Offer at a glance
- Maximum bonus amount: $250
- Availability: OK only
- Direct deposit required: Yes, no minimum mentioned
- Additional requirements: 1 ACH transaction, 6 debit card purchases
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unsure
- Household limit: None listed
- Expiration date: None
The Offer
- Sovereign Bank is offering a $250 bonus when you open a new checking account and complete the following requirements for each month for 90 days:
- Set up 1 direct deposit
- Complete 1 ACH transaction
- Make 6 PIN-based debit card purchases
The Fine Print
- Offer available for a limited time.
- To qualify for the one-time $250 bonus, customer must open a new Red, White & Rewarded Checking account and complete the following each month for the first 90 days after account opening: one (1) qualifying direct deposit, one (1) ACH transaction and six (6) PIN-based debit card transactions.
- Account requires $25 to open, is non-interest bearing, and has no minimum balance.
- Limit one bonus per customer.
- Bonus is paid within 30 days after meeting qualifications.
- Account must be open and in good standing at time of bonus payment.
- Joint accounts are considered one customer for the purposes of this promotion.
- Offer subject to change or cancellation at any time. Member FDIC.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is a free checking account with no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF or not.
Our Verdict
Hat tip to reader Bockrr
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- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
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ohk, then mine activated it without me asking anything.
You can’t enroll until your account is activated. Some branches/bankers are activating without funding, some are requiring funding first.
I found the account agreement sheet she sent me via docusign and it did say “Red, White, and Rewarded” on there under account description. So it should be all good.
How long did it take to get your cards? Its like a week later for me, and I still don’t have my debit card
Yeah same, I looked up a sheet and I don’t think they actually have a checking called that, I think its just the name of the promotion maybe
The name of my account in online banking is Access Checking. Is this the same for you? A little worried that it is not called the Red, White, and Rewarded Checking.
I stupidly rushed and opened right at the end of the August without reading the terms, because I was worried about a DoC effect that never materialized lol. Reached out to the banker for clarification since it would be impossible to get my debit card in time for August, and she said the monthly requirements are evaluated over 30-day periods. I’m not sure whether PayPal/Amazon PINless debit will work. Usually when we see PIN-based transactions in the terms, it’s combined with signature-based transactions so it’s clear that the meaning is to include all debit/credit network transactions. With PIN-based terms alone, I’m not sure whether they are literally meaning you have to use your PIN, or just that they have to be processed via the debit network. I did “banana” transactions just to be safe.
Wait, they hard pulled your credit?
I opened through the Lawton branch. They said the same to me, but after I told them my “friend” opened via email they said they could send me a Docusign to open the account. I did have to wire funds in to activate it, and eat a $10 wire fee.
Not really sure how that’s laid out tbh; online might be PINless, because they’re card-not-present transactions? What would trigger it might be a separate question, but it seems like sticking with in-person PIN transactions might be safest. Never had a grocery store not ask for PIN with a debit card
Nothing yet
I finally called the toll-free number on the website and got the Shawnee branch. They transferred me to Oklahoma City branch which is closest to me but they said it would require an in branch visit to open an account. It sounds like for as old-school as Simmons Bank is, this one’s even more so. they did verify the promotion is still ongoing.
Any update?
I am less than 15 miles from a branch, filled out the contact form, waited a day and….crickets. I wonder if they are being inundated with requests or just aren’t overly fast about signups.
Complaint to CFPB: “bank claimed they were sovereign then they sent me a 1099. BAIT AND SWITCH!!”
i am not banking, i am exercising my right to commerce
Good luck. There’s a few banks that have the same contact form type stuff, e.g. Schertz Bank & Trust, that allow OOS.
To open online looks like you send a contact us form on their site and they reach out. Attempted OOS. Couldnt find much concrete information online on membership reqs. Lets see what happens.