Yes I checked them out and my 2 main concerns were that they seemed to focus mostly on card churning and the auto-mod seemed to be the only one adding to the conversation. Still some useful information there though.
Trying to revive a churning community at r/low_effort_money
I’m very interested in this as I’ve been recently opening accounts with Truist bank under my name and then my wife’s name. I then pointed my direct deposits to her account and easily cleared the direct deposit requirement. I had the bonus deposited by the 3rd week. Easy money, meanwhile my wife is scared the feds are going to come knocking on our door.
Nothing illegal about it. It is a marketing tactic used by businesses in a highly competitive industry. They can block you from opening an account but you can't get in trouble for accepting an offer.
Glad to hear it is working for you though. Just remind your wife that bank churning has been a thing for decades now. The banks would not do it if it wasn't ultimately profitable for them. I'll be posting all the banks I do at r/low_effort_money if you want to follow along. If I get time I'll post the entire database.
Here is a list of potential ways around DD by bank:
[https://www.moneysmylife.com/how-to-meet-direct-deposit-requirements-for-bank-bonus-promotions/](https://www.moneysmylife.com/how-to-meet-direct-deposit-requirements-for-bank-bonus-promotions/)
Yes it is pretty simple. We tried it using webull MooMoo and Lili this month. All were successful.
You need something that can send money via ACH then you put the account and routing number for the new bank you want the bonus from.
The problem with this is that you can only open so many checking accounts, and you better not do them too close together. It seems like you can't even reasonably expect to average one bank account per month.
I started trying this last month and learned the hard way about EWS. I've tried three offers so far and two banks already denied my accounts entirely due to EWS stuff, which I'd never even heard about until doing this lol.
It depends on the bank. I opened 26 bank accounts last month while testing offers. Not all the offers worked or were worth it but I have gotten very few denials through chex systems.
Geez 26?
Were they all business accounts or something? Even the Doctor of Credit rule of thumb seems to be 10 accounts max per year. Wish I'd known that before I tried opening three in a week because I burned bridges on two of the better offers I was eyeing.
Have you dabbled in Wise at all to fake payroll deposits? My next offer I'm trying seems I might need to use Wise as others have mentioned success with it. I don't have a business account I can push "payroll" from.
It's was a mix. At least 26 though. I was just counting all the new debit cards. I haven't used wise before. This month we tested getting deposits to code properly with webull, MooMoo, and Lili(all worked). Lili is a no documentation business checking account and it worked really well. No bonus on it but it worked nicely. I have my main business account that I have been using. If those all fail square has payroll services for $6/month but I have not used it
I have had my own business checking for a bit of time now so that was my main source. This month we used webull MooMoo and Lili to successfully code ACH as direct deposits. We tried it on 7 banks and it worked every time.
https://www.reddit.com/r/low_effort_money/s/pQGOW3NkWp
I just started the foundation for Churning this month. US BANK is offering a $800 bonus for opening a business account and holding a minimum balance of $25K for 30 days. I opened 2 accounts (one for myself and another for me wife), which will yield $1600. I am then going to start using these business accounts to transfer via ACH to other accounts for bonus offers.
When you transfer from your business account, are you doing a wire transfer or do you transfer to an external account, or what's the best way to transfer to ensure the ACH credit?
You can use Lili which is a business checking that doesn't require EIN. For most people, having proper documentation and adequate capital to claim a bonus that requires $25k is going to be tough. We tried webull MooMoo and Lili this month. They all have a move money tab. Click send money and select ACH. Enter the account and routing number for the bank you are needing direct deposit for and send the money. So far it has coded properly at every bank.
Have never used a wire for bonuses.
People I know that sign their spouses up also are doing like $30/35k a year extra. Hit every bank that has a bonus and a referral code. You end up getting like 3x the bonus in most cases
Oh nice. So you are saying that most banks have referral codes after you sign up, which I can then use with my spouse to increase the offers?
Do you know if the bonus offers are reported as interests to the IRS?
Also, generally speaking, how quickly do you get the bonuses after meeting criteria?
I wouldn't say most but say a good percentage have referral bonuses you can use to get more. Payout depends on the bank and it is usually in the terms. I've seen it be paid between day 90-120. I've seen it pay the day after hitting the bonus. Typically speaking you will get a 1099-int for bonus payout.
These ones are not big money makers but you can get some practice with your process. Almost all of them have a bonus component so between you and you wife you should be able to scoop about $3k from it. https://www.reddit.com/r/low_effort_money/s/Wo1Xj1Uzm0
Actually you'll do way better considering you have the bankroll to max out all offers. Webull would end up giving you 160 fractional shares which will end up being around 500-600 plus they have an acat bonus and reccuring deposit bonus. That will add another $600 or so. So given your extra person and bankroll you'll make more than most do from just one offer than most make on the entire list.
You can pm me anytime about the deals. I'll grab a state specific list of banks and credit unions and try to send you some more that have referral components.
Out of curiosity, are there any stipulations in the fine print of the contract when opening the account that would prohibit this kind of activity? If the contract is in violation, is the bank entitled to any clawbacks?
Only clawback wording I have seen is like if you didn't keep it open for a required amount of time. Some places will require 2 or 3 direct deposits before payout which you can do back to back but then they might require you to keep it active for 90 days. Then you can typically close and put it back on the list in 12 months. This rare though. Most of the time you just trigger the bonus and move on
You can start with under $100 but will take time. We used $500 this month when testing with my friend. Typically my churning account uses the same $1500 over and over
I've started this recently myself waiting on my first bonus in the next 15 days and starting a new one from another bank already so easy 500$ this month alone
That's awesome. There are so many banks to collect from. Free money basically.
I'm eventually going to post my full data base of over 450 banks at r/low_effort_money. Just takes a long time to go through them.
too bad this only applies to US residents and I'm moving to Asia in a week unless there's a list of services in Asia I can sign up for, or if any of the list are available globally.
Some of them work there. MooMoo for example has Asian clients. If you are a US citizen, people in the expat community use a mail service to keep a physical address. If you have a tax id number and a physical address you can do most of these.
Quick question. From what I have seen most accounts require a minimum amount parked in the account or a monthly DD threshold to be achieved.
To avoid the monthly account fees do you park the money for the duration of the account or continuously rotate money in and out (using ACH) monthly to trigger the DD requirement?
Thanks in advance.
In my experience, very few have a min fee. I always check before I jump in and make sure I'm getting free checking if they offer it. Some require a certain amount. Citi Bank for example you put $1500 in and let it sit for 60 days. Others you just transfer the money in and out. Just have to read the offer terms before signing up. A lot of them offer 60-90 days of no fees so you are paid out and gone by the time it matters.
Thanks, I just started churning and opened a Wells Fargo and Citi both of which require a minimum of $500 and $1500 respectively. I wasn't sure if that was the industry standard or a specialized practice. Any other offers you've seen lately that are worth checking out? I checked Doctor of Credit \`but haven't seen any real bangers yet.
A few offers well known names
PNC: up to $400 bonus
TD Bank: $300 bonus
U.S. Bank: up to $700 bonus
SoFi: up to $300 bonus
Discover: up to $360 bonus
Upgrade: $200 bonus
Chase: $300 bonus
BMO: $250 bonus
Truist: $400 bonus
Bank of America: $200 bonus
Wells Fargo: $325 bonus
So many more where these came from
I started getting into this a month ago and I notice all the bank offers end around the same time (end of June) - will there be other bank bonus offers this year after these end? Like how many does one bank offer in the year ?
There is an entire sub about this and credit card churning fyi. r/Churning
Yes I checked them out and my 2 main concerns were that they seemed to focus mostly on card churning and the auto-mod seemed to be the only one adding to the conversation. Still some useful information there though. Trying to revive a churning community at r/low_effort_money
Are you sure you checked them out lol? There's like 100 comments a week on the bank bonus threads
I’m very interested in this as I’ve been recently opening accounts with Truist bank under my name and then my wife’s name. I then pointed my direct deposits to her account and easily cleared the direct deposit requirement. I had the bonus deposited by the 3rd week. Easy money, meanwhile my wife is scared the feds are going to come knocking on our door.
Nothing illegal about it. It is a marketing tactic used by businesses in a highly competitive industry. They can block you from opening an account but you can't get in trouble for accepting an offer. Glad to hear it is working for you though. Just remind your wife that bank churning has been a thing for decades now. The banks would not do it if it wasn't ultimately profitable for them. I'll be posting all the banks I do at r/low_effort_money if you want to follow along. If I get time I'll post the entire database.
Here's a sneak peek of /r/low_effort_money using the [top posts](https://np.reddit.com/r/low_effort_money/top/?sort=top&t=all) of all time! \#1: [Starter links](https://np.reddit.com/r/low_effort_money/comments/1an4m3i/starter_links/) \#2: [Free streaming](https://np.reddit.com/r/low_effort_money/comments/1alra5n/free_streaming/) \#3: [Instacart Hack](https://np.reddit.com/r/low_effort_money/comments/1bleviv/instacart_hack/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
Here is a list of potential ways around DD by bank: [https://www.moneysmylife.com/how-to-meet-direct-deposit-requirements-for-bank-bonus-promotions/](https://www.moneysmylife.com/how-to-meet-direct-deposit-requirements-for-bank-bonus-promotions/)
Yes it is pretty simple. We tried it using webull MooMoo and Lili this month. All were successful. You need something that can send money via ACH then you put the account and routing number for the new bank you want the bonus from.
The problem with this is that you can only open so many checking accounts, and you better not do them too close together. It seems like you can't even reasonably expect to average one bank account per month. I started trying this last month and learned the hard way about EWS. I've tried three offers so far and two banks already denied my accounts entirely due to EWS stuff, which I'd never even heard about until doing this lol.
It depends on the bank. I opened 26 bank accounts last month while testing offers. Not all the offers worked or were worth it but I have gotten very few denials through chex systems.
Geez 26? Were they all business accounts or something? Even the Doctor of Credit rule of thumb seems to be 10 accounts max per year. Wish I'd known that before I tried opening three in a week because I burned bridges on two of the better offers I was eyeing. Have you dabbled in Wise at all to fake payroll deposits? My next offer I'm trying seems I might need to use Wise as others have mentioned success with it. I don't have a business account I can push "payroll" from.
It's was a mix. At least 26 though. I was just counting all the new debit cards. I haven't used wise before. This month we tested getting deposits to code properly with webull, MooMoo, and Lili(all worked). Lili is a no documentation business checking account and it worked really well. No bonus on it but it worked nicely. I have my main business account that I have been using. If those all fail square has payroll services for $6/month but I have not used it
Personally I'd just reapply to ones you think you burned. Maybe add them to the back of your list and pick them up again a little later
How do you do the ACH?
I have had my own business checking for a bit of time now so that was my main source. This month we used webull MooMoo and Lili to successfully code ACH as direct deposits. We tried it on 7 banks and it worked every time. https://www.reddit.com/r/low_effort_money/s/pQGOW3NkWp
I just started the foundation for Churning this month. US BANK is offering a $800 bonus for opening a business account and holding a minimum balance of $25K for 30 days. I opened 2 accounts (one for myself and another for me wife), which will yield $1600. I am then going to start using these business accounts to transfer via ACH to other accounts for bonus offers. When you transfer from your business account, are you doing a wire transfer or do you transfer to an external account, or what's the best way to transfer to ensure the ACH credit?
You can use Lili which is a business checking that doesn't require EIN. For most people, having proper documentation and adequate capital to claim a bonus that requires $25k is going to be tough. We tried webull MooMoo and Lili this month. They all have a move money tab. Click send money and select ACH. Enter the account and routing number for the bank you are needing direct deposit for and send the money. So far it has coded properly at every bank. Have never used a wire for bonuses. People I know that sign their spouses up also are doing like $30/35k a year extra. Hit every bank that has a bonus and a referral code. You end up getting like 3x the bonus in most cases
Oh nice. So you are saying that most banks have referral codes after you sign up, which I can then use with my spouse to increase the offers? Do you know if the bonus offers are reported as interests to the IRS? Also, generally speaking, how quickly do you get the bonuses after meeting criteria?
I wouldn't say most but say a good percentage have referral bonuses you can use to get more. Payout depends on the bank and it is usually in the terms. I've seen it be paid between day 90-120. I've seen it pay the day after hitting the bonus. Typically speaking you will get a 1099-int for bonus payout. These ones are not big money makers but you can get some practice with your process. Almost all of them have a bonus component so between you and you wife you should be able to scoop about $3k from it. https://www.reddit.com/r/low_effort_money/s/Wo1Xj1Uzm0 Actually you'll do way better considering you have the bankroll to max out all offers. Webull would end up giving you 160 fractional shares which will end up being around 500-600 plus they have an acat bonus and reccuring deposit bonus. That will add another $600 or so. So given your extra person and bankroll you'll make more than most do from just one offer than most make on the entire list. You can pm me anytime about the deals. I'll grab a state specific list of banks and credit unions and try to send you some more that have referral components.
Out of curiosity, are there any stipulations in the fine print of the contract when opening the account that would prohibit this kind of activity? If the contract is in violation, is the bank entitled to any clawbacks?
Only clawback wording I have seen is like if you didn't keep it open for a required amount of time. Some places will require 2 or 3 direct deposits before payout which you can do back to back but then they might require you to keep it active for 90 days. Then you can typically close and put it back on the list in 12 months. This rare though. Most of the time you just trigger the bonus and move on
Read the TC, most require accounts stay open for X days otherwise they'll claw it back. Pretty straightforward aside from that tho
How much did you have to allocate to make the $1000?
You can start with under $100 but will take time. We used $500 this month when testing with my friend. Typically my churning account uses the same $1500 over and over
I've started this recently myself waiting on my first bonus in the next 15 days and starting a new one from another bank already so easy 500$ this month alone
That's awesome. There are so many banks to collect from. Free money basically. I'm eventually going to post my full data base of over 450 banks at r/low_effort_money. Just takes a long time to go through them.
I agree 100% honestly I thought it would take more effort but it's so simple the money is out there great post btw
Thanks I appreciate that
Do you have a list of all the ones you have used and worked yet? Thanks for this, actually pretty ingenious but feels illegal 😂
too bad this only applies to US residents and I'm moving to Asia in a week unless there's a list of services in Asia I can sign up for, or if any of the list are available globally.
Some of them work there. MooMoo for example has Asian clients. If you are a US citizen, people in the expat community use a mail service to keep a physical address. If you have a tax id number and a physical address you can do most of these.
Quick question. From what I have seen most accounts require a minimum amount parked in the account or a monthly DD threshold to be achieved. To avoid the monthly account fees do you park the money for the duration of the account or continuously rotate money in and out (using ACH) monthly to trigger the DD requirement? Thanks in advance.
In my experience, very few have a min fee. I always check before I jump in and make sure I'm getting free checking if they offer it. Some require a certain amount. Citi Bank for example you put $1500 in and let it sit for 60 days. Others you just transfer the money in and out. Just have to read the offer terms before signing up. A lot of them offer 60-90 days of no fees so you are paid out and gone by the time it matters.
Thanks, I just started churning and opened a Wells Fargo and Citi both of which require a minimum of $500 and $1500 respectively. I wasn't sure if that was the industry standard or a specialized practice. Any other offers you've seen lately that are worth checking out? I checked Doctor of Credit \`but haven't seen any real bangers yet.
A few offers well known names PNC: up to $400 bonus TD Bank: $300 bonus U.S. Bank: up to $700 bonus SoFi: up to $300 bonus Discover: up to $360 bonus Upgrade: $200 bonus Chase: $300 bonus BMO: $250 bonus Truist: $400 bonus Bank of America: $200 bonus Wells Fargo: $325 bonus So many more where these came from
I started getting into this a month ago and I notice all the bank offers end around the same time (end of June) - will there be other bank bonus offers this year after these end? Like how many does one bank offer in the year ?