Posted by William Charles on August 27, 2017
Bank Account Bonuses

Published on August 27th, 2017 | by William Charles

4

[WV & VA only] MVB Bank $100 Checking Bonus



Offer at a glance

  • Maximum bonus amount: $100
  • Availability: WV & VA only
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: 10 debit card transactions
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $5, avoidable
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • Open a new MVB smart checking account and earn a bonus of $100 when you complete the following requirements:
    • Setting up a qualifying direct deposit that posts and settles within 60 days of account opening
    • Make at least 10 qualifying PIN point of sale or signature based purchases using your MVB Visa debit card within the first monthly statement cycle (must post and settlement)



The Fine Print

  • Earn $100.00 when opening a new MVB Smart Checking account by 1) signing up for online banking at mvbbanking.com 2) setting up a qualifying Direct Deposit within 60 days of opening your new Smart Checking account. The direct deposit must post and settle to the account in the first 60 days of account opening. 3) making at least ten (10) qualifying PIN Point of Sale or signature-based purchases using your new MVB Visa Debit Card within the first Monthly Statement Cycle. Debit card transaction must post and settle to the account during the statement cycle to count.
  • After you have completed all of the above requirements, we’ll deposit the incentive into your new account within 30 business days.
  • Incentive is considered interest and will be reported on IRS Form 1099-INT.
  • A qualifying direct deposit is an electronic credit of your salary, pension, Social Security or other regular monthly income deposited to your account by your employer or an outside agency. Transfers from one account to another or deposits made at a banking location, ATM or online do not qualify as a Direct Deposit. Promotion only extended to new MVB Smart Checking Account customers.
  • You can only receive one Smart Checking account related incentive per calendar year.
  • The new account must remain open and in good standing with a minimum balance of $0.01 until the reward is processed in order to receive the reward.
  • Promotion valid beginning 8/9/17 and is subject to withdrawal at any time.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees



Smart Checking account has a $5 monthly fee, this is waived if you do either of the following:

  • Receive a monthly direct deposit
  • Have a daily balance of $250+

I wasn’t able to find a full fee schedule so I’m unsure if there is any early account termination fee or not. Also keep in mind they charge a $4 fee if you opt to receive paper statements.

Our Verdict

A few requirements for a $100 bonus but at least it’s a soft pull to open. Probably won’t add this to our best of list due to the bonus requirements and also the requirements to keep the account fee free.

Useful posts regarding bank bonuses:



4 Responses to [WV & VA only] MVB Bank $100 Checking Bonus

  1. Gibunono says:

    Where is Gadget? Haha.

    • Gadget says:

      Ha Ha. Actually, I am eyeballing this one. Looking that their branches, they are not in my area, so I am thinking I will call before applying. I get tired of being rejected for being outside the “footprint”. (Sandy Spring, First Merchants, First Bank (VA), Westfield)

  2. Bhanna says:

    Opened an account in the branch today.

    1. No hard pull…
    2. They look at chex system. But, I had 31 inquires due to M&T, and they still opened the account.
    3. No Credit card funding… But minimum funding if $50
    4. They are able to print a debit card in branch so you can do your ten transactions with ease in the given statement cycle….
    5. You get typical starter checks and documents and sign a signature card while in branch
    6. Notable fee: $4 monthly if you get paper statement… But you can just opt out of those…
    7. Either keep $250 or get a DD to waive the $5 monthly fee

    I plan in doing a push from cap one 360 and discover and a real DD from work… Will try to remember to post back here once bonus posts…

    • Bhanna says:

      Just an FYI — if you do attempt this, be sure to do your Debit card transactions ASAP. Just received my first statement and it was only for 10 calendar days. Sep 1st – Sept 10th… I did all my transactions right away because I had them print my Debit card in the branch, so I would recommend that for anyone trying this out as well…

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