Offer at a glance
Maximum bonus amount: $250
Availability: KS
Direct deposit required: Yes or automatic withdrawals
Additional requirements: See below
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None
Expiration date: 8/30/2024
The Offer
Legacy Bank is offering a $250 checking bonus when you complete the following requirements:
Make a minimum of 15 debit card purchases/payments.
Set-up one or more qualifying direct deposits OR automatic withdrawals.
The Fine Print
Promotional offer applies to new personal or business checking accounts opened during the promotional period 6/6/2024-8/30/2024 (including Free E Checking or Interest Checking*, and Free Business Checking, Primary Business Checking, Progressive Business Checking, Premier Business Checking or Business Checking NOW* accounts. Personal and business Money Market accounts are excluded from this offer.). Accounts subject to approval.
Offer is good for one time use, cannot be combined with any other personal or business checking or deposit offer, or reproduced, purchased, sold, transferred or traded. Legacy Bank reserves the right to modify or discontinue the offer at any time without notice. This offer is not contingent upon the renewal of your maturing CD.
ELIGIBILITY & QUALIFICATIONS: To receive the $250 new account bonus you must meet the following requirements:
At account opening (which is either the date the account is opened or the next business day if opened on a non-business day), you cannot be a current owner or joint owner of a Legacy Bank personal or business checking account or have been an owner or joint owner of a Legacy Bank personal or business checking account in the past 12 months.
Within 90 calendar days of opening the new personal or business checking account, you must have:
– 15 or more posted and cleared debit card purchases/payments from the account; AND
– One or more direct deposits from your salary, pension, Social Security, or other regular recurring monthly income
(Note: Internal account transfers, mobile deposits, debit card deposits, person-to-person transfers, instant payments and deposits made at a banking location or ATM do not qualify as a direct deposit.); OR
– One or more preauthorized automatic drafts by a third party using the Bank’s routing number and your account number
(Note: recurring debit card payments, person-to-person transfers and instant payments do not qualify as a preauthorized automatic draft for purposes of this promotion).
PROMOTIONAL BONUS PAYMENT: After the initial 90 calendar day period following account opening and if all qualifications are met, Legacy Bank will deposit the $250 new account bonus into your new checking account within 5 business days. The account must be in open status to receive this bonus. This new account bonus is considered interest and will be reported on IRS Form 1099-INT.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free E checking account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Seems like a good bonus as no direct deposit is required as an automatic withdrawal will work.
Hat tip to ShawntheShawn
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