Dedicated to Deposits: Deals, Data, and Discussion

$150 Checking Account Bonus at Compass Bank (available in AL, AZ, CO, FL, NM & TX)

POSTED ON BY

Compass Bank is offering a bonus of up to $150 for opening a new checking account with a minimum opening balance of $100 and by using some of their services. Here's the promotion page link. To earn the first $75 requires either the use of Online Bill Pay or Payroll Direct Deposit. The second $75 requires setting up automatic transfers from the Compass checking to a savings account. The new checking account must be opened by 2/28/2009. Here are the details:

Earn up to $75 when you use online bill pay
  • Open a new Compass checking account and sign up for Online Bill Pay by 2/28/09
  • Pay at least 5 bills online every 30 days for the first 3 months your account is open
  • For each month that you do, you'll get $25 - up to $75 total
Some important small print:
  • Online bill payments must be made to a third party and be at least $25 in order to be eligible
  • Reward credit to checking account will occur within 60 days of fifth qualifying bill payment for each qualifying time period
  • Online Bill Pay is free with consumer checking accounts except Basic Checking
$75 for signing up for Payroll Direct Deposit
  • Cannot be combined with $75 Online Bill Pay offer
  • Accounts opened by 2/28/2009 that establish a recurring payroll direct deposit within the month following the account open date will receive $75
  • Deposit will occur within 120 days of first recurring payroll direct deposit in the checking account
$75 for starting a savings plan
  • Open a new Compass checking account by February 28, 2009
  • Set up automatic transfers of at least $50 a month from your new checking to a savings or money market account
  • After the third transfer, Compass Bank will credit your account an extra $75
Some important small print:
  • 3 consecutive automatic transfers must occur within the first 4 statement cycles the checking account is open to qualify for offer
  • $75 will be paid to the savings/money market account in the first or second statement cycle following completion of the third automatic deposit
  • Automatic transfers cannot be made or set up online
  • Limited to new checking households
  • Limit one offer per household
Since this $75 bonus requires either a Compass savings account or money market account, it's important to note the issues with these accounts. You'll need to watch out for minimum balance requirements and monthly fees. Also, you won't be earning much interest. Compass Bank's Basic Savings Account requires a minimum balance of $500 to avoid a $9/quarter fee. The interest rate is only 0.15% (fees and rates may vary by state).

Requirements for Opening Compass Bank Accounts:
  • Must be a U.S. Citizen
  • Have a permanent residence within a state where Compass Bank has a banking center (Alabama, Arizona, Colorado, Florida, New Mexico, or Texas).
Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my last Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. Last month I received the $25 credit as promised.

Compass Bank is FDIC insured (FDIC Certificate # 19048).

Thanks to the reader who emailed me news of this new promotion.

  Tags: Alabama, Colorado, Arizona, New Mexico, Texas, checking account, Florida

Related Posts

Comments
7 comments.
Comment #1 by Anonymous posted on
Anonymous
Got accepted, still waiting for online ID from Compass Bank. SLOW. WATCH FOR FEES!

Build-to-Order Free Checking (No minimum balance or direct deposit requirement) $100.

Basic Savings Account (Monthly Fee $3* *No fee when the minimum daily collected balance of the month is $500 or more) $500.

Three consecutive automatic transfers must occur within the first 4 statement cycles the checking account is open to qualify for offer. $75 will be paid to the savings/money market account in the first or second statement cycle following completion of the third automatic deposit. Automatic transfers cannot be made or set up online.

1
Comment #2 by Erik (anonymous) posted on
Erik
Why pay fees? There are so many free checking accounts out there. Many community banks and credit unions are utilizing reward checking and paying up to 6%! A handy tool I've been using is CheckingFinder.com. This search tool identifies which banks have these offerings.

They do have a few requirements that for me were completed without even trying. Direct deposit, 10 debit card purchases per month and utilize online banking.

Banks make money when you meet these requirements and pass on the earnings to the consumer. This is a major reason why smaller banks are emerging as the safer alternative and also why they are still able to make loans (huge increase in deposits).

1
Comment #3 by Anonymous posted on
Anonymous
There seems to be a fee discrepancy...

Houston, Texas.

http://www.compassbank.com/personal/
savings/basicSavings.cfm
Quarterly Fee $9*
*No fee when the minimum daily collected balance of the quarter is $500 or more.

http://www.compassbank.com/cashedge/
disclosure/
http://www.compassbank.com/cashedge/
disclosure/savings/texasHouston.cfm
There is no quarterly service charge with this account.*
*Accounts opened before 5/1/06 will be charged a $9 quarterly service charge every quarter the minimum daily collected balance falls below $500.

1
Comment #4 by Anonymous posted on
Anonymous
New Basic Savings Accounts do not have a monthly fee or minimum balance requirement.

1
Comment #5 by Anonymous posted on
Anonymous
Does anyone know if the build-to-order checking acct pays the $25 bonus on every anniversary, or just the 1st anniversary? Thanks!

1
Comment #6 by Anonymous posted on
Anonymous
still waiting for online ID from Compass Bank. SLOW

1 week.

1
Comment #7 by Anonymous posted on
Anonymous
Update:

I've been emailing Compass Bank customer service & have received NO ANSWERS for 1 week.

I stopped by a Compass Banking Center.

Got pin #/Compass Check Card after 2 weeks, tried to sign up for online CompassPC Banking, didn't work. ("Be sure you have used your Compass ATM or Check Card in a Compass ATM at least once before you begin this activation.")

I stopped by a Compass Banking Center, the 2 dimwits (cared more about talking to each other, very young, rude) didn't know anything, the desk lady didn't know anything, they laughed at me after I went to the ATM (immature?). They tried to call to find out, no one answered. Compass Bank customer service didn't know anything re: $150 Checking Account Bonus. She said I had to ask for it when I applied for Checking Account at a Compass Banking Center. I told her I applied online and "Automatic transfers cannot be made or set up online." I read the TERMS clearly.

I used my Compass Check Card in the Compass ATM. I hope it works.

Awful customer service.

"*Open a new Compass checking account from January 5, 2009 to February 28, 2009 and set up automatic monthly transfers of $50 or more from the new Compass checking account to a new or existing savings/money market account. Three consecutive automatic transfers must occur within the first 4 statement cycles the checking account is open to qualify for offer. $75 will be paid to the savings/money market account in the first or second statement cycle following completion of the third automatic deposit. Automatic transfers cannot be made or set up online."

I asked about Direct Deposit Bonus, "for a limited time checking account customers who establish a recurring Payroll Direct Deposit can get an extra deposit from Compass – up to $75! Sign up for Direct Deposit with your employer's payroll department today."

I said I was self-employed so I don't have a Payroll Direct Deposit, can I just ACH it in? Again, customer service didn't know anything, she tried to call to find out, no one answered.

Compass Bank is a Awful Bank. Banking is obviously not their business.

1