Posted by William Charles on November 23, 2019
Bank Account Bonuses

Published on November 23rd, 2019 | by William Charles

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[CA only] KeyPoint Credit Union $200 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Must live work, worship or attend school in one of the following eligible counties: Contra Costa, El Dorado, Placer, Sacramento, Santa Barbara, Santa Clara, Alameda, San Mateo, Ventura (designated areas only).
  • Direct deposit required: Yes, $1,000+
  • Additional requirements: Use promo code
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Up To $10,000
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • KeyPoint Credit Union is offering a bonus of $200 when you open a new checking account and complete the following requirements:
    • Use promo code M200
    • Set up a recurring monthly direct deposit of $1,000+ per month within 60 days of account opening

The Fine Print

  • New Member bonus is paid within 90 days of account opening if (a) you open your KeyPoint checking account with the required minimum balance and (b) you set up recurring monthly direct deposit of net pay or other income ($1,000 per month minimum) to your KeyPoint checking account and the first direct deposit posts within 60 days after account opening.
  • New KeyPoint membership required. Individuals who have been KeyPoint Members within one calendar year prior to account opening are not eligible.
  • Direct deposit must be new to KeyPoint, not moved from an existing KeyPoint account.
  • Offer cannot be combined with other promotions
  • KeyPoint employees, officials and their immediate families may not participate.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about.

Early Account Termination Fee

I wasn’t able to find an early account termination fee in the fee schedule.

Our Verdict

Unfortunately seems like they are incredibly ChexSystems sensitive, that’s a shame as otherwise this would be a bonus definitely worth doing.

Hat tip to David V

Useful posts regarding bank bonuses:



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Jim
Jim

Keypoint is very Chex sensitive. One of maybe 2-3 financial institutions that have ever denied me.

My P2 tried opening with them two years ago for $2k CC funding, and was told to complete the ID verification process in branch. Was 1/12 in terms of Chex inquiries.

I applied a few weeks later and was denied at about 8-10/12. My P3 was also denied at like 3-4/12.

Just terrible customer service, too. They wouldn’t take phone calls or respond to secure messages.

Unless folks are <3 inquiries, I'd say this is a hard pass. Waste of a Chex inequity

They did not do any hard credit pulls.

Vic
Vic

Thanks for the thorough DP.

Master 4
Master 4

Thanks Jim, I was thinking about giving it a try but after reading your comment it is a pass for me. I certainly have exceed the limit for Chex. And I hate Chex.

IS250
IS250

Off topic, but do you have experience with Bank of the West (personal)? I’m out of state and will be in the area. Trying to gauge Chex sensitivity for them. Thanks.

Radster
Radster

I’ve successfully opened both personal and business accounts with them recently despite having opened MANY checking accounts in last 2 years. Both times i did this in-branch.

Jim
Jim

Same here — no issues with BotW online or in-branch for personal or business deposit accounts.

IS250
IS250

Awesome. Thank you both.

Ella
Ella

IS250
Any luck with opening Bank of the West?

Jim
Jim

Just wanted to note, our experiences with the Chex denials and poor customer service were all with the online applications department. All three of my family members applied online to maximize the CC funding feature.

The in branch bankers were more professional, albeit very persistent in selling their other products. No ability to fund with CC in branch, however. I don’t know if they’re nearly as Chex sensitive in branch, in case folks are considering opening membership/accounts just for the account bonus.

Caveat emptor.

Steve

The application (near the end) shows “PayPal/Credit Card/Debit Card” as a funding option, maximum $10,000. But you don’t enter the details online; I think they’ll contact you to get the CC info. I don’t know if it’d be a cash advance, nor if they’d actually let you put $10k on a CC or if that limit is lower than other options like debit.

AlarmingConsequence
AlarmingConsequence

Did you attempt a Credit Card Funding? Did they contact you separately? Which card did you used and how did it code?

Steve

I didn’t go through with opening an account. I did send them a message asking about CC funding, and they said they would contact you for the card information.

SMan
SMan

They also have referral bonus of $50. If any of your friend / family is a member of KPCU ask them to refer you. They will get $50 and you get $200. They also have a Quickstart savings account which pays 3.25% for first $2000.

Zee
Zee

The offer says “get $200* when you open both a Checking and Savings Account with Direct Deposit”, does that mean you need to open a savings account too?

SMan
SMan

At KPCU Savings account is mandatory to do any business with them. At lot of Credit unions, Savings account is a requirement for membership, so mandatory.

Jason
Jason

Asking for referrer my email syjjiang@yahoo.com

April
April

Guess I should have listened and skipped this bank. Applied, went to pending review for 1 week, then they silently marked it declined without any explanation or email. Opened around 5 accounts this year. Sort of bummed, i genuinely wanted the 3.25% quick start savings account.

nik
nik

The funding for an account is a demand through PayPal. Paypal asks for SSN or Passport #. I have nothing to hide but why should I give any information to PayPal. I had no interaction with PayPal. I opened a Credit Union account. Paypal should act like a dumb conduit/broker/pipe instead of gathering all this information. What is the downside for providing this information to PayPal?

Ryan
Ryan

DP: Chex at 7 this year, declined 24 hours after applying online. No reason yet, just checked on their website and says declined, no email notification or call. Seems to support DPs below on Chex sensitivity.

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