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Santander Checking Get $20/Month FREE EVERY MONTH (Must Use Direct Deposit & Bill Pay)

coreynyc 184 268 October 31, 2013 at 05:14 PM in Finance (6)
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Last Edited by coreynyc October 31, 2013 at 05:17 PM
Santander Bank (large international bank based in Spain, formerly Sovereign Bank in the US) has a new checking account called extra20 where you get $10/month for receiving Direct Deposits of $1500+ & another $10/month for paying 2 bills in a month via their online banking.

So, that's $20/month free (counted as interest) in perpetuity (until they eliminate this type of account) for normal banking activity. Pretty sweet, IMHO.

I'll leave it up to you guys to figure out all the particulars about how Paypal & other transfers will count as Direct Deposit and other such normal SD banking tricks/tools.

Link:
http://apply.santanderbank.com/pr...xtra20.asp

The fine print:
To receive extra20 bonuses, you must have both an extra20 checking and an extra20 savings account (minimum opening deposit of $25 and $10, respectively). Conditions to receive bonuses: You will receive a $10 Direct Deposit bonus with direct deposits of $1,500 or more to your extra20 checking account in a service fee period. If you qualify for the Direct Deposit Bonus and you pay two bills from your extra20 checking account through the BillPay tab in Online Banking in the same period, you will receive the $10 BillPay bonus. Bonuses will be credited to your extra20 savings account on the first business day after your extra20 checking account service fee period ends. Your bonuses will be reported as interest on a Form 1099-INT in the year received. Limit 1 extra20 package per person.
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Community Wiki

Last Edited by qwe1234 May 3, 2014 at 11:03 AM
I recently applied for this checking account online and received confirmation instantly that my account was approved. 1 week later, the bank sent me "signature confirmation" documents to my home address via USPS. This package contained documents with my FULL SSN, home and office addresses, phone numbers, drivers license number etc..(everything that an identity thief needs to steal your identity. ). I live in an apartment with a secure/locked mailbox to which only i have the keys. The day this piece of mail was delivered, there were 2 other pieces of mail from the same bank. Now it gets interesting, when i opened my mailbox, i saw that only this envelope had been tampered with/opened up and not the other 2 envelopes. So, whoever opened this envelope knew very well that this bank sends sensitive customer info in such envelopes and opened only that piece of mail. I called the bank's customer service and after getting bounced around by different departments, i was assured by their fraud prevention department that a privacy officer will contact me to resolve my issues with 24 hours and it has been more than a week now and no one has contacted me. I have never seen such an irresponsible bank that will send sensitive customer info in an unsecured fashion. Fellow SDers, keep out of this bank at all costs and dont get your identity stolen like i did. Also, the $20 cashback seems to be bogus since a lot of my friends are waiting to get their first payment since the last 6 months.

**If your mail was tampered with, please contact the Postal Inspectors [uspis.gov]. This is a federal crime and these guys take mail security very seriously. -from a postal worker on SD**

I thought this was very important info to be put in the wiki and hence put it up here. Mods: please feel free to move this to another location if required.

61 Comments

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#3
wanted to switch this bank, but now thinking twice

Edit: Just called, went through whole verification process and got stuck at two forms of ID. suckers don't have my date of birth on file! I have been their customer for over 10 years now. Another issue I had few months ago is they couldn't add joint account holder for 8 months! Every time they will 'forward' the file to some team and its just sits there.

So, still switching the bank. at some point customer service takes priority than financial incentive.
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Last edited by savemybucks October 31, 2013 at 05:42 PM
#4
Quote from savemybucks View Post :
wanted to switch this bank, but now thinking twice

Edit: Just called, went through whole verification process and got stuck at two forms of ID. suckers don't have my date of birth on file! I have been their customer for over 10 years now. Another issue I had few months ago is they couldn't add joint account holder for 8 months! Every time they will 'forward' the file to some team and its just sits there.

So, still switching the bank. at some point customer service takes priority than financial incentive.
Any idea on how Santander is when you want to close account after collecting on promo?tia
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#5
Quote from barginbin View Post :
Any idea on how Santander is when you want to close account after collecting on promo?tia
It should say in the terms, I know most banks which has these promos have 6 months restrictions. But again, it depends on which promo you opened and what the terms are.

hope it helps
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#6
This is not a typical banking promo, it is $20/month on an ongoing basis. There is no restriction.
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#7
Quote from savemybucks View Post :
wanted to switch this bank, but now thinking twice

Edit: Just called, went through whole verification process and got stuck at two forms of ID. suckers don't have my date of birth on file! I have been their customer for over 10 years now. Another issue I had few months ago is they couldn't add joint account holder for 8 months! Every time they will 'forward' the file to some team and its just sits there.

So, still switching the bank. at some point customer service takes priority than financial incentive.
Yup they are one of the worst banks in NYC next to HSBC. I had my account for 3 years and only used them to write checks because they gave free checks yearly. However in terms of CSR, automated machines, & deposits and fees, they are horrible compare to chase or td
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#8
Quote from TheHiddenOne View Post :
Yup they are one of the worst banks in NYC next to HSBC. I had my account for 3 years and only used them to write checks because they gave free checks yearly. However in terms of CSR, automated machines, & deposits and fees, they are horrible compare to chase or td
Seems like it costs $10/month unless you have $1500 DD every month. (Which won't be an issue if you DD anyway, but will be if you open up an account just for the billy pay $10 bonus).
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#9
Spent 20+ minutes browsing its website, couldn't find interest rates for different products shake head
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#10
I already have Santander. I wonder if I can switch to deal "plan" or "deal".
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#11
Depending on account balance, you could earn higher monthly interest with a good reward checking account:

http://www.depositaccounts.com/ch...ounts.html

Have monthly daily account balance of $10k, 2.40% APY = $240/yr = $20/mon. Now, >$10k account balance and/or >2.40% APY = >$20/mon. Good luck to those looking for a good local/national reward checking account!
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Last edited by iandyli October 31, 2013 at 06:51 PM
#12
wow so many bad reviews on this bank i just want the promo and then leave.

I just called and it's the exact same people as sovereign bank. I have had many bad experiences with them and think I'll just pass.
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Last edited by JackScagnetti November 12, 2013 at 08:33 AM
#13
Santander held my last car note...$16,000 car, paid 5 1/2 years, called for pay-off (approximately 5 months left to the loan), and they said my balance was $9,000...said it was a deferred payment that caused all the interest....I parked it, let them come and repo it....I wouldn't have nothing to do with anything they had a hand in.
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#14
This deal is back. $20 free credit every month as long as we have a bill pay and 1500 direct deposit.
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#15
Quote from iandyli View Post :
Depending on account balance, you could earn higher monthly interest with a good reward checking account:

http://www.depositaccounts.com/ch...ounts.html

Have monthly daily account balance of $10k, 2.40% APY = $240/yr = $20/mon. Now, >$10k account balance and/or >2.40% APY = >$20/mon. Good luck to those looking for a good local/national reward checking account!
Yes, but you don't need to keep money in the account. Just $1,500 in DD and then ACH it out again, you'll probably miss maybe 6 days of interest per month.

You can hit the DD pretty easily as well without changing where your employer pays into.
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