Update 8/20/24: Had this listed as AL, CT, D.C., MD, VA, WV, FL, NJ, NY, and PA Only but this is actually AL, FL, NJ, & NY. Online opening actually works nationwide by the looks of things but chexsystems sensitive online so most will need to head to a branch to get approved.
Offer at a glance
Maximum bonus amount: $400
Availability: AL, FL, NJ, & NY
Direct deposit required: Yes, two or more direct deposits totaling $7,500
Additional requirements: None
Hard/soft pull: Soft
ChexSystems: Unknown. Chexsystems sensitive, but not sensitive in branch.
US Citizen: US Citizen or US Permanent Resident only
Credit card funding: None
Monthly fees: None
Early account termination fee: None
Household limit: None listed
Expiration date: None listed
The Offer
Valley National Bank is offering a sign up bonus of $400 when you open a new Valley All Access Checking+ and completing the following requirements:
Receive two or more qualifying direct deposits with a cumulative total of $7,500 or more within 90 days of account opening
The Fine Print
Minimum to open is $100.
No monthly maintenance charge for 12 months from account opening.
After that, monthly maintenance charge of $15 will be incurred if daily balance of $99 is not maintained.
To receive the $400 reward, the account must receive two or more qualifying direct deposits with a cumulative total of $7,500 or more within the first 90 days from the date of account opening.
Qualifying direct deposits are defined as recurring payroll direct deposits or electronic deposits of pension or government benefits such as Social Security that are made by an employer or other payer using the account and routing numbers that you provide to them.
Transfers from one account to another, online or mobile banking deposits, or deposits made at a branch or ATM do not qualify as direct deposits.
This reward is being provided for the use of the product and services established.
The one-time $400 reward will be credited into your account within 30 days after: (1) the qualifying direct deposit requirement has been satisfied and (2) the account has been opened for a minimum of 90 days. Reward may be reportable as taxable income.
To be eligible for the cash reward, all account holders must have no other Valley personal checking accounts within the one-year period preceding the date of account opening.
The reward is limited to one per Valley All Access Checking+ account.
All subsequent checking accounts opened by the account holder(s) after the initial checking account will not be eligible for the promotional reward.
Offer may be withdrawn or modified without prior notice.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
$15 monthly fee:
Waived for first 12 months
After that, monthly maintenance charge of $15 will be incurred if daily balance of $99 is not maintained
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
Unfortunately they are ChexSystems sensitive. This is a better offer than the $20 per month offered in the past. Worth doing if you have a low Chex count and maybe worth trying to do in branch with a higher count but I suspect most readers will be denied. We will add this to our best bonus page though.
Hat tip to Bank Account Bryan
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