DOC Compass — Offers, decoded

Offer at a glance

Maximum bonus amount: $150
Availability: OH or PA only
Direct deposit required: Yes, $500+
Additional requirements: 10 debit card transactions
Hard/soft pull: Soft
ChexSystems: Unknown
Credit card funding: ~~Up to $5,000 with a Visa or Mastercard~~ Now only $100
Monthly fees: None
Early account termination fee: None mentioned
Household limit: One
Expiration date: March 17th, 2017

The Offer

S&T Bank are offering a bonus of $150 when you open a new checking account and complete the following requirements before May 31st, 2017:
- Receive a qualifying direct deposit of at least $500
- Have at least 10 S&T Bank Visa debit card purchases post and clear

The Fine Print

This offer is available to new checking account households and limited to one per household. Offer applies to new consumer checking accounts (Checking & Simple, Checking & More, Checking & More with Interest and Checking & Four Stars only). Offer cannot be combined with any other checking offer and is subject to change or termination without notice.
To qualify for the offer, the new checking account must be opened with a minimum opening balance of $50 between 2/1/2017 and 3/17/2017 and the following conditions must be met by May 31, 2017: (a) qualifying Direct Deposit(s) must be received and (b) at least 10 S&T Bank Visa Debit card purchases (posted and cleared) must be made.
Your checking account must remain open and in good standing (balance greater than $5) in order to receive the incentive, which will be credited to the eligible account 6/15/2017.
Once all conditions have been met the credit will be identified as “$150” on your monthly statement.
A qualifying Direct Deposit is defined as a recurring Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited by an employer or an outside agency into the specific account you opened between 2/1-3/17/2017.
The total amount of all qualifying Direct Deposits credited to your checking account must be at least $500. Credit card cash advance transfers, transfers from one account to another or deposits made at a branch or ATM do not qualify as Qualifying Direct Deposits.
A qualifying debit card purchase is defined as any debit card purchase made at point of sale using your signature or PIN, or a purchase made electronically or online using your debit card number, including recurring payments.
New account will not be eligible for offer if any signer has signing authority on an existing S&T Bank consumer checking account or has closed an account within the past 12 months, or has been paid a promotional premium in the past 12 months.
If multiple accounts are opened with the same signers, only one account will be eligible for the premium. For this offer, signing authority will be defined by the customer name(s) and social security number(s) registered on the account. Offer may be extended, modified or discontinued at any time and may vary by market. The value of the reward may be reported on Internal Revenue Service (IRS) Form 1099, and may be considered taxable income to you. Please consult your tax advisor regarding your specific situation.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

They offer a free checking account with no monthly fees. There was no mention of an early account termination fee in their fee schedule found here.

Our Verdict

There isn’t much time left in this bonus. They offered a bonus of $100 last year, but direct deposit wasn’t required. The fact they offer $5,000 in credit card funding and it’s a soft pull is what makes the deal a great one. If you’re interested you don’t have much time left, so get on it! We will be adding this to our list of the best bank account bonuses.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses: