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Forum ยป Anyone else open multiple bank accounts per year for free money?
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Thread: Anyone else open multiple bank accounts per year for free money?

post 1610556311 07-14-2020, 09:25 AM
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Anyone else open multiple bank accounts per year for free money?

Every year I open 2-3 bank accounts to get the promotional incentives. Just opened a Wells Fargo for $400.

All I have to do is just reallocate my direct deposit on ADP a few times a year and there is nothing else to it. When you meet the requirements for the promotion, just close the account and onto the next. You can even hit the same bank for another promotion after another ~12 months or so.
post 1610557061 07-14-2020, 09:34 AM
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R u aware misc?
post 1610557731 07-14-2020, 09:40 AM
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what about your credit score?
Firm Handshake Crew

Discipline or regret
post 1610557751 07-14-2020, 09:40 AM
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Is that bad for your credit score?
post 1610558001 07-14-2020, 09:42 AM
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Originally Posted By GorillaPanic⏩
what about your credit score?
credit means borrowed money. a bank account is your own money.

i don't think # of bank accounts would affect credit score. i've never seen it on a credit report.
post 1610559131 07-14-2020, 09:52 AM
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I did this twice this year; 400 wells incentive and 300 chase. Not bad spending money; no change to credit score
post 1610559241 07-14-2020, 09:53 AM
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No. Fuk keeping track of extra accounts.
post 1610559381 07-14-2020, 09:55 AM
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Originally Posted By GorillaPanic⏩
what about your credit score?
Originally Posted By jimmybobjim⏩
Is that bad for your credit score?
Bank accounts have nothing to do with credit. There is no check. I don't think you want to accumulate 20 bank accounts or anything like that or they may reject new account requests, so you just close them after about 6 months
Originally Posted By DoctorKazama⏩
No. Fuk keeping track of extra accounts.
If you don't live paycheck to paycheck, it's really easy. Most accounts only need $500 per month of direct deposit to avoid fees. Just allocate the minimum to each account until you can close it, whole process takes me like 15 minutes total
post 1610559761 07-14-2020, 09:59 AM
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Imagine being this poverty lmao
post 1610559801 07-14-2020, 10:00 AM
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Too many accounts to keep track off
-Some people say good things come to those who wait, truth is, good things come to those who work..... who work later.....who work harder...... who are willing to go further than anyone else to get them. If you're waiting for good things to come to you, you'll be waiting for a pretty long time.

-I'd rather live life saying "I failed" than "I could have"
post 1610559831 07-14-2020, 10:00 AM
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Originally Posted By bov188⏩
I use to do this all the time when I was in college. I thought they started making you deposit large amounts when opening to qualify. Like $20k or something
Those are savings account promos generally and some of the largest checking account bonuses. Most of the $100-400 bonuses only require some direct deposit amount in a certain period of time. The Wells Fargo requirement for example is like a few grand DD in the first 90 days, which is easy unless poverty
post 1610559931 07-14-2020, 10:01 AM
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Nah man i got my millions in the Caymans, no time for this petty shiit
post 1610559981 07-14-2020, 10:01 AM
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Originally Posted By FoxMcCocks⏩
Imagine being this poverty lmao
Yeah all the rich people I know would never spend 15 minutes to make 400-600 dollars, they spend all of their time shopping at Bloomingdale's and buying new cars.
post 1610560661 07-14-2020, 10:08 AM
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youre only going to get 2-3% for a few months and inflation is around 2%
post 1610560951 07-14-2020, 10:11 AM
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Originally Posted By davik⏩
youre only going to get 2-3% for a few months and inflation is around 2%
This is upfront promotions on opening an account, not savings interest. I am in no way advocating dumping money in savings accounts
post 1610561071 07-14-2020, 10:12 AM
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Originally Posted By DizzySmalls⏩
This is upfront promotions on opening an account, not savings interest. I am in no way advocating dumping money in savings accounts
oh okay, ive never seen this before
post 1610561741 07-14-2020, 10:20 AM
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yeah brah, its called churning
post 1610563201 07-14-2020, 10:35 AM
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Originally Posted By davik⏩
oh okay, ive never seen this before
May not exist outside of the USA, I have no idea
Originally Posted By SweatAndTears⏩
yeah brah, its called churning
I like that. Like butter
post 1610563711 07-14-2020, 10:41 AM
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should use this link if you're interested:

https://www.doctorofcredit.com/
post 1610564341 07-14-2020, 10:49 AM
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I like the idea. So your getting about 700 or so a year by doing this?
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post 1610565611 07-14-2020, 11:03 AM
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Yep, I do this every so often as well. Have to declare it on taxes though.
post 1610566911 07-14-2020, 11:15 AM
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no because i'm not a peasant
Don't hit at all if it is honorably possible to avoid hitting; but never hit softly.
post 1610567191 07-14-2020, 11:18 AM
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Why would I waste time opening accounts and moving money around?
post 1610567291 07-14-2020, 11:19 AM
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I do but mostly because of the insurance limit per bank account. Plus it makes no sense not to get the extra money at practically no cost.
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
post 1610567581 07-14-2020, 11:23 AM
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Not really worth my time. I could see how it would be worth it for people with a lot of free time though.
post 1610568721 07-14-2020, 11:37 AM
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Originally Posted By GooBaaa⏩
Why would I waste time opening accounts and moving money around?
Because it can save you thousands of dollars with little effort and zero risk.
How to lose fat for Noobs: http://forum.obnoxiousbrutes.com/showthread.php?t=129247741
post 1610568861 07-14-2020, 11:38 AM
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Originally Posted By Jax05⏩
no because i'm not a peasant
You have to be pretty fuking rich to scoff at a grand of free money for pretty much nothing. All of the successful people I know are more frugal and prone to engage in activities like this than the poors who can't be bothered. Once you fully understand compounding interest, every dollar isn't just a dollar anymore.
Originally Posted By guest89⏩
Not really worth my time. I could see how it would be worth it for people with a lot of free time though.
Do you not have ADP or similar at work? BRB log into portal, enter ACH info and amount, wait six months, initiate one external transfer.

How much money do you make every 10 minutes?
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