HomeStreet Bank has brought back its $215 checking account promotion that I last reported on in July 2009. The bonuses amounts appear to be the same as before. The largest bonus is for direct deposit, but you can still make $135 without it. Details are listed in the bank's promotion page as of 1/21/2010. I don't see any expiration date, but based on its history, the promo comes and goes. The following activities are required to receive the full $215:
- $80 for direct deposits of payroll, pension, social security or other income to your account
- $60 for using your new Visa Check card ($2 per purchase up to $60)
- $40 for using free Online Bill Pay ($10 per payment up to $40)
- $10 for receiving e-statements
- $25 for giving the bank your old checks and debit card from your old bank ($15 for your check card and $2 per pad of checks up to $10).
Some important small print of the offer includes:
- Minimum opening deposit for the checking account is $100
- The Totally Free Checking qualifies
- All transactions eligible for a bonus payment must be made within the first 3 statement cycles after account opening
- Offer is limited to one account per household
- Accounts closed by the customer within 90 days of opening are subject to a $15 early closure fee
One nice change for 2010 is that they doubled their refer-a-friend promotion. When you refer a friend who opens a checking account, both you and your friend will earn $50 (Update: Looks like only the person who refers the new customer makes the $50) There's no limit on the number of referrals you can make.
When I posted on this promotion last year, a reader mentioned being told by the CSR that there is no hard credit inquiry.
It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii. The bank is a member FDIC (FDIC Certificate # 32489). Update: HomeStreet Bank has been operating under a FDIC Cease & Desist order since May 2009.