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Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes, $500+ within 90 days
- Additional requirements: Use promo code
- Hard/soft pull: Soft
- ChexSystems: Yes. They are also sensitive
- Credit card funding: Up to $3,000+
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- US Citizen: Yes, must be a permanent citizen to open online
- Expiration date: December 10, 2021
Contents
The Offer
Direct link to offer (scroll down)
- Blue Federal Credit Union is offering a bonus of $200 when you open a new checking account and complete the following requirements:
- Use promo code BLUEFRIDAY
- Receive a direct deposit within 90 days of account opening (must be $500+ in aggregate)
The Fine Print
- $200 New Membership benefit for members who have not held a Blue membership within the previous 90 days.
- $500 aggregate direct deposit must be credited within 90 days of account opening for benefit eligibility.
- Member responsible for tax liability.
- Offer ends 12/10/2021.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Basic checking account has no monthly fees.
They have a high interest accounts that qualify for this bonus as well:
Early Account Termination Fee
Unsure if there are any early account termination fees.
Our Verdict
Main issue with Blue Federal is that they are exceptionally ChexSystems sensitive so getting approved can be difficult for those that chase bank account bonuses. The rule seems to be that if you’ve had more than three new accounts in the last 6 months you’ll be denied. They do have two interesting high yield accounts as well:
- Blue Federal Credit Union 3.5% APY Account (Up To $15,000)
- Blue Federal Credit Union 4.99% APY Account (Up To $1,000, Easier Requirements)
The bonus itself looks great if you’re eligible due to the ChexSystems ‘requirements’. Will add this to the best checking bonuses. Previous best bonus we saw was for $100.
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
Looks like this *might be* alive again, at least in the Denver area, because they just re-opened a SE Denver branch. Got a flyer in the mail yesterday that says
Join today and earn $200
Become a member of Blue and receive $200 when you open a checking account with direct deposit.
…
Offers valid between 2/23/22 – 3/12/22 IN BRANCH ONLY [Yale Branch in SE Denver]
However, the flyer also says to check out https://www.bluefcu.com/belong/events/yale-re-open but that link is dead. So it’s not clear whether the offer is really still alive.
I’ll visit the branch tomorrow to test.
Thanks, keep us updated.
Just applied online. Credit card funding was not offered at all. Available options were: “cash or check in branch” or “electronic transfer” (ACH). Received message: “System Referred: Thank you for applying with Blue Federal Credit Union! One of our representatives will contact you within 48 hours regarding your application.”
Today I got this e-mail from a banker at my local branch:
“I was unable to get an approval for your new account. The reason is excessive inquiries from ChexSystems. If there are more than 3 new account inquiries in the last year we are not able to open a new account.”
They are a waste of time but more time wasted on the phone. Earlier they had better interest rate and now it is not worth applying if they think they are so special that they cannot approve anyone over 3 chex inquiries – may be they don’t realize that there are hundreds of other credit unions offering better interest, service or a signup bonus.
Similar experience, within their footprint, applied online, they require Experian (don’t know hard or soft pull) no credit card funding (that was one of the reasons I tried it) , Should have checked the chex report first and denied instead of asking me to call back and waste more time. They left a message asking me to call and the rep asked if I was applying because of the bonus (DUH!) of course I said no it was because of better interest rate and she told me that the bonus requires a direct deposit and asked me about my profession and said she will forward it to the manager and within a minute I got an email saying, I was denied (I don’t think she sent it to the manager and I got the feeling that she was thinking that I was applying because of the bonus), It is hilarious when all these banks offer bonuses to attract customers but don’t want to offer it – if they had customers in droves, they would not be offering the bonus in the first place and when people apply they ask stupid questions.
Haha, sounds like we’d prefer to change places – I would’ve rather they’d tried to get a hold of me and just asked about my Chex inquiries. It is rude that the supposed manager never actually followed up with you though.
Personally if a bank asks me whether I’m applying because of the bonus, I just tell the truth and say something like, “Of course! The promotion caught my eye and when I looked into your services, I found out that you also offer __________ (e.g. 4% interest on a high-yield checking account. It sounds like a great deal and that’s what brought me in.” I agree with you that there shouldn’t be anything suspicious about that, and usually nobody has any issue with that, but I guess most banks just don’t like the idea of serial bonus-hunters like us. It does sound like Blue is a bit uptight about it. 😐
Went in and applied. No problem even though I probably have almost 100 accounts on my chex (they mentioned). Just stated I enjoy having many choices.
I don’t suppose they offer credit card funding in branch, do they?
I’ve also been meaning to do this too, but my local branch is only open during office hours when I’m at work (weekdays from 9 to 17:30). I’d have to quit my job and do bank bonuses full-time. 😛
I completely forgot to ask about… just funded with cash. I’d be surprised if they do. Seems like most banks took that away.
It requires in-person appointment now. I don’t think it is nationwide now.
I applied for a cc as a way around the branch visitation requirement. However, they declined to move forward with the app because both my state id and DL were not sufficient proof of identification.
Clicked on the link and a message told me to visit branch
Nationwide?
Or “Visit a Branch” – 10 cities in CO and WY.
Now I know why it’s called “blue”.
Was told they are no longer accepting membership applicants from non residents which is why they require in branch openings.
Darn. 😕 Did you call?
Yes and Im’ed.
I’ll wait to see the approval posts if my chances are good. I’m 2/6 in chex
Blue is 2/24. Hell will freeze over faster than your report will.