Legacy Bank $250 Checking Bonus: Earn Cash with Debit Card Swipes and Direct Deposit

If you're in Kansas and looking for a straightforward bank bonus, Legacy Bank has a solid $250 offer on the table. The deal works for both personal and business checking accounts, and the requirements are pretty manageable. You just need to make 15 debit card transactions and set up a direct deposit or automatic withdrawal within 90 days of opening the account. The bonus is available until August 30, 2024, so you have some time to plan.

What You Need to Do for the $250

The bonus requirements are pretty clear-cut. First, you need to open a new personal or business checking account during the promotional period. Then, within 90 calendar days of opening, you must complete two things: make at least 15 debit card purchases or payments that post and clear, and set up either a qualifying direct deposit or a preauthorized automatic withdrawal.

For the direct deposit, it has to be from a regular recurring source like your salary, pension, or Social Security. Internal transfers, mobile deposits, person-to-person transfers, and cash deposits at a branch don't count. Alternatively, you can set up an automatic draft using the bank's routing and account numbers—just make sure it's not a recurring debit card payment or P2P transfer.

Once you've met all the conditions, Legacy Bank will deposit the $250 into your account within five business days. Just keep the account open until then, or you won't get the bonus.

Which Accounts Qualify?

This offer covers a range of checking accounts. On the personal side, you can choose Free E Checking (no monthly fee) or Interest Checking (which has a $10 monthly fee that's waived if you keep a $500 minimum balance or are 60+). For business accounts, options include Free Business Checking, Primary Business Checking, Progressive Business Checking, Premier Business Checking, and Business Checking NOW. Note that Money Market accounts are excluded from the promotion.

If you opt for an interest-bearing account like Interest Checking or Business NOW, the APY is 0.25%—not huge, but it's a little extra. Interest Checking requires a $500 minimum to open, while Business NOW needs $1,000 and is only for sole proprietorships and nonprofits.

A Few Things to Watch Out For

Before you jump in, there are a couple of important details. You can't have owned a Legacy Bank checking account in the past 12 months, so this is really for new customers. Also, the bonus is considered interest income, so you'll get a 1099-INT form and need to report it on your taxes.

The offer is limited to one per household and can't be combined with other promotions. Legacy Bank also reserves the right to change or cancel the offer at any time. If you're opening a business account, make sure you have the right documentation handy.

One more thing: if you're a current CD-only customer as of June 6, 2024, you're also eligible—just something to keep in mind if you already have a relationship with the bank.

Is It Worth It?

For most people in Kansas, this is a pretty easy $250. The debit card requirement is just 15 transactions over three months—that's about five per month, which you can do with everyday purchases like coffee or gas. The direct deposit or auto withdrawal part might be the trickiest if you don't have a regular paycheck, but you could set up a recurring transfer from another account or a small automatic bill payment.

Just make sure you can meet both conditions within the 90-day window. If you can, this bonus is a nice little cash injection with minimal hassle.

Bottom Line

• Earn $250 by opening a new Legacy Bank checking account and completing 15 debit card purchases plus a direct deposit or auto withdrawal within 90 days.
• Offer available for personal and business checking accounts, but not Money Market accounts.
• Must not have had a Legacy Bank checking account in the past 12 months.
• Bonus is taxable and will be reported on Form 1099-INT.
• Offer ends August 30, 2024—apply online or in-branch.

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