I found this on the Drugstore.com website that says you get up to $250.... I called the customer care rep at Netbank and they said they were unaware that they offered this much. I got an email later from them saying it was legit and for a limited time.
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Qualifying Criteria To receive the reward in connection with the account opened, the customer must apply for the first account using the links on the promotional page. To qualify for subsequent rewards, customer is not required to return to the promotional page to apply for/open the second or third account. Customers have up to six months after the initial account is opened through this promotional link to meet the minimum balance requirements. To receive the additional rewards, subsequent accounts must meet requirements within the same six month period. For checking accounts, a minimum average daily balance of $500 must be maintained for one month during the six month period. For money market accounts, a minimum average daily balance of $1000 must be maintained for one month during the six month period. The minimum CD deposit amount is $15,000 or $10,000 or $5,000 and the minimum term is 12 months.
Only one reward per account type (checking, money market or CD) will be paid. For example: Current or former checking account holders will not qualify for the reward for opening an additional checking account. Current or former money market account holders will not qualify for the reward for opening an additional money market account. A current checking account holder will qualify for the reward for opening a money market account if that customer does not currently have a money market account.
Checking and money market accounts meeting the qualifying criteria will each be paid a $75 cash bonus that will be deposited into the customer's account within 30 days of qualifying. CD accounts meeting the qualifying criteria will be paid either a $100 or $50 or $20 Visa® gift card within 30 days of qualifying. Visa® Gift Card will be mailed to the account holder's address.
Message edited by: FWgunn on 2006-05-31 14:50:54 CDT
Saw it when I logged on to Drugstore.com today - signed up for 2 of the bonuses - really easy to sign up. Only $1,000 for the MM and $500 for the checking. $75 each bonus.
I wasn't sure, so I did the checking and the MM each through the link - just to be on the safe side. On the details of the offer - it just says you need to go through the link for the first account - but I'm a bit untrustworthy of these types of things.
I have had terrible experience (as a few other Fatwalleters I believe) -- my money was locked up (probably coz I had moved a few days before apping for an offer with them). I was asked for Driver's license, notarized salary paystub etc etc. Pain in the butt really! Will never ever fall for these offers with Netbank again.
kappy6 said:Saw it when I logged on to Drugstore.com today - signed up for 2 of the bonuses - really easy to sign up. Only $1,000 for the MM and $500 for the checking. $75 each bonus.
Quick question ... Looks like the Drugstore link is allowing for a nice low average balance of 500 bucks in checking to qualify for $75 ... (other offer mentioned something like 1500 required)..
For MM, the avg balance required is 1000 from what I understand ...
Now, I'm trying to crunch numbers. I understand that each account has a $7.50 closing fee .. is this regardless of when you close it or is it not charged if the account has remained open 'long enough'??? Also, what other fees are there to watch out for ... I think if you take the most basic checking there is no monthly fee.... There is a fee if you use bill pay less than a certain number of times (but you don't have to sign up for bill pay so there should be no fee in that case if you don't sign up right?)
As you can see, there is confusion ... either way ... with 1500 bucks put aside, there's a potential earning of $150 minus fees (which seem to be at least 15 bucks)... that would still be profit of $135 ... not bad at all...
Someone please enlighten me lol .. thanks...
Edited for more clarification (thanks to my OCD): So, it's apparently $25 to close an account before 6 months as well ... would the $7.50 also be charged? In that case its 150 - 25 - 25 - 7.50 - 7.50 .... at the end we're talking 85 bucks profit in 1 month on 1500 bucks... that's still pretty good deal ... although may not be worth all the hassle of moving money around - would anyone think of keeping the money in netbank for 6 months to retain the 25 per account?? I figure I make less than 50 bucks in interest on 1500 (more like 5 bucks in a month so about 30 in 6 months) ... so perhaps it's wiser to leave the money in there - but people's statements about Netbank are making me nervous lol So I think I'll take the $20 hit (ok, it's abit more cuz I'm not counting netbank's interest rate lol)... Comments??? Advice???
According to Netbank, if your ending balance is greater than $7.50 while closing, there is no fee, they mail out the check for entire amount to you. If less than $7.50 then no check will be issued.
Umm . . . you have to open all three to get the $250 — not a problem, except that one of the required accounts is a one year CD funded with $15,000. I (personally) wouldn't lock up $15k in a one year CD (let alone $1k) with the rates all over the map.
abaliga said:According to Netbank, if your ending balance is greater than $7.50 while closing, there is no fee, they mail out the check for entire amount to you. If less than $7.50 then no check will be issued.
So you're saying if I have my 500 bucks in the checking account and then close it with over 500 (extra from interest and the bonus) they will not charge the 7.50? However, being before 6 months, I guess they will still charge the 25?
Hoping someone has actually DONE this and can answer lol
TYTBUDGET said:Umm . . . you have to open all three to get the $250 — not a problem, except that one of the required accounts is a one year CD funded with $15,000. I (personally) wouldn't lock up $15k in a one year CD (let alone $1k) with the rates all over the map.
I'll pass.
Tytie
Rates are hardly all over the map. Where do you think rates will be in a year? 6% , 8%, 23.5%?
The effective rate after a 100 bonus on 15k is about 5.8%. Very likely, you will not do much better , if any, over the next year in any CD or MM account.
Sure about $7.50 since I chatted with a CSR online and he confirmed it. As for $25 fee, I am not sure, I plan to keep the cash in there for 6 months.
rajee said:abaliga said:According to Netbank, if your ending balance is greater than $7.50 while closing, there is no fee, they mail out the check for entire amount to you. If less than $7.50 then no check will be issued.
So you're saying if I have my 500 bucks in the checking account and then close it with over 500 (extra from interest and the bonus) they will not charge the 7.50? However, being before 6 months, I guess they will still charge the 25?
Hoping someone has actually DONE this and can answer lol
I am a current NetBank customer and can't comment about the 7.50 closure fee as of today. But previously their terms and conditions stated that if the account had less than $7.50 the account closure fee would be $7.50. Now it just says $7.50 so it may be across the board regardless of your the amount in your account or it may only apply if you have less than $7.50 in your account. I would love to know the answer as well since NetBank's rates have continually become less and less competitve over the last 3 years.
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