Mortgage money
#1
Original Poster
Join Date: Jun 2009
Posts: 2,135
guys
I have my down payment in the bank making no money at all and want to take advantage of offers that require a large deposit such as the Fidelity one which required a 100k deposit
Anybody know of similar offers currently going on?
Thanks
--
I'd also prefer offers which don't do a credit pull since I don't any of those showing up during my mortgage approval process
Thanks
I have my down payment in the bank making no money at all and want to take advantage of offers that require a large deposit such as the Fidelity one which required a 100k deposit
Anybody know of similar offers currently going on?
Thanks
--
I'd also prefer offers which don't do a credit pull since I don't any of those showing up during my mortgage approval process
Thanks
Last edited by philemer; Mar 20, 2012 at 2:15 pm
#2
Join Date: Jun 2011
Location: San Jose, CA
Programs: DL DM, HH Gold, SPG Gold, Hyatt Plat
Posts: 2,874
Bank Direct can give a lot of AA miles by opening an account. They charge a $12 monthly fee, which is steep. But with high balances and the big sign up bonuses for opening accounts, doing bill pay, etc the fee pays off.
With both the Bank Direct and the Fidelity offers, you'll need to keep the money parked there for several months, can you afford that?
With both the Bank Direct and the Fidelity offers, you'll need to keep the money parked there for several months, can you afford that?
#3
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,082
guys
I have my down payment in the bank making no money at all and want to take advantage of offers that require a large deposit such as the Fidelity one which required a 100k deposit
Anybody know of similar offers currently going on?
Thanks
--
I'd also prefer offers which don't do a credit pull since I don't any of those showing up during my mortgage approval process
Thanks
I have my down payment in the bank making no money at all and want to take advantage of offers that require a large deposit such as the Fidelity one which required a 100k deposit
Anybody know of similar offers currently going on?
Thanks
--
I'd also prefer offers which don't do a credit pull since I don't any of those showing up during my mortgage approval process
Thanks
#6
Join Date: Aug 2008
Location: Auburn, AL
Programs: DL
Posts: 361
#7
Join Date: May 2008
Location: PHL (kinda, no airport is really close)
Programs: AA Exp, but not sure for how long. Enterprise Platinum woo-hoo!
Posts: 4,550
AFAIK, the Fidelity offer has no strings attached. You have to deposit $100,000 in 90 days, but there are no withdrawal limitations. They will give you each bonus (for 25K, 50K, and 100K) as you achieve that threshold. They're also quite easy to do business with, set up a money manager account and you can do EFT's and online bill pay so you could easily yo-yo money back and forth to your bank account.
In my case, I got the bonuses before my own records indicated I had earned them, but I do a lot of business with Fidelity so they might have been picking up things I didn't see.
You do have to register for the Fidelity promotion before they start counting the dollars, though.
In my case, I got the bonuses before my own records indicated I had earned them, but I do a lot of business with Fidelity so they might have been picking up things I didn't see.
You do have to register for the Fidelity promotion before they start counting the dollars, though.
#8
Join Date: Feb 2011
Posts: 78
If you're closing in the next 30 days I wouldn't bother. If you're closing a loan in a couple months I don't see any issue in taking advantage of a good bonus. Perhaps send the money via a certified check that you you'll keep a copy of. Just make sure it's an account you have access to in order to get the money back out.
#9
Suspended
Join Date: Mar 2012
Posts: 3
They're also quite easy to do business with, set up a money manager account and you can do EFT's and online bill pay so you could easily yo-yo money back and forth to your bank account.
Last edited by philemer; Mar 21, 2012 at 3:13 pm
#10
Original Poster
Join Date: Jun 2009
Posts: 2,135
I may not close for next 3-4 months as I just lost the property I was about to put an offer on. Right now, nothing on the market in the area I'm interested in
However, my mortgage officer mentioned that he doesn't care where the funds are as long as they are liquid. For eg: they can be in citibank, fidelity brokerage account as cash, etc.
Bank direct seems to be a good pull with a monthly 20k miles for 200k in the checking account (half of that in the savings account). Problem with checking account is that you cannot assign a beneficiary on a checking a/c
Maybe investing 200k in their CD would be better for a straight-up 200k miles
Does bank direct do a credit pull?
However, my mortgage officer mentioned that he doesn't care where the funds are as long as they are liquid. For eg: they can be in citibank, fidelity brokerage account as cash, etc.
Bank direct seems to be a good pull with a monthly 20k miles for 200k in the checking account (half of that in the savings account). Problem with checking account is that you cannot assign a beneficiary on a checking a/c
Maybe investing 200k in their CD would be better for a straight-up 200k miles
Does bank direct do a credit pull?
#11
Original Member
Join Date: May 1998
Posts: 2,505
Caution: There has been a lot of publicity about Citibank sending out a 1099 for their value of AA miles given for opening an account (2.5 cents/mile!) The IRS has made at least one statement that this is correct for bank account bonuses (but not credit card bonuses). BankDirect has not send out 1099's for miles in the past, but I fear they may not be able to continue to avoid doing so. I closed my account with them and explained why. They responded that the understood my concern, with no further comment.
#12
Original Member
Join Date: May 1998
Posts: 2,505
For those who don't know what we are discussing here, you can find the bank and brokerage offers on my website below in the Finance section.