$150 Checking Account Bonus at 1st Mariner Bank - Available Nationwide
Update: The checking account bonus appears to have expired. Also, for future reference, please note that readers have reported that 1st Mariner Bank will reject applications if one has 3 or more ChexSystems inquiries within the last 2 years.
1st Mariner Bank is offering a bonus of $150 for opening its Classic Direct Deposit Checking Account with $200 and activating a direct deposit within 90 days. This is listed on the bank's front page and in the bank's promotions page as of 10/7/2010.
There's also a $50 bonus for referring a friend who opens a checking account.
Here's the small print of the offer:
A service charge of $15.00 will be assessed if account is closed within 90 days. Classic Direct Deposit annual percentage yield of .50% is effective as of 7/28/10. Subject to change. One bonus per new account. Account must receive a direct deposit at least once every 90 days.
The Classic Direct Deposit Checking has no monthly fees, no minimum balance requirements and it offers free checks. There's also a bonus of up to $10 when you turn in your old checks.
I used the bank's online chat service to get more info on this promotion. According to the CSR, you can qualify for this bonus by applying online, and you don't need to be a resident of their local market area. Before applying, you might want to use the chat service. The CSR asked to record my name to ensure the bonus would be credited to the account once the direct deposit hits. I was told that the application process would not involve a hard credit inquiry which can ding your credit score. According to the CSR, "when opening the account online or over the phone we do perform a soft hit on your credit."
1st Mariner Bank's branches are located in several Maryland cities including Baltimore, Annapolis, Westminster, Bel Air, Columbia and Easton. There's also a branch in Shrewsbury, PA.
The bank is also having a CD special which I just reported on in this post. Also in that post I reviewed the financial health of 1st Mariner Bank. Its ratings are a little weak as it's working to comply with regulators demands to raise capital levels. The bank has been a FDIC member since 1962 (FDIC Certificate # 31286).
Credit for this find goes to FW member VerbalK who mentioned the promo in this FW thread.
Other Bank Bonuses
To find other bonus deals at other banks, 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.
how? Even funding by credit card does not count for cash advance, but how you can get cashback for it? Any details?
Thanks.
A 1st Mariner representative will be with you in a moment.
You have been connected to Nortisha Thomas.
Nortisha Thomas: Hello, how are you?
Steven: fine thank you
Nortisha Thomas: That's wonderful! Once your direct deposit hits, the credit will be applied within 5 business days after.
Steven: ok thank you. what is the bank's definition of direct deposit?
Steven: are you still there?
Nortisha Thomas: A electronic deposit coming from a third party. It can not be from another account.
Steven: I dont understand. If a deposit is coming from a third party it will always be coming from another account
Nortisha Thomas: When it comes from a third party; for example your employer. The money does come from their account, but they then send the funds through a third party processing center, and it then comes to us.
Steven: So its ok if it comes through ACh?
Nortisha Thomas: No ACH's do not count. It has to be maybe from your employer or maybe social security, something like that.
Steven: What if they process through ACH?
Nortisha Thomas: It will come to the account but will not qualify as a direct deposit for the promotion.
Steven: ok thank you have a nice day
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A 1st Mariner representative will be with you in a moment.
You have been connected to Kati Wood.
Kati Wood: Hi mike.
mike: Hi Kati
mike: I'm about to open a checking account online. What are my options for funding it?
Kati Wood: ACH using a routing number and account number or Credit/Debit Card with a Visa or Mastercard logo
mike: oh, do you accept funding by credit card?
mike: Is it going to be cash advance or purchase?
Kati Wood: “ If this is a credit card and not a debit card tied to your checking account, use of the credit card for funding is subject to the terms and conditions of the agreement entered into with your credit card issuer and may be processed as a cash advance by your credit card issuer resulting in a higher rate and/or additional fees. First Mariner Bank has no influence or control of the processing of your credit card transactions. If you have questions about the processing for this new account, please contact your credit card company directly.”
mike: ok, great.... that's all i wanted to know
mike: thank you.
Kati Wood: Your welcome. Have a nice day
I am planning to open the account online today. Anybody who wants to split the $50 referral can email me on
[email protected]
[email protected]
-- update for comment #32
thanks
chase freedom, chase united mileage plus card, Citi AAdvantage visa signature
[email protected]
email [email protected]
[email protected]
[email protected]
Thanks
Email me at [email protected] if you'd like to split a referral bonus.
Thank you for contacting the customer service department at 1st Mariner Bank. You can apply again after you have been removed from Chex Systems. In order to find out if you have been removed from Chex Systems, you would have to contact them at 1-800-428-9623.
Kati Wood: We only allow 3 in a 2 year period
So keep that mind before you apply.
Are you guys their local customers who live in the neighborhood? This could be a reason if you get turned down.
Did ANYONE get approved? Because if this is set up to deny just about everyone who applied, then yes, we should do something about this. We should issue a formal complaint with the Fed Reserve and FDIC. They cannot just take adverse action against everyone, can they and blame chex?
I had only two inquiry in the last 12 month, one on Oct. 22 2009 and one in Nov. 2009 and that was a reason to turn me down, come on Bank you are all crooks, return my $400 ASAP, I will never ever deal with you again.
Banks should not be able to take your money and then send you a denial after they have essentially received a "free" loan from the consumer. Bad, bad, bad...
Those of us with many CD's laddered, etc, will in no way have less than 3 in 2 years. They state they do not have to put a disclaimer on # of chex systems inquires.
What a waste of my time, and stamp to send in my signed completed application.
Very very dissapointing on how un-professional this institution is.
I would join a bandwagon to complain in a group to FDIC or any other consumer org.
[email protected]
Complain to FDIC and the FEDs and will see what happens.
File complain, it is only recourse now.
FDIC here I come with complaint......................
They shouldn't withdraw money then deny the account. They could have withdraw the money once they approve the account. I do think this is like a scam played by the bank.
Please take time to file a complaint. I think there will be a better chance that they look into it when there are a lot of people who filed the complaint. It happened to us, but hopefully we can help to prevent it from happening to more people.
This bank is run by thieves. Calling does not help, online chat same old story you will get it back in 5-7 business days, liars!
Please take a moment to file the complain
https://www2.fdic.gov/starsmail/index.asp
we don't want to be taken for granted.
thanks,
Despite initial acceptance of application, accepting initial funding for the account, and receiving a welcome e-mail from 1st Mariner, ultimately getting denied if one has 3 or more ChexSystems inquiries within the last 2 years (with now a 4th inquiry from 1st Mariner) and having one's funds locked up at least 3 - 5 days before getting them back.
PROCEED WITH CAUTION!!!
If you're as unhappy as I am with 1st Mariner Bank's policies, besides the Better Business Bureau and the appropriate regulatory agencies, please send your complaints to:
Pat Wellbrock, Director of Consumer Affairs, [email protected] Her department is responsible for receiving and processing all consumer complaints.
You can also file an online complaint with the FDIC here. The institution information is:
First Mariner Bank
1501 South Clinton Street
Baltimore,MD 21224
(443) 573-4800
From FWF poster depreshun on 10/13:
In summary, if you're a person who takes advantage of bonuses for opening checking accounts or chases rates by opening RCAs, 1st Mariner will gladly accept your application, allowing funding your account (even with a credit card), and then will reject your application for excessive ChexSystems inquiries and return the funds to your credit card 3 - 5 days later, reversing any CashBack or rewards you might have gained.
The net result: no $150 bonus from 1st Mariner, your funds tied up with 1st Mariner before they are credited back to you, and one more ChexSystems inquiry that might affect your ability to open checking accounts at other banks or CUs who are sensitive to recent ChexSystems inquiries, yet who at least have the integrity to reject your application during the application process.
Although 1st Mariner might have done nothing illegal, complaints to the above-mentioned agencies are very appropriate, especially WRT to their holding on to people's funds 3 - 5 days and giving the initial impression that opening one's account was successful.
http://www.fdic.gov/bank/individual/enforcement/2009-04-18.pdf
This bank obviously has a history of deceptive practices, and is in trouble, and appears perhaps could be some 'bandit' employees/management/ownership, that have found a way to collect this data. This data is worth alot to international theft rings, and I wouldn't put it past this group of collective thieves. Katie Wood is a popular lady, she writes the decline letters, she answers the phones....this is very worrisome to me.
And...send them the email addresses of all your friends and they will pay you $50! So they can lure in thousands more unsuspecting persons; at no cost to them, since they don't open any accounts!
It is in all of our best interests to get the Feds involved in looking into this....so please take the time to report to both the Federal Reserve, and the FDIC.
http://helpwithmybank.gov/complaints/
..." Nortisha Thomas: Is there a number I can reach you later. I will have to contact the correct department to see when your credit is scheduled to hit your account. It usually takes 5-10 business days."...
It took, 12 days to reject me and I have to wait another two weeks from today to receive the initial deposit. Crooks
a $5k tax loss. They're not very up front with their ways.
They are liars, crooks, thrives, scamers, @#@# and if they go under we lost our deposits for good. This is how they finance their cease and desist letter from FDIC
Creative financing anyone! This is fraud on a grand scale. File complaint with FDIC at once.
I'm notifying FDIC and OCC, etc.
can use to collect from FDIC. I'm waiting to hear it all is striking the fan.
CEASE AND DESIST ORDER: FDIC-09-302b
available for inspection in its entirety at:
http://www.dllr.state.md.us/finance/consumers/pdf/FirstMarinerCDAck.pdf
In skeletal form:
FDIC-09-302b ordered 1st Mariner Bank to cease and desist from the following unsafe or unsound banking practices:
1. inadequate level of capital protection for the kind and quality of assets held
2. inadequate earnings to support operations, maintain capital levels, and support loan
loss reserves
3. operating with excessive levels of adversely classified loans or assets
4. operating with inadequate management policies and practices
5. operating with inadequate liquidity
and more.
For an exploration of what this means, a contemporary article may be found at:
www.baltimoresun.com/business/bal-bz.mariner22sep22,0,7924153.story
One expert stated therein:"You have a bank with a number of problems, and they haven't
cured the problems that were raised in the informal proceedings," said Bert Ely, a banking
analyst with Ely & Co. "Now, you get the formal order, and that's another step toward
eventual takeover of the bank."
Surprised?
I opened an account online on 10/11 (joint account with my wife, myself as primary). $200 was taken from my external account the next day. I registered the account online... no problem. After reading all the negative posts, I called the bank and was told the account was in order. Over the next few days, there was no problem accessing the account online. In fact, a couple of transfers I made to the account were shown. I arranged for direct deposit of my social security in order to receive the $150. So far so good.... although I won't know for sure until after the first DD next month when I should be getting the bonus.
I asked the CSR if my wife could open an account, with me as joint holder, arrange for DD, and receive the bonus. I was told that would work. So on 10/12, I opened another account online, received an account number and arranged for ACH funding. BUT, her account was denied due to Chexsystems inquiries. Perhaps the inquiries from opening my account tripped the switch. Regarding the $200, it finally hit my account today, 8 business days after they took it.
http://www.depositaccounts.com/forum/thread/3053-this-bank-is-a-scam.html
Thanks!
I would like to be a regular poster here and contribute positively and regularly in savings accounts and reward checking accounts.