Residents of five big states can cash in on a deal from Popular Community Bank that pays a bonus of up to $125 for opening a new checking account.
But here’s the real bonus: There’s no monthly service fee on Popular Checking accounts.
That’s welcome, if somewhat surprising, given this bank’s size.
This North American unit of Popular Inc., owner of Puerto Rico’s largest bank, had been known as Banco Popular in the United States until it rebranded earlier this decade. It operates 90 branches in California, Florida, Illinois, New Jersey and New York.
Many of the country’s largest banks hit you with fees if you don’t have a direct deposit into your account each month or maintain a certain minimum balance.
Popular has no such requirement, although if you do sign up for direct deposits, you’ll get a $75 bonus.
You’ll need to receive three direct deposits of at least $500 within 90 days of opening your account to receive the bonus amount. Then, if you make at least five online bill payments or preauthorized withdrawals within those 90 days, you’ll get $50 more.
The money will hit your account within 60 days of fulfilling each requirement.
You need a minimum deposit of $25 to open a checking account in New York. The other states require an opening deposit of at least $50.
If you live in one of the states in which Popular operates, you can open a checking account at a branch or online.
Last month, the bank announced it planned to sell its operations in California, central Florida and Illinois, but it’s not clear when the sales will be concluded.
For more information, visit www.popularcommunitybank.com or call 800-377-0800.