Offer at a glance
- Maximum bonus amount: $150
- Availability: CT, NY, NJ, PA. While you can open online, you have to verify in branch. (no longer necessary?)
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None listed
- Expiration date: None listed
The Offer
- Open a new My Choice Checking account with Valley National Bank and receive a bonus of up to $150, broken down as follows:
- $75 when you enroll in mobile banking
- $75 for completing a minimum of 20 debit card transactions of $5 or more (note $1 fee for each that is processed with a PIN) or $75 for enrolling in online banking and completing three online bill payment transactions
The Fine Print
- Requirements must be completed within 60 days of account opening
- Direct deposit is payroll, Social Security or other government benefits
- Bonus will be paid out within 90 days of account opening
- At age 26, the account automatically converts to a Perfect Checking Account
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There are no monthly fees on this account and no early account account termination fees.
Our Verdict
It’s a shame this bonus is only open to people under 25, as it looks quite easy to receive the bonus and there are no monthly fees to worry about. I did some more research on this bonus and there are two things to be aware of:
- One FatWallet user said they don’t approve accounts with more than three ChexSystems inquiries within the past six months
- There are also some reports of people saying you have to go in branch to complete the bonus. Update: This is now confirmed in the comments.
Because of this we haven’t added it to our best bank bonus list just yet, but if you have any experiences with this bonus then please let me know in the comments below. There is also a bonus of $20 per month that Valley National Bank is offering for people that can get to a Brooklyn branch.
Useful posts regarding bank bonuses:
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
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