[CA only] SAFE Credit Union $400 Checking Bonus

Offer at a glance

• Maximum bonus amount: $400
• Availability:If you live or work in our geographic reach, we want YOU with us. Geographic Reach: Sacramento, Placer, El Dorado, Yolo, San Joaquin, Contra Costa, Solano, Yuba, Sutter, Butte, Nevada, Alameda, and Amador Counties.
• Direct deposit required: Yes, $300 or $1,000+
• Additional requirements: 30 debit card transactions
• Hard/soft pull: Hard pull (report of soft pull)
• ChexSystems: Unknown, sensitive
• Credit card funding: Unknown
• Monthly fees: $5-$8 avoidable
• Early account termination fee: None listed
• Household limit: None listed
• Expiration date: December 31st, 2020

The Offer

Direct link to offer

• Safe Credit Union is offering a bonus of $250 or $400 when you open a new checking account using promo code YOUFIRST. Both bonuses require opening a Perfect Cents Checking® or Prestige Checking and completing 30 visa debit card transactions (this earns a $150 bonus).
  • Get an additional $100 bonus ($250 total) when you make three consecutive direct deposits of $300 or more in the first 120 days
  • Get an additional $250 bonus ($400 total) when you make three consecutive direct deposits of $1,000 or more in the first 120 days

The Fine Print

• $150 is posted to SAFE savings account on the last day of the month following 90 days from account opening of a new Perfect Cents Checking® or Prestige Checking and upon confirmation of 30 debit and/or credit card purchase transactions.
• $150 bonus is reported as dividends on IRS Form 1099-INT.
• Account receiving bonus must be open and in good standing. No minimum balance required to receive bonus.
• $100 is posted to SAFE savings account on the last day of the month following 120 days from account opening of a new Perfect Cents Checking® or Prestige Checking and upon confirmation of three consecutive direct deposits of $300 each or more. $100 bonus is reported as dividends on IRS Form 1099-INT. Account receiving bonus must be open and in good standing. No minimum balance required to receive bonus.
• $250 is posted to SAFE savings account on the last day of the month following 120 days from account opening of a new Perfect Cents Checking® or Prestige Checking and upon confirmation of three consecutive direct deposits of $1,000 each or more. $250 bonus is reported as dividends on IRS Form 1099-INT. Account receiving bonus must be open and in good standing. No minimum balance required to receive bonus.
• Offers cannot be combined.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• Perfect Cents Checking®: $5 monthly fee is waived with eStatements and either 10 or more debit and/or credit card purchase transactions clearing same membership account per month or direct deposits totaling $500 or more per month. Also waived for members less than 21 years of age.
• Prestige Checking: $8 monthly fee is waived with minimum daily balance of $1,000 or more or combined deposit and loan balance of $5,000 or more.

Early Account Termination Fee

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

Our Verdict

Probably not worth considering due to the hard pull, although the requirements are fairly easy to meet and it’s a relatively high bank bonus. Hard pulls are less of an issue with more and more credit card issuers making it difficult to get approved for credit cards anyway.

Hat tip to reader ZT

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