[Expired] SunTrust $500 Checking Promotion [AL, AR, FL, GA, MD, MS, NC, SC, TN,, VA, and D.C Only]

Deal has ended, but there is a $200 SunTrust bonus here.

Offer at a glance

• Maximum bonus amount: $500
• Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, VA, and D.C Only
• Direct deposit required: Yes, $3,000 for two consecutive cycles
• Additional requirements: None
• Hard/soft pull: Soft
• ChexSystems: Mixed DP
• Credit card funding: Up to $250 (lots of reports of it coding as a cash advance)
• Monthly fees: $20, avoidable
• Early account termination fee: 180 days or bonus is forfeit
• Household limit: None
• Expiration date: January 4, 2021

The Offer

Direct link to offer

• SunTrust is offering a bonus of $500 when you open a new Advantage Checking account and complete the following requirements:
  • Use promo code Q420ADVANTAGE
  • Complete at least $3,000 in direct deposits within the first three months

The Fine Print

• Earn $500 for opening a new SunTrust Advantage Checking account and completing at least $3,000 in Direct Deposits* into the new checking account, per statement cycle, for two consecutive statement cycles within the first three full monthly statement cycles**.
• Offer valid for new personal SunTrust Advantage Checking accounts opened with a SunTrust representative or Online from October 1, 2020 through January 4, 2021. Balanced Banking and Essential Checking accounts are not eligible for this promotion. Enrollment in the promotion is required at the time of account opening using the Promo Code Q420ADVANTAGE.
• You must be a new SunTrust personal checking client. Clients with an existing personal checking account with SunTrust (either as the primary or joint account holder) are not eligible. You must not have closed a personal checking account within 180 days of the promotion start date (on or after April 4, 2020). The primary account holder of the participating checking account must be 18 years old or older at the time of account opening. Truist employees and/or employee-designated accounts (either as the primary or joint account holder) are not eligible for this promotion. Offer available only to U.S. residents with a U.S. address and a valid U.S. taxpayer identification number. The qualifying checking account must have a mailing address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, or the District of Columbia.
• The reward will be credited to the new checking account up to 4 weeks after the Direct Deposit qualification requirement has been verified. “Advantage Checking Offer Reward Q4 2020” will appear on the monthly checking account statement when the reward is credited to the account holder’s checking account. If the checking account opened in response to a Promotional Offer is converted to another account type or product, it may no longer be eligible to receive the promotional offer. This promotion is only applicable once per account and per client. SunTrust may report the value of any reward received through any offer to the Internal Revenue Service as required by law. Any applicable taxes are the responsibility of the recipient.
• The new checking account must remain open and in good standing with a minimum balance of $0.01 until the reward is processed in order to receive the reward. If you close an account that was opened in response to a Promotional Offer, you are no longer eligible for that promotional offer and will not be able to receive any rewards applicable to that offer. If the checking account is closed by you or SunTrust within 180 days after opening, SunTrust reserves the right to deduct the reward amount from the account at the time of closing.
• *Direct Deposit: A qualifying Direct Deposit is an electronic credit of your salary, pension, Social Security or other regular monthly income deposited into your new SunTrust Advantage Checking account by your employer or an outside agency. Transfers made from one account to another or deposits made via a branch, ATM, online transfer, mobile device, debit card/prepaid card number or the mail are not eligible to meet this requirement.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees ($20)

Account required for this bonus has a $20 monthly fee. This is waived if you do any of the following:

• Make $3,000 or more in total qualifying monthly Direct Deposits OR
• Hold $10,000 total combined relationship balances linked across deposits and investments OR
• Linked personal SunTrust Credit Card, Mortgage, or Loan OR
• Linked Small Business Checking account

Early Account Termination Fee

You need to keep your account open for at least 180 days otherwise your bonus will be forfeit

Our Verdict

Previously this was available as a $400 bonus, the requirements seem to be the same but the offer has been improved by $100. This is definitely worth doing if you live in the targeted area and as such we will be adding it to the best bank bonus page.

Hat tip to all the readers who sent this one in

Useful posts regarding bank bonuses:

• 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?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times