Can You Really Get Free Money from a Bank?

Filed Under Banking and Bank Fees

You may have seen commercials or advertisements that tell you that you can get $100 or even $200 from a bank from simply opening a checking account. For some people this sounds too good to be true and they don’t even think twice about trying to take advantage of these offers. If you are one of the people who aren’t as skeptical, I’m here to tell you that you can indeed get free money from banks if you know what you are doing.

There are hundreds of banks that are now running checking account promotions to get new customers into their doors. The banking industry is suffering and banks are pulling out all the stops to get more business. This involves offering new customers anywhere from $50-$300 for opening a new checking with the bank. The banks hope are willing to give you that money because they hope to make it back plus a lot more when you give them your business.

The most important thing to keep in mind about these checking account offers that promise free money is that they come with certain requirements you must fulfill before you get your money. It’s not as simple as just opening a new checking account and that is it. Banks want to know that you are going to be utilizing that account so they write in certain requirements to get your money from them. These requirements may include a certain amount of transactions performed in the first billing statement or having to connect the account with a monthly direct deposit.

Even after you get your money from the bank you still need to make sure you are adhering to the promotion’s rules. Most banks will put some sort of clause in the terms stating you have to keep the account active for a certain period of time, usually at least a year, or else they will charge you back the money they gave you. You don’t want to end up getting charged a fee and paying more money because you didn’t read the directions properly.

Checking account promotions can really yield you free money from a bank, but you need to be smart about the process. Be sure to read all the requirements and terms so you can ensure you get your free money and don’t lose out.

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