The promotion also shows an option for a business checking account which requires a much higher balance. This post described the New York Community Bank personal account bonus only.
Link to offer
Offer is available: 3/1/2018 – 5/31/2018.
$250 bonus criteria:
Open a My Community Interest Checking account with $100 minimum opening of new money and meet all the following criteria:
1) Within 10 days of account opening deposit at least $10K of new money + keep it for 90 days; maintain $10K+ average daily balance.
2) Within 90 days of account opening do 10 debit card POS transactions of $10 or more (from verbiage it seems either pinless or pin transactions should qualify).
3) Within 90 days of account opening do two consecutive direct deposits totaling $500+ for each month; "must post to the account each month for two consecutive calendar months".
10 business days after all criteria are met. If done timely this should take about 3.5 months, in which case the money tied to this bonus should give 8.4% return.
Not available to: a) existing customers (can't be an existing co-signer either); b) those who closed their checking account in the past 180 days; c) those who have received a consumer account bonus in the past 12 months.
My Community Interest Checking has a $6 monthly fee which can be waived with $500+ daily balance. My Community Free Checking has no monthly fee with e-statements, but you can't convert your account before you receive the bonus (per terms).
Early termination fee
Yes if account closed before 180 days. I didn't see it stated how much that is, could be $30.
If I had a location nearby I'd open the account with a $10,200 check (to also cover the debit transactions), then do the DD and debit transactions. Once I got the bonus I'd leave $500 on the account to wave the monthly fee and withdraw the rest of the money. I'd close the account after it has been opened for 180 days. Once you get the bonus you can also convert the account to Community Free Checking if you don't want to maintain a $500 balance.
This should be a soft pull per a previous DoC thread. I don't have personal experience with this in branch bonus. I did the $150 online bonus under My Banking Direct last year (MBD is part of NYCB, it describes itself as "is a service of New York Community Bank"). After getting the bonus I closed the account by direct-messaging them. My records show I closed the account shortly after the 6 months mark.
For the My Banking Direct DD requirements I had used Capital One 360 checking and it triggered the bonus. The transactions were shown as "ACH Deposit" on their ledger.