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Old 07-12-2020, 04:47 AM   #561
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This offer specified that it had to be payroll, SS, pension or govt benefits.
I see that. And I also see folks on doctorofcredit.com indicating that they used the other methods, they posted as direct deposit, and they received their bonus - with dates on their posts in May, June, and July.
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Old 07-12-2020, 05:11 AM   #562
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This offer specified that it had to be payroll, SS, pension or govt benefits.
I’ve seen these bank offers with such restrictions, yet any automatic regular deposit from a brokerage account was accepted as qualified.
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Old 07-12-2020, 07:16 AM   #563
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I see that. And I also see folks on doctorofcredit.com indicating that they used the other methods, they posted as direct deposit, and they received their bonus - with dates on their posts in May, June, and July.

Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.

I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.
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Old 07-12-2020, 11:20 AM   #564
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Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.

I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.
Yes, they say all of that, but apparently most of these banks can't distinguish are regular ACH from the specified transfers so if you are willing to ignore the fine print and do what works you can capitalize on it.
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Old 07-12-2020, 11:41 AM   #565
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This offer specified that it had to be payroll, SS, pension or govt benefits.
I don't see that on the Key Bank website.
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Old 07-12-2020, 12:02 PM   #566
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I don't see that on the Key Bank website.
It's in the fine print:

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You must open a Key Express Checking® (this is the basic banking account in NY), Key Advantage Checking®, Key Privilege Checking®, or Key Privilege Select Checking® account by the expiration date at 11:59 p.m. (ET) and make ONE single KeyBank direct deposit of $500 or more within 60 days after account opening to get $400. Normal account service charges and balance requirements apply to these accounts, including the minimum opening deposit of $50. Direct deposit transactions are limited to: payroll, Social Security, pension and government benefits. Accounts titled as Trust Accounts, Estate, and No Access are excluded from eligibility. Employees of KeyBank, its affiliates and subsidiaries are not eligible for this offer. You must have received a personalized offer/coupon/promotional code directly from KeyBank via mail or email and enter an offer/reservation code at the time of account opening to qualify. Limit one gift per qualifying account. Limit one gift per individual. The value of your gift will be reported on Form 1099-INT and deposited into your account within 60 days of meeting requirements. If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee. Other miscellaneous charges may apply. Offer not available to individuals who have had a KeyBank checking account or a KeyBank Hassle-Free Account® in the last 12 months. Accounts overdrawn or closed at the time of gift payment are not eligible. Offer is subject to cancellation without notice and cannot be combined with any other offer. KeyBank is not responsible for, and will not honor, promotional offers that appear on non-KeyBank websites or that are not authorized by KeyBank.
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Old 07-12-2020, 12:45 PM   #567
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It's in the fine print:
I finally found it. They have several pages showing disclosures and only one page where you have to scroll down shows that print.
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Old 07-14-2020, 11:48 AM   #568
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I got a nice offer from Key Bank earlier this week.

I was disappointed to find that the earliest this would go to the new bank is Sept, 2020 and my deposit is the 4th Wed of the month. That would not be within the 60 days.
If you call the SSA directly, you can ask them to change it sooner. I don't know why they don't have that option online.
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Old 07-14-2020, 11:57 AM   #569
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Yes, they say all of that, but apparently most of these banks can't distinguish are regular ACH from the specified transfers so if you are willing to ignore the fine print and do what works you can capitalize on it.
While I have a private pension, I can direct deposit for myself. i'll try to also open an account for my wife using a regular ACH.
This may be a mute question but which would look more legit to Key Bank, an ACH coming from Schwab or Ally?
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Old 07-14-2020, 12:15 PM   #570
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While I have a private pension, I can direct deposit for myself. i'll try to also open an account for my wife using a regular ACH.
This may be a mute question but which would look more legit to Key Bank, an ACH coming from Schwab or Ally?
You need to use the link to the matrix at doctorofcredit.com which I provided on my comment on prior page:
https://www.doctorofcredit.com/knowl...sits/#Key_Bank

The info there indicates that from both Ally and Schwab it did not count as direct deposit.
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Old 07-27-2020, 03:10 PM   #571
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I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?
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Old 07-27-2020, 03:13 PM   #572
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I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?
Ally's still at 1.0%, so I'm not sure why you say "no other bank is anywhere close."
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Old 07-27-2020, 03:14 PM   #573
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I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?
Lots of banks are offering 1% or slightly better on online savings accounts. https://www.depositaccounts.com/savings/
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Old 07-27-2020, 04:00 PM   #574
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I see that Marcus/Goldman Sachs is offering an online savings account of 1%. Their CD’s are 1.01. Doesn’t seem to be any minimums either. Sounds odd since no other bank is anywhere close. Opinions?
Yes, a lot of online bank savings accounts are in the 1% range. The difference is the CD is locked into 1.01% for its term, but the online savings account could go up or down over that period of time.
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Old 07-27-2020, 04:02 PM   #575
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I had a $100,000. 2.90% CD renewal the other day with Summit State Bank here in California and the new rate for 12 months was going to be .55%. After inquiring about any unadvertised special rates going on they agreed to bump it to 1% because a few of the online banks have been offering it. Never thought I'd be happy with 1%!!!

I've had other banks do the same over the years, always worth asking for "special" rates.
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Old 07-27-2020, 05:22 PM   #576
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Yup. Sad that 1% seems pretty good. I suspect that it will be a while before we see 2% for liquid investments with no credit risk.
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Old 07-27-2020, 05:45 PM   #577
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I apologize for not researching this before posting. I didn’t realize many banks were offering this. Thought it was much lower. I use Ally and should’ve noticed that. Thanks for the replies
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Old 07-31-2020, 04:54 PM   #578
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Update about the Key Bank $400 cash bonus offer -

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Originally Posted by Sue J View Post
Thanks for posting that! I read some of the posts and I may just transfer some regular old money to them and see if it satisfies the requirement. I'm such a rule follower that if they say "payroll, Social Security, pension and govt benefits" I assume they mean it.

I just set it up to do a push from a DiscoverBank Checking account. I'll post a followup if it works.
My deposit pushed from DiscoverBank showed up on Key as a "ACH, DiscoverBank P2P".

When I tried to change my SS direct deposit online, Sept was the earliest that I could choose for it to happen. My deposit is the 4th Wed of the month and that would be too late. Instead, I called the SS office and they could change it. I called on 7/10 and they told me I missed the cutoff date for the July 22 deposit but that it would happen on Aug 26. Ok, Good enough. I'll just be patient.

Surprise! My July 22nd SS deposit went to Key Bank and shows as "ssa treas 310 xxsoc sec"

And then on July 28th I got the $400 "Gift from Key Bank for recent offer" YAY!!

So I can't tell you that the transfer from DiscoverBank would have qualified as a direct deposit. The SS direct deposit definitely qualified.

Nice offer, easy enough. Now I'll keep the account open for the rest of the 6 month period and keep it fee free with my monthly SS deposit or a monthly $500 transfer.
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Old 08-02-2020, 06:21 PM   #579
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Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.

That's a huge move!
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Old 08-02-2020, 06:28 PM   #580
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Wow - just noticed that Synchrony Bank dropped their High Yield Savings rate from 1.05% to 0.75% on July 31st.

That's a huge move!


Ouch!!!!
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