DOC Compass — Offers, decoded

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

Update 2/13/21: Deal is back and valid until March 31, 2021. Hat tip to reader SamL

Offer at a glance

Maximum bonus amount: $300
Availability: LA, MS, FL, AL, & TX only. In branch only [Branch locator]
Direct deposit required: Yes, $250+
Additional requirements: None
Hard/soft pull: Soft
ChexSystems: No
Credit card funding: None
Monthly fees: $21
Early account termination fee: $20, 180 days (bonus forfeit)
Household limit: One (this is enforced)
Expiration date: March 31st, 2020

The Offer

Direct link to offer

Hancock Whitney Bank is offering a bonus of $300 when you open a Priority Checking account and complete the following requirements:
- Receive a qualifying monthly direct deposit of at least $250 by 12/31/2020

The Fine Print

Checking Promotion Requirements: Bring the promo code referenced above to your nearest financial center or apply online and open a new Priority Checking account with money not currently on deposit at Hancock Whitney Bank by the offer expiration date of 3/31/2020.
The promo code is required at account opening.
The following criteria must be met by 5/31/2020: set up and receive a qualifying monthly direct deposit of at least $250 per deposit.
A qualifying direct deposit includes a salary, pension, social security or other recurring, monthly income amount of $250 or more, electronically deposited by your employer or outside agency.
Transfers from one account to another or deposits made at a financial center or ATM do not qualify.
Limit of one new consumer checking related bonus per household per calendar year.
The Bank may change or discontinue the offer at any time and without notice.
This offer is non-transferable and cannot be combined with other offers.
The email given at account opening must match the email address submitted to get the offer promo code.
If your account meets the criteria, and remains open and active, we will deposit the earned bonus into your new Priority Checking account within 6 weeks after the qualification period of 5/31/2020.
Bonuses may be considered interest and may be reported on IRS Form 1099.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Priority Checking account has a $21 monthly fee, this is waived if you do one of the following:

a minimum daily collected balance of $10,000 or more;
$25,000 in combined deposits (excluding CDs and IRAs) or consumer loans (excluding mortgages) or credit card balances;
$250,000 or more in a Trust account or account (excluding annuities) with Hancock Whitney Investment Services.

Early Account Termination Fee

$20 fee is charged for each account if the account is closed within 180 days. Looks like you might also forfeit the bonus.

Our Verdict

There was a previous $500 deal. That required the same account, normally the $300 bonuses only require the silver checking account that is easier to keep fee free. Because of that I wouldn’t recommend doing this bonus, either wait for the bigger bonus to return or wait for a $300 bonus that is easier to keep fee free.

Useful posts regarding bank bonuses:

Post history:

Deal has been extended until December 31, 2020. But there is now a $300 bonus.
Update 7/18/20: Terms say this ended on 6/30, but if you e-mail yourself a promo code it says valid thru 9/31/20. I’m guessing they just forgot to update the fine print. Hat tip to reader BlaseBB
Update 3/31/20: Extended until 6/30/20