DOC Compass — Offers, decoded

Deal has expired, view more bank account bonuses by clicking here.

Offer at a glance

Maximum bonus amount: $250
Availability: AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY
Direct deposit required: No
Additional requirements: Deposit of $250 or more for each of the first four months following account opening
Hard/soft pull: Soft
ChexSystems: Yes (inquiry sensitive)
Credit card funding: $500 max, Visa/MC only. Recent data points show it coding as a cash advance
Monthly fees: $10, avoidable
Early account termination fee: $25, 91 days
Household limit: One per mailing address
Expiration date: April 26th, 2019

The Offer

Direct link to offer

Bank of the West is offering a bonus of $250 whe you open a new Any Deposit checking account and complete the following requirements:
- Make at least one deposit of $250 or more for each of the first four consecutive calendar months following the month in which the account is opening

The Fine Print

To receive the $250 bonus, customer must make at least one deposit of $250 or more for each of the first four consecutive calendar months following the month in which the account is opened. Calendar months do not necessarily coincide with statement cycles. Two or more separate deposits in a single month that add up to $250 do not qualify. Qualifying deposits must be funds new to the Bank. All deposits must be posted by September 30, 2019
Promotion code required at account opening.
Offer is not available to existing Bank of the West customers with an open checking account as of 03/17/19.
If the customer or other individuals residing at the same address received or may receive any other consumer checking bonus from the Bank between 10/01/17 –10/30/19, then no one at that address is eligible.
Limit of one $250 consumer checking bonus per individual and per mailing address.
Account must be in open status and have a positive balance as of 09/30/19 to be eligible to receive any bonus.
Bonus will be credited to the open checking account by 10/31/2019.
Offer does not apply to second or multiple checking accounts. Bank will classify the bonus as interest paid to the checking account. Any applicable taxes associated with this offer are the responsibility of the account holder. To the extent required by law, Bank will report total value of the offer to the IRS on Form 1099 for tax year 2019. All accounts are subject to the Bank’s standard terms and conditions and Schedule of Fees and Charges
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The any deposit checking account has a $10 monthly fee. This is waived if you qualify for one of the following:

Choose any deposit method (mobile, ATM, in-branch, or direct) and make a deposit of any amount each statement cycle
If any account holder is under 25 years of age

They also charge a $3 paper statement fee, so make sure you have paperless statements set up.

Early Account Termination Fee

There is an early account termination fee of $25 if your account is closed within 91 days of account opening.

Our Verdict

In my opinion this is the best bonus they have ever offered. Most recently they offered a bonus of $150 that required a direct deposit and the same any deposit checking account or a $300 bonus that required an account that is much more difficult to keep fee free and required $25,000 in funds to trigger the bonus. This bonus has no direct deposit or fund requirement and is much easier to keep fee free. This is a really great offer and if you’re eligible I’d strongly recommend doing this offer. I’ll be adding this to our list of the best checking account bonuses.

Hat tip to DDG

Useful posts regarding bank bonuses: