Welcome to Mound of Money

iBankBonus has compiled a list of bank bonuses. The list is particularly helpful, because you can view bonuses available by state, as well as see a brief overview of the terms of the bonus. I tend to sort by bank bonus value.

Some terms include:

• Initiate ACH transfers
• Set up recurring payments
• Set up direct deposit
• Complete forex transactions
• Account minimums

Just remember to take screen shots of all the confirmation pages, and offer pages so the banks don’t make a ‘mistake’ crediting your account with these bonuses.

All it takes for someone to identify you is 33 bits. 33 bits isn’t a magical number, it’s just that 2 to the power of 33 happens to be close to the number of people on the face of the planet. If you ask the right 33 yes or no questions about a person, one can identify a specific person anywhere – sometimes with far fewer questions. With all the traces of data you leave on websites such as facebook, twitter, etc it’s pretty easy to identify you, as well as your shopping habits, college major, favorite foods, income, address, how many children you have – and the list goes on.

IT should come as no surprise that companies are capitalizing on the breadcrumbs you leave behind while surfing the net. xplusone.com states they “serve the right message, to the right person, at the right time.”

What if this system of ultra-targeted advertising could be manipulated in your favor? It seems like the information you leave on the internet could be tweaked to show you in a better light.

If credit card companies are using where you shop to develop targeted credit card offers (like Capital One), it could be beneficial to pay cash at low end places like Wal-Mart, but to always pay with credit and tweet about your meals at expensive restaurants. Someone could possibly subscribe to golf and yachting magazines to boost their profile with high end retailers or creditors.

Next post: Credit cards and places to shop (or avoid) to boost your profile to merchants and lenders.

So, we all know that our online data is being used by companies to target advertisements with pinpoint precision. However, advertising is not the only use for data collected from your internet usage.

For instance, did you know that ordering pizza can affect your ability to obtain a mortgage? If a college grad is living with his or her parents while saving for a mortgage, while claiming apartment rent, data collected from online pizza delivery can determine where you live and tie that data with who actually owns the home. If someone is trying to refinance a home, but pizza is ordered to a home in another state, it becomes apparent that the home is not a primary residence.

Where you shop can also be used to identify those with disposable income. Targeted mailing, internet advertisements, etc can be directed based on the type of store credit cards you hold. A person with a Nordstrom’s card is perceived to have more income than someone with a TJMaxx credit card.

A recent blog post by a scientist with AVG suggests his facebook information was used by his bank to confirm his identity. He suggests the age of his daughter in law was used in a security question.

All of this seems a bit creepy. However, if you can get past being creeped out, there could be some fun ways to trick corporations into thinking you are more wealthy than you actually are. More on that later.

Many credit unions and banks offer “rewards checking.” This essentially means if you meet basic qualifications with your checking account, you’ll earn a high interest rate. Most of these institutions are for locals only, but some are available nationwide. Currently, the best natinally available interest rate for rewards checking is Founder’s Bank at 5.01%. That’s significantly better than the current interest rate of ING direct.

To earn the high interest rate for a given month,  you must meet monthly qualifications. The qualifications are 12 debit card transations, sign in online at least once a month, and one direct deposit. The direct deposit requirement is easy, especially if money is pushed from your ING, HSBC, etc. online accounts into your Founder’s Bank account. Signing in is a no brainer. But, the 12 debit card transactions means you actually have to use your checking account as the bank intends, instead of your intent to use it as a savings account. I make small purchases on a regular basis in convenient stores, so I can use the debit card there. Another method would be to schedule small payments to yourself via paypal.

So, its not really easy to earn the high interest rate if you don’t intend to use the account, but the dangling carrot of 5% APY is enough to make me jump through some hoops.

Bank of America is offering $100 to new checking customers. With a minimum opening deposit of $250, you get $75. Then, if you pay two bills within the first 30 days, you get an extra $25. Payment to your account will post within 90 days. Of course, this is a gimmick to get people to sign up, and fall for all their traps to assess fees to your account. For example, the MyAccess Checking Account has a $8.95 monthly maintenance fee unless you use direct deposit into that account (one direct deposit per billing cycle).

So, use ING Direct or Paypal to deposit money into your Bank of America MyAccess checking account once each billing cycle to avoid the fees. a few months later, cancel the account. Next time they offer a similar promotion (you’ll be eligible in another 6 months), repeat the process. With ING Direct, you will need to push the money (initite the deposit from ING’s website) to the Bank of America account. The amount can be quite small, like $1.

Bank bonuses are a wonderful thing for those that know the rules and avoid fees. Everyone that doesn’t understand the rules of the game ends up paying for your bonus. Enjoy your $100 bonus from Bank of America and don’t forget to enter code WIWGASINT. This will likely result in a pull on your credit report. Is the $100 worth it? I think so.

ING Direct is one of my favorite banks becaues of the free ACH transfers, relatively high rates, and ease of use. It also has a very low instance of account fraud – an important aspect of any online bank.

I have lots of bank accounts because I keep my eye out for low hanging fruit like account opening bonuses. In 2008, I earned $1000+ in account opening bonuses.  Here’s one for you:

ING Direct Electric Orange $50 Bonus

As always, be familiar with the fine print, and enter reference code EM287 when prompted for the $50. If you don’t already have an ING direct savings account, you’ll need to open one first.

1. Click ‘Apply Now’
2. Open your Electric Orange
3. Activate your Electric Orange MasterCard® Debit Card
4. Use your Electric Orange Card to make at least 3 signature-based purchases in the first 45 days after your account has been opened
5. Your $50 bonus will be automatically deposited into your Electric Orange 50 days after your account has been opened

Beware: This will result in a hard pull on your credit report. Also read my post: ‘Bumping Hard Inquiries’