DOC Compass — Offers, decoded

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

Update 4/17/21: Deal is back and valid until April 30, 2021. Not as good as the recent $250 bonus. Hat tip to reader Scot C

Offer at a glance

Maximum bonus amount: $150
Availability: Account holder must have a Tennessee mailing address.
Direct deposit required: Yes, or ACH automatic payment
Additional requirements: None
Hard/soft pull: Unknown
ChexSystems: Unknown, sensitive
Credit card funding: Unknown
Monthly fees: None
Early account termination fee: Unknown
Household limit: None listed
Expiration date: September 1st, 2020

The Offer

Direct link to offer

SouthEast Bank is offering a bonus of $150 when you open a new checking account with a minimum of $500 and complete the following requirements:
- Complete at least one direct deposit or ACH automatic payment (point-of-sale transactions excluded) within 60 days

The Fine Print

The $150 cash bonus is only available to new SouthEast Bank customers who open a Rewards Checking, Bonus Rate Checking, Thrive Senior Checking or Premium Interest Checking account. A new customer is one that has not had an open savings or checking account with SouthEast Bank in the past 12 months. Account holder must have a Tennessee mailing address.
To receive the cash bonus, account owner must complete at least one qualifying direct deposit or one ACH payment (point-of-sale transactions excluded) within 60 days of account opening. A qualifying direct deposit is defined as salary, pension, Social Security or regular, reoccurring income. Transfers from other banking accounts, debit/credit cards and ATMs do not qualify. A qualifying Automated Clearing House (ACH) payment is defined as an electronic payment that is withdrawn from your checking account (e.g., automatic bill pay). Point-of-sale transactions do not qualify.
The new checking account bonus will be paid to those accounts that remain open, in good standing and have met eligibility criteria within 90 days of new account funding. If the checking account is closed by the account holder or SouthEast Bank within the 90 day time frame, the customer may not be eligible to receive cash bonus. This offer is limited to one new customer per immediate family (immediate family is defined as parent, spouse, or children under the age of 18). Account holder must be at least 18 at the time of opening account, and must not have closed a checking account with SouthEast Bank within 12 months of promotion state date. Individual must be within good standing with SouthEast Bank if prior account closures have occurred.
This promotion begins on July 24, 2020 and accounts must be opened by September 1, 2020. Applicant must show their coupon code offer to the SouthEast Bank representative at time of opening to qualify for this bonus program, and if opened online, must include coupon code in the account application. Upon the account being open 90 days and meeting all requirements, the $150 cash bonus will be deposited into the checking account within 90 days.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Bonus Rate Checking has no monthly fee as long as you don’t receive paper statements.

Early Account Termination Fee

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

Our Verdict

Always nice when a bonus doesn’t require a direct deposit or monthly fee. Still need to know if it’s a hard or soft pull to open. If anybody goes for this please share your experiences in the comments below.

Hat tip to reader Andrew D

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