DOC Compass — Offers, decoded

Bonus has now expired. You can view the best checking bonuses here.

Reposting as there is now a clear expiration date.

Offer at a glance

Maximum bonus amount: $150
Availability: Nationwide, excluding AZ, FL, NY, NJ or OH
Direct deposit required: Yes, $500+ for two months to receive full bonus
Additional requirements: See below
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: None
Monthly fees: None
Early account termination fee: $30, 180 days
Expiration date: ~~None listed~~ May 31st, 2017
Household limit: Limit of one

The Offer

Direct link to offer

My Banking Direct are offering a sign up bonus of up to $150 on their checking account. Bonus is broken down as follows (requirements must be met within 90 days):
- Receive $50 for completing 6 debit card point of sale transactions of $10 or more (note: according to the fee schedule these cost $1.5 per transaction. But according to the same fee schedule this is waived for checking customers)
- Receive $50 when you set up and make 3 online bill payments of $10 or more for two consecutive months (statement cycles according to this comment)
- Receive $50 when you set up and receive qualifying direct deposits of $500 or more for two consecutive months (statement cycles according to this comment)

my-banking-direct

The Fine Print

Not available to residents of AZ, FL, NY, NJ or OH who are not current My Banking Direct customers
To earn up to $150 bonus you must open a new My Banking Direct Checking account with a minimum of $1,500. All requirements must be met and all activities must post to the My Banking Direct Checking account within 90 days of account opening to qualify. Debit Card: Get $50 when you complete 6 debit card point of sale transactions of $10 or more. Bill Pay: Get $50 when you set up and make 3 online bill payments of $10 or more for two consecutive months. Direct Deposit: Get $50 when you set up and receive qualifying direct deposits totaling $500 or more for two consecutive months.
A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other governmental benefit.
Once each condition is met, each bonus will be credited to the My Banking Direct Checking account within 10 business days, and may be reportable to the Internal Revenue Service (IRS).
Account must be opened with funds not currently on deposit with the Bank.
Offer is not available to existing checking account owners or those whose accounts have been closed within 90 calendar days or closed with a negative balance.
Bonuses only eligible on one checking account per household. This offer is subject to change at any time and cannot be combined with any other offer.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly maintenance fees. According to the comments there is a $30 early account termination fee if closed within 180 days.

Our Verdict

Now that we know it’s a soft pull to open and you can’t fund with a credit card, I’ve added it to our best bank bonus page as I think it’s a good offer. The requirements are a bit tricky but at least you can get some of the bonus without the direct deposit requirement and that’s always a plus.

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