DOC Compass — Offers, decoded

Deal has expired and is no longer being offered. View more bank account bonuses by clicking here.

Offer at a glance

Maximum bonus amount: $350
Availability: Online account opening eligible for New York State and Fairfield County residents only
Direct deposit required: $500-$2,500
Additional requirements: See below
Hard/soft pull: Soft
ChexSystems: Unknown, sensitive. Seems you can get around them being sensitive by applying in branch
Credit card funding: Cannot be funded with a credit card
Monthly fees: $3-$15
Early account termination fee: None
Household limit: None listed
Expiration date: June 30th, 2019

The Offer

Direct link to offer

Ridgewood Savings Bank is offering a bonus of up to $350 when you open a new checking account. There are two bonuses available:
- Receive a $200 bonus when you open a qualifying Ridgewood Good, Checking With Interest or Student Advantage checking account and complete the following (student account can do 10 debit card transactions instead of direct deposit):
  - Receive cumulative direct deposits of at least $500 within 60 days of account opening
- Receive a $300 bonus when you open a Premier Checking Account and receive cumulative direct deposits of at least $2,500 within 60 days of account opening
You can also receive 1,000 uChoose rewards points (5,000 worth $50) for each service during the promo period:
- MX-Money Management
- eStatements
- SMS Fraud Alerts
- Mobile App Activatio
- Mobile Wallet

The Fine Print

Bonus Offer is available from April 1, 2019 through June 30, 2019 (“Promotion Period”) for consumers who (a) do not currently hold a Ridgewood checking account either personally or as joint owner, (b) did not have a Ridgewood checking account either personally or as joint owner that was closed in 2019, and (c) open a new personal checking account during the Promotion Period that satisfies the applicable offer criteria set forth below (an “eligible customer”).
Customer(s) must be an eligible customer and meet all existing checking account qualification requirements to qualify for this offer and must maintain the checking account as stated in the Bank’s account terms and conditions.
Applicable bonus amount (as further described below) will be credited to the new personal checking account once the applicable offer criteria set forth below are met, approximately 90 days from account opening.
One bonus award per eligible customer and new account; this offer cannot be combined with any other offer.
A $300 bonus offer is available to eligible customers who open a qualifying Premier Checking account and make a cumulative direct deposit of funds of at least $2,500 into it within 60 days of account opening.
A $150 bonus is available to eligible customers who open a Ridgewood Good or Checking with Interest Account and make a cumulative direct deposit of funds of at least $500 into it within 60 days of account opening. A $150 bonus is available to eligible customers who open a Student Advantage account and make either: (i) a direct deposit of funds into it; or (ii) 10 debit card Point-Of-Sale purchases, within 60 days of account opening.
Qualifying direct deposits include recurring electronic deposits of your paycheck, pension or government benefits (such as Social Security).
Person-to-Person and bank transfers between your Ridgewood Savings Bank accounts or accounts you have at other financial institutions or brokerages do not qualify.
Payments received for goods sold do not qualify.
In addition, eligible customers may receive up to 5,000 in uChoose Reward® points by earning 1,000 uChoose Reward® points for each eligible additional service enrolled in during the Promotional Period. Eligible additional services for this Offer include: 1. MX-Money Management; 2. eStatements; 3. SMS Fraud Alerts; 4. Mobile App Activation; 5. Mobile Wallet. 5,000 uChoose Reward® points can be redeemed for $50 cash value. Benefits, Rewards Points and the redemption of Rewards Points under the uChoose Reward® program are administered by Fiserv, Inc., an unaffiliated third-party vendor of Ridgewood Savings Bank. uChoose Rewards® is a registered trademark of Fiserv, Inc.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Ridgewood Good Checking ($200 Bonus)

This is the easiest account to keep fee free for the $200 bonus. This account has a monthly fee of $3 and is waived if you met one of the following requirements:

You have at least $300 in monthly direct deposit transactions, OR
You enroll in and maintain eStatements, OR
Your combined Ridgewood deposits total at least $2,500 at the end of your statement cycle, OR
You are 65 or over

Premier Checking ($350 Bonus)

This account has a $15 monthly fee to waive this you need to do both of the following:

You have an average daily balance of at least $5,000, AND
Your combined Ridgewood deposits total at least $25,000 at the end of your statement cycle

Early Account Termination Fee

I couldn’t find any mention of an early account termination fee in their fee schedule, so I’m going to assume there isn’t one.

Our Verdict

I don’t think the $350 bonus is worth considering due to the fact that you need $25,000 in deposits to keep it fee free. The $250 bonus itself is fantastic and well worth doing, because of that I will be adding it to the list of the best checking bonuses currently available.

Hat tip to reader pkim101

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