Update 3/16/24: This is now called Monterra Credit Union. B0nus is now $150. Hat tip to Davis
Update 10/3/23: Extended through December 31, 2023.
Update 7/4/23: Extended through September 30, 2023.
Update 1/12/23: Extended through March 31, 2023.
Update 11/13/22: Deal is back and valid until December 31, 2022.
Update 10/27/21: Deal is back and valid until October 30, 2021. In branch only this time. Hat tip to arizonapv
Offer at a glance
- Maximum bonus amount: $100
- Availability: You are eligible for membership in SMCU if you live, work, worship, or attend school in San Mateo County, the City of Palo Alto, or certain areas of San Francisco
- Direct deposit required: No
- Additional requirements: 10 or more debit card transactions totaling $100+ in the first full calendar month
- Hard/soft pull: Looks to be soft, hard pull in branch
- ChexSystems: Unknown
- Credit card funding: Up to $500
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: One per mailing address
- Expiration date:
May 31st, 2019December 31, 2022
Contents
The Offer
- Open a new checking account with San Mateo Credit Union and receive a bonus of $150 when you meet the following requirements:
- Earn $50* when making 10 or more debit card transactions monthly.
- Earn $50* by having at least one monthly direct deposit, payroll deposit, or ACH transfer
- Earn $50* by selecting eStatements each month
The Fine Print
- Open a new San Mateo Credit Union (SMCU) Premium or Free Checking account (no other account types are eligible) from 4/1/19 – 5/31/19.
- During the full calendar month immediately following the month in which the account is opened, initiate 10 or more PIN or Signature-based purchases or payments for at least $100 in spend using the SMCU debit card(s) associated with the new checking account.
- ATM and ACH transactions are not eligible.
- Offer is not available for existing SMCU members who have an open checking account as of 3/31/19. SMCU employees, affiliates, and their families are not eligible
- Limit of one bonus-eligible checking account per individual and per mailing address.
- Cash bonus for the month will be paid to the open, eligible checking account within 31 days after the qualification period ends. The account must have a positive balance at the time of payout to receive the bonus.
- SMCU will classify the bonus as interest paid to the checking account where the bonus is credited. Any applicable taxes associated with the bonus are the responsibility of the SMCU account holder. To the extent required by law, SMCU will report the total value of this bonus to the IRS on Form 1099-INT for the tax year in which the bonus was paid.
- In the case of a joint account, purchases and payments from multiple debit cards will be added together.
Avoiding Fees
Monthly Fees
They offer a free checking account with no monthly fee to worry about
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if an early account termination fee is charged or not.
Our Verdict
San Mateo has previously offered a $150 bonus but that required a total of 75 debit card transactions to be made. Despite this offer being smaller I do think it’s better than the previous offer. Because the requirements for this bonus are easy to meet and there is no monthly fee to worry about, we will be adding this to our list of the best checking bonuses.
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
Anyone try churning this one after doing a previous SMCU bonus? Updated terms only state “Offer not available for existing Monterra members with an open Premium Checking account as of 2/25/24.”
You indicate that you are eligible for membership because you are a member of Financial Fitness Association (FFA). However, to qualify using FFA you would need to meet additional requirements. You must also have a conditionally approved, pending real estate or auto loan and live in a county neighboring our traditional field of membership.
I got the same message.
Can some one provide a referral [email protected]. I need an account number and member name. TIA
Applied and application went pending `
Note that the premium checking account doesn’t have a fee, but you have to select premium checking for the offer, not free checking
They changed names to Monterra Credit Union. Offer is back until 4/30 https://www.monterra.org/checking150
Did you get approved OOS using the method that Gadget - Bank Bonus Geek 🔗 described?
My dp is below. Denied via online and in branch. Maybe they have lightened up with their name change. I used FFA (expired) as my eligibility
Yes, I saw your comment after I posted my reply. I forgot to read the comments from the bottom up. I told Heather in the On Tap post that I would try to remember in the future but I didn’t.
This one might be nationwide. They are listed on the Financial Fitness Association website and have the FFA on the CU application eligibility options.
https://financialfitnessassociation.org/partners
My FFA membership expired, so I won’t be trying. Maybe next time I churn First Tech CU.
They told me if you qualify through that method, then you have to go in branch to apply.
Did you actually apply or did you proactively ask them?
I applied and was rejected because of that
Did you end up trying for this after you opened your FT account?
No, I did not. Just lurking on Monterra Credit Union.
Make sure you open the Premium Checking account to be eligible.
11/17/22: Account opened
12/1/22-12/31/22: 10 debit card purchases totaling $100+
1/25/23: $100 bonus posted
Anyone have it credit yet?
Opened in Nov, did 10x debit totaling $100 in Dec.
Received the $100 on Jan 18.
Denied for too many FI inquiries. I assume this is chex. If this offer gets extended next year I’ll stop by the Daly city branch
Denied in branch