or Equifax for a new account application."

      is what I got back from their support.

  • The end: zeroed out account and sent SM to CS to close account.
    I guess that was my last bonus with this bank but you never know...
    (o:

  • Holy Crap, they paid out the full $250 !!!
    Went through about 7 CS back and forths, a CFPB complaint and then to the FDIC.
    Lesson learned: Don't give up...You might still get that bonus cash! (o:
    BIG THANKS to Katie, Jim and arizonapv for there help and advice through this fruitful ordeal!

      • I have all of my correspondence with CS listed above or below depending on whether you are viewing these posts 'newest' or 'oldest' first.
        Their basic contention was this:
        “Unfortunately, this offer is not available to customers with an existing personal checking account at Salem Five Bank. Closed accounts that were opened at any time in the 12 months prior to account opening are considered existing accounts for the purpose of qualifying for this promotion.”

  • Filed CFPB with all of my documentation. 10 days later my CFPB was sent to the FDIC. Not sure what happens from here...

  • Gave up on my slim chance the $200 would post. Zeroed out the account, then SMed them asking to close the account. Closed the next day without any further action from me. Small DP there on how to close.

  • And Finally...

    Hello again CS.
    It has been two weeks since our last communication when you said you would notify the Management Team for a second time in efforts to resolve this situation. I have not been contacted. I hope this is resolved or I will have to file a CFPB complaint. It has been over a month since my initial contact with you. Thanks for your help.

    Their response:

    Good afternoon
    Management has reviewed your request.

    Unfortunately, you did not meet the requirements to receive the $250 promotional bonus and credit will not be issued. The bonus requirement is listed below:
    - Could not have a personal Salem Five checking account at any time in the 12 months prior to opening your new Open Account

    Your Star Checking was opened in July 2018 and closed in September 2018. Your Open Account was made active on July 9 2019.
    Our specific Terms and Conditions details are in writing below the Our Promotions offered and this criteria has been a part of all promotional language.

    Should you have any additional questions or need further assistance, please send us an email message.

    Sincerely,
    CS
    Salem Five Bank
    Banking Insurance Investments

    Looks like I will be filing my first CFPB

  • Latest: Referred to manager status from over 10 days ago: no response from manager. Contacted CS again 3 days ago to let them know. CS says they will bring it to manager's attention again...

    • Thank you for keeping us updated. I think I'll have to fight for this bonus, too. Please keep up the updates!

  • Latest from CS:

    Thank you for your reply,

    I have referred this issue to a manager for review. You will be contacted within one to two business days with an update.

    Should you have any additional questions or need further assistance, please send us an email message.

    Sincerely,

    CS
    Salem Five Bank

  • My latest response to CS in trying to resolve checking bonus:

    Hello CS and thanks for your response. The link for the Terms & Conditions provided are the revised ones that were changed from the original on August 16 2019. I took a screen shot of the Terms & Conditions from July 9th 2019 when I opened my account. They do not contain any 12 month restriction language. Here is a link to view the original Terms & Conditions for the checking account bonus:
    https://i.imgur.com/jEN1Szo.jpg

    Thanks again for your help in resolving this.

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