NetBank $75 Bonus

[safari]

NetBank is offering $75 bonus for opeing a money market or checking account. You need to maintain a daily balance of $1,000 in money market account or $500 in checking account for one month to earn the bonus. The interest rate is not that good, but you can get $75 and then withdraw the money. Note that there is $25 fee for closing an account within 6 months of opening, but you can just keep $500 in money market account to avoid the monthly fees (there is no monthly fee for their Free NetValue Checking Account). You can open both accounts and earn $150. This is a great one month return for $1,500. Here is the link http://www.netbank.com/pro408.htm

[Bluezy]

Re: NetBank $75 Bonus

This is a good deal that's been offered for quite a while now. However, I hear that a hard pull is done on your credit report, so expect a CR ding.

[LuxLiving]

Re: NetBank $75 Bonus

Why would they do a hard pull? Explain it to the slow girl.

[safari]

Re: NetBank $75 Bonus

Why would they do a hard pull? Explain it to the slow girl.

Maybe if you apply for their Visa Check Card? Otherwise, I am not sure.

[sweeps]

Re: NetBank $75 Bonus

Some banks do a hard pull -- for no good reason. Although I really like GMAC, they are another bank that does a hard pull.

[disneysteve]

Re: NetBank $75 Bonus

Some banks do a hard pull -- for no good reason. Although I really like GMAC, they are another bank that does a hard pull.

My cousin is a bank officer. I'll have to ask him about this. My guess is folks with lousy credit are more likely to overdraw their accounts, bounce checks, etc.

[sweeps]

Re: NetBank $75 Bonus

Banks already have ChexSystems for that, still no need for a hard credit pull.

[disneysteve]

Re: NetBank $75 Bonus

Banks already have ChexSystems for that, still no need for a hard credit pull.

I don't know. I'll try and find out. I do recall him mentioning that sometimes people come in to open accounts and get turned down due to their background check, whether it be a credit check or a ChexSystems report. I'll try and remember to ask him when I speak to him.

[BTC]

Re: NetBank $75 Bonus

Can someone explain why an inquiry into your credit history impacts your credit score?

[sweeps]

Re: NetBank $75 Bonus

One inquiry doesn't do much. But the theory goes if you're making several requests for credit, then you are a higher risk for a lender. Therefore your score goes down.

An exception -- again theoretically -- is that if you make a large number of credit inquiries for the same type of loan (for example, car loan, mortgage, etc.), then those will be considered as just one hit. The assumption being that you're just shopping around for the best rate.

[Ima saver]

Re: NetBank $75 Bonus

What is the interest rate they are paying?

[BTC]

Re: NetBank $75 Bonus

I bank with Netbank and they now pay less than 1% on their free checking account. I guess that's better than nothing. I can't speak to any of their other accounts, but I'm sure it's nowhere near the rates being paid by the online, high yield savings accounts.

The one thing I don't like about Netbank is that their overdraft protection doesn't apply to Debit Card purchases. I think that blows.

[Ima saver]

Re: NetBank $75 Bonus

Well, that is pretty bad. My checking acct. only pays about .0075 but my local bank pays 5.25% so that is where I keep most of my money!