Posted by William Charles on May 13, 2014
Bank Account Bonuses

Published on May 13th, 2014 | by William Charles


[Expired][OH Only] $200 Bonus From BMI Federal Credit Union, Lots Of Requirements

[Expired: This deal has now expired, you can view other bonuses here]

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Selected areas of Ohio only
  • Direct deposit required: No
  • Additional requirements: Yes, see below
  • Hard/soft pull: Unsure
  • Credit card funding: Unsure
  • Monthly fees: $5 if balance is under $250
  • Early account termination fee: None, bonus is taken back if account is closed within 6 months
  • Expiration date: July 31st, 2014

The Offer

Direct link to offer

  • Receive a $200 cash bonus when you mention the promo code AD200 and complete ALL of the following requirements:
    • Open and deposit $20 into a new free checking account with VISA debit card
    • Make a minimum of 6 debit card transactions within the first 60 days
    • Sign up for electronic statements
    • Apply and close an autoloan with a minimum balance of $5,000 or open a VISA branded credit card and make a minimum of six transactions in 60 days
    • Open a regular share savings account and deposit $5

bmi federal credit union $200 new member bonus

The Fine Print

  • Cash bonus will be deposited into the member’s account within 5 business days after the 61st day after account opening (e.g within 66 days of account opening)
  • Checking account must remain open for a minimum of six months otherwise the bonus will be debited from the account at closing (if the account has been zeroed out already it’s likely that a negative balance will be reported to chex systems)
  • Platinum and second chance checking not eligible
  • Not available to consumers who already hold fiduciary accounts, those who’ve closed their account within the past 90 days or those with a negative balance
  • Valid until July 31, 2014
  • Open to those who live, work or worship in Ohio in the following counties:  Franklin, Licking, Fairfield, Pickaway, Madison, Union, Delaware or Morrow County
  • All bank account bonuses are treated as income/interest and as such you must pay taxes on them

Avoiding Fees

You can view the BMIFCU fee schedule by clicking here.

Membership Fee $5

There is a membership fee of $5 which is waived if you have over $250 in household savings or loans. There is no monthly fee on the free savings account which is required for this account.

bmi federal credit union membership fee

Early Account Termination Fee

There is no early account termination fee, but if you cancel your account within 6 months of receiving the bonus it’ll be deducted from your account if you cancel (a negative balance will most likely lead to it being reported to chex systems)

Our Verdict

This is a high sign up bonus, but the requirements are far too strict. You don’t want to be locked into getting an autoloan or credit card with this credit union just to receive a $200 bonus, especially when the credit card doesn’t offer a sign up bonus or rewards program.

There are much better offers out there that are available to residents of Ohio, we suggest having a look at our suggested bank accounts with bonuses or our master list of bonuses.

Direct link to offer | Screenshot of offer

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