Key Bank $750 bonus

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samsoes
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Key Bank $750 bonus

Post by samsoes »

Hello folks,

Received an offer in the mail today for Key Bank. If I deposit $50k, they will award me a taxable bonus of $750 after 60 days. (There is a $25 charge if the account is closed within 6 months.) So, assuming the $50k is kept for 6 months, the annualized return is 3%.

I initially threw the cardboard flyer in the recycle bin, thought about it, and dug it out of the bin. Considering I'll have to thaw my Chex file to open a new bank account, is it worth the time and effort? There is a branch of Key Bank in my town. Currently the $50k is in cash earning less than $1/month.

(I would normally jump at a $6 electronic coupon from the supermarket off $100 in groceries.)
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Silk McCue
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Re: Key Bank $750 bonus

Post by Silk McCue »

Real money for minimal work. I’d do it.

Cheers
OpenMinded1
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Re: Key Bank $750 bonus

Post by OpenMinded1 »

I'd do it too. Have gotten bonuses for opening bank accounts on several occasions. I think $550 is the largest I've gotten. Some require direct deposit of a certain amount within a certain amount of time.
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Re: Key Bank $750 bonus

Post by samsoes »

OpenMinded1 wrote: Fri Jul 30, 2021 8:15 pm I'd do it too. Have gotten bonuses for opening bank accounts on several occasions. I think $550 is the largest I've gotten. Some require direct deposit of a certain amount within a certain amount of time.
Yeah, forgot to mention that this doesn't have a direct deposit requirement. Such a requirement would be a show-stopper since I am (quite happily) retired...!
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Re: Key Bank $750 bonus

Post by MrJedi »

I normally do a 3-4 bank bonuses and 3-4 credit card bonuses every year (including spouse accounts). Usually nets me an extra $4000-5000 or so each year for pretty low effort.

I don't like the bank bonuses as much that require tying up large amounts of money at a time, since you could be getting interest elsewhere. I prefer the bonuses that only require a direct deposit and zero or small balance held. My employer lets me split up my paycheck up to 8 different accounts at a time and I can do it online, so it is pretty trivial for me, I understand it is more of a pain for others though. If the direct deposit ones are more difficult for you, this type of bonus isn't bad.
02nz
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Re: Key Bank $750 bonus

Post by 02nz »

Citi has a $700 offer for $50K, and the holding period is only 60 days: https://www.doctorofcredit.com/citi-400 ... -required/

No direct deposit required.

I know, Citi is the worst of the major banks. But I've done similar offers a bunch of times and have had no issues
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Re: Key Bank $750 bonus

Post by samsoes »

OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
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blueberrypi
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Re: Key Bank $750 bonus

Post by blueberrypi »

Timely thread. I just got my $500 bonus from Key bank checking account today. Only needed one deposit of I think $1000 within 60 days.
Totally worth it IMO.
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anon_investor
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Re: Key Bank $750 bonus

Post by anon_investor »

samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Did key bank say you needed to thaw your ChexSystems file?
lakpr
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Re: Key Bank $750 bonus

Post by lakpr »

samsoes wrote: Fri Jul 30, 2021 8:18 pm Yeah, forgot to mention that this doesn't have a direct deposit requirement. Such a requirement would be a show-stopper since I am (quite happily) retired...!
According to Doctor of Credit, an ACH from Vanguard counts as direct deposit with Key Bank. Even if there were a direct deposit requirement in the offer, you need not be dissuaded by the mere presence of it, even if you are retired.

https://www.doctorofcredit.com/knowledg ... -deposits/

Scroll down to see Key Bank data points.
JBTX
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Re: Key Bank $750 bonus

Post by JBTX »

samsoes wrote: Fri Jul 30, 2021 7:51 pm Hello folks,

Received an offer in the mail today for Key Bank. If I deposit $50k, they will award me a taxable bonus of $750 after 60 days. (There is a $25 charge if the account is closed within 6 months.) So, assuming the $50k is kept for 6 months, the annualized return is 3%.

I initially threw the cardboard flyer in the recycle bin, thought about it, and dug it out of the bin. Considering I'll have to thaw my Chex file to open a new bank account, is it worth the time and effort? There is a branch of Key Bank in my town. Currently the $50k is in cash earning less than $1/month.

(I would normally jump at a $6 electronic coupon from the supermarket off $100 in groceries.)
If this is really how it works, I'd pull the money after 60 days and receipt of bonus and pay the $25 penalty. However I'd first verify there isn't bonus clawback language.
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Re: Key Bank $750 bonus

Post by samsoes »

anon_investor wrote: Fri Jul 30, 2021 9:38 pm
samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Did key bank say you needed to thaw your ChexSystems file?
No, but most banks that I've dealt with over the years do pull from Chex system when opening new accounts.

It would be aggravating to no end if I went to the branch to open the account with a check for $50,000 in hand and they couldn't do it because my Chex system was frozen. I probably just wouldn't come back. That's just me.
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Re: Key Bank $750 bonus

Post by Fudgie »

*****
Last edited by Fudgie on Thu Sep 16, 2021 8:58 pm, edited 1 time in total.
MikeG62
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Re: Key Bank $750 bonus

Post by MikeG62 »

samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Yes I've done it. No more complicated as I recall than unfreezing CR's.

Is the offer somehow targeted? I see no mention of this online other than in this thread.
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samsoes
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Re: Key Bank $750 bonus

Post by samsoes »

MikeG62 wrote: Sat Jul 31, 2021 9:27 am
samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Yes I've done it. No more complicated as I recall than unfreezing CR's.

Is the offer somehow targeted? I see no mention of this online other than in this thread.
It says things like "Exclusive Invitation For," "<my name>, this isn't for everyone," and "because of what you achieved...," etc.

That is concerning since I keep the details of my financial status exclusively to myself.
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bernina
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Re: Key Bank $750 bonus

Post by bernina »

Fudgie wrote: Sat Jul 31, 2021 6:11 am
MrJedi wrote: Fri Jul 30, 2021 8:19 pm I normally do a 3-4 bank bonuses and 3-4 credit card bonuses every year (including spouse accounts). Usually nets me an extra $4000-5000 or so each year for pretty low effort.

I don't like the bank bonuses as much that require tying up large amounts of money at a time, since you could be getting interest elsewhere. I prefer the bonuses that only require a direct deposit and zero or small balance held. My employer lets me split up my paycheck up to 8 different accounts at a time and I can do it online, so it is pretty trivial for me, I understand it is more of a pain for others though. If the direct deposit ones are more difficult for you, this type of bonus isn't bad.
I think you may have posted on this subject before, and it inspired me to give it a go. I found an offer from Citizens Bank.

1.) One-time direct deposit of $500+
2.) One direct deposit (of any amount) per statement
period
3.) $300 pay-out at the end of November 2021.

4.) Each debit card purchase earns you $2, for a maximum of $100.

So I should be seeing an easy $400 for minimal effort.
:sharebeer
I'm working on the Citizens Bank offer too. I believe it's one direct deposit of $500+ and then each month a deposit of any amount (including transfers from other banks or even Citizens accounts) to keep the account fee free. I did this for my spouse a year or two ago and it paid out as indicated.
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Re: Key Bank $750 bonus

Post by Godot »

lakpr wrote: Fri Jul 30, 2021 10:17 pm
samsoes wrote: Fri Jul 30, 2021 8:18 pm Yeah, forgot to mention that this doesn't have a direct deposit requirement. Such a requirement would be a show-stopper since I am (quite happily) retired...!
According to Doctor of Credit, an ACH from Vanguard counts as direct deposit with Key Bank. Even if there were a direct deposit requirement in the offer, you need not be dissuaded by the mere presence of it, even if you are retired.

https://www.doctorofcredit.com/knowledg ... -deposits/

Scroll down to see Key Bank data points.
The ACH link on DOC that poses as evidence for what counts as direct deposit is to Fat Wallet, an expired site.
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lakpr
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Re: Key Bank $750 bonus

Post by lakpr »

Godot wrote: Sat Jul 31, 2021 9:52 am
lakpr wrote: Fri Jul 30, 2021 10:17 pm
samsoes wrote: Fri Jul 30, 2021 8:18 pm Yeah, forgot to mention that this doesn't have a direct deposit requirement. Such a requirement would be a show-stopper since I am (quite happily) retired...!
According to Doctor of Credit, an ACH from Vanguard counts as direct deposit with Key Bank. Even if there were a direct deposit requirement in the offer, you need not be dissuaded by the mere presence of it, even if you are retired.

https://www.doctorofcredit.com/knowledg ... -deposits/

Scroll down to see Key Bank data points.
The ACH link on DOC that poses as evidence for what counts as direct deposit is to Fat Wallet, an expired site.
Huh? When I click the 1 next to the Vanguard under Key Bank, it takes me to a comment from a DOC forum member, dated January 7 2021. Not sure where you are getting Fat Wallet link from?

Edit: never mind, you were clicking the very first link that said ACH. I was clicking the link next to Vanguard. You can ignore the first link or perhaps bring it to the attention of that site's owners.
BashDash
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Re: Key Bank $750 bonus

Post by BashDash »

Is this only for new customers? Is there a link? I am a current customer but have some money I can transfer over that I initially had earmarked for a car. Thanks!
theplayer11
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Re: Key Bank $750 bonus

Post by theplayer11 »

samsoes wrote: Sat Jul 31, 2021 5:54 am
anon_investor wrote: Fri Jul 30, 2021 9:38 pm
samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Did key bank say you needed to thaw your ChexSystems file?
No, but most banks that I've dealt with over the years do pull from Chex system when opening new accounts.

It would be aggravating to no end if I went to the branch to open the account with a check for $50,000 in hand and they couldn't do it because my Chex system was frozen. I probably just wouldn't come back. That's just me.
I didn't unfreeze when I opened Ally bank account about 6 months ago, no issues.
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Re: Key Bank $750 bonus

Post by criticalmass »

anon_investor wrote: Fri Jul 30, 2021 9:38 pm
samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Did key bank say you needed to thaw your ChexSystems file?
I doubt the bank would say anything and the employee may not have even heard of Chex.
Always thaw a frozen Chex prior to applying for a bank account, unless you know they don't check your Chex.

If you apply online, it is likely the system will rejected a frozen Chex applicant, and the online application may not even try again with Chex for 30+ days, meaning you are out of luck for a while.
In branch, they may be able to open with a frozen Chex. If not, you will have to unfreeze and return.

Thawing Chex is quicker and simpler than the credit bureaus in my experience, as long as you have your PIN handy.

Chex always sends a mailed thaw confirmation later. Has anyone successfully shut this off? It's a lot of paper to shred.
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Re: Key Bank $750 bonus

Post by Fudgie »

*****
Last edited by Fudgie on Thu Sep 16, 2021 8:57 pm, edited 1 time in total.
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Re: Key Bank $750 bonus

Post by samsoes »

BashDash wrote: Sat Jul 31, 2021 10:29 am Is this only for new customers? Is there a link? I am a current customer but have some money I can transfer over that I initially had earmarked for a car. Thanks!
It doesn't say new customers only, but the mailing I received must be presented in order to redeem the offer. I guess they filtered-out and excluded current customers from whatever list they were using.
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Re: Key Bank $750 bonus

Post by galawdawg »

samsoes wrote: Fri Jul 30, 2021 7:51 pm Hello folks,

Received an offer in the mail today for Key Bank. If I deposit $50k, they will award me a taxable bonus of $750 after 60 days. (There is a $25 charge if the account is closed within 6 months.) So, assuming the $50k is kept for 6 months, the annualized return is 3%.

I initially threw the cardboard flyer in the recycle bin, thought about it, and dug it out of the bin. Considering I'll have to thaw my Chex file to open a new bank account, is it worth the time and effort? There is a branch of Key Bank in my town. Currently the $50k is in cash earning less than $1/month.

(I would normally jump at a $6 electronic coupon from the supermarket off $100 in groceries.)
If your bank offered a six month CD at 3.0% APY with a $50k minimum, would you purchase that CD? There's your answer...
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Re: Key Bank $750 bonus

Post by samsoes »

galawdawg wrote: Sat Jul 31, 2021 11:55 am
samsoes wrote: Fri Jul 30, 2021 7:51 pm Hello folks,

Received an offer in the mail today for Key Bank. If I deposit $50k, they will award me a taxable bonus of $750 after 60 days. (There is a $25 charge if the account is closed within 6 months.) So, assuming the $50k is kept for 6 months, the annualized return is 3%.

I initially threw the cardboard flyer in the recycle bin, thought about it, and dug it out of the bin. Considering I'll have to thaw my Chex file to open a new bank account, is it worth the time and effort? There is a branch of Key Bank in my town. Currently the $50k is in cash earning less than $1/month.

(I would normally jump at a $6 electronic coupon from the supermarket off $100 in groceries.)
If your bank offered a six month CD at 3.0% APY with a $50k minimum, would you purchase that CD? There's your answer...
At my local bank, where I have been a customer for decades, yes. Another (regional Mega-)bank, maybe.
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jeremyl
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Re: Key Bank $750 bonus

Post by jeremyl »

I did it last year. Got a mailer promotion. Easy pz. Do it.
Laurencita
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Re: Key Bank $750 bonus

Post by Laurencita »

It may still be a valid offer, but I recently opened a business checking account with Chase, kept $10K on deposit for 60 days and received $750 on day 61.

I am a sole proprietor for consulting work.
Colorado14
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Re: Key Bank $750 bonus

Post by Colorado14 »

I received this offer and just called to discuss it with a banker, who verified that there are no monthly transaction requirements associated with this offer. So I am planning to make a deposit next week to earn the $750 bonus.

Thank you for posting this offer; without this post I would have thrown this in the trash (along with all of the other junk mail that I receive.)
criticalmass
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Re: Key Bank $750 bonus

Post by criticalmass »

samsoes wrote: Sat Jul 31, 2021 5:54 am
anon_investor wrote: Fri Jul 30, 2021 9:38 pm
samsoes wrote: Fri Jul 30, 2021 8:33 pm OP here.

Has anyone had the need to thaw his/her Chex file? I've had to thaw various credit agency files from time to time, but never the Chex file. I would need to do this to snag the $750.
Did key bank say you needed to thaw your ChexSystems file?
No, but most banks that I've dealt with over the years do pull from Chex system when opening new accounts.

It would be aggravating to no end if I went to the branch to open the account with a check for $50,000 in hand and they couldn't do it because my Chex system was frozen. I probably just wouldn't come back. That's just me.
Why worry about it? Thawing a chex report takes about 30-60 seconds is your computer is already on and you have your PIN.
Many banks only require Chex for opening online, not in branch.
drk
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Re: Key Bank $750 bonus

Post by drk »

samsoes wrote: Sat Jul 31, 2021 9:41 am It says things like "Exclusive Invitation For," "<my name>, this isn't for everyone," and "because of what you achieved...," etc.

That is concerning since I keep the details of my financial status exclusively to myself.
I got one of these today ("Because of the smart financial decisions you've made"), and I assume they're just pulling property records in the neighborhood.

Did you end up doing the bonus? I want to, but don't keep that much cash around, so I'm curious how their investing platform is for transferring ETFs.
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Re: Key Bank $750 bonus

Post by samsoes »

drk wrote: Wed Sep 22, 2021 9:10 pm
samsoes wrote: Sat Jul 31, 2021 9:41 am It says things like "Exclusive Invitation For," "<my name>, this isn't for everyone," and "because of what you achieved...," etc.

That is concerning since I keep the details of my financial status exclusively to myself.
I got one of these today ("Because of the smart financial decisions you've made"), and I assume they're just pulling property records in the neighborhood.

Did you end up doing the bonus? I want to, but don't keep that much cash around, so I'm curious how their investing platform is for transferring ETFs.
No, I didn't. Not that I don't like free money, but I recoiled at having to move $50,000 around in order to satisfy the offer. And I would have had absolutely no intention to use the checking account that they required me to open, and I would have closed the account as soon as I was able to. Just didn't feel right taking advantage of the offer of knowing that I would be doing that.
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Leesbro63
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Re: Key Bank $750 bonus

Post by Leesbro63 »

Is this bonus offer still in existence today?
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Re: Key Bank $750 bonus

Post by samsoes »

Leesbro63 wrote: Thu Sep 23, 2021 10:39 am Is this bonus offer still in existence today?
The offer I received had a unique redemption code and expired sometime in mid-August.
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Re: Key Bank $750 bonus

Post by 8foot7 »

I won't play the $100-150 offers much anymore, typically because it's a bunch of hoops + wait up to 180 days + make sure you don't get charged a fee accidentally + then make sure the account is really closed and not just zeroed out so a monthly service charge gets posted + etc. If it's literally right in front of me and something I'm going to do anyway, I'll look to satisfy the low offer, but there was a time I used to chase all of these bonuses.

$750 is a different story.
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Re: Key Bank $750 bonus

Post by hachiko »

samsoes wrote: Thu Sep 23, 2021 12:22 am
drk wrote: Wed Sep 22, 2021 9:10 pm
samsoes wrote: Sat Jul 31, 2021 9:41 am It says things like "Exclusive Invitation For," "<my name>, this isn't for everyone," and "because of what you achieved...," etc.

That is concerning since I keep the details of my financial status exclusively to myself.
I got one of these today ("Because of the smart financial decisions you've made"), and I assume they're just pulling property records in the neighborhood.

Did you end up doing the bonus? I want to, but don't keep that much cash around, so I'm curious how their investing platform is for transferring ETFs.
No, I didn't. Not that I don't like free money, but I recoiled at having to move $50,000 around in order to satisfy the offer. And I would have had absolutely no intention to use the checking account that they required me to open, and I would have closed the account as soon as I was able to. Just didn't feel right taking advantage of the offer of knowing that I would be doing that.
Not trying to necessarily argue with your moral/ ethical position, but I can tell you with 95% certainty that people who are in your shoes (desiring to open the account to immediately close it once you get the bonus) are the primary target audience of this type of offer. The cynics would suggest that they're trying to get you in so they can keep you there and it's annoying enough to switch that you may just stay. The optimists would suggest that they're trying to get you in so they can prove how good they are so they can get you to stay. But both would agree that they are willing to pay that amount up front to try to get you to remain a customer in the future knowing full well that your current plan is to leave once you meet the bonus requirements.

(The only reason I'm at 95% confidence and not 100% is because I don't know anything about Key Bank specifically, but this is how most large banks view this).
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TheCowbell
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Re: Key Bank $750 bonus

Post by TheCowbell »

samsoes wrote: Fri Jul 30, 2021 7:51 pm Hello folks,

Received an offer in the mail today for Key Bank. If I deposit $50k, they will award me a taxable bonus of $750 after 60 days. (There is a $25 charge if the account is closed within 6 months.) So, assuming the $50k is kept for 6 months, the annualized return is 3%.

I initially threw the cardboard flyer in the recycle bin, thought about it, and dug it out of the bin. Considering I'll have to thaw my Chex file to open a new bank account, is it worth the time and effort? There is a branch of Key Bank in my town. Currently the $50k is in cash earning less than $1/month.

(I would normally jump at a $6 electronic coupon from the supermarket off $100 in groceries.)
Just got the offer today.

"have $50k or more of total balances (deposits and investments) with KeyBank within 90 days of acccount opening and maintain funds in the accounts for 60 days."

I read that as only required to keep the $50k for 60 days.

Keybank's "Silver" savings account waives monthly fees for:
Maintain a minimum daily balance of $5000 or more during the statement cycle

So:
Deposit $50k
Withdraw $45k after 61 days
Withdraw $750 bonus after it hits in another month
Withdraw $5k after 3 months (6 total months from opening) to avoid the early closure fee

Thoughts?
Gman1978
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Re: Key Bank $750 bonus

Post by Gman1978 »

My coupon just expired couple of days back. Any chance it will work ?
TheCowbell
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Re: Key Bank $750 bonus

Post by TheCowbell »

Gman1978 wrote: Tue Jun 28, 2022 9:57 pm My coupon just expired couple of days back. Any chance it will work ?
Zero chance. Key Bank is sneaky and will try to weasel out of the bonus even if you dot every i and cross every t.
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