WaMu just offered me $100

**madhen** · 12-08-2008, 11:23 PM

I tend to be a pretty cynical person, but I have to admit that I can't find the catch. I have a Chase cc, and just got something in the mail today offering me $100 to open a checking account at WaMu (which recently became part of Chase). I have read the thing up and down, and all it requires is that you open a free checking account with $100. Approximately 12 weeks later, they transfer an additional $100 to your account. I suspect it is an attempt to get banking customers, especially those with decent credit histories, but $100?? I am still suspicious, but I might just have to give it a try.

Anyone else get this offer? See any catches to it?

**Iansmommy** · 12-08-2008, 11:35 PM

I got it in the mail as well. I read it really quick and saved it to look at it further.

**MrsAJS** · 12-09-2008, 01:59 AM

I haven't gotten one for WaMu. I don't think their in our area, but we have gotten them for Chase itself for $125, but the require a set up for a direct deposit of a paycheck or something. That way they make sure it's being used and not just sitting there. I used to work for a bank that offered these to their new mortgage customers to get their business. We deposited the money right away, but if they closed it within 6 months they owed us the money back. Most everyone would take the money out and come back 6 months later and close it. I think they are wising up and having people set up direct deposit so that they will be used and people will switch banks. Check the fine print to make sure you don't have to set up a direct deposit if you're not seriously going to switch your accounts.

**madhen** · 12-09-2008, 02:11 AM

I've read it about three times now, and nothing about direct deposit. Maybe the whole "wait 12 weeks" before they deposit the $100 is to keep you keeping your money in there. But for that matter, there is nothing about keeping the $100 in there, once you open the account. Just that you have to open it with the $100 and that you can't use a cash advance from your cc to do it.

**debmar** · 12-12-2008, 11:09 PM

Federal bailout dollars at work.

**dcompton** · 12-13-2008, 12:26 AM

Call the bank if you have questions. I held out on Chase - it's such a pain to change banks - but when they upped the enticement to $100 several years ago, I did it. I do have direct deposit however. I've also done it once with a savings account with Chase, and left it open about a year before I closed it. It may be quite legit, but ask questions first.

**FrugalMomof3** · 12-13-2008, 09:23 AM

I would call them but it may be true, CitiBank had a similar offer that after 3 months after opening a savings acct, if it was still in good standing they would put 50 into that account and they did as promised.

**psyklon** · 12-22-2008, 07:58 AM

I was offered the same deal through Bank of America a year ago. There was no catch: I followed through on my end and got the $100 then closed my account with no problem immediately thereafter. A quick and easy $100, no strings attached.

**madhen** · 12-22-2008, 09:40 AM

I have until 1/24 to take them up on it. I may swing by a branch after Christmas as see what is what.

**fizzie** · 01-18-2009, 12:11 AM

So I did this. The only hooks were that the bonus will show in 10-12 weeks and when I tried to do it online, I never saw a place to enter the coupon code--I called and they told me to take the coupon to a local branch. A little inconvenient, but hey it's a hundred bucks!

**phoeny_moonstar** · 01-18-2009, 01:54 PM

Defintely check through this all before you switch banks. You never know what little things might be hiding in those contracts. *sigh*

**Sonnenwende** · 01-19-2009, 08:02 PM

I've gotten similar mail, but there is no way I am going to switch away from my credit union for my brick and mortar.

**thehughughes** · 01-23-2009, 11:40 AM

I noticed in December several bank were doing this. I am already with wamu and have been for ten years. I really had no problems. But now they are with Chase which I do not like at this time so I will be watching for another offer and switching banks. Those offers are usually leigit, but read them carfully. They just want your account. Thats why they wait 3 months to apply their money they hope you are comfortable enough to keep the account.

**gardening momma** · 01-28-2009, 08:22 PM

We had an offer recently to open a savings account with ING Direct, and get $50. We needed a savings account anyway (no EF), so we did it (online). No direct deposit required. It is linked to our bank's checking account so we can transfer funds. There's no ATM access, so this is about the only way to deposit. There was a minimum initial deposit of $25. We received our $50 as soon as our deposit went through.