DOC Compass — Offers, decoded

Deal has expired, but there is now a new $200 bonus.

Update 3/2/19: Deal has been increased to $150.

Update 2/16/19: Deal is back, now requires two direct deposits totaling $500. Previously it was a single direct deposit with no minimum. Hat tip to reader Adam L

Offer at a glance

Maximum bonus amount: $125
Availability: Must be a resident of Illinois
Direct deposit required: Two or more recurring direct deposits totaling at least $500 must be received within 90 days of account openingo minimum specified
Additional requirements: Enroll for debit card and online banking
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: None
Monthly fees: $3.95, waivable
Early account termination fee: $25, 90 days
Household limit: One
Expiration date: None listed

The Offer

Direct link to offer

Old Second Bank is offering a $150 checking bonus, broken down as follows:
- $100 for enrolling for an 02 debit card and 02 online banking at new checking account opening (must be continually enrolled in both for 30 days)
- $50 for receiving a two or more recurring direct deposits totaling at least $500 must be received within 90 days of account opening

The Fine Print

Up to $125 cash bonus offer is open only to new personal checking account relationships with Old Second that are opened with money not currently on deposit at any Old Second Bank.
To receive $75 cash bonus, customer must enroll for an O2 Debit Card and O2 Online Banking at new checking account opening and must be continually enrolled in both services for 30 days.
$75 cash bonus will be credited to account within 3-5 weeks thereafter.
To receive $50 cash bonus, two or more recurring direct deposits totaling at least $500 must be received in the account within 90 days of initial account opening.
$50 cash bonus will be deposited within 1-2 weeks of receiving second direct deposit into the account.
Cash bonus may be subject to 1099 reporting.
Offer may be withdrawn at any time without notice.
Only one cash bonus offer per household.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Money connection account has a $3.95 fee if you opt for paper statements, this is waived with paperless statements enabled. According to this comment there is an early account termination fee of $25 if closed within 90 days.