Has Anyone Done A Regions Promotion That Requires An ACH Direct Deposit?

willy12
willy12   |     |   122 posts since 2019

I opened an account because it offers a $400 bonus for opening a checking account and doing ten debit card transactions.

In order to avoid the $8 monthly fee, I have to enroll in online statements and do a direct deposit of $500 or more per month.

I was planning on pushing it from Ally because I read elsewhere that would work. Then I got a welcome email and it said something about doing it from their end.

So my question is does it matter where it originates?

The fine print says "For the monthly fee waiver, we count all ACH direct deposits that post to your account during the account statement period, excluding the last day of the period. ACH direct deposits that post on the last day of the statement period are counted in the following statement period."

I can't do a real direct deposit so I have to fake one via ACH to avoid the I think $8 a month fee.

Even if I have to pay the $8 fee for 6 months, the net bonus would be $352 so Id do it anyway.

Thanks



Answers
willy12
willy12   |     |   122 posts since 2019
I fumbled around their website today and I don't see the option to originate external transfers from the Regions site. So I guess I will push it from Ally every month. Push and pull because I am not going to leave $500 sitting there earning nothing.
111
111   |     |   65 posts since 2019
In the past I've heard that ACH pushes from Ally satisfy the requirement. However, if you will then be ACH-pulling funds from Regions, I'd pull to a different bank than the one I used to push.

By the way, the best current personal (non-business) checking offer I'm seeing from Regions currently is $200. Is your $400 bonus offer targeted?
willy12
willy12   |     |   122 posts since 2019
Yes, a snail mail piece with a specific personal code for the $400. Just waiting on my debit card so I can knock out the 10 transactions and then I should get my bonus within 120 days.

$25 fee for closing before 6 months. I did not order checks because they are not free and I don't expect my account to survive much past 6 months.
willy12
willy12   |     |   122 posts since 2019
They got my name from a consumer reports Money that I subscribed too briefly a few years ago. One of those free trial type things. I used my nickname and a middle initial and I never do that because I wondered if I would get spam because of it. And I have a few times but his was the first one I ever went for.
willy12
willy12   |     |   122 posts since 2019
I did the trial deposits, verified them and set up a $500 transfer in. It was returned as frozen. Regions says they don't know why and it shouldn't. Ally removed the account from my list unilaterally.

Regions says maybe the lack of a signature card could be causing it but they did not think so. (I have not gotten it or returned it and I am unable to do it by smart phone)

Pitiful.
willy12
willy12   |     |   122 posts since 2019
went to the branch and signed a signature card. On the phone with Ally trying to get it unsuspended now.
willy12
willy12   |     |   122 posts since 2019
Ally REFUSES to unfreeze or un-suspend the regions account without a letter from them. I refused. They said I also could not re- add it.

So, because of that, I am unable transfer in or out using ally.

I knocked out the debit card transactions quickly at gas pumps, removed most of my initial deposit and am going to ACH in $500 next week to avoid the monthly fee. Using the same account since Ally will not cooperate. It SHOULD MAKE matter. The in branch person I spoke with told me that ACH and direct deposit are one and the same. (Unlike the person on the phone)

My offer does not require the ACH/Direct Deposit, thats just to avoid the monthly fee. Or a $1500 balance.

I seem to recall others mentioning getting something that verified they qualified. Maybe an email? I have not gotten that yet but I have qualified per the mailer.

I did mine by phone but she referenced my email and I already registered with the personal code and email address so I have met the qualifications. I ran into a snafu online when I tried to enter my "personal code" where it asked for a promo code. When I did that, it said it was invalid. That's why I called. Should have maxed out the $1000 opening deposit. I only did $500 and got $10 cashback from that.


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.