Sun National Bank is offering a checking account promotion with a cash bonus of up to $100. It requires opening the bank's Boomerang Checking account, activating the Visa Check Card and establishing direct deposit. This promotion is listed at the bank's offers page as of 5/29/2012.
Activating the Visa Check Card earns the customer the first $50. Below is the small print for this part of the offer:
New Visa Check Card must be opened between 5/7/12 and 7/20/12, and activated by 8/24/12 in order to receive the $50 cash bonus. For qualifying customers, $50 cash bonus will be direct deposited into Boomerang Checking account on or about 9/30/12.
Establishing direct deposit earns the customer the second $50. Below is the small print for the direct deposit:
Recurring third-party direct deposit of payroll, social security or pension funds must be established by 9/17/12 to be eligible for the cash bonus. Transfer of funds from an existing Sun National Bank account does not qualify as a direct deposit. For qualifying customers, $50 cash bonus will be direct deposited into the Boomerang Checking account on or about 9/30/12.
Below is some additional important small print related to this offer:
Minimum to open is $100 in new money only not currently on deposit at Sun. New accounts only. Account must be in "good standing" in order to qualify for the cash bonus. Decisions regarding eligibility for all cash bonuses are at the bank’s sole discretion and are final.
A 1099 Misc. form may be issued for tax purposes.
There's an online application that allows a customer to open the Boomerang Checking account. This is a free checking account with no minimum balance requirement and no monthly maintenance fee. E-statements are free, but paper statements are available with a cost of $5 per month. The first 5 checks written per statement cycle are free. There's a 50-cent cost for each check written over 5. You can earn a little extra money with this bank's debit card cash back program (10 cents for each debit card purchase).
There's also a high-interest savings account that can be opened with this checking account (see account review).
There's no indication from the online application if they limit new accounts to their market area (New Jersey). I've sent an email asking about this, and I'll update this post when I receive a reply.
Sun National Bank branches are located throughout New Jersey.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas ratio of 29.18% (average) based on March 2012 data. Please refer to our financial overview of Sun National Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 26240).
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.