DOC Compass — Offers, decoded

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Offer at a glance

Maximum bonus amount: $200 for both parties
Availability: MA only
Direct deposit required: Yes, $1,000 minimum specified
Additional requirements:
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None listed
Expiration date: June 29th, 2019

The Offer

Direct link to offer (scroll to bottom)

Watertown Savings Bank is offering a referral bonus of $200 (both the person referring and person being referred can receive up to $200 each). Bonus is broken down as follows:
- Receive the first $100 bonus when you’re referred be a current customer and you open any new WSB checking account with eStatements. Referral must also set up a recurring direct deposit of payroll and receive direct deposits totaling at least $1,000 or more within 60 das of account opening
- To receive the second $100 bonus the referral must use their debit card at least six times during the first 60 days of account opening, set up bill pay and add at least one recurring bill to the account and make at least 1 payment within 60 days of account opening

The Fine Print

To qualify for the FIRST $100 bonus each, the following two steps must be taken: 1. The person you refer (“referral”) needs to be a new Watertown Savings Bank (WSB) customer and open any new WSB checking account with eStatements, which is subject to approval. Minimum account deposit is $10. To open an account the referral should visit watertownsavings.com and use code: FRIEND or visit a WSB branch location and mention code “FRIEND” at the time of account opening.The referral must set up a recurring direct deposit of payroll and receive direct deposits totaling at least $1,000 or more within 60 days of account opening. The first $100 bonus will be deposited to your WSB account and the referral’s new WSB checking account within 4-6 weeks after requirements have been met. Not valid if combined with other offers.
To qualify for the SECOND $100 bonus each, the following two steps must be taken: 1. The referral must use their debit card at least six times during the first 60 days of account opening. 2. The referral must setup Bill Pay, add at least 1 recurring bill to the account, and make at least 1 payment through Bill Pay within 60 days of account opening. The second $100 bonus will be deposited to your WSB account and the referral’s new WSB checking account within 4-6 weeks after requirements have been met. Not valid if combined with other offers. Offer valid until June 29, 2019. Offer subject to change without notice. Any taxes due on this gift are the responsibility of the recipient.
The Refer a Friend program discloses that each party has an account at Watertown Savings Bank. To participate both parties agree to waive their rights to privacy in that regard. By submitting this sign up form, you give permission to the bank, in the context of the Refer a Friend program, to make it known to each other that you have an account at Watertown Savings Bank and completed the requirements to receive the bonus described above.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The WSB free checking account has no monthly fees to worry about.

Early Account Termination Fee

I wasn’t able to find a full fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

We’ve seen Watertown Savings bank offering a $100 checking bonus, this $200 bonus for both parties is significantly better especially if you’re being referred by somebody you know and they will split some of their $200 with you. We still need to know if it’s a hard or soft pull in the comments. Feel free to share your referral information in the comments but please provide some additional information as well such as if it’s a hard/soft pull to open.

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