Posted by William Charles on August 7, 2019
Bank Account Bonuses

Published on August 7th, 2019 | by William Charles

31

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

Bonus now valid until December 15th, 2019.

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: UnknownChexSystems 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 2300
    • 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:



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Alys Holden
Alys Holden

I opened a Provident account years ago when I was living in California. Now I live in a different state and I updated my Provident account with an address out of state. Does anyone know whether they would let me open a new account? I’m thinking of opening a second account for credit card funding.

Chex Party Mix
Chex Party Mix

The offer is back, good through 7/31

Justin
Justin

Offer is live again until 7/31 (Same Link)

Matt
Matt

Important piece of fine print: ‘You must be a new member’

I have a credit card and savings account with them from a prior bonus and was considering this. Might do for the 1k spend though

Churnboi
Churnboi

Chatted with a representative. They claim it’s just a soft pull.

RY
RY

Soft pull on credit report? Can anyone confirm this?

qmc
qmc

$10 fee.
10k at 2% for 180 days / 365 = $98
10k at 2.5% for 180 days / 365 = $123

It’s not awful for a net $167-192.

lingua
lingua

Hard pull makes it awfuler

Student of Credit
Student of Credit

It looks like you’ll get 2.01% if you open Super Reward Checking with them.

* Open one of the following checking accounts: Super Reward Checking (paying 2.01% now) Provident Checking, or Simply Free Checking.

Churnboi
Churnboi

Applied today – it was a soft pull on my ChexSystems. I have a ton of new accounts in the last 3 months so I’m kind of surprised, but glad it was just a soft pull.

nik
nik

It says new members only. How strict are they about this?

Jim
Jim

Still pretty strict with Chex. Called my local branch and a marketing/PR phone number I find on Google.

Basically the look at some property Chex score, not the publicly available Chex consumer score, nor number of recent inquiries.

I decided to not risk a Chex pull for a denial.

Good news is they do the Chex and credit pull before proceeding with the app, so no $10 membership fee if denied right off the bat

Churnboi
Churnboi

Opened with a soft pull on my credit. Funded $1000 with a Chase Sapphire Preferred and it coded as a purchase.

Jim
Jim

Good to hear — may I ask what your Chex looks like over the past year?

Master 4
Master 4

No hard pull when I applied. However, got denied due to Chex.

Jim
Jim

Sorry to hear. Did you apply in person, or online?

Were Chex inquiries specifically mentioned? Or Chex, in general

Thanks

Doodums
Doodums

Just applied and got denied hours later.

“We are unable to process your requests due to past history with other financial institution involving multiple inquiries and/or unpaid report that have been reported on Chexsystems.”

I have about 10 Chex inquiries in the last year.

Jim
Jim

Looks like offer extended to December 15, 2019 at the same URL. William Charles

I managed to open in branch despite ~9 Chex inquiries in 6 months by explaining to the banker that I was refinancing my mortgage and also opened some CDs for higher interest. Apparently they only look at the past 6 months of Chex.

Also a quick review of a soft Experian report.

25 minutes out the door 🙂

SeanK
SeanK

Thanks for the DP! Based on comments here it sounds like they are chex sensitive but might be okay with explanation at the branch. All the branches seem be in the bay area and one in Sacramento, so I don’t think I can make it unless I’m there for a trip.
And it sounds like it’s only a soft pull for the membership, and not a hard pull?

Jim
Jim

Yep, only soft Experian.

I called ahead to verify they 1) have the ability to override Chex denial and 2) only do a soft pull. I unfroze Experian beforehand.

I opened with an assistant branch manager, so he had override abilities.

SeanK
SeanK

Wow, you were so well prepared! That’s good to know we can ask if have ability to override Chex denial in branch. Thanks again for the info

Aaron
Aaron

Looks like we can still apply as alumni of certain universities even though we no longer live or work in ca. Gonna give it a shot.

klg
klg

You’re right. Did you have any luck?

klg
klg

Oops, except says at the bottom of the very tiny print at bottom of the $300 New Account Bonus page on the bank website: “You must be a new member and open a Membership Savings account, be 18 or older, and reside in California.” Even so, when I’m able to free up 10K I think I’ll give it a try.

Aaron
Aaron

Good catch. I haven’t applied yet, but likely going to pass on this since I no longer reside in CA.

Deborah
Deborah

Just an FYI….I did one of these a couple of years ago and it was, by far, the biggest PITA I’ve encountered in my limited experience with bank bonuses. Maybe the website has improved, but when I was using it, it was unable to accurately reflect transactions and when requirements were met, and the staff on the phone were equally as helpful. I think I still have an open account with five dollars but I can’t bring myself to deal with them again.

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