Citi is practically giving away $200 for opening a checking account and using services like Zelle

Citi is offering some customers a $200 cash bonus for opening a checking account and receiving at least two “Enhanced Direct Deposits” totaling $1,000 or more within 90 days. The highlight of the offer is the easy bonus requirements which actually seem to promote the use of Zelle and other P2P services.

“What counts as an Enhanced Direct Deposit?
The Automated Clearing House (“ACH”) Network of payroll, pension, social security, government benefits and other payments to your checking, savings or MMA account”

You might be skeptical and think that the “gotcha” is in the account maintenance fees, but even those can be waived with Enhanced Direct Deposits.

This is almost unheard of for consumer accounts. In fact, using Zelle and other P2P services to qualify for checking and savings account bonuses is specifically excluded in most bonus terms. So, why is Citi doing this? Allowing Enhanced Direct Deposits to count as direct deposits is part of Citi’s initiative to remove a barrier encountered by some workers who traditionally receive payroll via P2P sources, like Zelle.

The new account offers are targeted. Customers can log into their account to see if they’re presented with the offer.