What is stopping me from opening bank accounts, putting in savings there or setting up direct deposit, getting the new account bonus, then moving my money back to another account and closing the account that gave me the bonus? $150 here, $200 there etc?
Opening and closing bank accounts
Quote: (02-23-2018 08:51 PM)federernadal Wrote:
What is stopping me from opening bank accounts, putting in savings there or setting up direct deposit, getting the new account bonus, then moving my money back to another account and closing the account that gave me the bonus? $150 here, $200 there etc?
The amount of labour involved means you should just get a job instead.
^this. Typically those "free money" deals have stipulations, like you have to have xx,xxx min balance for so many days/months or you need to setup andirect deposit and deposited x,xxx or more, and you have to maintain the account for at least 6 months.
Quote: (02-23-2018 08:51 PM)federernadal Wrote:
What is stopping me from opening bank accounts, putting in savings there or setting up direct deposit, getting the new account bonus, then moving my money back to another account and closing the account that gave me the bonus? $150 here, $200 there etc?
Here's a good money making scheme. Spend your lifetime honing your god given skills and gathering knowledge. Then combine that with raw materials to produce something valuable and sell that service or good to someone.
Good advice in this thread about focussing on the big picture. But yeah you can make a few bucks. But read the fine print. There is a minimum deposit amount, you have to keep it open for a certain time, usually 6 months, and often are required to set up direct deposit and pay some bills.
I earned about $900 through targeted chase bank deals with current account and savings. Not worth it for $100. But I haven't got around to actually closing the accounts yet and it will be a pain. You can buy coupons on ebay.
The account bonuses are also reported to the good old revenue service as interest income.
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Once you hit $10 it gets reported to the IRS as interest income. If you are in the 25% marginal tax bracket then your $100 bonus just turned to $75.
The whole bank account reward thing is a marketing ploy to get more feet in the door. For the average person it will be a waste of time due to all the hoops and restrictions you have to jump through.
The whole bank account reward thing is a marketing ploy to get more feet in the door. For the average person it will be a waste of time due to all the hoops and restrictions you have to jump through.
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