Banks have serious competition today, and to lure new customers a common tactic is to use a checking account promotion. Bringing in customers with cash offers or points rewards systems can pay off handsomely. Banks know there is a good chance the customer will shop for their other financial services at the same place they do their banking.
Great Offers
There are several offers which will deposit from $75 to several hundred dollars in a new customer’s account just for signing up. One major bank pays the initial customer and rewards them further for every one of their personal referral who signs up. Another institution has a nationwide offer of $150 for opening a checking service with online ‘billpay.’
Simple stipulations apply with most offers. For instance, one requires the user to make three payments within a specified amount of time using their bill paying system before receiving their bonus. Another will hand over the cash as soon as the account has been used for a specific time period.
Rewarding new customers for using their ‘billpay’ systems online is becoming a trend. Bonuses are typically $25-$50 dollars, and are in addition to cash offers made to new clientele. These promotions are often available to business and personal use customers, and are honored once the system has been used for the indicated time period.
Banks have restrictions on their promotions, however. For instance, at least two major financial institutions offer no ‘billpay’ cash incentives to people who have made online payments in the previous six months. The account owner must complete a specific amount of transactions before a deadline as well. Other restrictions include limiting the number of new accounts to one per family.
Best of the Best
Credit unions hold promotions as well, and membership often starts with a $5 deposit. At one CU, members are rewarded in increments. For example, opening accounts with a specified minimum deposit may be $50, starting direct deposit is another $50, and using the online bill paying system results in additional rewards. Credit unions restrict membership to the regions where they are chartered, so only apply at a location nearby.
Besides offering cash, many banks now give customers cash back bonuses for using bank-issued debit cards for purchases. One such offer doubles the cash back percentage for the first six months, and offers a choice of cash or special perks chosen by the customer. Still other major players offer larger payouts to attract people.
One of the biggest is the $300 sign up bonus. This particular offer is only available in certain states, but where this promotion is not being run, a $200 incentive is substituted for it. Just below this is a business which gives recently opened accounts the chance to earn a maximum of $220. For instance, the bonus is given upon opening and using direct deposit for funding. Additional cash is earned for using the online bill paying system, and still more is given for making purchases with their debit card.
With so many options for banking today, customers can find a trusted banker who pays them to use their services, and earn cash rewards whenever they do.
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