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$300 Checking Account Bonus at Dime Bank in New York

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Dime Savings Bank
Dime Savings Bank is offering a checking account bonus in which you can earn up to $300. The promo is listed on their home page (impossible to miss). The promotion is scheduled to last until 11/15/09. The $300 bonus is for the Prime Dime Rewards Checking. A smaller bonus of $225 is for the Dime Rewards Checking. I had to look closely to read the fine print. Below are the important parts for the $300 bonus:
  • $100 for account opening (paid at the time of account opening)
  • $100 for setting up monthly recurring direct deposit
  • $100 for completing two online bill payments
Last two $100 bonuses will be paid 6 months after opening date if the direct deposit is established and the bill payments are completed within 3 months of account opening. For the $225 bonus, $75 is paid three times just like above. Some additional small print includes:
  • If you close your account within 6 months of the opening date, any bonuses paid will be deducted at the time of account closing.
  • Bonuses will be paid for new checking customers only.
  • Bonus accounts are limited to one per household.
These accounts are not high yield reward checking accounts. There is no high yield, but on the plus side, there are no debit card usage requirements. However, both accounts require that direct deposit or use of Dime's online bill payment services be maintained each month. If this requirements is not maintained, you may be required to close the account upon 30 days written notice.

Details of the Prime Dime Rewards Checking are listed in this account disclosure. Two important details include:
  • Rates: 0.25% APY for under $5K, 0.50% APY for $5K to $25K
  • $15 monthly maintenance fee if average daily balance is under $5,000
Details of the Dime Rewards Checking are listed in this account disclosure. Two important details include:
  • Non-interest bearing checking account
  • $12 monthly maintenance fee if average daily balance is under $2,500
Update 9/18/09: I just called Dime, and I was able to speak with a CSR. I was told that an individual could apply online and qualify for this promotion. According to the CSR, it was available nationwide. I also asked about a hard credit inquiry. She said that they will do a hard credit inquiry in the application via eFunds.

The bank also some fairly competitive special CD rates. These include a 3.30% APY 5-year CD and a 2.50% APY 3-year CD as of 9/17/09. When I called Dime Savings last March about a similar promotion, I was told that the special CDs were available to people in any state. If you're interested in these CDs, I recommend calling Dime Savings at 800-321-DIME (3463) for the latest instructions.

Dime Savings' branches are located throughout the Greater New York metro area.

Dime Savings Bank has some solid financial ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). It has been a FDIC member since 1943 (FDIC Certificate # 16012).

Thanks to the reader Scott who mentioned this special in the Bank Deals hub page.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
  Tags: Dime Savings Bank, New York, checking account

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Comments
12 comments.
Comment #1 by gaelicwench (anonymous) posted on
gaelicwench
I would have to close the account after the required 6 months period. To keep $2500 in a non-interest bearing checking account is assinine, especially when there are so many other vehicles out there to park one's cash.

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Comment #2 by "" (anonymous) posted on
how so?

if you were to keep 2500 in a 4% high yield checking account, you'd earn $50 in interest (before taxes).

it seems to me that a 6 month return of $225 beats $50...

or is my thinking illogical?

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Comment #3 by Anonymous posted on
Anonymous
$225 definitely beats $50. open an account and leave it open for 6 months. keep $2500 in it and transfer any extra into high yield checking or online savings. close it up after 6 months and move on.

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Comment #4 by Anonymous posted on
Anonymous
What about Direct Deposit. Would ACH XFr DO?

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Comment #5 by Anonymous posted on
Anonymous
This is from the account disclosure for both accounts:
"Direct Deposit Requirement – Direct deposit of payroll, pension, or government benefits or use of Dime’s online bill payment services must be maintained each month to remain eligible for this account type. If this requirement is not maintained, you may be required to close the account upon 30 days written notice."

1
Comment #6 by Anonymous posted on
Anonymous
The CSR states that you must setup direct deposit or none of the promotions will be given. This is highly unusually from the past experience. Possible CSR is wrong?

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Comment #7 by ctgottapee (anonymous) posted on
ctgottapee
CSR is probably right on Direct Deposit, Dime's page on requirements for both checking accounts states Direct Deposit is required, although other pages state Direct Deposit or online bill pay is required to keep the account open - which appears to be discretionary.

their sign up process is a bit less automated than some. like most, you have to fax or mail a copy of your drivers license AND also a proof of current address like your utility bill; they don't need to be notarized. the funding process accepts ACH but it is not instantaneous; they first peform a trial deposit test you must verify. you don't get immediate access to web banking or a signon id like most.

i attempted to reach a phone rep twice and waited on hold forever so may not be so hot if you actually need a life person to yak at. the promo page says call for details, but you don't need to call to get the promo awards, just signup online.

if your actually considering a new checking account, the prime one seems decent with ATM refunds and offers .5% interest which is about what is norm, so i imagine it would be competitive when rates don't suck so hard, if that time ever comes again ;)

i encourage you remember to keep bankingguy in your thoughts when pulling home these great interest rates or bonuses - he has a donation page....

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Comment #8 by Anonymous posted on
Anonymous
Dime Savings is a disorganized, dishonest & poorly run operation.
Customer service seems to be non-U.S. even though they are based in Brooklyn,NY.
They mismanaged my online application so badly that it took over two weeks.
After many delays in processing, they finally approved my account, but while waiting for final ach funding, some Dime representative called me to say that there were too many inquiries on the credit history they had already checked.
Not only is this not true, but it is irrelevant since my credit history/rating is absolutely clean with no negative events.
Apparently someone had a grudge, and was retaliating for my complaining about the mismanaged processing of the application.
It was already approved and then they unapproved it.

$300 bonus or no, save yourself some grief, and avoid the time wasting mismanagement of DIME SAVINGS BANK OF WILLIAMSBURGH-

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Comment #9 by Diane (anonymous) posted on
Diane
Started the account opening process a month ago. When I tried to do it online everything went smooth until I got to funding the account. Said $1 min to open. I was going to open with $50 but, it wouldn't accept it. So I closed the window. For the last 3 weeks, I have been getting phone calls 3 - 4 times a week between 6 and 8am! (I'm in Oregon... 3 hour time diff from NY). And 8am on a few Saturdays. They also sent me an email saying they had been trying to contact me and if they didn't hear from me within a week, they could cancel my application. That same day I received paperwork from them requesting a copy of my DL and utility bill along with funds to open the account. I sent that back in last week. This morning (at 6:45) they called again I happened to be home and answered. They said they had received my info and would be opening the account today. It will be interesting to see how this goes. Marking my calendar: March 29, 2010 CLOSE DIME ACCT (when bonus is received!)

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Comment #10 by Anonymous posted on
Anonymous
the deal has been extended

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Comment #11 by Anonymous posted on
Anonymous
"Extended"?

It still shows 11/15/2009.

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Comment #12 by Anonymous posted on
Anonymous
According to CSR from Boro Park branch in Brooklyn, the deal has been extended "to attract more funds". He did not know for how long.

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