(Hat Tip to Doctor of Credit’s US Bank Checking Account post)
Good afternoon everyone, if you don’t read Doctor of Credit’s many daily posts, you are definitely missing some great cash back and MS news. He is also my go-to source for bank account bonuses and I recently started taking advantage of some of the bank account bonuses available to CA residents. If you are skeptical about bank account bonuses, please read DOC’s post Common Bank Bonus Misconceptions + Why You Should Give Them A Go. Currently, US Bank has a $125 bonus for opening a checking account, which you can view here.
If you sign up for a Gold Checking Account, the $10.95-$12.95 monthly fee is waived just for having a US Bank credit card (I have 4 US Bank credit cards open at the moment). If you do not have any US Bank credit cards, you can sign up for a Silver Checking Account and have the $6.95-$8.95 monthly fee waived by having a money market account and $1,000+ in direct deposits or $1,500+ monthly minimum daily balance.
After I applied for the US Bank Gold Checking Account online, a few days went by and I received this email from US Bank. Apparently my US Bank Gold Checking Account application was withdrawn. I called the number and asked why. Apparently US Bank could not verify some information since my credit report was frozen. I asked which credit bureau they were using, but was told that they could not tell me. I figured my frozen ARS and IDA credit reports were to blame, since that seems to be the go to source for US Bank. The rep said that I could apply in-branch and they would not need to use the frozen credit report to approve the application.
I applied in-branch, but could not use a credit card as a funding source, so I brought a check the following day. To get the $125 bonus for opening a US Bank Checking Account, you need to complete one of these requirements:
- 1 direct deposit of $500+
- 2 bill payments
I tried moving $500 from my AgFed Credit Union Checking Account to my US Bank Gold Checking Account to see if that would count as a direct deposit…
But it doesn’t look like that worked, based on the name of the transaction (Electronic Deposit vs. Direct Deposit). I could be wrong, but I wanted to make 2 bill payments just to be safe…
I made bill payments to my Bank of America Better Balance Rewards Credit Card and my Citi Hilton HHonors Reserve Credit Card.
The 2 bill payments are currently processing and should post to my credit card accounts within 2-3 business days.
Last but not least, when I was applying for the US Bank Gold Checking Account in-branch, the personal banker recommended that I also sign up for a US Bank Savings Account. US Bank has a START program that gives you a $50 Visa Gift Card when you reach $1,000 in savings. I decided to make my initial deposit of $1,000 to my savings account. I should receive a $50 Visa Gift Card in the next week. If you decide to keep $1,000 or more in your savings account for the next 12 months, US Bank will send you another $50 Visa Gift Card. I will probably move the money out when the first $50 Visa Gift Card arrives so that I can put the money to good use for other bank account bonuses.
If you have any questions, please leave a comment below. Have a great day everyone!