The big banks claim that they don't make any money off deposits. So, if that's the case, why are they trying so desperately to get my money?
BoA just sent me an e-mail offering me $150 to open up a checking account. Of course, though, there's a catch to get this bonus:
*To receive the $150, you must: (1) open a new Bank of America personal checking account online or in a banking center and (2) each calendar month, for three consecutive calendar months from the new account opening date, (a) make total net deposits (qualifying deposit amount LESS cash received at the teller when making a deposit) of at least $2,000 into your new personal checking account and (b) have a payment due on your credit card account and pay at least the minimum payment due on or before the statement due date from your new personal checking account electronically, for example via Online Banking Bill Pay, ACH transfer (one-time or recurring) or Pay by Phone.
So . . . if you don't want deposits, why are you so willing to pay me $150 to put $6,000 in the bank, BoA?
Maybe it has something to do with reserve requirements?
Oh, and here's the kicker: they're offering Tiered Interest checking . . . with 0.05% interest on the first $10,000, that increases to a whopping 0.10% on balances over $100,000. [By comparison there's a local bank that's offering 3% on the [i]first[/i] $25,000, which would give $180 on that same $6,000.]
1:12 PM PT: Apparently I'm not as special as I thought I was. :-P Seriously, though, ManhattanMan received a similar, but distinctly different, offer, which he also diaried about.