Florence Bank $400 Checking Bonus: A Sweet Deal for New Englanders

If you live in certain parts of New England, there's a new bank bonus that might be worth your time. Florence Bank is offering up to $400 just for opening a checking account and setting up direct deposits. It's a straightforward deal with no monthly fees, and it's available in select counties across Massachusetts, Connecticut, Vermont, and New Hampshire. Let's break down what you need to know.

What's the Deal?

Florence Bank is currently offering a $400 bonus for new personal checking accounts. To qualify, you need to open an account online or in a branch using the promo code VALLEY. Then, within 90 days of opening, you must receive qualifying direct deposits totaling at least $1,500. That's it – no complicated hoops to jump through.

This is a solid bonus for the effort involved, especially if you already have direct deposit set up. Just remember that the bonus is considered taxable income, so you'll need to report it on your taxes.

Who Can Get It?

The offer is available to new checking customers in specific counties in four states. If you live in one of these areas, you're in luck:

In Massachusetts: Hampshire, Franklin, Hampden, Berkshire, or Worcester. In Connecticut: Hartford, Litchfield, Tolland, or Windham. In Vermont: Windham or Bennington. In New Hampshire: Cheshire.

You're not eligible if you're a Florence Bank employee, already have a checking account with them, or closed a checking account within the last 180 days. Also, only one bonus per customer.

What Counts as a Qualifying Direct Deposit?

The bank defines qualifying direct deposits as regular, periodic ACH credits – think payroll, salary, pension, or government benefits like Social Security. That's pretty standard.

But here's the catch: transfers from peer-to-peer services like PayPal, Zelle, or Venmo don't count. Also, deposits from the Real-Time Payments (RTP) network are excluded. So you'll need to set up a legitimate direct deposit from an employer or benefits provider.

Fees and Fine Print

Good news: Florence Bank's checking accounts have no monthly maintenance fees. That means you won't have to worry about a service charge eating into your bonus.

The fee schedule also doesn't list an early account termination fee, so you can close the account after meeting the requirements without penalty. However, it's always a good idea to keep the account open for a while to avoid any potential issues.

One thing to note: the bank may check ChexSystems, which is a consumer reporting agency that banks use to check your banking history. If you've had issues with bounced checks or unpaid fees, you might be denied. But the application is reportedly a soft pull, so it won't affect your credit score.

How to Apply

You can apply online or visit a branch. Make sure to use the promo code VALLEY when you apply. If you're applying online, you'll need to provide your personal information and set up the account. You can also fund the account with a credit card, up to $500, which might help you meet any initial deposit requirements.

Once your account is open, set up your direct deposit as soon as possible to ensure you meet the 90-day deadline. Keep an eye on your account to confirm the bonus posts – it might take a few weeks after you meet the requirements.

Bottom Line

• Use promo code VALLEY when opening a new checking account.
• Set up at least $1,500 in qualifying direct deposits within 90 days.
• No monthly fees, so the bonus is pure profit.
• Check your county's eligibility before applying.
• Remember that the bonus is taxable income.

Common Questions