Offer at a glance
- Maximum bonus amount: $100 referral bonus for both parties
- Availability: Must live, work, worship, or attend school in: Maricopa, Pinal or Gila counties all found in AZ
- Direct deposit required:Â Yes, unspecified amount
- Additional requirements: 30 debit card transactions
- Hard/soft pull: UnknownÂ
- ChexSystems: UnknownÂ
- Credit card funding: Yes, unknown amount (says credit or debit can can be used to fund)
- Monthly fees: $7, waivable
- Early account termination fee: None
- Expiration date: December 31st, 2016
The Offer
- Refer a friend or get referred by a friend and receive a $100 bonus when the person signing up does the following:
- Be a new member with no existing or open accounts (including joint accounts) in the last 12 months
- Make at least one direct deposit into a new checking account within 90 days
- Perform at least 30 debit card transactions within 90 days [Read:Â How To Meet Minimum Debit & Credit Transaction Requirements]
The Fine Print
- Refer-A-Friend cash bonus offer valid until December 31, 2016.
- New member must present completed Referral Form at time of account opening and establish a Membership Savings and Checking account.
- New members cannot have any existing accounts (primary or joint owner) within the last 12 months.
- Member and referee cannot begin credit union membership on the same business day.
- Account Opening Criteria: Primary account holder must be 18 years or older and meet Desert Schools’ membership eligibility and credit qualification requirements, including opening a Membership Savings account with a minimum balance of $25. Checking accounts have a minimum opening deposit of $20 and a monthly fee of $7. The Membership Checking monthly fee is waived with one of the following: Recurring direct deposit of at least $750 per statement cycle, 25 or more transactions per statement cycle, a daily minimum balance of $2,500, or Achieve or Prosper Relationship Rewards levels. No minimum balance required to obtain bonus outside of account opening criteria. Cash Bonus Criteria: To receive the cash bonus, the new checking account must meet the following criteria within the first 90 days: 1. Minimum of 30 posted transactions and 2. Establish direct deposit. 3. Must be open and cannot be delinquent (more than 30 days) at time of bonus payment. Bonus will be deposited into the qualifying Checking and referring member’s account within ten (10) business days in the month following the end of the first ninety (90) day period if qualifications are met. Referring member must have an open and active share account at time of bonus payment and be at least 18 years of age. Employees of Desert Schools Federal Credit Union, its subsidiaries, affiliates, or agencies and their immediate family (including, spouse, parents, siblings, children, grandparents, or grandchildren) are not eligible for bonus offer. Bonus amounts are subject to all applicable taxes and the responsibility of the member. Bonus cannot be combined with any other account opening offer. Terms and conditions subject to change without notice. 2Referrals limited to 5 per member.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Their membership checking account has a $7 fee, that is waived if you do any of the following:
- Direct deposit of $750 per cycle
- 25+ transactions per cycle
- Daily minimum balance of $2,500
I wasn’t able to find any mention of an early account termination fee in the fee schedule.
Our Verdict
Feel free to organize to share referrals in the comments. How good this deal is will really depend on if it’s a soft pull and how much you can fund with a card, I guess how easy it is to get a referral will also play a part. If you know the answer to any of those questions, please let us know in the comments below. It’s unlikely we will add it to our best bonus list unless it’s relatively easy to share referrals.
Big thanks to reader, David who let us know. Please consider sharing bank bonuses with this site so we can make it even better.
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