Update: It looks like the promotion didn't make it through the day. When I called this morning, the CSR said it was going to end tonight. I guess they changed their minds and decided to end it even earlier. The promotions page now states that the offer has expired.
When I called WTDirect this morning for clarification on the initial deposit issue, I was informed by the customer service rep that the promotion is now scheduled to end sometime tonight (5/24/2010). She wasn't able to provide a time, but she said that once it expires, you will no longer be able to apply through the promotional page. If you are able to successfully submit the application at this promotional page, you should be eligible for the bonus.
According to the CSR, a lot of people have been applying, and this is the likely cause of the application errors that readers have been reporting over the weekend. As I mentioned in my initial review of this promo on Thursday, a similar WTDirect promotion in 2008 ended in only 2 to 3 days. The small print of the offer does state that they may cancel the promotion at any time without notice.
I did receive confirmation from the CSR that the initial deposit does not need to be the full amount that you want to qualify for the bonus. The CSR said that this was the original plan for the promotion, and I think this was the reason some readers were told conflicting information. Another reader received an email reply about this issue, and the email corresponds exactly to what I was told. So I'm pasting the email below:
We have received your email regarding our recent promotion. You will be able to open the account with an initial deposit of as little as $1.00. Please make sure that you have the qualifying balance of $10,000 to $50,000 (depending on how large of a cash bonus you would like to receive) in the account by June 15. Please maintain that balance until September 15. As long as the qualifying balance is in the account from June 15 through September 15, it does not matter what your initial deposit is.
Thanks to reader who pasted this email reply in the comments.
When the promo ends, make sure you don't withdraw all the money on 9/16. The account needs to remain open for the bonus to be credited.
WTDirect is a division of Wilmington Trust FSB which has been a FDIC member since 1994 (FDIC Certificate # 33911). Deposits at WTDirect are FDIC-insured with Wilmington Trust FSB.
For more details about WTDirect and the promotion, please refer to the following: