Checking Account Bonuses ($100 Personal/$200 Business) at Sovereign Bank
Jan 13, 2008 - 6:16 PM by Ken Tumin
For the personal checking, the first $50 requires using your Visa check card 6 times in the first 60 days. The second $50 requires direct deposit. A minimum deposit of $100 is required.
For the business checking, the whole $200 is awarded after you use the Visa check card 6 times in the first 60 days. A minimum deposit of $500 is required.
Both promotions end on 3/14/08. Customers that currently have or have had a checking account in the last six months at Sovereign are not eligible. The face value of the Gas Rewards Card(s) will be reported to the IRS as interest.
For a previous Sovereign checking promo, I've been told by a Sovereign CSR that people in any state could apply using the online application. I haven't checked with Sovereign on this promo. The small print does state the following:
If opening your account in PA, you can use your Gas Rewards Card(s) at all Sunoco locations. If opening your account in CT, MA, MD, NH, NJ, NY or RI, you can use your Gas Rewards Card(s) at all Exxon/Mobil locations.
The Personal Free Checking has no monthly balance requirements or monthly fees, and it has free BillPay. You must purchase your own checks after the starter checks. The Free Interest Checking has the added benefits of free checks and no fees on using other banks' ATMs (but no refunds on other banks' fees). It requires some type of direct deposit.
For business accounts, the Free Business Checking qualifies for this promo. Note, banks often require registration/license documentation for your business to open a business account.
Branches are located in the Northeast in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. The bank is FDIC insured (Certificate # 29950).
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Anonymous - #1, Sunday, January 13, 2008 - 7:37 PM
Do they use credit checking?
Mike (anonymous) - #2, Sunday, January 13, 2008 - 9:24 PM
Darn it! I just opened a checking account at Sovereign last week! I wish I'd known about this.
Anonymous - #3, Monday, January 14, 2008 - 8:05 AM
Hard pull Banking guy?
Patty (anonymous) - #4, Thursday, February 14, 2008 - 3:49 PM
Oened account online last week. Sovereign called yesterday to finish opening process. Guy says instead of asking for you license I am going to ask you questions based on info we have from lexis-nexis and he proceeded to ask me multiple choice questions re my son's age, where he owned property and Marilyn's age (there is no marilyn, a trick queston) (and was sure he was who said he was) I did answer since he had the info already, but told him I didn't like this way of verifying my identity and he said could use old way, faxing license,etc. I've seen on fatwallet that Sovereign and other banks are using this now. I don't like it.
Now have to worry about stuff that is on credit report and now stuff that is on lexis nexis and bank employees knowing this stuff too?
I basically only opened account for the gas cards. Will be closing after avoinding early closing fee and will be avoiding future type of verification
Anonymous - #5, Thursday, February 21, 2008 - 9:35 AM
If you live in a state outside of their "footprint" expect for them to be very unhelpful and snotty towards you on the phone and via email and question you over and over as to why you want to open an account with them. Ridiculously bad customer care.
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