Update 2013: This deal is no longer available. Get today’s best checking account deals here.
-Offer from Archive-
Over the weekend, two people submitted a substantial checking account deal being offered by Capital One Bank and we would like to quickly highlight this bank deal although we have not yet verified it’s authenticity.
Apparently Capital One branches in Connecticut, Louisiana, New York, New Jersey, and Texas (potentially more as well) are offering new checking account members a whopping $300 bonus upon owning the account for at least 6 weeks and making a few qualifying actions.
Supposedly, to qualify you must make a initial direct deposit of at least $50, hold the account for 6-8 weeks and sign up in a physical branch (not an online offer). When visiting the branch use the promotional code RC3.
This seems like a rather “too-good-to-be-true” offer considering the potential return one could incur upon opening this account ($300 bonus on a $50 deposit) and we don’t usually make note of speculated offers, however since this has been reported twice and seen on other financial blogs, we thought we’d give it mention. We have contacted Capital One and will post full details upon there arrival.
A number of exclusive or “invitation only” checking account promotions have been popping up around the country this year. And we think this may be that type of offer (still waiting to hear back). What big banks do when trying to drum up new business is they first decide what segment of consumer they are after – usually this means breaking down prospective consumers by income. If, let’s say, “Big Bank A” wants to acquire new upper-middle class consumers they may come up with an enticing checking account promotion such as this one and market it through snail mail to addresses fitting upper-middle class neighborhoods. Both Capital One and Chase Bank are notorious for this.
On the other hand, many banks and even credit unions, may decide they are after a broader range of consumer. In this case they can launch an online coupon featuring a cash bonus as well. These sort of offers get loads of media attention from financial and banking blogs such as this one. If they are still looking to acquire a more ‘high value’ client with the online offers, they can simply impose checking account fees for those with balances under a certain monthly limit. Capital One, Chase Bank, and Bank of America all impose these sort of fees with differing penalty amounts and minimum balance requirements. Visit CapitalOne.com to get updated specifics on their potential checking fees.
If you have tried opening this account (with success or failure) please share your experience by leaving a comment!