DOC Compass — Offers, decoded

Warning, this bank is sensitive too too many ChexSystems inquiries. Reader Jason says that they’ll deny you with 5+ or more (basically if you’ve opened 5 or more checking/savings account in the past two years you won’t be eligible).

Offer at a glance

Maximum bonus amount: $150
Availability: Only available at Main Branch and Malcolm X branch. Both In NYC [Branch locations]
Direct deposit required: Yes for personal account, no minimum specified
Additional requirements: Deposit and maintain $2,500 balance
Hard/soft pull: Unknown
ChexSystems: Yes, inquiry sensitive
Credit card funding: No
Monthly fees: $25, avoidable
Early account termination fee: Six months, bonus forfeit
Expiration date: November 14th, 2016

The Offer

Direct link to offer

Receive a $150 bonus from Carver Federal Savings Bank when you:
Personal bonus:
- Open a Carver Growth Checking account with a Relationship Savings account
- deposit the minimum opening balance of $250 and thereafter maintain the average monthly balance $2500
- set-up direct deposit for this account within 60 days of account opening
Business bonus:
- Open a Carver Smart Business Checking account with a Relationship Savings account
- deposit the minimum opening balance of $100 and thereafter maintain the average monthly balance $2500; within 60 days of account opening

The Fine Print

$150: Offer is valid to new customers of Carver Federal Savings Bank (“Carver”) from October 15, 2016 – November 14, 2016.
“New customers” includes first accounts of Carver. “New Customers” does not include any person whose accounts at Carver have been closed within 90 days or closed at any time with a negative balance.
Offer is not available to Carver employees.
Carver reserves the right to update, any part of these terms and conditions at any time.
Carver also reserves the right to terminate this Offer without prior notice for any reason.
This Offer is only available at the following participating branches: 125th Street Main Office located at 75 West 125th Street and Malcolm X located at 142 Malcolm X Boulevard.
Promotion does not apply to any other Carver locations and cannot be combined with any other offer.
Carver Growth Checking Offer: To be eligible for this promotion, you must: (a) during the Offer Period (b) open a Carver Growth Checking account with a Relationship Savings account (subject to approval); (c) deposit the minimum opening balance of $250 and thereafter maintain the average monthly balance $2500; (c) and set-up direct deposit for this account within 60 days of account opening. The direct deposit must be an electronic deposit of your paycheck, pension or government benefits from your employer or the government. After you have completed all the above requirements, Carver will deposit the $150 bonus into your new Carver Growth Checking account within 60 days from the end of the month during which all the above requirements are met and will be reported as taxable income to the IRS in the form of a 1099-MISC.
Carver Smart Business Checking Offer: To be eligible for this promotion, you must: (a) during the Offer Period, (b) open a Carver Smart Business Checking account with a Relationship Savings account (subject to approval); (c) deposit the minimum opening balance of $100 and thereafter maintain the average monthly balance $2500; within 60 days of account opening. After you have completed all the above requirements, Carver will deposit the $150 bonus into your new Carver Smart Business account within 60 days from the end of the month during which all the above requirements are met and will be reported
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Carver Growth Checking

Growth checking account comes with a $25 monthly service fee, that’s waived if you do any of the following:

An average monthly balanceof $1,500, or
$1,500 in total Direct Deposits, per month

Carver Smart Business

This account has a $25 monthly fee, this is waived if you have an average monthly balance of $1,500 or more.

Early Account Termination Fee

You will forfeit the bonus if you close your account within six months of opening.

Our Verdict

In branch opening requirement is a bit annoying, especially for a relatively small bonus. Other downside is that keeping the account fee free isn’t the easiest and needs to be kept open for at least six months, if anybody goes for this bonus please let us know if it’s a soft pull to open and if you can fund with a credit card. For now we haven’t added it to our list of the best checking sign up bonuses.

Useful posts regarding bank bonuses: