How to Get Free Money Opening a Bank Account | Boros Di Aralom

Isnin, 9 Julai 2012

How to Get Free Money Opening a Bank Account

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The concept of handing out cash is not exactly a typical business model for successful banks. However, in an attempt to attract new customers, many banks have started offering bonus promotions. In exchange for opening new accounts, some banks are offering free money for customers. Of course, the money frequently comes with stipulations, such as a minimum starting balance or specified length of time that an account remains active. Failure to meet any specified stipulations may result in a forfeiture or partial loss of promotional funds.

1. Research current bank promotions. Like any special, bank promotions are often short-lived. Check expiration dates and follow up with banks who offer promotions that you are interested in, to ensure that their promotions are still current. If a promotion expired, ask the bank if they know of any future promotions on the horizon, or whether that same promotion might be offered again.

2. Compare bank rates and reputations. A promise of free money might make a bank enticing, but know that after the promotion, you will need to trust that bank with your money. Research customer reviews as well as rates on savings accounts, auto loans and mortgages. If you have to open a checking account, see if that bank charges a fee or offers free checking. If you're paying $10 a month in checking fees, a $50 bonus will be lost after just five months.

3. Select a bank promotion and carefully read the fine print of the offer. Most banks will require that you open an account with a minimum balance and leave your account open for a certain period of time. If you find anything odd or concerning in the fine print, be sure to ask a bank representative before you open your account. You do not want to transfer all of your money into a new bank, only to find out that the promotional money you anticipated is not available to you for whatever reason.

4. Open your bank account and begin evaluating your enrollment. If you believe that your transition went smoothly and you anticipate leaving your money in the bank for a long time, you can look into referral bonuses. In addition to offering free money to new customers, many banks also pay free money to existing customers who refer friends and family. Referral bonuses are generally smaller than new account bonuses, but you have the opportunity to refer multiple people for multiple bonuses. For example, if your bank offers a $25 referral and a $100 new customer bonus, and you proceed to refer 10 customers, then each of your friends net $25 while you get an extra $250 free. Of course, banks have restrictions on referral bonuses as well, but free money is free money. - Source : eHow 

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