When banks or financial institutions want to bring in some new account holders they will put out checking account promotions or deals in which individuals will be rewarded with a shiny gift card, an item like a toaster, higher interest rates or cash bonuses to give their company a chance.
Oftentimes, an individual that does this has no obligations to the bank as they can cancel their account at anytime if they choose to do so. However, for the checking account offers that are throwing out several hundred dollars per new account it is very possible that they require twenty debit card purchases and keeping the same balance for several months just to make sure that they are not taking advantage of the money and leaving the day after.
Not only are checking account deals great because they allow someone to earn money for essentially doing nothing, but it is also an excellent opportunity to try out new banks that would normally be left to the side with the possibility of them being amazing enough to change loyalty from one bank to another.
Before taking these ideas into reality, make sure to follow two strict guidelines that will ensure no money is lost. The first one is to read all fine print to make sure there are no hidden charges or monthly fees that would be devastating to an account balance. Secondly, ensure that all banks that are being considered are insured by the FDIC (Federal Deposit Insurance Corporation) as they insure up to one hundred thousand dollars of account balance for every account holder.
This means that if something were to happen to someone’s balance they could feel secure and safe knowing that they will get their money back no matter the situation as the program has a perfect record since it began in the 1930s. Altogether, while opening up checking accounts simply to take advantage of the bonuses may not be for everyone there are still plenty of opportunities to try out new banks and see if they are worth being loyal to.
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