[Expired] [CA only] Provident Credit Union $300 Checking Bonus – No Direct Deposit Required

Bonus now valid until March 15th, 2019. Hat tip to reader Shirley

Update 7/18/19: Deal is back and valid until July 31st, 2019.

Offer at a glance

• Maximum bonus amount: $300
• Availability: CA only
• Direct deposit required: None
• Additional requirements: Deposit $10,000 and maintain for three months
• Hard/soft pull: Hard pull for membership (report of soft pull in branch)
• ChexSystems: Unknown. ChexSystems sensitive
• Credit card funding: Up to $1,000
• Monthly fees: None, but there is a $10 joining fee (waived online)
• Early account termination fee: None
• Household limit: One
• Expiration date: May 17th, 2019 July 31st, 2019 December 15th, 2019

The Offer

Direct link to offer

• Provident Credit Union is offering a bonus of $300 when you open a new checking account and complete the following requirements:
  • Use promo code 1300
  • Deposit $10,000 into your new checking account
  • Maintain that balance for three consecutive months following the month your account is opened

The Fine Print

• Open one of the following checking accounts: Super Reward Checking, Provident Checking, or Simply Free Checking.
• You are not eligible if you are a current owner or signer on a Provident Credit Union personal checking account or business checking account or if you have been an owner or signer on a Provident Credit Union personal checking account or business checking account within the last six months.
• One Checking Account Bonus per household/business.
• Offer may expire anytime.
• Deposit at least $10,000 in new money within 10 business days, and maintain an average daily balance of $10,000 for three consecutive months following the month that your account is opened.
• After meeting these requirements, we generally pay the $300 Checking Account Bonus by crediting your Provident Credit Union checking account.
• You will receive the stated bonus within 150 days of account opening.
• We may report the value of the $300 Checking Account Bonus to the IRS and any applicable taxes are the responsibility of the member.
• Your account must be active and in good standing for three consecutive months following the month that your account is opened. Your account is in good standing if you: (i) demonstrate responsible account management—such as making regular deposits to bring your account to a positive end of day balance at least once every 30 days (including the payment of all credit union fees and charges); (ii) avoid excessive overdrafts suggesting the use of Courtesy Pay as a continuing line of credit; (iii) there are no legal orders, levies or liens against your account. Membership required.
• You must be a new member and open a Membership Savings account, be 18 or older, and reside in California.
• The minimum balance for the Membership Savings account is $5.00.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Your best option is to open the Super Reward Checking account which has no monthly fees or minimum balance requirements and also earns the 2.01% APY when requirements are met.

Membership Enrollment $10

If you enroll with provident then you must pay a $10 membership enrollment fee. Although apparently it’s possible to get this waived if you apply online.

Early Account Termination Fee

None of the provident checking accounts come with an early account termination fee

Our Verdict

We’ve seen a bonus of $200 for checking & $200 money market before. That required a direct deposit and deposits of $15,000 for the money market portion. For most people this new $300 bonus still isn’t worth considering due to the fact it’s a hard pull to open. The requirements to earn 2% APY are quite difficult:

• Make purchases of $300 or more using a Provident debit and/or credit card per month
• Have a monthly direct deposit or automatic debit/credit post to the account.
• Maintain enrollment in e-Documents (electronic statements and notices).

Obviously that rate isn’t competitive (best rates here), but probably not worth even doing when you have to have the $10,000 in there. I don’t think this bonus is really worth it, so I won’t be adding it to the list of the best bank account bonuses.

Hat tip to reader Ethan

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