WF Bonus offer scenario- Opinions needed

[sheldon cornped]

Wells Fargo has a $2500 bonus offer that started in January and expires on April 1. If you open or move up to the premier checking account and bring over at least $250,000 you get the bonus. Okay, here's where it gets sticky: I moved up to the premier checking in February without knowing about the bonus. This was done over the phone with a representative. I then found out you have to apply for the offer with a bonus code and go to a branch office where it is initiated. I did that last week. Now they are saying I have to bring in another $250,000 to my linked accounts to qualify when I already have a substantial 7 figure linked account total (mostly equity in WF brokerage).
This got me thinking, what if I transferred over the $250,000 from another source, thus qualifying, then transfer it back immediately. You must maintain at least $250,000 in LINKED accounts for the offer to be good, which I do.
Do you think this is possible and worth a try?

 

[Al18]

What is the interest rate WF is paying on that checking account?

 

[sheldon cornped]

The rep said if I put it in their Platinum savings it would yield 4.7%, but I'm getting just over 5% with Fidelity. When I looked at the Platinum rates online based on the amounts invested, I'm seeing much less, so I'm not sure. When they open up after the holidays, I'll double back and ask what account she was referring to with that rate. Supposedly I have up to 45 days to fund the 250k. I wonder if I can just harvest the 2,500 bonus, move the money back but still qualify since I have way over the required amount. In the fine print, it says as long as you maintain linked balances over the 250k for the required period you're ok. It seems that they wouldn't tag that amount of my new money when I already qualify.

 

[calmloki]

Suspect they will say you have to maintain the balance you had plus the $250k.
Did you follow through and get your bonus code applied? If no, hopefully, you could deplete your account , apply the code, and then bring in the $250. Though there may be a time span between depletion and re-filling they require. Read the heck out of the bonus requirements - it is doable - we collected mid year last year. Be sure you have your investments self-directed and pick the right checking account to avoid monthly fee.


After re-reading - pretty sure you don't need to have $250k in cash - we just moved over an amount greater than that worth of VTI. $2500 was a very nice dividend on top of what VTI was already earning. Think we put $100 in the checking account. YMMV, but worked for us.