Charter one is offering customers the opportunity to get as much as $240 in total cash rewards upon meeting the bank’s requirements.

While other checking account promotions offer gift rewards, Charter One is offering cash rewards. You can get up to $240 in total cash rewards after you are found qualified. Some banks, like Bank of America, is offering as much as $500 in cash rewards for its merchant services promotion and $50 for its checking account promotion. So, thus it pay to switch?

Here is how Charter One will pay you when you sign up for a checking account with them:

1. Open your first Charter One personal checking account between October 1, 2011 through October 28, 2011 with a deposit of $100 and you will receive $40;
2. For each month you make at least 5 qualifying online bill payment transactions of $50 or more, you will receive an additional $40 cash bonus. This is good for 5 months so you can get paid up to $240 total.

Charter One offers Green Checking, which you can open for as little as $50. It also offers Circle Checking, a checking and savings package, which you can open for as little as $100, and Circle Gold Checking, which requires at least $250 to open. However, the bank charges a monthly service charge for all of these checking accounts, which the bank will waive if you maintain the required minimum daily balance or if you accomplish certain bank requirements. In other words, expect to get charged a monthly fee if you cannot meet certain requirements of the bank.

While it is good to switch banks because of the tempting cash rewards program, it is much better to stay put with a bank where you do not get charged at all. There are banks that charges monthly service fees to customers just for using debit cards on their purchases or a monthly service fee charge for maintaining a low daily minimum balance.

Yes, checking account promotions are good because of the cash rewards involved, but the monthly service charge is something that one should take into consideration also before signing up. You may be charged with the same amount of $240 too if you sum up your total monthly service fee at the end of the year. Don’t ever dare to switch if you can’t take the risk of paying a monthly service fee.

Charter One previous offer was to promote paperless banking called, “GreenSense.” Its main purpose was to help preserve the environment. This promotion, however, is no longer available.

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A good example is Bank of America, which also runs a Keep The Change Automatic Savings Promotion. Currently, Bank of America is offering a $50 checking account bonus until January 20, 2012. So, you still have a few months to think as to whether or not you will go and switch your checking account with Bank of America.

Here is how you can get the $50 checking account bonus:

1. Fill out Bank of America’s online application form and enter Offer Code GROUP50;
2. Set up a qualifying Direct Deposit into your new checking account within the 60 days of account opening; and
3. Get your $50 checking account bonus, which will be directly deposited to your new checking account within 120 days of meeting the bank’s qualification requirement.

Please note that this offer is limited to only one customer and does not apply to a second or multiple accounts nor can this offer be combined with other offers or is not eligible with other offers. Also, your account must be in good standing at the time of qualification. In other words, you must keep your account active within the time frame set by the bank in order to qualify for the $50 checking account bonus.

In addition, you will not be eligible for this checking account bonus offer if you were a signer of a Bank of America Account that was closed within the last three (3) months.

The bank has also set different minimum amount balance for different types of checking account to qualify for this offer. So, basically, the minimum amount depends on the type of checking account you choose. For example, the minimum opening deposit for MyAccess Checking Account is $25 while, the  minimum opening deposit for aTiered Interest personal checking account  is $100.

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The offer is made available to the following merchants:

1. Who do not currently have a merchant account with Bank of America Merchant Services;

2. Who are not part of a franchise or an association;

3. Who did not collect a payment from a like offer within the past 12 months; and

4. Whom other special consideration is paid or given related to transaction processing activities or support.

It should be noted that pricing comparison applies only to credit card processing rates and fees and not to include monthly terminal or software fees. Also, you must provide your most recent two months credit card processing statements. If you meet the eligibility requirements, Bank of America will send you a check of $500 within 30 days.

This offer is limited to one offer per merchant or business entity and the value of the offer will be reported by the bank to the IRS.

Bank of America Merchant Services features:

• A $500 is sort of guarantee by Bank of America to meet or beat your current payment processing fees
• Reduced set up fee and discount rates
• Free cost analysis
• Next business day funding with a Bank of America business checking account after deposit of transactions. Customer must have a Bank of America business checking account
• Special technologies for retail, lodging and restaurants

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Below are some of the banks that offer cash incentives to new customers:

1. PNC Bank. PNC Bank offers a $100 cash reward to those who open a select virtual wallet. Get your $100 with qualifying direct deposit and 10 purchases with your PNC Bank Visa Check Card.

2. Bank of the West. Get a checking account that pays you $100. All you need to do is make a minimum initial deposit of at least $100 (must be new funds) and set up qualifying direct deposit of $250 or more per month. Offer ends September 16, 2011. Customers must establish a monthly direct deposit of $250 or more each deposit. Please note that two or more direct deposits that add up to $250 do not qualify.

3. Bank Mutual. You will get $50 cash bonus when you open a new checking account with direct deposit. The minimum deposit to open and account and receive the bonus is $100.

4. MetCalf Bank. Open a MyChoice checking account with the bank and receive up to $100 in cash. To get it you need to do the following:

1. Open a MyChoice checking account and get $50
2. Open a SaveUp savings account at the same time and get $50 more
3. Set up a monthly automatic transfer between the two and you will reap double interest

5. Sovereign Bank. The bank offers three options for getting cash rewards.

1. $100 for Premier Checking Package
2. $75 for Preferred Checking Package
3. $50 for Classic Checking Package

Here is how it works. You need to open a checking package before it expires on August 31, 2011, make five (5) debit card purchases by October 31st and get your cash bonus by November 15th.

6. ING Direct. Open an Electric Orange account and make a total of three (3) card purchases or Person2Person payments or any  combination of the two within 45 days of account opening and receive a $50 cash bonus which will be deposited into your account on the 50th day of account opening.

You can also check what has been offered by these banks back in January 2010.

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1. Bank of America. Current checking account promotion of $200 in statement credits. If you work hard to pay your credit card bill this is the kind of checking account that you want to get because it chips in. But there is a catch.

• First, you must open a new checking account.
• Second, you must establish a direct deposit within 3 months of account opening and you will receive the first $100 bonus in statement credits.
• You will earn $20 each  month for 6 months or a total of $100 if you pay your Bank of America credit card online using your new Bank of America checking account.

Bank of America’s current offer is very tempting considering the amount involved. In 2009, the banks’ offer was $75.

2. Anchor Bank. Current checking account promotion is $100. Here is how to get the $100 checking account bonus:

• Open a new personal checking account and get $25
• Make a direct deposit and get $25
• Make 3 debit card purchases and get $25
• Sign-up for free e-statements and get $25

3. Hanmi Bank. Current checking account promotion is $85. To get the bonus, you got to do the following:

• Get a free check book worth $15
• Complete a direct deposit and get $50
• Earn $5 every time you make an online bill payment — maximum of $20

In addition to the above, you will earn 1,000 debit reward points when you make at least 5 purchases using your Hanmi Bank debit card.

4. Capital One Bank also offers a $250 checking account bonus.

5. ING Direct also offers $50 for its 2011 checking account promotion.

6. PNC Bank also offered a $100 checking account bonus, but it expired already.

7. Chase Bank offers $100 checking account bonus with a qualifying business checking account, but you will need to deposit at least $500 or more. Chase Bank’s offer expires April 30, 2011.

If you know of any checking account promotion that is not listed here, please feel free to put it in the comments area.

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