SunTrust $200 Checking Promotion [AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only]

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Update 7/13/21: Bonus is back, but not requires you closed your last account at least a year ago instead of 180 days. Hat tip to Gadget – Bank Bonus Geek.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only
  • Direct deposit required: Yes, $500 for two consecutive cycles
  • Additional requirements: Use promo code
  • Hard/soft pull: Soft
  • ChexSystems: Mixed DP
  • Credit card funding: Up to $250 (lots of reports of it coding as a cash advance)
  • Monthly fees: $7, avoidable
  • Early account termination fee: 180 days or bonus is forfeit
  • Household limit: None
  • Expiration date: March 31st, 2020 June 30th, 2020 September 30th, 2020 December 31, 2020 March 31, 2021

The Offer

Direct link to offer

  • SunTrust Bank is offering a bonus of $200 when you open a new essential checking account and complete the following requirements:
    • Use promo code NM421
    • Complete at least $500 in direct deposits per statement cycle for two consecutive cycles

The Fine Print

  • Earn $200 for opening a new SunTrust Essential Checking account and completing at least $500 in Direct Deposits* into the new checking account, per statement cycle, for two consecutive statement cycles within the first three full monthly statement cycles**.
  • Offer valid for new personal SunTrust Essential Checking accounts opened with a SunTrust representative or Online from January 3, 20120 through March 31, 2020. Balanced Banking Checking and SunTrust Advantage Checking accounts are not eligible for this promotion. Essential checking accounts linked to another personal checking account are not eligible to participate in the offer. Enrollment in the promotion is required at the time of account opening using the Promo Code Q120ESSENTIAL.
    • For accounts opened online, it is required that the Promotion Code, Q120ESSENTIAL, be provided in the online application at account opening. Accounts opened online without the promotion code applied will not be considered eligible for a reward.
    • For accounts opened with a SunTrust representative, enrollment in the promotion in the Promotions Center is required at the time of account opening.
  • You must be a new SunTrust personal checking client. Clients with an existing personal checking account with SunTrust (either as the primary or joint account holder) are not eligible. You must not have closed a personal checking account within 180 days of the promotion start date (on or after July 7, 2019). The primary account holder of the participating checking account must be 18 years old or older at the time of account opening. SunTrust employee- designated accounts (either as the primary or joint account holder) are not eligible for this promotion. Offer available only to U.S. residents with a U.S. address and a valid U.S. taxpayer identification number. The qualifying checking account must have a mailing address in the following states: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, or the District of Columbia.
  • The reward will be credited to the new checking account up to 8 weeks after the Direct Deposit qualification requirement has been verified. “Essential Checking Offer Reward Q1 2020” will appear on the monthly checking account statement when the reward is credited to the account holder’s checking account. If the checking account opened in response to a Promotional Offer is converted to another account type or product, it may no longer be eligible to receive the promotional offer. SunTrust may report the value of any reward received through any offer to the Internal Revenue Service as required by law. Any applicable taxes are the responsibility of the recipient.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Essential checking account has a $7 monthly fee, this is waived if you do any of the following:

  • Make 10 or more client-initiated transactions per statement cycle OR
  • Make $500 or more in total qualifying Direct Deposits per statement cycle OR
  • Keep a $500 minimum daily collected balance OR
  • Open as a student and receive a 5 year Student waiver

Early Account Termination Fee

You need to keep your account open for at least 180 days otherwise your bonus will be forfeit

Our Verdict

We’ve previously seen a bonus of $300, but that required the advantage checking account which is harder to keep fee free. This might be a better option for some people as no need to worry about tying up $10,000+ for 180 days or doing a direct deposit of $3,000+ once a month. Because of that I will add this to the best checking bonus page.

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