Posted by William Charles on March 31, 2018
Bank Account Bonuses

Published on March 31st, 2018 | by William Charles


[CA only] Los Angeles Federal Credit Union $200 Checking Bonus (+ $200 For Refinance + $100 For Credit Card)

03/31/18: Bonus is back, it’s now $200 for the checking bonus (instead of $100) and $200 for vehicle financing (instead of $100). Still not worth it due to the hard pull. Hat tip to Maximizing Money

Offer at a glance

  • Maximum bonus amount: $500 ($300 without refinance)
  • Availability: You are eligible to join LAFCU if you work for the City of Los Angeles, California, or live in the Greater LA area & first join the LA Charitable Association for at least five dollars
  • Direct deposit required: Two consecutive deposits of $500+
  • Additional requirements: See below
  • Hard/soft pull: Hard pull
  • Credit card funding: Up to $500, amex not allowed
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Expiration date: None listed

The Offer

Direct link to offer

  • Receive a sign up bonus of up to $300 when you become a new Los Angeles Federal Credit Union member and complete the following requirements:
    • $200 when signing up for e-Statements & starting Direct Deposit (two consecutive deposits of $500+) and 5 signature based debit transactions
    • $100 when opening a Visa credit card or doing a balance transfer (any amount)
    • $200 for a vehicle loan or refinance


The Fine Print

  • *Offer valid first 90 days of LAFCU membership.
  • Expires March 31, 2016.
  • Mininum Direct Deposit is $500 each (2 consecutive deposits must be received)
  • Balance transfers & refinances must come from non-LAFCU vehicle loans ($5,000 minimum) or credit cards (no minimum)
  • Direct Deposit minimum is $500 each; $100 will be deposited into the member’s share savings account after second Direct Deposit is received by LAFCU
  • Member’s share savings will be credited $100 when member makes new charges or transfers of at least $1,000 total to their LAFCU card (during the first 90 days) then fills out and submits to LAFCU the VISA REBATE form on the Forms Page of our website confirming the $1,000 balance transfer was completed (during the first 90 days)
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Their interest checking account has a $5 monthly fee that is waived for members (gotta be a member to sign up for this bonus). I wasn’t able to find their any early account fee in their fee schedule, but given the account is fee free you might as well keep it open for six-twelve months anyway.

Our Verdict

I got excited when I first saw this bonus, unfortunately you can’t get the full $500 bonus without refinancing/signing up for credit cards which would almost certainly result in a hard credit pull (check here for the best cash credit card sign up bonuses). Given that it’s a hard pull to open this account as well, I wouldn’t recommend it. In the mean time, check out these better checking sign up promos.

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EDIT: My initial question was answered by the fine print, disregard.

DoC, the fine print I’m seeing requires 5 signature-based debit transactions within 90 days as well. It looks like this is shown in your screen-grab but not specified in the reqs in this post for the 200.

Probably going to do at least the checking, don’t mind the hard pull as much since I’m trying to get under 5/24 for a few months longer yet.

Absent existing DoC DPs, anyone have any past experience using ACH as DD?


Datapoints – no Amex funding allowed.

I was told twice that the answers to the out of wallet questions I was giving were invalid. In the first case, there may have been one where data about me was old (they asked for student loan payment $$, but I have paid mine off).

In the second case, I identified a street I lived on, a previous employer, and “none of the above” for when an auto loan was established, I have never had one.

Not sure what the deal is, will call Monday.


I’m just curious: why are most deals not worth it if it’s a hard pull? It’s not like it’ll affect someone’s 5/24 status right? Are people just concerned at banks looking at # of hardpulls within # months?


any idea if they’re chex sensitive?


They seem to be. As I said above I was told that my out of wallet questions were invalid. When I called I was told it was too many chex inquiries instead, too bad, so sad.

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