Offer at a glance
Maximum bonus amount: $450
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: Unknown
Credit card funding: Unknown
Monthly fees: $7, avoidable
Early account termination fee: 12 months for the full bonus
Household limit: None
Expiration date: None listed
The Offer
Parke Bank is offering a $500 bonus when you open a new checking account. 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
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