Posted by William Charles on September 14, 2016
Bank Account Bonuses

Published on September 14th, 2016 | by William Charles


[MD only] Montgomery County Employees Federal Credit Union (MC EFCU) $100 Checking Bonus

Offer at a glance

The Offer

Direct link to offer

  • Open a totally free checking account with MC EFCU and receive a sign up bonus of $100 when you receive a qualifying direct deposit (no minimum specified)

The Fine Print

  • Open a new MCEFCU personal checking account between August 5, 2016 and October 28, 2016 and earn $100.
  • WIthin 90 days of account opening, set up a net pay direct deposit from payroll, Social Security or other government benefits.
  • Offer available to members without an existing MCEFCU checking account as of 8/5/2016.
  • If the account is closed within six (6) months of opening, a $100 account closure fee will be charged. Employees and family members of MCEFCU are not eligible.
  • Offer is subject to cancellation without notice. Standard account qualifications apply. Allow six to eight weeks for bonus to post to your account.
  • The amount of the bonus will be reported on Form 1099-INT.
  • One-time ACH credits such as payments and transfers do not qualify.
  • See branch for additional terms, conditions and restrictions.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Their totally free checking account doesn’t have a monthly fee. You do need to keep the account open for six months otherwise you will be charged a $100 early account closure fee.

Our Verdict

Unfortunately the eligibility requirements for this credit union are too strict, the one method that does work will cost you $35 and the bonus itself isn’t generous enough for this to make sense. Plus it’s a hard pull to open this account. Because of this we haven’t added it to our list of the best checking sign up bonuses. They have also offered this $100 bonus in the past. If anybody does complete it then please share your experiences and data points in the comments below.

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