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expiredEfficientArm1742 posted Sep 25, 2024 6:10 AM
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Edit: From what I've seen online, the first month's fee is waived and you can downgrade your account to the EZChoice plan so that you don't have to pay monthly fees and so you don't have to keep $2,500 in the account. I outlined this in my second comment: https://slickdeals.net/f/17778438-m-t-bank-checking-account-open-account-direct-deposit-1000-within-90-days-earn-500-cash-bonus-valid-in-select-states-thru-10-25?p=173029269#
As for tax calculations, (for a general rule of thumb) if you make more than $44,726, that puts you into the 22% tax bracket. Since the $500 sign up bonus is considered as taxable income, it will be taxed at 22%. Moreover, state tax also applies. For instance, Maryland State tax is 4.75% for income between $3,000 and $100,000. So after taxes, the $500 becomes $366.75 if you decide to keep the account open and keep $2,500 in the account for that duration. If you decide to pay the monthly fee and pay the early close-out fee you net $301.3.
* Sign up to ReferLive (this is NOT signing up for a checkings account) via a referral link to get a $50 visa giftcard (this is mines): https://io.referlive.co
* Click on the promotional link (https://campaigns.mtb.c
* The MyChoice Plus Checkings account should have the first monthly fee waived. You need to fund the account with $25 minimum.
* Once you register for the checkings account use a "qualifying direct deposit" and have your deposit(s) amount to $1000 minimum within 90 days.
* Users online have reported that some electronic transfers and bank transfers can qualify. Some users have reported success with getting the bonus by transferring funds from Robinhood, Cash App, Fidelity, Capital One and more.
* Once you have "direct deposited" aka transferred funds from, say, Cash App, you should get the bonus within a couple of days. Users online have reported getting the payout within 2-3 days. Some have reported it taking longer, for instance, a month. The maximum length it'll take is 90 days as written in the fine print.
* If you got the payout quickly, you can downgrade your account to the EZChoice checkings account so that you don't have to pay a monthly fee. If you didn't get the payout quickly then you have to keep it on your current plan (and if your payout isn't within the first month then you have to pay the second month's fee).
* Close the account after 180 days to avoid the early closing fee of $50. Or you can keep the account.
* The $500 is considered taxable income so you will have to pay state and federal income tax on it. File the tax form the bank gives you. It will be either a 1099-Misc or a 1099-Int. If you did not get a form add it to your 1040.
This promo runs regularly every 1-2 months. In the fine print it states you can't get a bonus if you had a account within the past year. So you can do this again the next year on the day you closed your account. This is called "churning".
Edit: You have to use the exact same information that you used in ReferLive for M&T Bank in order to get the $50 giftcard. They will crossmatch the information between ReferLive and M&T Bank and that's how they know whether it's a successful referral. If I recall correctly, the link is not a tracking link. Moreover, you will have to pay taxes on the $50 visa giftcard because it is considered a gift certificate of cash. You will have to add it as additional income under your 1040 tax form. The referral offer and the bank sign up bonus does stack. I have gotten a gift card in the mail along with my bonus which was posted 3 days after my $1000 DD hit.
Edit 2: Some people have issues trying to push money from one bank to M&T and it locks them out the account needing to call customer service. This is happening due to their outdated fraud detection system. If you have this issue you can try two things. The first thing you can try is verifying your identity at a branch. The second thing you can try is activating the debit card. If all else fails you will have to talk it out with customer service.
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Is there any need to keep ANY money in the account once you downgrade? Can you just transfer everything out and keep a $0 balance until you hit the 180 days to close?
Given that the Fed just cut short term interest by 0.5% and is expecting another 0.5% cut before the end of 2024. Expecting a 5% return on ANY High Yield Saving for the next 6 months is pretty much a day dream.
You won't get a 5% return on a FDIC account unless you already locked in some kind of CD
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