MyCardBlog

Under current financial situation, it is really difficult to see great banking promotions from our banks. I haven’t discovered any banking promotions in the past several weeks. The most recent banking promotion is the $100 bonus from WaMu. This is targeted offer only those received the mail or email from WaMu containing the promotion codes are eligible to receive the $100 bonus.

Today I noticed that the HomeStreet Bank, one of the largest private banks in the Northwest and Hawaii, is offering a huge banking promotion to its new customers. You can earn up to $215 from HomeStreet Bank for opening an eligible checking account and finish required banking activities.

This offer is only available in HomeStreet Bank branches. Open a new personal checking account at a HomeStreet Bank branch and complete the following activities for the full $215:

Sign up for Direct Deposit—earn $75-Make direct deposit with a minimum of $500 a month for 2 consecutive months and you will get $75.

Use your Visa Check Card—earn $75-Use your Visa check card to make 10 purchases or payments each month for 2 consecutive months and you will get $75.

Pay your bills online—earn $30-Enroll in FREE Online Banking and Bill Payer, pay a minimum of 3 bills each month for 2 consecutive months and you’ll get $30.

Sign up for e-statements—earn $10-Enroll in FREE Online Banking and sign up to receive FREE e-statements—get an easy $10.

$25 for Check and Check Card-Give HomeStreet Bank your checks and/or check card from your current account at another financial institution and you can get $25!

HomeStreet Bank has branches in WA, OR, and HI. You can find a branch here. Promotion ends on March 31, 2009.

Fine print:

Offer available November 12, 2008 through March 31, 2009, and applies to new personal checking accounts opened at a HomeStreet Bank branch only. Business accounts and accounts opened online do not qualify for this offer.

This is a great opportunity for residents at OR, HI and WA.

Washington Mutual has already been sold to JPMorgan Chase & Co in this September. The previous WaMu free checking account and high yield savings account is a great combination to enjoy high interest rate from a good savings account and an easy to use checking account. This combination is reviewed here.

Today I received an email and a mail from WaMu which is offering $100 bonus for opening a free checking account at WaMu.

The email stated that:”As a valued WaMu Credit Card customer, you may have heard that we’ve joined forces with Chase, one of America’s largest banks. To celebrate our bright future, we’re offering you $100 simply for opening a WaMu Free Checking account.”

It seems that this offer is targeted to WaMu Credit Card customers. There is a promotion code came with the email. Mine is 0070-ADCR-8845. This offer ends on 01/24/2009. The online application page can be found through this link.

WaMu Free Checking Account features:

• FREE Access to over 14,000 WaMu & Chase ATMs nationwide
• FREE Checks
• FREE WaMu® Debit MasterCard® with $0 Liability Fraud Coverage
• FREE Online Banking with Bill Pay
• One overdraft or bounced check fee waived per year

The $100 bonus is a sweet deal, especially when this account only requires you to make $100 initial deposit to receive $100 bonus (no direct deposit is required!).

Plus if you use the WaMu Debit MasterCard comes with your free checking account, you have the chance to win $1,000 per day!

WaMu is running a sweepstake for the WaMu debit MasterCard users. Each time you sign for purchases between November 1, 2008 and December 31, 2008, you will be entered for a chance to win the daily prize of a $1,000 gift card. You’ll also be automatically entered to win the grand prize of $50,000 on New Year’s Eve. Please note that only the signature based transactions are counted. The details can be found here.

MB Financial Bank is offering up to $200 checking account bonus for new customers. This is a new promotion for opening a free checking account with direct deposit. MB Financial Bank offered a similar promotion back to this March. $200 is a pretty good deal considering current financial environ. If you are a resident of IL and IN, you are eligible to receive up to $200 bonus from MB Financial Bank.

Details of this promotion can be found here. It’s a pdf version of the promotional flyer. The promotion was also indicated on the front page of the MB Financial Bank at the News and Updates section. (shown below)

To get the $200 bonus, here’s all you do:

Open an MB Free Checking account with monthly direct payroll deposit, sign up for a MB Debit MasterCard and make at least 12 signature-based debit card transactions each month – it’s that simple!

Each month that you have your payroll check direct deposited and you make at least 12 signature-based debit card transactions, MB Financial Bank will credit your account with $50 – up to a total of $200!

Fine print:

Minimum balance to open a checking account is $50. Promotional payments will be made in monthly installments of $50 each, providing the following transactions take place in a given month: 1) payroll check direct deposit of at least $250, and 2) at least 12 signature-based debit card transactions. After both types of transaction are made, $50 promotional credits will be made in the first week of the month following the month. You have 6 months to complete the monthly transaction requirements and earn all four $50 credits. The promotional payment will only be made to accounts that are open at the time of the crediting. If the account is closed within six months of opening the bank reserves the right to debit back the promotional payment.

The free checking account offered by MB Finacial features free of monthly service fees and free online bill pay. The accounts opened at MB Fianancial Bank are all FDIC insured.

Note: there will be a hard pull during the account opening process.

Key Bank is offering $100 checking account bonus for new customers. This promotion is the latest bonus promotion from Key Bank which is famous for offering iPod Nano as sign up bonus for its customers. I have reported the situation of some regional banks some days ago. National City Bank was acquired by PNC Bank. The future of other banks including Key Bank is till not clear. Key Bank reported a 36 million loss in the 3rd quarter. But the good news is Key Bank together with other major regional banks have just accepted the bailout money from federal government. Key Bank received 2.5 billion while PNC got 7.7 billion. Capital One got 3.6 billion.

With the money from US government, I personally think the situation of Kay Bank might be better in the 4th quarter. I reported a similar $100 bonus promotion in this March. The latest mention of sign up bonus from Key Bank was in July. Apparently, there is no other promotion from Key Bank for a while. So this $100 bonus is a good offer for those who want to open an account at Key Bank now.

As the promotion indicates:

Get a $100 Key Possibilities Card when you open a qualifying checking account and make one debit card transaction plus a combination of two direct deposits or automated payments each of $100 or more. Offer ends November 7, 2008.

The recommended checking account is the Key Express Free Checking Account which features:

• No monthly maintenance service charge
• No minimum balance requirement on your checking account
• No per-check fees or limits
• No monthly or annual KeyBank Debit Card fee
• No fee for using your KeyBank Debit Card on purchases when using a PIN or signing for a purchase
• Free, unlimited use of Key’s nationwide network of ATMs
• Free Key Bill Pay to pay your bills quickly and easily online
• Transfer funds between your Key checking accounts and accounts at other banks

The promotion page can be found here.

No hard pulls were reported at the account opening process.

ING Direct, the branchless direct bank with operations via the Internet, phone, ATM or by mail, is thought to be one of the most popular high rate savings service providers. ING has a very famous sign up/referral program for its Orange Savings Account from which two customers can get $35 ($10 & $25 for each) from ING. I personally got about $100 from ING for referring new customers to open a new Orange Savings Account with $250 initial deposit.

Today I read about a very scaring story about the famous ING referral program. ING Direct is going after someone who got the bank too much bonus!

According to the report from Boston Herald, ING Direct is suing a 24-year-old for allegedly abusing ING’s corporate trademark and manipulating a program it sponsored to drum up deposits for the bank.

The lawsuit indicated that John B. “Breck” Yunits referred 918 new customers to its online banking operations via its “Refer a Friend” program which requires each new client to deposit a minimum $250 in an account a the account opening process. As a reward, Yunits received a $10 bonus for each successful referral, for a total of $9,180.

I have never heard that there is a limit of the number of the referral can be made for an individual. ING claimed that the maximum number of referral bonuses is supposed to be 25. However, Yunits set up an unofficial web site using ING Direct’s name in its address, took prospects’ e-mails and manipulated the company’s online program to exceed the maximum limit for referrals.

It’s interesting to see what the final result for this lawsuit. But it also provides us some hint that the maximum number of referral bonuses is supposed to be 25 which I believe is not very clear on ING’s web site.

The Orange Savings Account is an online savings product offered by ING Direct. Users  can deposit money to their savings account  via two possible methods: electronic transfer from a checking account at another institution, and direct deposit. Customers can link up to three external checking accounts for electronic deposits and withdrawals and make 6 online transfers each month for free. The super easy online interface and excellent customer service support make the ING Orange Savings Account a top choice for many customers.

If you want to shop for a savings account, you can refer to this post.

National City Bank is running another huge checking account bonus promotion which will give you $200 bonus for opening a checking account online with qualified direct deposit. One week ago, I reported that National City Bank was offering $150 bonus for opening a checking account online with direct deposit. That promotion was scheduled to end on October 22, 2008. But now National City Bank extends this checking account promotion to October 31, 2008 and increases the bonus to $200.

The promotion page can be found at www.nationalcity.com/cash. This is a web-only promotion and not available in the local branches. If you want to open a new checking account at National City Bank, you have to apply for a National City checking account online.

Details about this promotion:

• Open a new personal checking account online by 10/31/2008 with a minimum initial deposit of $50
• Establish a direct deposit to your checking account of at least $250 or more and a Visa® CheckCard* issued to you within 60 days of account opening
• Limit of one bonus per household and available only to households without an existing National City checking account
• $200 bonus will be credited to your account within 60 days after all conditions have been met
• Your account must be open to receive the bonus

National City checking accounts feature:

• Unlimited transactions
• Free Visa® CheckCard
• Free Online Banking
• Free Online Bill Payment
• Personal savings account (with no monthly maintenance
• fee and no minimum balance)
• Free online statements
• Free banking rewards program – points from National City®

National City Bank is one of the largest regional banks, so this promotion is limited to the residents of states where National City has business. National City branches located in IL, MI, IN, FL, KY, MO, OH, WI and PA.

This is no hard inquiry during the account opening process. But National City will check the ChexSystems.

National City Bank is seeking more capital from US government and other sources. Running checking account bonus with direct deposit is a way to attract more new customers and thus increase the deposits. I doubt whether there will be a $250 checking account bonus in the near future.

Update: National City Bank was acquired by PNC Bank today.

US Bank, the Minneapolis based commercial bank, is again offering $75 free gas bonus for opening a new checking account and make gas purchases with visa check card. This promotion is pretty nice if you want to open a checking account at US Bank because this promotion doesn’t require direct deposit.

I reported the same promotion in September. At that time, US Bank was also offering $75 gas credit for using their check card at gas stations. This promotion is listed at here. But it is not listed at US Bank website.

Some requirements for this promotion:

• Visit your local branch by 10/31/2008 (bring your printed ad to your local branch)
• Open a new Free Checking Account (depend on what kind of service you want)
• Spend up to $75 at pumps with your new check card (Non-PIN purchase is required and you must use the card up to $75 within 30 days of account opening. Gas receipts must be brought into the branch where the account was opened by 12/05/2008.)
• Minimum $50 initial deposit required
• No direct deposit required

For example, the free checking account doesn’t require any direct deposit, no minimum balance required, and no monthly fees. It’s a great checking product!

U.S. Bank has locations in Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming. It’s said that Warren Buffet owns stake in US Bank.

US Bank also has credit card business. Its REI Visa Credit Card offers $40 REI gift card for applying for a new REI Visa Credit Card and get approved. This credit card also offers 5% cash back for shopping at REI. Probably the most famous credit card from US Bank is the WorldPerks Visa Rewards Card which offers frequent flyer miles from Northwest Airlines. The WorldPerks Visa Signature Card offers 20,000 one-time Enrollment Bonus miles and the WorldPerks Visa Platinum Card offers 10,000 one-time Enrollment Bonus miles. US Bank also offers SkyBlue SKYPASS Visa Credit Card which is co-branded with Korean Air.

As I pointed out in my post “How can Wall Street Crisis Affect Main Street“, the number one result is we will see more banking promotions. And this is true. Most banks have to attract more customers to deposit money in their institutions to meet the requirement from FDIC.

$25 bonus from Citi Ultimate Savings Account

Citibank has a $25 bonus for opening its Ultimate Savings Account with a minimum initial deposit of $1,000. To get the bonus, you have to apply online or via phone call at 877-695-9400 with the promotion code CYA8. The $1,000 initial deposit must have to be maintained in the account for 3 months before the $25 bonus deposited to your account.

The promotion page can be found here. You should remember that:

• This offer is only available for first-time Citibank deposit account customers
• $25 bonus will be credited to your account within 120 days
• This bonus payment will be reported to the IRS as interest earned in the year credited
• NO hard pull any longer for opening a deposit account at Citibank

As a reminder, Citi has a very low ACH outbound transfer limit: $2,000 per day and $10,000 per month.

$50 bonus for opening a Capital One Online Savings Account

The $50 bonus for opening a Capital One Online Savings Account can be found here. Capital One always gives out sign up bonus for this savings account but the typical amount is $25. So I personally think this is a good catch if you want to open a savings account at Capital One.

To get the $50 bonus, you have to open an online savings account at www.capitalonedirect.com/osa1 with promotion code: BONUS50 before 10/31/2008. Of course, you have to fund this account with $25,000 within 30 days of account opening. The bonus code must be provided at the time of the application. The $50 interest credit will be deposited to your account 4-8 weeks after 11/30/2008.

This account has a very competitive rate of 3.55% APY for balance over $10,000. So far there is no nagetive reports about Capital One.