Calling online bank to ask for a bonus?

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cdu7
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Calling online bank to ask for a bonus?

Post by cdu7 » Tue May 14, 2019 1:51 pm

With all the talk about online bank bonus offers, I was wondering if anyone has tried simply calling up their bank and asking for a bonus. Has anyone done this, has it worked?

Grt2bOutdoors
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Re: Calling online bank to ask for a bonus?

Post by Grt2bOutdoors » Tue May 14, 2019 1:53 pm

Why should they give a bonus? They are being flooded with money.
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iamlucky13
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Re: Calling online bank to ask for a bonus?

Post by iamlucky13 » Tue May 14, 2019 11:41 pm

Grt2bOutdoors wrote:
Tue May 14, 2019 1:53 pm
Why should they give a bonus? They are being flooded with money.
Because giving bonuses is part of how banks are getting themselves flooded with money right now.

Every month I get a new offer from Chase, for example. I keep sticking them in my to-do folder, but never having any urgency to actually get signed up, because there's always a new one long before the expiration approaches.

But some banks aren't prolific about extending offers as others. The online banks seems to be a little more careful about targeting them. I get where the original poster is coming from - maybe it's a way to get a few more offers.

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whodidntante
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Re: Calling online bank to ask for a bonus?

Post by whodidntante » Tue May 14, 2019 11:49 pm

I'm rooting for you.

123
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Re: Calling online bank to ask for a bonus?

Post by 123 » Tue May 14, 2019 11:55 pm

If you're making a substantial deposit, where FDIC limits come into play (particularly with joint accounts) you might have some success asking for a bonus or special rate. However, if you have an aggressive local brick and mortar bank that offers good rates and you are making a large deposit (like $200K+ into a CD) it can be useful to ask first if they will match a rate you saw on the internet. When I contacted a brick and mortar bank branch to withdraw funds on a large CD at rollover time they asked me what rate I expected to get elsewhere and they agreed to match it (they added about .75% on a one year CD). Some bank officers have a lot of flexibility and often their pay/bonus is based on their ability to gather and/or retain deposits. They may not mind spending more of the bank's money on interest if it can get them more incentive pay as well. It can be more cost-effective for a bank to extend a higher rate on a case-by-case basis for large deposits than to have to deal with a lot of small CDs at the higher rate.
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Grt2bOutdoors
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Re: Calling online bank to ask for a bonus?

Post by Grt2bOutdoors » Wed May 15, 2019 3:52 pm

iamlucky13 wrote:
Tue May 14, 2019 11:41 pm
Grt2bOutdoors wrote:
Tue May 14, 2019 1:53 pm
Why should they give a bonus? They are being flooded with money.
Because giving bonuses is part of how banks are getting themselves flooded with money right now.

Every month I get a new offer from Chase, for example. I keep sticking them in my to-do folder, but never having any urgency to actually get signed up, because there's always a new one long before the expiration approaches.

But some banks aren't prolific about extending offers as others. The online banks seems to be a little more careful about targeting them. I get where the original poster is coming from - maybe it's a way to get a few more offers.
Not so, take today for instance - many people are paid today, the banks will be flooded with money with zero bonus extended.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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Earl Lemongrab
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Re: Calling online bank to ask for a bonus?

Post by Earl Lemongrab » Wed May 15, 2019 4:12 pm

You'd be better off with an offer in hand and let them know you'd prefer to stay, but if not . . .
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iamlucky13
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Re: Calling online bank to ask for a bonus?

Post by iamlucky13 » Wed May 15, 2019 5:09 pm

Grt2bOutdoors wrote:
Wed May 15, 2019 3:52 pm
iamlucky13 wrote:
Tue May 14, 2019 11:41 pm
Grt2bOutdoors wrote:
Tue May 14, 2019 1:53 pm
Why should they give a bonus? They are being flooded with money.
Because giving bonuses is part of how banks are getting themselves flooded with money right now.

Every month I get a new offer from Chase, for example. I keep sticking them in my to-do folder, but never having any urgency to actually get signed up, because there's always a new one long before the expiration approaches.

But some banks aren't prolific about extending offers as others. The online banks seems to be a little more careful about targeting them. I get where the original poster is coming from - maybe it's a way to get a few more offers.
Not so, take today for instance - many people are paid today, the banks will be flooded with money with zero bonus extended.
I think one of us is misunderstanding the question, and perhaps it's me.

We're talking about bank sign up bonuses, right? Like Capital One 360's current promotion of a $500 bonus for opening a new account with a balance of $50,000 or more?

I think cdu7 was asking if anyone has tried getting in on such an offer they are officially not eligible for at a bank they already use, due to the offer being only for new accounts.

Does it really benefit the bank to completely ignore long term customers in these promotions? The number of banks offering such promotions, always excluding current members, incentivizes bank hopping. Might it be in the banks best interest to unofficially extend these offers to existing customers who ask (with some reasonable conditions, of course, like not having used a similar offer in the last year or two)?

gvsucavie03
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Re: Calling online bank to ask for a bonus?

Post by gvsucavie03 » Wed May 15, 2019 5:21 pm

Generally Reddit and DoC recommend not calling the bank about this stuff, especially if you are trying to trigger a bonus with phony direct deposits. I would also say to not call in this case. They don't owe you and you probably won't get it.

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