Offer at a glance
- Maximum bonus amount: $150 + $100 per referral
- Availability: Select counties in Michigan (Kent, Ottawa, Muskegon and Allegan)
- Direct deposit required: Yes, $300+ per month
- Additional requirements: eStatements, 6 debit card transactions, 1 online banking transactions
- Hard/soft pull: UnknownÂ
- Credit card funding: Unknown
- Monthly fees: $0-Unknown
- Early account termination fee: $10 if closed within 6 months
- Expiration date: None listedÂ
Contents
The Offer
- Receive up to $150 by signing up for a FEDCOM credit union checking account. You need to complete the following requirements to receive the $150 bonus:
- Set up direct deposit within 60 days with a minimum monthly deposit of $300 (if you do less than $300 you will receive $100 bonus)
- Perform at least 6 debit card transactions per month
- Perform at least 1 online banking transaction per month
- Enroll in e-statements
The Fine Print
- Bonus will be deposited within 60 days of the requirements being met
- Only valid for new members
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Referral Program
FEDCOM credit union does not provide any details on the referral program, they ask you to ask a representative for more details. The only detail they do give is that you’ll earn $100 per referral if they meet the requirements and they are still eligible to receive the full $150 bonus. If you have any have any experience with this bonus, please share it in the comments.
Membership Requirements
If you fall into any of the categories below you are eligible to become a member of FEDCOM Credit Union.
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Individuals who live, work, worship, or attend post-high school in Kent, Ottawa, Muskegon and Allegan Counties Michigan.
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Members of record as of May 9, 2003 – date of conversion to a community charter.
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Any person over the age of 55 who receives a retirement annuity, pension, social security, or similar retirement payment from private or government sources, and live in, or belongs to a retirement organization located in the county or in a county contiguous to the county where the credit union’s main office is located.
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Employees of this credit union.
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Members of the immediate families of the foregoing.
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Organizations, incorporated or otherwise, composed for the most part of the same general group making up the membership outlined above.
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A spouse of a deceased member is elected to membership prior to remarriage.
Avoiding Fees
According to FEDCOM’s fee schedule, there is a $10 fee if you closed your account within 6 months of opening it. There is also a dormant account fee of $5 per month. They also have a checking account with no monthly fee that you should qualify as long as you don’t have a bad credit history.
Our Verdict
This is another one of those local bonuses where we don’t have enough information to work out if it’s actually a good deal or not. A $150 bonus isn’t bad, but we don’t know whether it’s a hard pull or not. If it’s a soft pull then it’s probably worth considering, especially if you can refer a friend or two to get the $100 referral bonuses.
If you have any personal experience with this bank or bonus, please share it with our other readers in the comments below. This bank bonuses has been adding to our list of checking promos, if you’re not in the targeted area check out these great checking bonuses.
Direct link to offer | Screenshot of offer
Hat tip to Maximizing Money for letting me know about this deal