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Last Chance at WTDirect's $500 Promotion - EXPIRED


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:

Related Pages: savings account

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Anonymous   |     |   Comment #1
I applied on Friday, this morning I got e-mail stating my application has been canceled.
Anonymous   |     |   Comment #2
Just my luck about the bonus expiring.  I started an application over the weekend but didn't finish due to the confusion about initial vs later deposits.  When I entered the application through the link on the bonus page, I remember a promo code was entered on first page.  Did anyone who applied before the bonus expired write down the promo code?  Maybe those of us who missed the deadline could still be eligible for the bonus if we applied through the web application and entered that promo code.  Please let us know if anyone knows the promo code, thanks!
Anonymous   |     |   Comment #4
Called and informed promo no longer valid, even if opened by sometime tonight. 
Anonymous   |     |   Comment #5
I also applied last Friday and got a message that my application was under review.  This morning I received an email that my account had been approved.  I called the bank and CSR said that since I had applied during promotional period, I would receive the bonus.  I hope she is right.
5 thumbs up
5 thumbs up (anonymous)   |     |   Comment #6
double bummer
Anonymous   |     |   Comment #7
I applied on sunday 5/23/20010, and I was able to open my account. I haven't received anything from them via email. When I login to my account, it says:

Thank you for saving with WTDirect. Your account setup is in progress and should be complete within 1-2 business days."

Hopefully get approved soon! Thanks for all information!
Anonymous   |     |   Comment #9
Well, this offer was widely broadcastat least  over Fatwallet and this site.  The FWF effect by itself would kill this deal, not to mention two parallel sites.

There is certain level of unclarity on the deposit amount/timing.  Even if everything works, out, it may equal a 4% RCA, minus interest loss due to double hop transfers (i.e., getting $ in and eventually getting $ out after bonus).  That was why I would pass this deal anyway. 
Anonymous   |     |   Comment #12
I checked my Ally account, and I noticed there were two small deposits and one withdraw this morning, but I haven't received a confirmation email yet. I hope my account will be approved soon! Cross my fingers!
OC Steve
OC Steve (anonymous)   |     |   Comment #13
I applied last Friday, and was not able to complete the application at that time, but it was "saved" and I did complete it today.  It was referred subsequently for further processing.  I called a CSR and was told that the offer was terminated at 10AM this morning, but that since I completed an application that was started from a prior day, I would just get in under the wire.  Once the additional processing is completed, I will have the small ACH deposit done, then I'll initiate more before 6/15, so I can get the maximum bonus of $500.


Ken:  Thank you for keeping up updated on this very short-term offer.  Had I not seen your updated today (Monday), I might have not gotten back and finalized it today.  Thanks again!


OC Steve
Anonymous   |     |   Comment #14
to anon#12: CSR I talked to advised me not to wait for the account's approval email to confirm small deposits.  She told me to do it as soon as I see the deposits in my funding account.
Anonymous   |     |   Comment #15
To anon#14 (From anon#12 above)

Thanks for the info, but i am not able to confirm the small deposits since my account haven't been set up yet. When I login to my account, I only got: "Thank you for saving with WTDirect. Your account setup is in progress and should be complete within 1-2 business days."
Anonymous   |     |   Comment #16
confirm the small deposits here


Anonymous   |     |   Comment #18
What happened to comment  11
Dave (anonymous)   |     |   Comment #19
Signed up for the account Friday night, seemed to be approved and received my account number, but still haven't actually gotten a login to the site yet as of Monday night.


Trial deposits showed up in my checking acct Monday morning however, so it looks like I'm in.

Was able to use the link in above comment (#16) to verify my trial deposits even though I didn't have a login to my account yet.


Guess email will come in the next few days so I can actually see what my account looks like.
Dave (anonymous)   |     |   Comment #20
Does anyone have the routing number for this bank yet?
Dave (anonymous)   |     |   Comment #21
Sorry, was able to get routing number from FAQ off of the main page of their website


The WTDirect routing number is 052173464
Anonymous   |     |   Comment #22
Guess I just barely made approval.  What luck!  I only check my bank accounts once or twice a month, and yesterday, Sunday evening, read this interesting promo.  Thanks Bank Guy & others.  I almost procrastinated, but your warning helped.  I verified trial deposits, and also am waiting for email.  Their site said wait 24-48 hours before trying to set up log-in. 
Anonymous   |     |   Comment #24
I calculated (based on 100 days $50k money tie-up) what the benefit will be based on this offer and using my equity LOC instead of my cash:

Cost of funds based on my 2.24% rate I have on my LOC for 100 days: -$307.00

Interest received based on 1.11% rate on the savings account for 100 days: $152.00

Bonus offer for 6/15 to 9/15 - 500.00

Net $345.00 (free cash flow)

100 days assumes that you fund early and remove funds except a small amount after 9/15/2010.

NOTE: your cost of funds may be higher than mine as I have a very good rate (prime -1.01%). The same strategy can be employed if you are removing funds from a higher paying savings / checking account. I feel this is a good offer based on not having to perform anything other than funding / removing money.
Anonymous   |     |   Comment #25
I applied on Saturday 5/22/2010 not during "normal" banking hours (9AM to 1PM) and my application was approved. At that time, I received and account number along with "congratulations" statement.

Monday 5/24/2010, I noticed 2 trial deposits and 1 withdrawal on the checking account I specified during the application process. I logged in on the WT Direct site and was able to verify the trial deposits around 10PM.

I called the CSR today, as I see a number of people not getting approved for this offer, to see if I indeed qualify and she indicated that I will qualify as long as the funding ($10k to $50k) occurs on or before June 15, 2010.

Those who applied and received a "application approved" status, will get the offer. I would be prudent by checking for sure with WT Direct CSR prior to sending the money electronically. 

FYI: Also, you can send them several electronic deposits up to 6/15/2010 and still qualify for the total bonus amount. Most people do not have all of their funds in one account and WT Direct supports "many" demand accounts (checking, savings and MMA) once your account is active.
Anonymous   |     |   Comment #26
Just FYI for people still getting the "it will take 1-2 business times to complete account set-up process" when you login to the website--my account was approved last thursday, and my trial deposits were verified on Friday.


So this morning I logged in and was still getting the "1-2 business days" set up message on the website--I called CSR, she said hang on a sec, then "ok, try logging on back now."


Sure enough, I then could fully access my account and Im fully operational.  A bit weird, dont know if maybe it was before 8am my time (CST) or she somehow "expedited" the process, but wanted to let you guys know out there who might be getting the same message.  

Anonymous   |     |   Comment #27
I submitted my application on 5/21 and it was approved on 5/24.  This is the answer I received via email from WTD representative:

Dear :

Thank you for contacting WTDirect. It will be my pleasure to assist you with your inquiry. If your account application was submitted on 5/21/10, your account would be eligible for the promotion.
Anonymous   |     |   Comment #28
Thank you #26.

I just called and my account was also activated.

I even initiated linking of 3 more  external accounts.

I want to be ready to fully fund on 6/15/10.
Anonymous   |     |   Comment #29
Works for me too, thanks!
Anonymous   |     |   Comment #30
do you know how long does it take to do the transfer? IN other words how many days of interest do you lose?
J (anonymous)   |     |   Comment #31
I opened the account Sunday night 5/23/10. Approved almost immediately. I also funded the account at opening. 5/24/10 trial deposits showed in linked account and I verified. 5/25/10 the money was out of linked account. 5/27/10, the money is in WTdirect account. It does not show up online, but I called CS and was told the money is in the account and earning interest as of today. WTdirect customer service is great. I like this bank and intend to stay with them after 9/15/10.
Anonymous   |     |   Comment #32
I, too, was getting the "1-2 business days" message, even after four days.  I spoke with customer service (using their "We'll call you" feature - very handy!), and they said that the setup sometimes has problems.  They fixed it for me right away, and I was able to access the account while still on the phone.  I agree that their customer service is very good!
Anonymous   |     |   Comment #33
I'm still in limbo.  I opened 1 account on Friday and got almost instant approval.  That was simple enough so later on I decided to open a 2nd account for my husband.  This application was started on Sunday and I kept getting an error message.  Decided to try again on Monday and of course I got the message  that it had EXPIRED.  I have been communicating with them about this situation.  On Thursday I was told to fax over 2 pieces of information to verify my address.  A Rep said I would receive an e-mail in 12-24 hours.  No e-mail.  I'm beginning to wonder if they are just dismissing my application as being to late to qualify.  I'm going to call one more time on Tuesday. :(
Anonymous   |     |   Comment #34
It has now been almost two weeks, account still not set up. Even though trial deposits were verified 5/24.  Response to email said that account was set up, but it is not.  I have not received account # or anything from them.
Anonymous   |     |   Comment #35
To Anonymous #34,

Just call them.  Even though our accounts were funded, we did not have online access to them (i.e., accounts were not visible) until today.  I called them yesterday.  They picked up immediately, and set up my online access while I was on the phone.  They did ask for my account number though--which I had from the confirmation page I received when I opened it--but they should be able to locate yours based on other information.  The representative did say that they were overwhelmed with response to that offer.
Anonymous   |     |   Comment #36
I called them before I received my account number in the mail.  The CSR gave me the number over the phone, so I was able to access my acount online right away and set up the ACH from another bank. 
Anonymous   |     |   Comment #37
I cannot log into my account online.