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rated:
Public offer available at citizensbank.com/150

From their site:

How the offer works
1. Open your first new personal checking account by 2/28/13.
2. Get $50 when you setup direct deposit and have a single
deposit of $500 or more clear your new checking account by 4/30/13.
3. Get $50 when you enroll in Online Banking and pay 3 or more bills online that
post and clear your new checking account by 4/30/13.
4. Get an additional $50, for a total of $150, for completing both steps 2 and 3
by 4/30/13


The personal banker told me that they only do a Chexsystems pull but I haven't confirmed. Thinking about pulling the trigger there - account only requires 5 debit transactions a month to avoid the fees.

Anyone know if it can be funded with CC or combined with this offer: http://www.citizensbank.com/555/

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Ok - did some more reading...
It's not an interest payment.
But it is a 1099-MISC payment.

Curious/thinking on how I should... (more)

camiolo (Feb. 09, 2014 @ 9:18p) |

tjguitar85 (Feb. 28, 2014 @ 3:59p) |

Technically, the bonus is income. If the bank filed a 1099-INT, then you should report it as such. The Instructions for ... (more)

bankdealsrule (Mar. 02, 2014 @ 9:57p) |

Valid in Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont

No early closure fee.

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VA Zip code, The Zip Code you entered is out of our business area. Use our branch locator to see if Citizens Bank offers services in your area.

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debtinator said:   Anyone know if it can be funded with CC or combined with this offer: http://www.citizensbank.com/555/Looks like 555 offer is expired ... You must open a qualified checking account to earn extra bonuses. A qualified checking account is a new personal checking account opened between 9/1/12 and 9/28/12 with a minimum opening deposit of $500.

ETA: 150 offer states ... Offer may be withdrawn without notice and cannot be combined with any other checking offer.

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Is this nation-wide?

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AugustFour said:   Is this nation-wide?Only valid for addresses within their service area.

Citizens Financial Group, Inc. is a British-owned formerly American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont. Citizens is a wholly owned subsidiary of The Royal Bank of Scotland Group, with headquarters in Edinburgh, Scotland.

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Make sure you print out copy of offer. Twice I needed that when they failed to furnish bonus. Also, once they had an offer for an additional bonus for opening money market savings or CD and they did a hard pull. Don't remember if they did hard pull for the checking.


Interestingly, when they manually added the bonus due, ( the one I had to provide printout proof for)it never showed up on 1099.

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You know I've been meaning to open an account there for their college saver program. Not sure if anyone has heard of this before but supposedly they give you 1,000 when your kid turns 18:
http://www.citizensbank.com/savings-and-cds/college-saver.aspx

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If you have Charter One branches in your state: http://www.charterone.com/150

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I spoke to a rep there and she was very good and knowledgable. I am not sure if it's allowed for me to post her contact info here. Someone please let me know if it's ok to post that.

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chantspel said:   You know I've been meaning to open an account there for their college saver program. Not sure if anyone has heard of this before but supposedly they give you 1,000 when your kid turns 18:
http://www.citizensbank.com/savings-and-cds/college-saver.aspx


Wow if my math is right, deposit 3600 over 12 years and get 1000. Not a terrible deal. Accounts to about 8% guaranteed over 12 years.

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Any one know for sure whether this means a hard pull? How will this account application affect my credit score?

"Credit reporting disclosure

I authorize the Bank to obtain a credit report or other report or account information from credit or information services agencies to help verify the information I provided in this application and facilitate the processing of my application for this account or for any other lawful purpose."

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Soft pull, according to the rep (and she seemed like she knew what she was talking about).

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I do these bank deals when I want to kill a lot of time for ~$100 after taxes/lost interest. I seem to recall citizens bank was one of the easier deals...nice online setup made paying bills quick. Maybe I'll do it again.

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debtinator said:   chantspel said:   You know I've been meaning to open an account there for their college saver program. Not sure if anyone has heard of this before but supposedly they give you 1,000 when your kid turns 18:
http://www.citizensbank.com/savings-and-cds/college-saver.aspx


Wow if my math is right, deposit 3600 over 12 years and get 1000. Not a terrible deal. Accounts to about 8% guaranteed over 12 years.


I haven't done the math yet myself but that sounds close. Also you need to consider the opportunity cost of that money sitting in a "low yield" savings account. Looking at their current rates - 0.10% isn't very promising.

Still if your planning on putting some money away anyway doesn't sound like a bad deal.

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Can you avoid fees with direct deposit?

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Does anyone who has done this in past, know if ACH push from ING (Capital One 360 now) qualify for DD?

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johnnybs said:   Can you avoid fees with direct deposit?

No, you have to keep 1500 dollars or have 5 transactions every month.

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Agent: At this time, we operate under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio.
Agent: Unfortunately, you cannot open an account if you are not within the business area at this time.

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The rep that I dealt with on this offer was Stephanie @ 877-404-2472 x 3516. She was very helpful and knowledgable. I think that it's good to have a single contact person for getting set up with the account.

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Is anyone else concerned about the wording? "Open your first new personal checking account by 2/28/13.". I have had checking accounts with them in the past for bonuses, the last being a few years ago. The "first new" verbage has me concerned but I am going to give it a shot anyways. They go on to say "Primary account holder may not be or have been a primary or secondary signer on any personalchecking account within the previous six months." so I am prepared to go to battle for my bonus lol.

Also, when I tried in 2011 (never opened account) - and again this time - the account cannot be set up online. The application halts and requires that I snail mail a copy of driver's license and a utility bill. After their acceptance, the account still cannot be funded online. Per a call to them, I must go to a branch to fund the account. The lady also acknowledged their archaic process and advised me that she would pass along my comments.

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AugustFour said:   Agent: At this time, we operate under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio.
Agent: Unfortunately, you cannot open an account if you are not within the business area at this time.


Interesting. And it seems it doesn't let you enter a License/ID from a state outside of those either

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depreshun said:   Is anyone else concerned about the wording? "Open your first new personal checking account by 2/28/13.". I have had checking accounts with them in the past for bonuses, the last being a few years ago. The "first new" verbage has me concerned but I am going to give it a shot anyways.

I have the same question. Closed an account early last year. Hope I can get this offer. Does anyone know?

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Hard pull?

Anyone fund with a CC successfully? If yes, what was the limit?

TIA!

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^-----|

Not a hard pull

CC limit was $1k. I opened over the phone.
Can't confirm that that charge went through yet, though (I am not sure).

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Silverthunder said:   ^-----|

Not a hard pull

CC limit was $1k. I opened over the phone.
Can't confirm that that charge went through yet, though (I am not sure).


when it does, you should report back on whether or not it was a cash advance

rated:
looks like they might pull your credit

On the confirmation page..

"Credit reporting disclosure
I authorize the Bank to obtain a credit report or other report or account information from credit or information services agencies to help verify the information I provided in this application and facilitate the processing of my application for this account or for any other lawful purpose."

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Sashinator00 said:   johnnybs said:   Can you avoid fees with direct deposit?

No, you have to keep 1500 dollars or have 5 transactions every month.


Qualifying transactions:
  • ATM withdrawals
  • Withdrawals and payments made in our branches
  • Payments made using our Online Banking service
  • Debit Card purchases
  • Checks paid
  • Automatic electronic payments to a third party


Non-qualifying transactions:
  • Transfers to checking, savings, and money market accounts
  • Online Banking transfers to business loans or credit lines

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FWIW I was told they couldn't open it with a CC, but they could do a cash advance. This was in a branch when I opened.

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debtinator said:   FWIW I was told they couldn't open it with a CC, but they could do a cash advance. This was in a branch when I opened.

Perhaps they are wrong or they just do it differently at said branch. I used a Chase credit card, transaction posted on 2/5 and it still says "sale."

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From the comments, seems like most dont use it as their primary account. So any rules around how long to wait before closing the account ?

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DraconianDevil said:   From the comments, seems like most dont use it as their primary account. So any rules around how long to wait before closing the account ?



Well... You will need to keep the account open long enough to receive the bonuses (which may not post until ~06/30/13). I could not find their fee schedule anywhere on their web site. Most banks charge a fee for closing an account before 6-months typically. Interestingly enough, I skimmed their fee pamphlet and it does not list an early closing fee. It looks like you could close the account after the bonuses all post.

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Any idea what is considered a bill pay? Would payments made through their bill-pay service to other individuals or indirectly to companies via PayPal count?

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It's a hard pull . Nobody should think otherwise . It should be illegal since creditors interpret e dry hard pull as a request for more credit.

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ultrawildcard said:   It's a hard pull . Nobody should think otherwise . It should be illegal since creditors interpret e dry hard pull as a request for more credit.
No hard pull for me or wife.

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I got hit with a hard pull on Equifax. I am going to dispute it.

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Silverthunder said:   I got hit with a hard pull on Equifax. I am going to dispute it.

You've nothing to dispute since they did have permissible purpose to look at a credit report. If you dispute it as fraudulent, they may close your account.

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Got the 150 bonus today, does anyone know if there is an early closure fee?

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Hard pull and denied based on Equifax. I really have no idea why since Equifax is free of delinquencies, etc.

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emgeecee said:   Got the 150 bonus today, does anyone know if there is an early closure fee?

Thanks for posting, seems like I've been waiting forever. Sure enough mine is there too, posted on 6/5.

I will check my documents when I go home in a few weeks. I think you have to keep it open for 6 months off the top of my head, but there is no, or very little min balance req't

Skipping 16 Messages...
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tjguitar85 said:   
camiolo said:   Stupid question - but is this legitimately an interest payment?
I got a 1099 from Citizens - but these payments for customer activities don't appear to qualify as Interest
http://www.irs.gov/uac/Form-1099-INT,-Interest-Income 

Other income on your 1040. Line 21 i think.

Thoughts?

  

Technically, the bonus is income. If the bank filed a 1099-INT, then you should report it as such. The Instructions for Form 1099-INT states: "Box 1: Interest Income; Enter interest not included in box 3. Include amounts of $10 or more, whether or not designated as interest, that are paid or credited to the person's account by savings and loan associations, mutual savings banks not having capital stock represented by shares, building and loan associations, cooperative banks, homestead associations, credit unions, or similar organizations..." Most banks report bonuses on 1099-INT forms; and you report this on your 1040, line 8a, taxable income. However, a bank may report the bonus on a 1099-MISC form; in which you would report this on 1040, line 21, other income. And, if you received a bank bonus but no 1099 Forms or other tax form, then you still must report the income.

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