HOT! $100 Free Bonus from WingspanBank.com

[RossMAN]

Disclaimer: I e-mailed and received approval from the Anandtech Moderator to post this deal.

I shouldn't have ..., nevermind it wouldn't do any good.

Sign up for a new WingspanBank.com checking account and receive a $100 bonus for free. The bottom says this offer expires December 31, 2000 which is this upcoming Sunday. I don't know at which stage of the application/funding process you have to be at before December 31, 2000. It could mean you have to apply and be approved before then? Or you have to have your signed papers postmarked by that date? Or your signed papers have to be received on or before that date? Or your account has to be opened by that? Or your account has to be funded by that date? Would one of you brave souls be kind enough to contact their 24/7 Customer Service at 1-888-736-8611 and ask about the expiration date?

I've already done this deal and it worked like a piece of cake. I applied online, was approved within seconds (why does one need to be approved since this is a checking account and not a credit card?). I printed out the account agreement papers, signed, included my funding check of $100 made payable to myself, and mailed everything in the next day. About 10 days later I called WingspanBank and my account was already opened with a $200 balance (my $100 funding deposit plus my $100 free bonus). I asked how long it took for my $100 free bonus to be credited? The friendly CSR said "the next day after your account was established" I was very pleased with their quick response time. Two weeks after mailing my completed signed account agreement and $100 funding check I received my VISA/AMT debit card with my PIN in a separate envelope and a welcome packet.

I then waited, waited and waited for Buy.com to have another "free shipping" promo which they did. Since the WingspanBank debit card can be used to make in store and online purchases I was able to become a "returning new Buy.com customer" I tell ya those $30 off $150 new customer coupons are super sweet!

Here's a little informal FAQ where I'll try to answer the most commonly anticipated questions:
Q: It's almost 2:00 AM can you tell me in a nutshell how to get the $100 free bonus?
A: You really should be asleep but you're probably a member of DealAddictsAnonymous.
You apply online for a checking account, assuming you're approved you print the documents, complete, sign, and mail in a funding check of at least $100 to WingspanBank. Your checking account will be opened and your $100 free bonus should be credited within 3 days of your account being established. A few days later you should receive your WingspanBank VISA debit card, PIN and welcome packet. Once your account has been credited the $100 free bonus you are free to spend the $200 and close the account immediately with no minimum committment nor penalties/fees for early closure or withdrawal of funds.

Q: Are existing WingspanBank customers eligible for this offer?
A: I am not 100% sure if you are only a WingspanBank credit card holder but have never had a checking account then yes you can probably sign up for this. Otherwise I'm pretty sure the answer is no.

Q: What's the catch (if any)?
A: All interest earned including your $100 free bonus will be reported to the IRS and you will have to pay taxes on this. I had the normal checking account which paid no interest so my total interest earned for 2000 which will be reported to the IRS is $100.
You are "subject to approval" so there is a chance you may be declined based on credit/income reasons I'm assuming.
If you apply and regardless if you are approved or declined there will most likely be an inquiry showing on your credit burea report which too many of those is NOT a good thing.

Q: What is the monthly fee for checking accounts?
A: $7.50 which is currently being waived through the end of 2000. Of course 2001 arrives here next Tuesday. If you apply online NOW, sign, and mail your account agreement along with your $100 funding check TODAY your account should be opened very soon. I would think their system would need to wait for a whole statement cycle which is usually around 3-4 weeks before they can asses you a monthly charge of $7.50

Q: Is WingspanBank.com still offering their refer a friend incentives?
A: According a First USA (one of the largest financial instutions and credit card issuers in the United States, which owns and operates WingspanBank.com) representative they are not currently offering a referral program which is a major bummer!

No, it isn't. If it were, this thread would be locked. Mod

All it takes is about 5 minutes of your time to apply, sign, mail the account agreement and $100 funding check and receive your $100 free bonus. Since there is no minimum committment you will have your original $100 back within 2-3 weeks, pretty fast turn around time if you ask me.

Before doing anything please read the terms and conditions of this offer.

Please post any questions you have about this offer here or e-mail me directly.

Have fun with your free $100 !!!

edited
It's always a good idea to thoroughly research a deal like this so here's a few threads from FatWallet which discuss this offer:
$200 FREE at Wingspan - Expired!

OLD Wingspan Deal has NEW incentive! (also discusses the free $75 offer for WingspanBank's credit card ... however this checking account deal gets you a larger bonus of $100 with a better chance of being approved for a checking account as opposed to a credit card)

$100 free from Wingspanbank via Emoneymail link ($100 deposit is required)

 

[tkim3]

thanks for the post. I just applied online, fairly pain free. I spoke to a few csr's and they said as long as your account is OPEN by the 31st, you should be eligible for the bonus...

hope this helps.

 

[RossMAN]

tkim3 - No problem, thanks for your reply and enjoy your free $100 bonus

So you're saying you only need to apply online and be approved before December 31, 2000? Account open would mean WingspanBank.com has to receive your signed account agreement, $100 funding check and open your account themselves? Please clarify, thanks!

 

[Siberian dude]

I got my $100 bonus on the next day after they received my first deposit!

 

[tkim3]

You pose a good question. I was just told that your account would have to be approved by the 31st. I'm hoping I can argue if they give me a hard time.

 

[hatexd]

I called CSR. She said the bank accepts only normal check issued by applicant though mail and the approving date is the date that processing of mailed check is completed. So she said, it need 7 bussiness days from today to get all thing done.

I guess we missed the deal.

 

[z0ner]

All I had to do was call a CSR after setting the account up via the eMoneyMail link and I was able to fund my new account using my normal checking account. Beware, I was told this can take up to two business days so make sure you do it ASAP!

I mentioned the deal to the CSR initially, and he didn't know anything about it until I started reading off the eMoneyMail link. Then it suddenly "jogged" his memory

 

[wmvink]

So... this is not a good deal anymore?!? Wingspanbank.com has had deals like this for years now. Any idea when they will come up with a similar deal? Other online banks OK too.

 

[Owned]

I did the original $75 with gomez/wingspan, came quicker than expected. Great find on this deal though.

 

[jamarno]

We also received the $100 on the day the credited the opening desposit, but just a few days ago the bonus mysteriously disappeared. Fortunately it was restored after a phone call, but since Wingspan is rather famous for making mistakes, and the phone representative didn't know about the bonus, I suggest that everybody make a hard copy of the terms of the deal and check their accounts.

It's also cheaper to open with $1,000 because of the $7.50 monthly service charge for accounts less than that.

 

[SIGKILL]

How long do you have to keep your cash with WingSpan?

 

[RossMAN]

SIGKILL - There is no minimum time you have to keep your WingspanBank checking account open. I would strongly suggest applying online NOW, assuming you're approved then call their customer service department to have your account funded over the phone (faster than mailing them a check). So you send them $100, they open a new checking account and give you $100 free bonus within 3 days, then you can CLOSE your account with no penalties what-so-ever. If you don't believe me or have any further questions please read the FatWallet threads I posted above or call WingspanBank customer service at 1-888-736-8611.

 

[Cloud114]

Yea, I wonder whether they are FDIC insured, and how long do you have to keep your money with them...

 

[RossMAN]

Cloud114,

1) Yea, I wonder whether they are FDIC insured
Yes WingspanBank.com is fully FDIC insured, did you see my original post about who runs/owns WingspanBank.com? Ever heard of First USA?

2) and how long do you have to keep your money with them...
Did you read my first post in it's entirety? Did you read my post addressed to SIGKILL?

You only have to keep your account open for up to 3 days which is basically until you receive your $100 free bonus then you can close it without incurring any penalties. Your closing balance will then be $200.

$100 money you funded the account with
$100 free
======================
$200 total

 

[ptbrulz]

WingspanBank's checking account saves you time and makes you
money with:

Up to 4.59% APY.*
Free Bill Pay and optional overdraft protection with a WingspanBank
checking account.
No ATM fees within network and ATM rebates of up to $5 per monthly
statement.
$100,000 FDIC insurance per depositor.
A Visa check card for worldwide purchasing power and cash access.

 

[RossMAN]

Can some of you lurkers call WingspanBank customer service and see what they say regarding the expiration date? I would think as long as you apply online and are approved before Sunday, 12/31 then you should be ok. However I'm not sure at what stage of the application process you have be at before 12/31.

 

[Tacoma99]

I called their CSR 12/29, 10:30AM East. and was told that the account must be opened ONLINE by midnite tonight. You then have 90 days to fund your account ( the welcome package will be sent to you ) with min. $100 to qualify for the $100 bonus.

 

[hatexd]

As I understand from the CSR, only after they received our checks through USPS mail and they finished processing of approvals before 12/31, we can get $100. She said mail+processing time is 7 days normally. So she said, time is not enough.

What are you guys understanding?

 

[fishlet]

No, call CSR directly, and tell them you want to fund your account automaticlly, they can fund your checking account from your local bank account in TWO days. And you will receive an email to confirm this. It is that easy, and it is that simple.

 

[hatexd]

How to choose: "Would you like a WingspanBank Checking account to be used for all bill payments?"
Yes [X] No [ ]

If you choose "NO", you need to answer "Account Number (This is not required if you are applying for a new WingspanBank checking account that will also be used for bill payments.)"

I do not understand this question well. I had local checking account. What WingspanBank means in the question:"for all bill payment?" If I chose "Yes", does this means I cannot use my local checking account then?

 

[hatexd]

The results:"We Cannot Process Your Application Online". This means they did not get the information. Try again, same result.

I guess the server is down.

 

[z0ner]

Sha-WEET!

I opened my account on 12/28 and the CSR told me that in order to qualify for the deal I had to have the account FUNDED by 12/31, and the soonest I could do it would be 1/2/01.

The shifty jackass lied. I just checked my account and low and behold I have a $200 balance. My $100 transfer on 1/2, and the $100 eMoney deal on 1/3. Now to close this sucker and hopefully not get dinged for the monthly fee

 

[RossMAN]

z0ner - That's great news, I'm glad you didn't listen to the liar. Getting $100 free is kinda cool isn't it?

To spend your $200 either write yourself a check using your WingspanBank checks or use the debit/ATM card they mailed you. I personally used mine as a debit card and ordered online from Buy.com as a "returning new customer" hehe

 

[RichardK]

I was told that you have 90 days to fund the account.

 

[RossMAN]

I was told that you have 90 days to fund the account.

That is true, however it's to your advantage to fund the account immediately (with at least $100). Why? After 30 days you're assessed the $7.50 monthly charge. So if you plan on waiting 90 days to fund the account then plan on getting only $77.50 free after deducting the $7.50 monthly fee times 3 months.