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$100 Checking Account Bonus at AnchorBank in Wisconsin

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AnchorBank is offering up to $100 for opening any new personal checking account and performing certain activities. This offer is listed in the bank's promotion page. It's scheduled to end on 2/28/2011.

The required activities include:

  • $25 for opening your account
  • $25 for direct deposit
  • $25 for making three debit card purchases
  • $25 when you sign up for free e-statements

The direct deposit, debit card purchase and e-statement sign-up must be completed within 60 days of account opening. Existing checking account customers are not eligible for the bonus. Another important note mentioned in the small print is that the "account must remain open for six months and should be utilized as the primary checking account." Credit for this find goes to this iBankDesign thread.

The free checking qualifies for this bonus. It has no monthly fee or minimum balance. However, a minimum $100 initial deposit is required.

There's an online application. At the bottom of the application, the following limitation is mentioned:

Checking products are limited to residents of Wisconsin, Illinois, Iowa and Minnesota.

AnchorBank branches are only in Wisconsin, but according to the CSR, you can open the checking account and qualify for the bonus without a branch visit. The CSR also said there's no hard credit inquiry. They just use ChexSystem (Note, CSRs are often incorrect on this).

AnchorBank is a sizable bank with around 60 offices throughout Wisconsin including the cities of Madison, Milwaukee and Appleton.

AnchorBank isn't in the best financial shape. The bank has been operating under an OTS Cease and Desist Order since 2009 in which they're required to increase their capital. Also in 2009, its bank holding company received $110 million in TARP funds which it still hasn't paid back. The bank has an overall health score at DepositAccounts.com of 1 out of 5 with a Texas Ratio of 124.69% (poor) based on September 2010 data. The bank has been a FDIC member since 1938 (FDIC Certificate # 29979).

The main concern for those who apply for this bonus is if the bank is closed by regulators before the bonus is credited. There's no issue about losing money if you keep under $250K in deposits. However, the bonus could be at risk. The bank that acquires a failed bank is not obligated to honor bonuses. That happened when ING Direct assumed NetBank accounts in 2007.

Other Credit Union and Bank Bonuses

To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.


  Tags: AnchorBank, checking account, Wisconsin, Illinois, Minnesota, Iowa

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Comments
4 Comments.
Comment #1 by Pondus posted on
Pondus
When I did this promo in the summer, Chex was pulled without any hard credit inquiries. The bank credited the portions of the bonus I qualified for promptly, even early, though the debit transactions were really small. The "primary checking account" use requirement, whatever that is, was explained to me by the teller as "don't just let the account sit for 6 months". I chose to maintain a DD of about $100 going there every two weeks and used all of it for billpay, which can be set up as free with DD and is not the abusively slow kind. The billpay also has a good database so I never had to fill out any biller addresses, even for things that Alliant wanted addresses filled out for. Anchor also sent me a batch of duplicate checks for free. Although the offer does not mention a 1099, I just got my 1099-INT for the full $100.

3
Comment #2 by KenBDG posted on
KenBDG
Thanks for the info! Looks like a good bank. Hope they can get their financial health back in order.

2
Comment #3 by Joey (anonymous) posted on
Joey
I live in Illinois and just called them, the teller asked his supervisor and told me that this bonus is only eligible for Wisconsin residents and area near their branches.Bad luck!

1
Comment #4 by dk (anonymous) posted on
dk
I filled out online application on Saturday and today I got Phone call that they open accounts only in WI for customers living near their branches. But I live 60 miles away in IL that too far.

1