$123 Checking Account Bonus at Provident Bank
Feb 4, 2009 - 8:22 AM by Ken Tumin
Provident Bank has a $123 checking account promotion. The new checking account must be opened by 3/31/09, and the customer must have direct deposit and an active Provident MasterMoney debit card by 4/30/09. Here are some important details from the small print:
From the promotion page it appears to be open to people in any state. When I posted on a similar Provident Bank checking bonus in September 2008, the promotion was limited to the bank's market area (DC, MD, PA, VA and WV). Update 2/4/09: A reader reported being told of a similar geographic restriction as before.
This is the same bank that operates Providentdirect with a high yield online savings account, APY currently at 2.82% (see post).
Another thing to note regarding Provident Bank is that it's in the process of being acquired by M&T Bank. The acquisition is expected to close late in the second quarter of 2009 (see press release).
Provident Bank has been FDIC insured since 1943 (Certificate # 15951).
Thanks to the reader who commented on this promotion in the Daily News & Deals post.
- Limit one per household
- Minimum opening deposit of $25
- Cash award will be deposited into checking accounts on or about 5/31/09
- Customers will be responsible for applicable taxes
From the promotion page it appears to be open to people in any state. When I posted on a similar Provident Bank checking bonus in September 2008, the promotion was limited to the bank's market area (DC, MD, PA, VA and WV). Update 2/4/09: A reader reported being told of a similar geographic restriction as before.
This is the same bank that operates Providentdirect with a high yield online savings account, APY currently at 2.82% (see post).
Another thing to note regarding Provident Bank is that it's in the process of being acquired by M&T Bank. The acquisition is expected to close late in the second quarter of 2009 (see press release).
Provident Bank has been FDIC insured since 1943 (Certificate # 15951).
Thanks to the reader who commented on this promotion in the Daily News & Deals post.
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Anonymous - #1, Tuesday, February 3, 2009 - 10:39 PM
Not to be confused with "THE" Provident Bank (http://www.providentnj.com)
-EugeneV
Anonymous - #2, Wednesday, February 4, 2009 - 7:52 AM
I just called provident. and was told this promotion is only for DC and VA.
Anonymous - #3, Wednesday, February 4, 2009 - 1:49 PM
Per 2/4/09 email from Provident: "In order to qualify for the $123 promotion, this must be a Preauthorized Deposit from an employer and not a recurring ACH. Also, I show that you are outside of the Maryland/DC/Virginia area which also a qualification for this promotion."
Anonymous - #4, Wednesday, February 4, 2009 - 4:01 PM
Only for VA and DC? The bank is based in Maryland and why would you exclude people who reside in your own market?
Anonymous - #5, Wednesday, February 4, 2009 - 4:03 PM
Apparently a direct deposit from a paycheck is different than an ACH transfer from a bank. I guess they want the money to come from an employee payroll account instead of another bank account.
Anonymous - #6, Wednesday, February 4, 2009 - 4:07 PM
Checking account Annual Percentage Yields as of January 21, 2009: Interest: .10%; Platinum .25%.
This is the rate that you will get for the $123 bonus signup. So consider the bonus signup as your actual interest because 0.1$ just doesn't cut it even for a 1 million dollar balance (you get a measly $1000 annual interest).
Anonymous - #7, Thursday, February 5, 2009 - 6:51 AM
iOffer is NOT available to everyone.
As of 2/4/09:
“Offer only available to residents of DC, MD, PA, VA or WV who are 18 years of age as of February 2, 2009.”
Anonymous - #8, Thursday, February 5, 2009 - 7:29 PM
I guess I can deposit $1000 and open an account so that I can supposedly get around 10% APY for the year if I keep the account open that long. But $123 with an interest rate well below 1% doesn't cut it. $123 doesn't pay even one month's utility costs.
Anonymous - #9, Monday, February 9, 2009 - 3:38 PM
According to their website:
Make fifteen (15) or more “credit” purchases with your Provident MasterMoney™ debit card totaling $1,500 between 2/2/09 and 3/31/09 and be automatically entered to win one (1) of five (5) $123 MasterCard® gift cards. Plus, if you enroll in Provident Power Points, you’ll receive 500 bonus Power Points rewards.*
Also this bank has just been bought by M&T Bank.
Anonymous - #10, Monday, June 1, 2009 - 1:42 PM
Scam alert: It looks like M&T Bank might try to nickel/dime you on this Provident bonus, even if you have satisfied all of the terms of the $123 bonus. I have direct deposit there but had not received anything and called M&T today to see what the deal was. The CSR tried to tell me that even though I have the e-mail receipt proving the account was opened on Tuesday, 3/31, because it was not considered "active" until April 2nd, I'm not eligible.
I'm going to appeal this all the way of course and just now stopped into a branch for round 2. The manager there was helpless, but promised she'd "look into it" and give me a call. I'll keep everyone posted.
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