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Would you switch banks if you were offered free money to do that?

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We get lots of junk mail including from the bank that holds the loan on our house.  Which by the way will be paid in full November 2016.  When I get stuff from that bank.  I make sure it's nothing important. Like related to the loan on our house.  If not I toss it.  Well there must of been something to open up a checking account.  The other day that bank calls dh to ask if we got a piece of mail from them about opening a checking account.   Telling him.   They'll give us 100$ free for opening up a new checking with them.  Dh says we are not interested.  We are happy with the credit union.    Although I could use 100$ extra right now.  It just isn't the incentive I want to get me to switch.

by on Mar. 21, 2013 at 5:51 PM
Replies (11-20):
pinkcoffeecup
by Silver Member on Mar. 21, 2013 at 9:51 PM
1 mom liked this

That's what I say. Is it worth the 100$ to go through the process to change all the direct deposits etc. you get.  Not for me. 


Quoting DawnPratt23:

Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion




oddfox
by Bronze Member on Mar. 22, 2013 at 9:25 AM

It depends on the conditions of the incentive. How much do you have to keep in the bank, for how long, etc.? Even if it takes two hours for the transactions (opening and closing the account), that's like making $50 an hour.

matreshka
by Valerie on Mar. 22, 2013 at 10:19 AM

I don't think banks ever give away truly free money.  They may give you $100 up front, but what about monthly fees, check fees, debit fees etc?

pinkcoffeecup
by Silver Member on Mar. 22, 2013 at 10:42 AM

That was also a thought I had.  They give you money. To cover the fees for a period of time.  So it's not really free.  


Quoting matreshka:

I don't think banks ever give away truly free money.  They may give you $100 up front, but what about monthly fees, check fees, debit fees etc?



JakeandEmmasMom
by Silver Member on Mar. 22, 2013 at 12:00 PM

 It would depend on whether or not I was looking to switch anyway.  I wouldn't go through the hassle just for $100.

Gorilla_Mama
by Member on Mar. 22, 2013 at 1:48 PM
1 mom liked this
Maybe. If we looked into it and it seemed like a better option $100 would be a nice perk. Our bank pisses me off with their hidden fees and DH is super stubborn about changing because the only credit union in the area is awful. I used to have an acct there and our car loan was through there and we will never go back.
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conniejo75
by Bronze Member on Mar. 22, 2013 at 1:53 PM
I have done it many times over the yrs. Some just require you to do a certain opening balance and keep acct open for 6 months... but u don't have to "use" it others require a dir dep and use of debit card x amt of times. Just read fine print.
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conniejo75
by Bronze Member on Mar. 22, 2013 at 1:54 PM
I have never had fees. They just want you to try their bank and hopefully stay there.


Quoting pinkcoffeecup:

That was also a thought I had.  They give you money. To cover the fees for a period of time.  So it's not really free.  



Quoting matreshka:

I don't think banks ever give away truly free money.  They may give you $100 up front, but what about monthly fees, check fees, debit fees etc?





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chicken13
by Bronze Member on Mar. 22, 2013 at 2:21 PM

Nope.  For me, it's all about how sexy their bill pay setup is.  I pay 95% of our bills electronically and it needs to be sleek, easy and well appointed with features I need and use.

For example...chase is great.  Td is horrible.

AleaKat
by on Mar. 22, 2013 at 2:24 PM
1 mom liked this
Same. We are in 2 credit unions.
Navy fed and a local one since there isn't a navy fed anywhere near us.

Credit union are much better in the long run $100 isn't worth the pain in the ass you'll get later on.


Quoting DawnPratt23:

Bank matters no, credit unions are really hard to get into and are great to their customers. Those gimmicks aren't always the best, $100 would be nice but not worth the headache of changing your direct deposit, checks, debit cards. Just not wroth it, in my opinion


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