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New Checking Account - Extra 20 Checking

Wednesday, October 30, 2013 - 3:13 PMSantander Bank, N.A - Details
Sovereign bank has changed to Santander Bank and with it a new checking product, Extra 20 Checking.

Tht monthly requirements are a direct deposit of $1500 and receive $10.00 and pay two bills through online banking and receive another $10.  The downside is if you have this account and no direct deposit there is a fee.

https://www.santanderbank.com/us/personal/banking/checking/extra20-checking

from the web site:  "

With extra20 checking you can actually get paid each month to have direct deposit and pay your bills online. That´s right: Get paid to keep doing what you´re doing already, just for banking with Santander. Just have $1,500 or more in total direct deposits each month, and pay two bills through the BillPay tab in Online Banking and we´ll credit $20 every month to your extra20 savings account.1 Now your bank pays you.
3
marcalmarcal7 posts since
Apr 3, 2011
Rep Points: 26
1. Thursday, November 21, 2013 - 11:02 PM
Is there a hard pull when applying for this checking account?

I heard sovereign did hard pull a few years ago.
1
marshallqmarshallq1 posts since
Nov 21, 2013
Rep Points: 1
2. Friday, November 22, 2013 - 6:59 AM
Yes, hard pull.

Thanks for the information; sounds interesting ($20 a month is not bad).  $1,500 DD can be replaced by simple ACH from other banks I believe (one can test it).
4
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
3. Friday, November 22, 2013 - 9:05 AM
How do you know this is a hard pull? Thanks
1
Corey FriedlanderCorey Friedlander1 posts since
Nov 22, 2013
Rep Points: 1
4. Friday, November 22, 2013 - 9:20 AM
I opened the account at a branch.  The branch manager called to ask if an ACH from another bank would qualify for the direct deposit. He was told that it would NOT QUALIFY.  I thought it was still worth changing my dd since the monthly interest payout of $20 would be around 16% for a $1500 deposit and the money didn't have to stay in there after making two bill pays.
2
marcalmarcal7 posts since
Apr 3, 2011
Rep Points: 26
5. Friday, November 22, 2013 - 9:48 AM
How do you know this is a hard pull? Thanks

From Sovereign Bank experience, you can check with the branch manager to confirm that.

3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
6. Friday, November 22, 2013 - 9:51 AM
I opened the account at a branch.  The branch manager called to ask if an ACH from another bank would qualify for the direct deposit. He was told that it would NOT QUALIFY.  I thought it was still worth changing my dd since the monthly interest payout of $20 would be around 16% for a $1500 deposit and the money didn't have to stay in there after making two bill pays.

Branch manager would not know things like that.  Test it and you'll find out:-)  I checked with Sovereign Bank manager last time as well, the answer was also no.  But ACH worked as DD.  There is no difference between ACH and DD unless they seriously check it (e.g., Serve does that).

3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
7. Friday, November 22, 2013 - 10:06 AM
Are you talking about American Express Serve debit card?  Have you actually tested if it would work with Santander Bank?
2
marcalmarcal7 posts since
Apr 3, 2011
Rep Points: 26
8. Friday, November 22, 2013 - 11:26 AM
No, Serve is very strict on their DD requirement; has to be a real DD.  When Serve offered bonuses for DD, many tried ACH in vain.  I tried myself lately, they are tough cookie.

I will bet that this bank will treat ACH as DD; please test it and come back to let us know.  All you need to do is send $1 from outside bank (say Ally) to this bank and see how it is coded.  Good luck.
2
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
9. Tuesday, November 26, 2013 - 9:32 PM
Obviously a lot of interest on this offer.  Extra $20 a month is pretty tempting.  They are overloaded with applications (see FWF discussions/information below).  I would suggest to go to the branch if you are near one.

http://www.fatwallet.com/forums/finance/1309419/
3
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,426
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