Posted by William Charles on September 22, 2019
Bank Account Bonuses

Published on September 22nd, 2019 | by William Charles

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[CA only] Stanford Federal Credit Union $200 Checking & $200 Savings Bonuses

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: CA only
  • Direct deposit required:  $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown,
  • Monthly fees: None
  • Early account termination fee: None, but account must be kept open for three months
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • Receive a sign up bonus of $500, must sure promo code NEWMB. Bonuses are broken down as follows:
    • Open a new checking account & establish a monthly recurring direct deposit of at least $500 to your new checking account and receive a $100 bonus
    • Make at least 20 debit card purchases/month for three months and receive a $100 bonus
    • Open a rewards credit card and make at least $500/month in purchases or maintain a minimum $2,500 balance for three months and receive a $100 bonus
    • Open a savings or money market account with a minimum of $25,000, must maintain that balance for three months and receive a $200 bonus

The Fine Print

  • Bonus offers are only available to new Stanford FCU members beginning August 1, 2019, and eligibility requirements apply.
  • Loans are subject to credit approval.
  • All bonuses will be credited to your checking account within 30 days from satisfaction of the requirements.
  • The 3-month new member period begins on the first day of the month following your account open date.
  • Any taxes due on the bonus deposit are the sole responsibility of the recipient.
  • Stanford FCU will report the bonus deposits to the appropriate state and federal agencies, as required by applicable law.
  • This offer is not valid with any other Stanford FCU promotional offer, and is subject to change without notice.
  • Checking with a minimum $500 recurring monthly direct deposit plus one of the other offers qualifies you for Partner level Membership Rewards and 3 free worldwide ATM transactions/month.
  • Open a Stanford FCU Basic or Premier Checking account with at least $5 and a minimum $500 recurring monthly direct deposit.
  • The recurring direct deposits must be posted to your new checking account within 60 calendar days of your account opening date.
  • Offer does not apply to second or multiple checking accounts and/or existing members with checking, and will be limited to one bonus per household.
  • The checking account must remain open a minimum of three months.
  • The $25,000 must be deposited to a Stanford FCU savings or money market account within 30 days of establishing a new membership with a new checking account, and this balance must be maintained for three months.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Their basic checking account has no monthly fees or monthly minimums.

Early Account Termination Fee

There is no early account termination fee, but you must keep the account open for a minimum of three months according to the fine print.

Our Verdict

Looks like the money market account earns 0.75% APY if your balance is above $2,500. That means with the bonus you’d be earning roughly 3.95% APY if your balance was exactly $25,000 and you left it in there for three months, not bad but certainly not the best when compared to other savings rates and savings bonuses. The credit card bonus isn’t really worth considering as it will be a hard pull and there are much better bonuses available. The $200 in checking bonuses are worth doing though and are better than the $100 normally offered. I’ll add those to the best bank account bonus page.

Hat tip to reader John C

Useful posts regarding bank bonuses:



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Looney Tunes
Looney Tunes

You can become a Stanford FCU member by being part of the Friends of the Palo Alto Library (FOPAL) or Museum of American Heritage (MOAH).

Membership to FOPAL and MOAH is open to anyone who is a current State of California resident.
Stanford FCU will pay for the membership dues, which supports these local non-profit organizations.

Quango
Quango

Your application is pending further review. You may receive a phone call or email from us in the next business day if we need additional information to complete your application. You can also contact us via email at Stanfordfcuonline@sfcu.org if you have any questions.

anthonyjh21
anthonyjh21

What were your funding options?

Quango
Quango

None was given, I was eventually declined.

Grant

I got the same message after answering 3 personal verification questions.

The funding process was after the verification questions, so I didn’t get that far.

Quango
Quango

As a result of the required identification, verification and qualifying procedures for all prospective members, your application for membership has been declined.

We regret that we cannot offer or provide any products or services to you on behalf of the Stanford Federal Credit Union.

Amex Fangirl
Amex Fangirl

How many bank accounts have you opened this year?

desert rat
desert rat

Here are the Membership Eligibility Requirements:
Stanford FCU proudly serves the banking needs of individuals and families who comprise the Stanford community, and the employees and family members of over 100 employers throughout the Bay Area.
If you aren’t eligible to join through the traditional means, you can become a Stanford FCU member by being part of the Friends of the Palo Alto Library (FOPAL) or Museum of American Heritage (MOAH).
Membership to FOPAL and MOAH is open to anyone who is a current State of California resident. *
Stanford FCU will pay for the membership dues, which supports these local non-profit organizations.

* Evidence of California residency is required when opening a membership online. Please ask us for further details.

Kyle ❤️
Kyle ❤️

https://www.doctorofcredit.com/ca-only-stanford-federal-credit-union-100-checking-bonus/#comment-247611 Looks like one person had luck with triggering the bonus previously via ACH but no specifics on what triggered it and he had to call to get it posted. Jim Jim any details on your experience in 2016 would be appreciated.

With no fees to worry about and no specific language on what constitutes a direct deposit, I will give this one a shot.

Jim
Jim

I’m 99% certain I used my Fidelity cash management/checking account

I was credited automatically, so had to call in. But they credited immediately, while I was on the line

Dan
Dan

Denied despite living in the location range. Email said my extensive Chexsystems report was the reason.

Amex Fangirl
Amex Fangirl

How many bank accounts have you opened this year?

Grant

Rejected due to Chex System report, here is the full email:

Hello Grant,

As a result of the required identification, verification and qualifying procedures for all prospective members, your application for membership has been declined and we regret that we cannot offer or provide any products or services to you on behalf of the Stanford Federal Credit Union.

Our decision was based in whole or in part on information obtained in a report from the consumer reporting agency listed below. You have a right under the Fair Credit Reporting Act to know the information contained in your file at the consumer reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied your request. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive notice. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.

Your rights under state and federal law include:

· The right to obtain a free copy of your Chex Systems consumer report if you make such a request to Chex Systems within 60 days of your receipt of this notice; and

· The right to dispute the completeness or accuracy of any information contained in such report by notifying Chex Systems directly of your dispute.

To enable ChexSystems to properly assist you, you will need to supply them with: Name, maiden name, and any other last names used, driver’s license number, current address, previous addresses used in the past five years (including P.O. Boxes).

You may contact ChexSystems in one of the following ways:

By Mail:

ChexSystems
Attn: Consumer Relations
7805 Hudson Rd, Ste 100
Woodbury, MN 55125

By fax:

(602) 659-2197

By telephone:

(800) 428-9623 (automated)
(800) 513-7125 option 7

Regards,

Stanford Federal Credit Union

Amex Fangirl
Amex Fangirl

How many bank accounts have you opened this year?

Grant

Successfully opened 4-5 this year, but probably applied for 8-10 accounts this year.

Kyle ❤️
Kyle ❤️

I was denied. Email said “As a result of the required identification, verification and qualifying procedures for all prospective members, your application for membership has been declined and we regret that we cannot offer or provide any products or services to you on behalf of the Stanford Federal Credit Union.”

Yati
Yati

Just applied and got a pending response…
The verification question part is a bit intense. there’s a countdown of 45 seconds for each question. Sometimes i need to search through my spreadsheets to find which bank card i opened in June 2016 or whenever. Luckily, i got through these, it seems.

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS

Well, I got denied after one day of waiting. Due to Chex.

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