[AL, CA, IL, NJ, NY, TX, VA, WA] Bank of Hope $388 Checking Bonus

Offer at a glance

• Maximum bonus amount: $388
• Availability: AL, CA, IL, NJ, NY, TX, VA, WA.  [Branch locations]
• Direct deposit required: Yes, $1,000+
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown, sensitive no longer sensitive (one person approved with lots of inquiries)
• Credit card funding: None
• Monthly fees: $7, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: None
• Expiration date: February 28, 2025

The Offer

Direct link to offer

• Bank of Hope is offering a $388 bonus when you open a new checking account and complete the following requirements.
  • Use promo code LUNAR
  • Set up and complete qualifying direct deposit totaling $1,000 or more within 90 days of account opening

The Fine Print

• This offer is for new personal checking customers only. Bank of Hope customers with existing personal checking accounts, or whose accounts have been closed within the last 30 days are not eligible.
• Offer cannot be combined with any other checking offer.
• The eligible account must be a personal Bank Simply Checking account opened by an eligible customer during the promotional offer period.
• Only the first checking account opened is eligible for the offer. Subsequent checking account(s) opened under the same account ownership type and account title are not eligible.
• Limit one Bonus per account per customer.
• A new checking account opened after closing an existing checking account during the promotional offer period is not eligible for the offer.
• An eligible account must remain open and in good standing from the account opening date of your eligible account until the Bonus is paid.
• If the account is closed within 6 months from the account opening date, the bonus may be forfeited or deducted at closing. The $388 bonus will be credited to your checking account within 30 days after all requirements are met. ‘Direct Deposit Requirement: Qualifying direct deposits are electronic deposits of your income on a regular basis, such as salary, pension, or Social Security benefits which are made by an employer or other payer. Non-qualifying deposits include person-to-person payments such as Zelle or Venmo, teller deposits, debit card transfers, ATM deposits or transfers, Online and/or Mobile Banking transfers, wire transfers, or transfers from a bank or brokerage account. IMPORTANT TAX INFORMATION: The Bonus will be reported on IRS Form 1099-INT to the primary account holder on the account, in the year received, as required by applicable law. The customer is responsible for any applicable taxes. Consult your tax advisor. All accounts are subject to applicable terms including the Bank of Hope Deposit Account Agreement, fees, and charges. Terms, conditions, and fees for accounts, products, and programs are subject to change. Accounts are subject to approval. Participation and enrollment in a promotional offer do not guarantee eligibility or fulfillment of the promotional offer. Speak to a banker for more details. See Account Product Disclosure (PDF) for more information.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The regular checking account has a $7 monthly fee. This is waived with a minimum daily balance of $500, or average daily balance of $1,000 during each statement is maintained.

Early Account Termination Fee

Wasn’t able to find a fee schedule so unsure if there is any early account termination fee or not. Bonus is forfeit if closed within six months.

Our Verdict

Looks like a lot of people need to apply for reconsideration and provide additional documents after initially being denied. They did have a $500 bonus with no direct deposit in the past, but that did require opening the account in branch. Still think this bonus is worth doing if you’re eligible. Will add it to our best bank bonus page.

Process of getting approved:

• Replied to the denial letter onlineaccount AT bankofhope DOT com asking how I can get approved.
• Received a response same business day asking for photo of front/bank of DL
• Replied same business day
• Received an Approval/Funding email the next business day

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• PSA: Don’t Call The Bank
• Introduction To ChexSystems
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