ACH (Automated Clearing House): A network used for electronic funds transfers between bank accounts in the U.S. It’s commonly used for payroll, bill payments, and direct deposits. ACH transfers can be useful for meeting bank bonus requirements if they mimic a “Direct Deposit” (see Fake/Simulated DD).
CC (Credit Card): Refers to using a credit card to meet bank account funding requirements, earn rewards, or access promotions. CC funding limits and eligibility vary by bank.
CC Funding: When opening a new bank account, some banks allow you to use a credit card for the initial deposit. This may count as a purchase (earning points) or a cash advance (no points, possibly fees). Always check with your credit card issuer.
CIP (Chase Ink Preferred): A business credit card from Chase, commonly involved in signup bonuses. The term also generally refers to the process of getting approved for Chase’s Ink business cards, often used by those who want to maximize Chase Ultimate Rewards points.
Chex: Short for ChexSystems, a reporting agency that banks use to track recent account openings. Some banks are “Chex-sensitive,” meaning too many recent inquiries might lead to application denial.
DD (Direct Deposit): A bank transfer directly from an employer, government agency, or other institution. Direct deposits are often required to qualify for account bonuses. Each bank has specific requirements, and these deposits may need to be employer-based unless a “Fake/Simulated DD” is used.
Fake/Simulated DD: A transfer intended to resemble a direct deposit but is not actually from an employer. This can sometimes be done through online banks, apps like PayPal, or transferring funds between accounts. However, not all banks recognize these as true direct deposits.
EFT (Electronic Funds Transfer): A broad term covering any digital money transfer, including ACH and wire transfers. These transactions are useful for transferring funds between accounts and can sometimes qualify as a direct deposit, depending on the bank’s criteria.
Hard Inquiry: A credit check that may affect your credit score. It’s often conducted when applying for credit cards or loans. Opening new bank accounts may result in a hard inquiry, especially if the bank checks your credit to approve the account.
Manufactured Spending (MS): A technique to earn credit card rewards by making purchases that can be converted back into cash (e.g., buying gift cards or money orders). MS strategies can help you meet minimum spend requirements without buying unnecessary items but require caution to avoid triggering bank scrutiny.
MO (Money Order): A paper payment similar to a check, often used in MS strategies. Money orders can sometimes be used to deposit funds into bank accounts, but some banks have restrictions on these.
Pending: A status indicating that a transaction is awaiting final processing. A transaction typically becomes “posted” after a few business days.
Posted: A completed transaction that has finished processing and is reflected in your account balance.
Pull: Moving money by initiating a transfer from the destination account. For instance, if Bank B “pulls” money from Bank A, the transaction is initiated in Bank B’s system to retrieve the funds. This differs from a push, as pull requests originate from the receiving bank and may have different processing times or fees.
Push: Initiating a transfer from the sending account. For example, if you have an account at Bank A, you “push” funds to Bank B by starting the transfer within Bank A’s system. Pushes are generally faster and may count toward direct deposit requirements if coming from an external account.
Soft Inquiry: A type of credit check that doesn’t affect your credit score. Many banks perform a soft inquiry when you apply for an account to confirm your identity and banking history.
SUB (Sign-Up Bonus): A cash or points bonus that a bank offers for meeting certain conditions when opening a new account. These often include requirements like setting up direct deposits or maintaining a minimum balance for a specified period.
Targeted Offer: A promotional offer that is not available to the general public but sent directly to certain customers, typically via email or physical mail. Banks use targeted offers to attract specific demographics or reward loyal customers.
Velocity Limits: Restrictions placed by banks on the frequency of certain activities (like transfers or ACH pushes) to prevent fraud or account abuse. These limits can affect your ability to meet bonus requirements quickly, so they’re worth checking when planning multiple transactions.
Wire Transfer: A real-time bank transfer, usually involving fees, that is often processed faster than an ACH transfer. Wire transfers are generally not counted as direct deposits for bank bonuses.