- Most banks waive the first month requirements to give you time to receive your debit card. However, not all banks have this policy. Make sure you check with the bank on this issue.
- Some banks require that you log into their online system to meet the monthly requirements. Not all make this clear.
- Many banks allow both PIN and non-PIN (signature or credit based) debit card purchases to qualify as part of the debit card usage requirements. However, many require signature-based only. Also, the vast majority don't count ATM transactions.
- Most banks accept an ACH credit or debit to meet the direct deposit requirement. If the bank's documentation only states direct deposit, make sure to check with the bank if you're going to use ACH instead.
- If you're opening many new accounts, some banks may reject your application due to too many ChexSystem inquiries within a period of time. For example, I've been told that First Arkansas Bank & Trust will reject new applicants who have more than 4 ChexSystem inquiries in the last 6 months. If you've been rejected, you can get your ChexSystem report for free (see this MyMoneyBlog post).
To find a reward checking account or to learn more about these accounts, please refer to my High Yield Checking website.