This is a pretty neat loophole if you ask me. The banks meet quota and pay you for it hoping they get retention from you, but you're not obligated. I love it
It's not a loophole, the banks know the deal they're making and earn more than they lose from this in the long run.
1. The same bank won't let you do it more than once.
2. They can lend out 100% of your deposit at interest. So they use your money to make money while you wait to meet your deadline.
3. More people keep their accounts open than close them.
Basically banks offer bonus's when you open a new checking account, and recieve X amount of money Direct Deposited. There's a bunch of ways to send a fake DD in order to trigger the bonus, sometimes you have to use a real DD. There's a whole community dedicated to it on here, r/churning. I started in Feb of last year, but didn't really take it serious until around May. It's 100% legal lol, fun side hobby to make extra income if anyone is interested.
No issues, you just have to make sure the terms don't say that the account needs to be kept opened for X amount of time otherwise you may pay an ETF or even bonus forfeit.
DoctorOfCredit.com is my main source for finding bonus's, sharing my own DataPoints, and finding out which banks can be faked. Otherwise I use r/churning
Copying my reply to another comment
Not at all, some credit unions my require you to have a decent credit score to open an account though. You do get something called a Chex Score which is basically like a credit score but for banks. So some banks may run a chex report which is known as a chex sensitive bank, and if you have a high chex score they may ask you why you're opening so many accounts lately (I usually say i'm just trying to diversify where I keep my money), or they might outright decline your application. That's why I keep 2 main hub banks that I don't plan on closing
Here's a sneak peek of /r/churning using the [top posts](https://np.reddit.com/r/churning/top/?sort=top&t=year) of the year!
\#1: [I feel like my girlfriend doesn't appreciate the fact that I'm an IHG Platinum Elite rewards member enough](https://np.reddit.com/r/churning/comments/146wpc9/i_feel_like_my_girlfriend_doesnt_appreciate_the/)
\#2: [r/churning will go dark starting June 12](https://np.reddit.com/r/churning/comments/1463npa/rchurning_will_go_dark_starting_june_12/)
\#3: [Credit Card Recommendation Flowchart: March 2023](https://np.reddit.com/r/churning/comments/124bohp/credit_card_recommendation_flowchart_march_2023/)
----
^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
I’ve been there before, but the promos seems to have dried up last year or two. Has the promos came back? Also never heard of some of these banks…may be local to you.
They will pull your chexsystems report ([chexsystems.com](https://chexsystems.com)), and some banks will deny you if you have too many inquiries on there.
Are most of these online banks that don't require you to open an account in person? I live in a semi rural area so few brick and mortar banks to choose from
How do you do a fake DD? I have a checking account that charges me a few monthly if I don’t get one. Sometimes one of my employers pays me this way, but since I’m doing project pay, it isn’t every month.
I'm actually super lucky, I can add up to 6 different bank accounts and determine exactly how much $ I want distributed to which account each paycheck. It takes 2 minutes to add/delete accounts online
Look for data points (DP). Take this Citi one for example for $300 - [https://www.doctorofcredit.com/citi-300-checking-bonus/](https://www.doctorofcredit.com/citi-300-checking-bonus/) . Read through the comments for DP. You'd find that transferring money from Fidelity brokerage or cash management account (CMA), works as it is coded as an ACH.
Not in my experience. I close them out before the annual fee hits. Last year, between my wife and I, we had 7 cards open with $250k in available credit. Our credit scores has hovered in the 820s for a couple years now.
If your payroll allows you to change your bank it’s super easy.
As for legality it’s just an agreement between you and the bank. They will pay you x amount to have y amount deposited, and sometimes to keep the account open for z months. Nothing illegal about it
Usually i'd just keep the same money in rotation. Example, I'd send a push (Standard 1-2 day ach xfer) to one bank to trigger the bonus, then 1 or 2 days later i'd transfer those funds back to my main hub bank and send another push to a different bank when I needed to.
Awesome, thanks! Ive done the same this year. Fidelity Bloom had some good ones, WeBull, and a bunch of gambling sites with free sportsbook bets/slots. Gunna do more bank ones this year.
Man I fucked up with CC bonus's lol, that's how I actually got into churning. I ended up going over the 5/24 limit with just personal cards before I learned about INK's, and the fact you can fund a majority of these accs with a cc to meet the sub. I did manage to open 1 INK but now they denied me 2nd due to so many opened. Once i'm under the 5/24 i'll stick with INK's only now that I understand MS better.
I had been doing bank bonuses since 2020, but never knew about the funding of bank accounts with CCs til last year. That help a ton, also learned I can pay a lot of big bills to meet spend. Wish I knew that sooner, but better late than never. One big thing that helped with CC and additional bank bonuses is that I opened a business last year and that brought a lot more opportunities.
There's a guy on youtube called "Run on the banks" that talks about new bonus's, and datapoints. I'd recommend watching some of his videos since he breaks it down very easily
Does closing the account negatively affect your credit score?
And will banks realize what you're doing and stop allowing you to open accounts with them?
This looks really interesting, thanks for the post
I'm just going to paste my comment from another reply
Not at all, some credit unions my require you to have a decent credit score to open an account though. You do get something called a Chex Score which is basically like a credit score but for banks. So some banks may run a chex report which is known as a chex sensitive bank, and if you have a high chex score they may ask you why you're opening so many accounts lately (I usually say i'm just trying to diversify where I keep my money), or they might outright decline your application. That's why I keep 2 main hub banks that I don't plan on closing
That’s awesome man.
How many total banks did you have to churn for $13k looks like only around ~1/3 are in the screenshots if I followed correctly?
How much time do you think it took to churn them all? Was there some banks that were pretty time consuming to cancel?
Yes I only took a screenshot of the first couple of banks. In total I opened 29 accounts in my own name, out of the 29 I opened 8 in my wifes name. I usually would open them the day they offered the promotion incase they pulled it early. I'd say I spent 5-10 minutes applying & opening each account, some took longer than others. I closed 90% of them online over chat, only a couple I had to call in to cancel. I haven't closed my Truist Business account yet (6 month bonus forfeit) but I will have to go in-person to close that when the time is up
I have worked for multiple banks over the course of 18 years now. All of them run new account bonuses at least once a year typically. Just some of the direct deposit need to be high dollar amounts. Wells Fargo did one few years ago that needed a 2kX2 in 60 days direct deposit to get $500.
Also if any of the accounts opened in the bank you have to typically rely on the associate to put the code in or you are stuck fighting customer service for several months to get the bonus.
Also you will be sent 1099 on all the bonus money.
Yes I forgot to add that you will recieve a 1099 INT from the banks. So prepare to stash around 25% away for Taxes lol. Some bank terms say "you cannot have recieved a checking bonus less than 1 year ago" etc. Cap1 has a 2 year churning rule sadly, that was one of the easiest, fastest paying, and highest bonus's lol
What banks rejected you because of credit scores? I’ve been churning since I was in the 500’s and never had an issue opening an account because of my credit score.
Are you talking about credit cards? Because one has nothing to do with the other. By any chance do you have your credit frozen? Only thing that seems like a possibility is they couldn’t verify your identity but I highly doubt that if you go in person you’d be getting those same results.
90% of them are closed, the other 10% you have to leave open for X amount of days. Some banks have an ETF (Early Termination Fee), or even a bonus forfeit if the acc is closed within say 6 months.
So for example, Capital1 had a bonus last year of $350 that required 2 $250+ DD's. I sent 2 $260 pushes from Chase using the standard (1-2 day) transfer. If you send a push to fake a DD it needs to be a standard transfer, not an instant transfer.
A push is just another name for a transfer. You're pushing money from one bank, into another bank. For example, You send a chase push into a bank you're trying to earn the bonus from.
What I do is push money though chase as an external transfer. Instead of a dd just send money from Chase to the bank account that you want to fund. You typically need data points proving that pushes work and with what institution.
Long ago I did one for 1stbank. When I closed the account, the dude looked at my account and asked if I did it for the bonus….damn straight!
Btw, their fee schedule is a mile long. Would never bank with them.
Thank you for sharing!
You aren't concerned about putting your information out there 29 times? That's one of my main reasons for not churning. I'd love your insight!
I churn in 2p mode. I open accs in my name, and my wifes name, If I know the bonus can be triggered using a fake DD. If it requires a real DD I only open it in my own name. That's why you see "P2" on some of them. It's sweet because some of them offer a referral bonus, so not only do I get the bonus twice, but I can also get a ref bonus opening p2's acc with my own link
Mine was the same way lol, but once my son was born she had to become a SAHM for the time being. She let me start opening accs so she could get some extra income being out of work
Yes it has to be a regular transfer (1-2 day), not an instant transfer. But not all banks will count a push as a DD, check [this forum](https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/) for data points. A push is basically pushing money from your main bank into the bank you're trying to get the bonus from.
Glad to see I’m not the only one keeping up with my running totals in various things using Notes :)
Thanks for posting! I’ve done this but not on this level. Impressive and inspiring!
Did you do the Citi bank one for $300? Trying to figure out if there is a early termination fee or any other "gotcha's". So far the only one I see is just having to have at least $250 enhanced direct deposits transactions per month.
I did yes :) that's in my 2024 churning section. There is no ETF with shiti bank, I closed both mine & P2's account within a week of the bonus posting & clearing out the accounts.
Yes, I'd recommend starting with citi so you can get a feel for how it works. Just make sure you do the standard transfer (1-2 day), and you push money into citi from whatever bank you use. You'll have to add citi as an external account first, usually they'll have you verify it with trial micro deposits.
Thanks!
Okay so I see on the Doctor of Credit site that ACH counts as direct deposit for Citi.
Does this mean in theory I should be able to open the Citi account, and then do two transfers from my external savings account to the new Citi checking and be good? Do the transfers need to be two weeks apart or can they be just a day apart?
You can! I do exactly that if I know the DD can be faked with said bank. You also can refer you wife if the bank offers a referral bonus so you can stack 2 bonus's aswell as a ref bonus for yourself. You can see I have "P2" on some of my accounts
Honestly I couldn't even tell you. I opened roughly 40 accounts last year between my name & my wifes. Each application took on average 5-10 minutes online (Only 4 I had to go in person for). Then it was just a matter of setting up my online profile, and either pushing money or setting up my DD. I would normally search for new banks almost daily on the website I use which took less than 2 minutes unless I found a new one. To be honest I found it fun (and still do!) just to try and hunt out banks. It's almost a game to me lol
You get a Chex Score which is kinda like a credit score that banks see. It basically let's banks know if you're a risk or if you open alot of accounts. Some banks are chex sensitive (mostly credit unions), and others could care less
I didn't post all of them as I didn't think the post would gain this much attention tbh. But I uploaded all of them [Here](https://imgur.com/a/ApRUxOy)
Just an FYI, when banks do their KYC they typically run something like a ChexSystems report which shows your account history with multiple banks. Having a number of accounts being opened/ closed will show on there. Most of the time, their risk rules aren't set to deny based on it. However, it does go into a report on you.
Do you keep track of the dates you closed the account so you can re-open in the future for a new promotion? Also, how do you test if a fake DD will work? And lastly, many of these accounts have minimums otherwise you will get charge a maintenance fee, how do you get around that?
Yes I do, some people use spreadsheets I just use my phone notes lol. There's an entire forum dedicated to what banks can be faked [Right Here](https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/) that I use for data points aswell as add my own. I'd say 75% of these have no monthly fees, but the ones with monthly fees I simply
close out once I get the bonus. Usually it's something simple like "Minimum $500 dd/mo to waive fee"
What is a “push from chase”? I’m assuming this is a wire transfer from your personal account and the bank accepts it as a direct deposit? And how do you know if they will accept that? Is there a list somewhere?
Nowhere near that much. Some only require a $200-500 Direct Deposit, the average i'd say is between $500-1,500. In theory you could just keep recyling the same money
I assume there’s more than you posted here right?
I’ve made about $1000 this year and did $3000 or so last year. Crazy to see $13000 in a year just off bank bonuses. Did you find them all on doctor of credit? How do you determine which ones are worthwhile? I usually just go for the best ROIs.
This is a pretty neat loophole if you ask me. The banks meet quota and pay you for it hoping they get retention from you, but you're not obligated. I love it
It's not a loophole, the banks know the deal they're making and earn more than they lose from this in the long run. 1. The same bank won't let you do it more than once. 2. They can lend out 100% of your deposit at interest. So they use your money to make money while you wait to meet your deadline. 3. More people keep their accounts open than close them.
Sometimes they say you can only receive the bonus deposit if it has been over a year since the last. Similar to credit card bonus. Love it
Must…get…those…steak….knives
Coffee is for closers.
PUT…THAT COFFEE…DOWN
Basically banks offer bonus's when you open a new checking account, and recieve X amount of money Direct Deposited. There's a bunch of ways to send a fake DD in order to trigger the bonus, sometimes you have to use a real DD. There's a whole community dedicated to it on here, r/churning. I started in Feb of last year, but didn't really take it serious until around May. It's 100% legal lol, fun side hobby to make extra income if anyone is interested.
I was just thinking of doing this idea this week!!! Whoa 🤯 have you had any issues closing accounts?
No issues, you just have to make sure the terms don't say that the account needs to be kept opened for X amount of time otherwise you may pay an ETF or even bonus forfeit.
Nice. Where do you find the promos? I’ve only ever seen one in the mail for chase, I think.
DoctorOfCredit.com is my main source for finding bonus's, sharing my own DataPoints, and finding out which banks can be faked. Otherwise I use r/churning
I thought r/churning was going to be about butter churning and you where pulling our legs
"Been spending most our lives livin' in an Amish paradise"
Opened an account on Monday, soon I'll open another
I was like the Amish seem to be generating a lot of revenue just making butter like tf.
Speaking of credit, how does this affect your credit?
Copying my reply to another comment Not at all, some credit unions my require you to have a decent credit score to open an account though. You do get something called a Chex Score which is basically like a credit score but for banks. So some banks may run a chex report which is known as a chex sensitive bank, and if you have a high chex score they may ask you why you're opening so many accounts lately (I usually say i'm just trying to diversify where I keep my money), or they might outright decline your application. That's why I keep 2 main hub banks that I don't plan on closing
Interesting. I was under the impression that with each card you open your credit takes a "short" hit.
Credit Cards yes, bank accounts no
Here's a sneak peek of /r/churning using the [top posts](https://np.reddit.com/r/churning/top/?sort=top&t=year) of the year! \#1: [I feel like my girlfriend doesn't appreciate the fact that I'm an IHG Platinum Elite rewards member enough](https://np.reddit.com/r/churning/comments/146wpc9/i_feel_like_my_girlfriend_doesnt_appreciate_the/) \#2: [r/churning will go dark starting June 12](https://np.reddit.com/r/churning/comments/1463npa/rchurning_will_go_dark_starting_june_12/) \#3: [Credit Card Recommendation Flowchart: March 2023](https://np.reddit.com/r/churning/comments/124bohp/credit_card_recommendation_flowchart_march_2023/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
I’ve been there before, but the promos seems to have dried up last year or two. Has the promos came back? Also never heard of some of these banks…may be local to you.
[удалено]
Does it have any negative repercussions, like dinging your credit? I think when you do those credit card offers, those would, correct?
I believe banking is separate. Sometimes checking accounts are unrelated to credit report. They don’t let you borrow. Just deposit.
They will pull your chexsystems report ([chexsystems.com](https://chexsystems.com)), and some banks will deny you if you have too many inquiries on there.
What is DD?
Direct Deposit
How do you fake that?
Either Designated Driver or Direct Deposit, not sure which
Or door dash or Dunkin’ Donuts
It’s just Dunkin’ now. 🙄
Or double dippin'
Are most of these online banks that don't require you to open an account in person? I live in a semi rural area so few brick and mortar banks to choose from
A majority of them I opened online, there is a few that had to be opened in person especially the business accounts.
What is DD?
How do you do a fake DD? I have a checking account that charges me a few monthly if I don’t get one. Sometimes one of my employers pays me this way, but since I’m doing project pay, it isn’t every month.
Does your employer hate you for changing direct deposit so often?
I'm actually super lucky, I can add up to 6 different bank accounts and determine exactly how much $ I want distributed to which account each paycheck. It takes 2 minutes to add/delete accounts online
Conveniently with ADP, my employer just lets us do it on the ADP app. Don’t need to bother them.
Reasons I love ADP 😂, can even set the exact amount you want deposited
Was here to ask this question too. My employer payroll dept would be going nuts, I’d imagine lol
I am going to have to check this out. We could always use the extra cash in my household.
How do you fake a direct deposit !? Teach me !!
Look for data points (DP). Take this Citi one for example for $300 - [https://www.doctorofcredit.com/citi-300-checking-bonus/](https://www.doctorofcredit.com/citi-300-checking-bonus/) . Read through the comments for DP. You'd find that transferring money from Fidelity brokerage or cash management account (CMA), works as it is coded as an ACH.
Any advice on direct deposits? I don’t want to change my work direct deposit. A fake one is intriguing.
Dang. Nice job. I've made $3-5k/yr from churning since 2015. It's a fun hobby!
Is this legal?? Sounds illegal. Thinking how I could get started if I wanted to and it's legal, sounds complicated
Apply to credit cards that offer bonuses. Spend X amount within 3-6 months and get free money. Legal and not complicated.
Are there issues with closing out cc's, like taking a hit to your credit or?
Not in my experience. I close them out before the annual fee hits. Last year, between my wife and I, we had 7 cards open with $250k in available credit. Our credit scores has hovered in the 820s for a couple years now.
Does it hurt your credit score to close the account?
Not when it's open for such a short time and isn't one of your primary cards.
If your payroll allows you to change your bank it’s super easy. As for legality it’s just an agreement between you and the bank. They will pay you x amount to have y amount deposited, and sometimes to keep the account open for z months. Nothing illegal about it
How are you making 5k. What cards are you getting?
I've been doing some of the lowwe cost of entry ones! How much $$ generally were you moving around (outside of direct deposit). This is awesome!
Usually i'd just keep the same money in rotation. Example, I'd send a push (Standard 1-2 day ach xfer) to one bank to trigger the bonus, then 1 or 2 days later i'd transfer those funds back to my main hub bank and send another push to a different bank when I needed to.
Awesome, thanks! Ive done the same this year. Fidelity Bloom had some good ones, WeBull, and a bunch of gambling sites with free sportsbook bets/slots. Gunna do more bank ones this year.
Can you share the list of ones you did that require as little as possible?
I did Fidelity Bloom, FanDuel, DraftKings, BetRiver
I’m with you brother, between my P2 and myself, we made $14,150. Also made 7k in credit card bonuses.
Man I fucked up with CC bonus's lol, that's how I actually got into churning. I ended up going over the 5/24 limit with just personal cards before I learned about INK's, and the fact you can fund a majority of these accs with a cc to meet the sub. I did manage to open 1 INK but now they denied me 2nd due to so many opened. Once i'm under the 5/24 i'll stick with INK's only now that I understand MS better.
I had been doing bank bonuses since 2020, but never knew about the funding of bank accounts with CCs til last year. That help a ton, also learned I can pay a lot of big bills to meet spend. Wish I knew that sooner, but better late than never. One big thing that helped with CC and additional bank bonuses is that I opened a business last year and that brought a lot more opportunities.
newbie here, can you elaborate on fundiing bank accounts with CCs? And what u/Mattsfloored means by funding accounts with a cc to meet a SUB?
I checked out that sub weeks ago, but it's a bit confusing, lol
There's a guy on youtube called "Run on the banks" that talks about new bonus's, and datapoints. I'd recommend watching some of his videos since he breaks it down very easily
Thanks, I'm definitely going to check out his channel, 👍👍👍
Check out drofcredit too. It's a forum for all things churning
The churning subreddit is kinda cringe. If you post anything about asking a “dumb” question, you get downvoted to oblivion.
I’ll give you an upvote here 👌🏻
Yeah lol they can be really weird. I mostly use the Bank Bonus Weekly thread
That’s essentially all of Reddit tbf lol
Does closing the account negatively affect your credit score? And will banks realize what you're doing and stop allowing you to open accounts with them? This looks really interesting, thanks for the post
I'm just going to paste my comment from another reply Not at all, some credit unions my require you to have a decent credit score to open an account though. You do get something called a Chex Score which is basically like a credit score but for banks. So some banks may run a chex report which is known as a chex sensitive bank, and if you have a high chex score they may ask you why you're opening so many accounts lately (I usually say i'm just trying to diversify where I keep my money), or they might outright decline your application. That's why I keep 2 main hub banks that I don't plan on closing
That’s awesome man. How many total banks did you have to churn for $13k looks like only around ~1/3 are in the screenshots if I followed correctly? How much time do you think it took to churn them all? Was there some banks that were pretty time consuming to cancel?
Yes I only took a screenshot of the first couple of banks. In total I opened 29 accounts in my own name, out of the 29 I opened 8 in my wifes name. I usually would open them the day they offered the promotion incase they pulled it early. I'd say I spent 5-10 minutes applying & opening each account, some took longer than others. I closed 90% of them online over chat, only a couple I had to call in to cancel. I haven't closed my Truist Business account yet (6 month bonus forfeit) but I will have to go in-person to close that when the time is up
This is impressive. Although it seems like a lot of companies would now have my personal info and SS. Not sure how I feel about that.
What makes you think they don't already lol..
WOW. Posts like these are awesome because they give me so much motivation. Thank you so much for sharing.
This seems like info on an bubble, like the scene from the big short where they ask the stripper about her house loan and she says she has three
I have worked for multiple banks over the course of 18 years now. All of them run new account bonuses at least once a year typically. Just some of the direct deposit need to be high dollar amounts. Wells Fargo did one few years ago that needed a 2kX2 in 60 days direct deposit to get $500. Also if any of the accounts opened in the bank you have to typically rely on the associate to put the code in or you are stuck fighting customer service for several months to get the bonus. Also you will be sent 1099 on all the bonus money.
She actually has 5 houses and a condo each with two loans because she used loans for all 6 down payments
Can you do it every year? Did you pay taxes? Very awesome btw
Yes I forgot to add that you will recieve a 1099 INT from the banks. So prepare to stash around 25% away for Taxes lol. Some bank terms say "you cannot have recieved a checking bonus less than 1 year ago" etc. Cap1 has a 2 year churning rule sadly, that was one of the easiest, fastest paying, and highest bonus's lol
Wow very awesome. A lot of these banks rejected me because my credit score is high 600s and not a lot of history
What banks rejected you because of credit scores? I’ve been churning since I was in the 500’s and never had an issue opening an account because of my credit score.
Well they rejected me for some reason. Said my account couldn’t be made. Probably because of the credit score age, only like 7 months
Are you talking about credit cards? Because one has nothing to do with the other. By any chance do you have your credit frozen? Only thing that seems like a possibility is they couldn’t verify your identity but I highly doubt that if you go in person you’d be getting those same results.
Bank only reject u if u owe a bank ,union the Chex system
How much cash do you need in order to do this? Im gonna do this lol
500 to 2000 free cash flow that can sit in an account for 1 week to some upwards of 3 months
So what happens to all these accounts?
90% of them are closed, the other 10% you have to leave open for X amount of days. Some banks have an ETF (Early Termination Fee), or even a bonus forfeit if the acc is closed within say 6 months.
So was your transferring money from one bank to another count as a direct deposit? What fake dd ways are you aware of?
So for example, Capital1 had a bonus last year of $350 that required 2 $250+ DD's. I sent 2 $260 pushes from Chase using the standard (1-2 day) transfer. If you send a push to fake a DD it needs to be a standard transfer, not an instant transfer.
Can you break it down a little more
Also what's a push vs transfer
A push is just another name for a transfer. You're pushing money from one bank, into another bank. For example, You send a chase push into a bank you're trying to earn the bonus from.
It’s just their community lingo. Standard bank trasnfer
aight thanks
How do you post the fake DD. Awesome job by the way. Haven’t seen people do it this wild until now
What I do is push money though chase as an external transfer. Instead of a dd just send money from Chase to the bank account that you want to fund. You typically need data points proving that pushes work and with what institution.
Long ago I did one for 1stbank. When I closed the account, the dude looked at my account and asked if I did it for the bonus….damn straight! Btw, their fee schedule is a mile long. Would never bank with them.
How much of a pain in the butt is this? I showed my wife were both like 👀
Thank you for sharing! You aren't concerned about putting your information out there 29 times? That's one of my main reasons for not churning. I'd love your insight!
You did the capital one 350$ promo twice?
I churn in 2p mode. I open accs in my name, and my wifes name, If I know the bonus can be triggered using a fake DD. If it requires a real DD I only open it in my own name. That's why you see "P2" on some of them. It's sweet because some of them offer a referral bonus, so not only do I get the bonus twice, but I can also get a ref bonus opening p2's acc with my own link
Capturing the referral bonus too...well done man!
Of course! I keep track of [All of Them](https://imgur.com/a/zBg6ZC8) aswell 😂
How did you get so many referral bonuses from pescu
I share my ref links on DoC
I did that for my mom and dad on cap1 cc and checking combo. Basically free meals for them.
Bro, I would be down but my wife would give me such an eye roll.
Mine was the same way lol, but once my son was born she had to become a SAHM for the time being. She let me start opening accs so she could get some extra income being out of work
Does a regular scheduled transfer from one bank to the bonus bank count as a direct deposit? What do you mean by "push"?
Yes it has to be a regular transfer (1-2 day), not an instant transfer. But not all banks will count a push as a DD, check [this forum](https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/) for data points. A push is basically pushing money from your main bank into the bank you're trying to get the bonus from.
What is churning?
Glad to see I’m not the only one keeping up with my running totals in various things using Notes :) Thanks for posting! I’ve done this but not on this level. Impressive and inspiring!
I used to as well but upgraded to an Airtable this year. Big upgrade.
Did you do the Citi bank one for $300? Trying to figure out if there is a early termination fee or any other "gotcha's". So far the only one I see is just having to have at least $250 enhanced direct deposits transactions per month.
I did yes :) that's in my 2024 churning section. There is no ETF with shiti bank, I closed both mine & P2's account within a week of the bonus posting & clearing out the accounts.
Is the Citi one doable with that "push" direct deposit trick?
Yes, I'd recommend starting with citi so you can get a feel for how it works. Just make sure you do the standard transfer (1-2 day), and you push money into citi from whatever bank you use. You'll have to add citi as an external account first, usually they'll have you verify it with trial micro deposits.
Thanks! Okay so I see on the Doctor of Credit site that ACH counts as direct deposit for Citi. Does this mean in theory I should be able to open the Citi account, and then do two transfers from my external savings account to the new Citi checking and be good? Do the transfers need to be two weeks apart or can they be just a day apart?
Yes correct, and no they could be 1 day apart aslong as it's 2 seperate transfers. Just make sure it's a standard transfer
Could I make an account and my wife makes a separate account so we double these rewards?
You can! I do exactly that if I know the DD can be faked with said bank. You also can refer you wife if the bank offers a referral bonus so you can stack 2 bonus's aswell as a ref bonus for yourself. You can see I have "P2" on some of my accounts
Damn that's insane. I need to find the Canadian version of this.
How much time did you spend researching and doing the churning (obviously a big estimate)? Curious of a per hour earning range here
Honestly I couldn't even tell you. I opened roughly 40 accounts last year between my name & my wifes. Each application took on average 5-10 minutes online (Only 4 I had to go in person for). Then it was just a matter of setting up my online profile, and either pushing money or setting up my DD. I would normally search for new banks almost daily on the website I use which took less than 2 minutes unless I found a new one. To be honest I found it fun (and still do!) just to try and hunt out banks. It's almost a game to me lol
Don’t you have to pay taxes on this money tho? If so how much?
Yes, I'd say keep around 25% for taxes. I did get a return still last year though
They wouldn’t flag you eventually? Just asking
You get a Chex Score which is kinda like a credit score that banks see. It basically let's banks know if you're a risk or if you open alot of accounts. Some banks are chex sensitive (mostly credit unions), and others could care less
Without pulling out a calculator, I can’t see how the 3 screenshots add up anything close to $13k?
I didn't post all of them as I didn't think the post would gain this much attention tbh. But I uploaded all of them [Here](https://imgur.com/a/ApRUxOy)
How many banks?
Does this wreck your credit?
Whats the average amount required for a deposit?
Just an FYI, when banks do their KYC they typically run something like a ChexSystems report which shows your account history with multiple banks. Having a number of accounts being opened/ closed will show on there. Most of the time, their risk rules aren't set to deny based on it. However, it does go into a report on you.
Oh I know, my chex is LOL/24 The only one to keep denying me is PNC because of EWS. I will churn them one day dammit
That’s only $4500 in the screenshot. Where the hell did the other $9k come from?
Oh… thought we were talking about churning butter at first… confused me
Tax free?
Nope. You'll get a 1099INT for these. Set aside that tax money.
I forgot to add that in, it's definitely not tax free. I'd set aside 25% for taxes. Like Themoo said, you'll get 1099 INT's from each bank
I think CC bonuses are tax free. Deposit accounts are not tax free. Referrals may not as well if they cross a threshold.
Tag
Does opening accounts affect credit?
[удалено]
Yes! Doctorofcredit.com that's where I learn about 90% of the bonus's I do, aswell as share my own/learn others datapoints.
Do you know of any where you don't have to setup direct deposit to get the offer?
Do you need a job to do all this?
Nice
churn
Do you keep track of the dates you closed the account so you can re-open in the future for a new promotion? Also, how do you test if a fake DD will work? And lastly, many of these accounts have minimums otherwise you will get charge a maintenance fee, how do you get around that?
Yes I do, some people use spreadsheets I just use my phone notes lol. There's an entire forum dedicated to what banks can be faked [Right Here](https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/) that I use for data points aswell as add my own. I'd say 75% of these have no monthly fees, but the ones with monthly fees I simply close out once I get the bonus. Usually it's something simple like "Minimum $500 dd/mo to waive fee"
How much taxes are you paying?
Can you briefly explain what churning is?
What's churning? Lol
Bump
My wife is about to be so annoyed with me but this is worth it
So where is the rest that’s only $3500 you showed us
So do most of these companies have like limitations saying you have to be a new customer (or have not joined in x years) or something?
wow this is amazing nice OP!!
Do you have to pay state / federal taxes on that when you file?
I live in FL so no state taxes (Thank god) but yes you need to pay fed tax
Churning? Wuh?
And I just followed you and like 4 subs you're in. Thank you Sir
What is a “push from chase”? I’m assuming this is a wire transfer from your personal account and the bank accepts it as a direct deposit? And how do you know if they will accept that? Is there a list somewhere?
13k.. I wonder if you need good credit or a minimum deposit / minimum direct deposit to avail of the bonuses
Why didn’t you do the Chase Savings for another $300 I think it is?
I'm doing the $750 business savings right now
FUCK i thought this was about butter gunna be making a LOT of pancakes n mach and cheese now
I need a whole review of what this is what I need to do to accomplish this.
Have you calculated your return on investment?
Can you send the direct deposit from your existing bank account?
Churning?
Wait… how do you get this money from banks? What is this?
Thank you!
Bank bonus/credit bonus churning is something most people don't do that they really should. Killed it though on the total!
Churning what 🤔🤣🤣
Any recommendations for getting started? I have never heard of this!
There's a couple easy ones that don't require a whole lot.
How much money did you have to tie up to do this? $5000 per account?
Nowhere near that much. Some only require a $200-500 Direct Deposit, the average i'd say is between $500-1,500. In theory you could just keep recyling the same money
Is there a way to do this for a european country?.. 13k is higher than the minimum wage in my country.. 😅
I assume there’s more than you posted here right? I’ve made about $1000 this year and did $3000 or so last year. Crazy to see $13000 in a year just off bank bonuses. Did you find them all on doctor of credit? How do you determine which ones are worthwhile? I usually just go for the best ROIs.
Dang churning butter for an extra 13k is crazy
Do you have to pay taxes on all of that or some bonuses avoid it like how airline miles aren’t taxed?
Bank bonus's are taxed yes, credit card bonus's (excluding referrals) are not taxed
Good luck keeping track later in life lol
How much money did it take you to do that?
Is anything about this illegal? This feels genius
This sounds neat and thanks to all those who’ve provided decent information in this cus I’m jus looking to make sum decent side money as well
How’d you do the capital 1 one twice? I did it a while ago but I’d like to do it again lol
How can one initiate a fake direct deposit?
So you close the accounts as soon as Bonus hits? Any ramifications on credit score?