6 replies to this topic

[markber]

Link to the promo (You will need Acrobat Reader to read the PDF file).

Account info page (look at the second account from the top)

Terms :
************************************************************
With Freedom Checking ™ from Washington Trust, you enjoy free online banking,
free bill pay, a free debit card, a free set of checks, even free ATMs*! Plus we’ll give you $50 for your direct deposit and another $50 when you pay your first three bills using online banking. That’s $100 just for choosing the best free checking account around! Visit www.washtrust.com, stop by any branch, or call 800-475-2265 for our Switch Kit.

*Freedom Checking $100 offer requires direct deposit and bill pay transactions within the first three months of account opening. Bonus will be credited to account when first direct deposit is made and/or first three different bill pay
transactions are processed. Minimum balance to open account is $50. Annual Percentage Yield (APY) for balances over $5,000 is 0.10%. APY is as of 3/23/04. Interest rate may change at anytime. New accounts only. Other banks may
charge for use of their ATMs. First set of 50 checks free. Offers may be withdrawn at any time. A $100 service fee will be charged if the account is closed within the first three months. See a Customer Service Representative for details.

[mnl8844]

i looked through this account. it is a scam. you have to pay a $14.99 flat fee each month or have a $5000 minimum. this bank should be sued for false advertisement since it said that its a free account.

[markber]

i looked through this account. it is a scam. you have to pay a $14.99 flat fee each month or have a $5000 minimum. this bank should be sued for false advertisement since it said that its a free account.

 

I think you looked at the Freedom Plus checking (the first from the top) instead of the Freedom checking
(the second from the top on this page). The bonus appears to be for Freedom checking not for Freedom Plus checking. But it would not hurt to double-check this with bank customer service.

[norzack]

For the Direct Deposit, does it have to be from paychecks or you can do direct transfers each month from another account?

Link to the promo (You will need Acrobat Reader to read the PDF file).

Account info page (look at the second account from the top)

Terms :
************************************************************
With Freedom Checking ™ from Washington Trust, you enjoy free online banking,
free bill pay, a free debit card, a free set of checks, even free ATMs*! Plus we’ll give you $50 for your direct deposit and another $50 when you pay your first three bills using online banking. That’s $100 just for choosing the best free checking account around! Visit www.washtrust.com, stop by any branch, or call 800-475-2265 for our Switch Kit.

*Freedom Checking $100 offer requires direct deposit and bill pay transactions within the first three months of account opening. Bonus will be credited to account when first direct deposit is made and/or first three different bill pay
transactions are processed. Minimum balance to open account is $50. Annual Percentage Yield (APY) for balances over $5,000 is 0.10%. APY is as of 3/23/04. Interest rate may change at anytime. New accounts only. Other banks may
charge for use of their ATMs. First set of 50 checks free. Offers may be withdrawn at any time. A $100 service fee will be charged if the account is closed within the first three months. See a Customer Service Representative for details.

 

[markber]

For the Direct Deposit, does it have to be from paychecks or you can do direct transfers each month from another account?

.

I can not give you an answer regarding this particular bonus. In general, I noticed that banks always try to convince you that only a direct deposit of your salary or pension would work in such cases. Banks are interested to build "relationships" with you so that you use their services even though they are not the best deal in town. Direct deposit is counted as a "relationship" item because it is somewhat a hassle to move direct deposit from one bank to another. In practice, it is technically difficult to distinguish a direct deposit from an ACH transfer because direct deposit is an ACH transfer. So before you switch your direct deposit to get a bank bonus, check if ACH transfers from PayPal, ING Direct, Virtual Bank, etc. will work for you.

Citibank, Bank of America, Charter One can not see the difference between direct deposits and ACH transfers unless they know ACH transfers from which originating FIs they should make ineligible for bonus or a fee waver. If these big banks can not detect the difference, most likely Wash. Trust can not do this either.

[mnl8844]

yea i think i looked at the freedom plus by mistake. thanks for calling that one for me. this account looks ok, but its nothing special. if they wanted my attentin they should offer ATM rebates. i can get the same services (except the $100) from other banks.

[markber]

yea i think i looked at the freedom plus by mistake. thanks for calling that one for me. this account looks ok, but its nothing special. if they wanted my attentin they should offer ATM rebates. i can get the same services (except the $100) from other banks.

 

Agree. Other banks offer better terms and fee schedules. It could be a good bonus for bonus hunters though (if Wash Trust offers their products nationwide).