[CA only] Monterra Credit Union (San Mateo Credit Union) $150 Checking Bonus – Direct Deposit Not Required

Update 3/16/24: This is now called Monterra Credit Union. B0nus is now $150. Hat tip to Davis

Update 10/3/23: Extended through December 31, 2023. 

Update 7/4/23: Extended through September 30, 2023. 

Update 1/12/23: Extended through March 31, 2023. 

Update 11/13/22: Deal is back and valid until December 31, 2022.

Update 10/27/21: Deal is back and valid until October 30, 2021. In branch only this time. Hat tip to arizonapv

Offer at a glance

• Maximum bonus amount: $100
• Availability: You are eligible for membership in SMCU if you live, work, worship, or attend school in San Mateo County, the City of Palo Alto, or certain areas of San Francisco
• Direct deposit required: No
• Additional requirements: 10 or more debit card transactions totaling $100+ in the first full calendar month
• Hard/soft pull: Looks to be soft, hard pull in branch
• ChexSystems: Unknown
• Credit card funding: Up to $500
• Monthly fees: None
• Early account termination fee: Unknown
• Household limit: One per mailing address
• Expiration date: May 31st, 2019 December 31, 2022

The Offer

Direct link to offer

• Open a new checking account with San Mateo Credit Union and receive a bonus of $150 when you meet the following requirements:
  • Earn $50* when making 10 or more debit card transactions monthly.
  • Earn $50* by having at least one monthly direct deposit, payroll deposit, or ACH transfer
  • Earn $50* by selecting eStatements each month

 

The Fine Print

• Open a new San Mateo Credit Union (SMCU) Premium or Free Checking account (no other account types are eligible) from 4/1/19 – 5/31/19.
• During the full calendar month immediately following the month in which the account is opened, initiate 10 or more PIN or Signature-based purchases or payments for at least $100 in spend using the SMCU debit card(s) associated with the new checking account.
• ATM and ACH transactions are not eligible.
• Offer is not available for existing SMCU members who have an open checking account as of 3/31/19. SMCU employees, affiliates, and their families are not eligible
• Limit of one bonus-eligible checking account per individual and per mailing address.
• Cash bonus for the month will be paid to the open, eligible checking account within 31 days after the qualification period ends. The account must have a positive balance at the time of payout to receive the bonus.
• SMCU will classify the bonus as interest paid to the checking account where the bonus is credited. Any applicable taxes associated with the bonus are the responsibility of the SMCU account holder. To the extent required by law, SMCU will report the total value of this bonus to the IRS on Form 1099-INT for the tax year in which the bonus was paid.
• In the case of a joint account, purchases and payments from multiple debit cards will be added together.

Avoiding Fees

Monthly Fees

They offer a free checking account with no monthly fee to worry about

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if an early account termination fee is charged or not.

Our Verdict

San Mateo has previously offered a $150 bonus but that required a total of 75 debit card transactions to be made. Despite this offer being smaller I do think it’s better than the previous offer. Because the requirements for this bonus are easy to meet and there is no monthly fee to worry about, we will be adding this to our list of the best checking bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times