DOC Compass — Offers, decoded

Deal has expired, view current bonus by clicking here.

Offer at a glance

Maximum bonus amount: $300
Availability: Must live in U.S. Bank’s footprint
Direct deposit required: Yes, two deposits totaling $2,000 or more
Additional requirements: Use promo code and online/mobile banking
Hard/soft pull: Soft
ChexSystems: Mixed data points
Credit card funding: Can fund up to $50 with a credit card
Monthly fees: $6.95 avoidable
Early account termination fee: None
Household limit: One
Expiration date:March 31, 2020

The Offer

Direct link to offer

U.S. Bank is offering a bonus of $300 when you open a new checking account package and complete the following requirements:
- Use promo code 2020Q1C
- Receive recurring direct deposits of two or more that total $2,000 or more within 60 days of account opening
- Be enrolled in either U.S. Bank online banking or U.S. bank mobile app by April 7, 2020

The Fine Print

You must use the promotion code listed on this offer when you apply.
A minimum deposit of $25 is required to open a U.S. Bank consumer checking account.
To earn the $300 bonus offer, you must open a new U.S. Bank consumer checking account (excluding Student Checking and Safe Debit Account) online by March 31, 2020.
Additionally, you must complete recurring direct deposits of two or more that total $2,000 or more within 60 days of account opening and be enrolled in either U.S. Bank online banking or the U.S. Bank Mobile App by April 7, 2020.
For assistance in enrolling in U.S. Bank online banking or the U.S. Bank Mobile App, contact customer service or your local branch.
The checking account bonus will be deposited into your new checking account within 60 days of direct deposit verification and verification of enrollment in either U.S. Bank online banking or the U.S. Bank Mobile App.
The account must be open and have a positive balance. Bonus will be reported as interest earned on IRS form 1099-INT and recipient is responsible for any applicable taxes.
Offer may not be combined with any other checking account bonus offers.
Offer is not valid if you or any signer on the account has an existing U.S. Bank consumer checking account, had a U.S. Bank consumer checking account in the last six months or received other U.S. Bank bonus offers within the past 12 months.
Current U.S. Bank employees are not eligible.
Other restrictions may apply.
All regular account opening procedures apply.
Limit of one bonus per household.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easy Checking

This account has a $6.95 monthly fee and is waived if you meet any of the following requiremnets:

Combined monthly direct deposits totaling $1000+ – or –
Average account balance of $1,500.- or –
Account holder(s) age 65 or greater.

Gold Checking

This account has a $14.95 monthly fee but is waived if you have a U.S. Bank credit card. Many of us have a U.S. Bank personal credit card like Altitude, Flexperks, or Cash+ which would work to keep the account fee-free. Another option is to get the Gold account and get the fee waived if you have a good credit score and join the Because You’ve Earned It program.

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

This is a somewhat frequent offer and basically the best checking bonus that U.S. Bank offers. Definitely worth doing if you haven’t already done this bonus, we will be adding it to our list of the best checking bonuses. There is a $400 in branch bonus, that is sometimes available but that is very YMMV.

Hat tip to reader Swirl

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