The offer at a glance
- Maximum bonus amount: $250/$350
- Availablity: Branches in New York, Michigan, New Jersey, Ohio, Florida and Arizona
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft draw: Soft draw
- ChexSystems: Unknown
- Credit card financing: None
- Monthly fee: $0
- Early Account Termination Fee: $30, 180 days
- Household limit: A
- Expiration date: August 31, 2023
- The New York Community Bank offers a $250/$350 verification bonus.
- Open a free My Community checking account ($250) with $1 or more or a My Community Interest checking account ($350) with $100 or more
- Maintain an average daily balance of $500 or more for the first 90 days.
- Have one or more direct deposits (ACH credits) totaling $500 or more within the first 90 days.
The fine print
- Bonus offer applies only to new consumer customers and new My Community Free Checking accounts opened with $1.00 or more or My Community Interest Checking accounts opened with $100.00 or more during the promotional period of June 15, 2023 through August 31, 2023.
- A bonus credit of $250.00 for my community free verification or $350.00 for my community interest verification will be rewarded 91-104 days after an initial deposit is opened to the new account (account funding) and within 90 calendar days of account funding (bonus period), the following occurs: 1) maintaining an average daily balance of $500.00 or more; AND 2) have one or more direct deposits (ACH credits) totaling $500.00 or more.
- This offer is limited to one bonus check per household. Bonus reclaim may be enforced for accounts closed within 180 days. Employees and officers of Flagstar Bank, NA are not eligible for this offer.
- If you have already received a cash bonus, you are not eligible to receive this offer.
- Receiving this offer does not guarantee your eligibility.
- All account applications go through our normal approval process.
- Area restrictions may apply.
- For tax purposes, at the end of the year you will receive an IRS form from Flagstar Bank, NA Bonus will be reported as interest income.
- Offer subject to change or cancellation at any time without notice.
- All bank account bonuses are treated as income/interest and as such you must pay tax on them
- My Community Free Checking has no monthly fees
- My Community Interest Checking monthly fee is waived with an average balance of $500
Early Account Termination Fee
I couldn’t find the fee schedule, so I don’t know if there is an early account termination fee or not. According to this comment, it’s $30 if closed within 180 days of account opening.
Much better than the previous $250 bonus. I really don’t see any reason why you would do the $250 bonus as the requirements are the same and it’s easy to keep the other account’s fee free. I will add it to the list of best bank account bonuses by clicking here.
Useful messages regarding bank bonuses: