[CA only] Wescom Credit Union $200 Checking Referral Bonus For Both Parties

Update 11/18/23: Referral bonus now $200.

Offer at a glance

• Maximum bonus amount: Up to $100 for both parties
• Availability: Anyone who lives, works, worships, or attends school in the seven Southern California counties (Los Angeles, San Bernardino, Orange, Riverside, San Diego, Ventura and Santa Barbara) is eligible to open an account at Wescom
• Direct deposit required: Optional
• Additional requirements: Yes, see below
• Hard/soft pull: Unknown
• Credit card funding: Unknown
• Monthly fees: $8, waivable
• Early account termination fee: Unknown
• Expiration date: December 31st, 2016

The Offer

Direct link to offer

• You can currently get $100 for referring friends to become Wescom Signature members, they will also receive up to $100.
  • Invite a friend to become a Wescom Signature Member
  • When your friend opens a Wescom Checking Account with $100, $50 each
  • When your friend opens a Wescom account and achieves Signature Membership during their New Member Period* = $50 each
  • When your friend achieves Platinum Signature Membership in that same period = another $100 each

 

Signature Membership

You need a certain amount of qualifying relationships to achieve signature membership and platinum signature membership.

• Signature Membership — If you have a Signature Score of five to seven Signature Relationships .
• Platinum Signature Membership — If you have a Signature Score of eight or more Signature Relationships .

Here is what qualifies a signature relationship:

Checking

• Checking Account — Relationships based on Average Daily Balance
• Active BillPayer (electronic payments only)*
• Active Check Card

Savings

• Savings Accounts — Relationships based on aggregate share balances
• A Money Market Account with Average Daily Balance of $2,500 or more
• A Certificate Account with a balance
• IRA with a minimum balance of $500

Electronic Services

• eStatements (opted out of paper statements)
• Active eBranch
• Recurring Direct Deposit of $500+ per month

Loans or Credit Cards

• Mortgage Loan
• Active Credit Card† (or open account carrying a balance)
• Auto Loan (additional loans each receive one additional relationship)
• Home Equity Loan with a balance or a Home Equity Line of Credit
• Consumer Loan or Line of Credit with a balance

Insurance and Financial Services

• Wescom Insurance Policy Holder
• Wescom Financial Services Account with a balance

Student Relationship

• Members age 18-25

Account Open Date

• Account open longer than 10 years
• Account open longer than 25 years
• Account open longer than 50 years:Automatic Platinum Signature Membership

The Fine Print

• New Member Period is the first three full calendar months after the date of joining Wescom. Depending on that date, it can range from 90 to 120 days.
• New accounts must be opened by December 31, 2016 to qualify.
• Referring member does not need to be present when new member opens their account to qualify. Member must achieve Signature or Platinum Signature Membership during New Member Period for both parties to qualify and receive the credit.
• Bonus will post to accounts the month after new member achieves Signature Membership and again after new member achieves Platinum Signature Membership. Bonuses are considered interest and will be reported on IRS Form 1099-INT.
• Account opening and Visa® Check Card subject to verification by ChexSystems, a consumer reporting agency; Primary Payment Systems, an independent verification service; and Credit Union approval.
• Anyone who lives, works, worships, or attends school in seven Southern California counties is eligible to open an account at Wescom.
• A $1 deposit to a Regular Savings Account is required.
• Certain conditions and restrictions apply. Ask for further details. Offer is only valid for visits made to Wescom branches.
• Youth Accounts, UTMA, Club/Fiduciary Accounts are not eligible for this promotion.
• Wescom employees are not eligible for this offer.

Avoiding Fees

Their no fee checking account has a $8 monthly fee that is waived if you have platinum or platinum signature membership.

Our Verdict

Previously they offered the same deal but the person signing up got the full $200 bonus, even when they offered that I put this into the too hard basket because the number of things you need to do to get the full bonus is way to difficult. I’d recommend going for one of these bank account bonuses instead.

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