[Expired] Chartway Federal Credit Union $150 Checking Bonus

[Expired: This deal has now expired. Click here to view more great checking sign up bonuses].

Offer at a glance

• Maximum bonus amount: $150
• Availability: Nationwide
• Direct deposit required: Yes, no minimum
• Additional requirements: 3 bill pays and 5 debit card purchases
• Hard/soft pull: Soft
• Credit card funding: Up to $1,500
• Monthly fees: None
• Early account termination fee: Bonus taken back if closed within 180 days
• Expiration date: Not listed, but limited time offer

The Offer

Direct link to offer

• Receive up to $150 for opening a checking account with Chartway Federal Credit Union. To get the full bonus you need to complete the following:
  • Establish a new direct deposit
  • Initiate 3 new payments using our online or mobile Bill Pay service
  • Make 5 debit card purchases during the promotional period
• If you complete all three you get $150. If you complete two you get $75 and if you complete one you’ll get a $50 bonus.

The Fine Print

• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
• Once you’ve completed the requirements you need to complete the form at www.chartway.com/stacked
• Limit time offer, bonus may end at any time. Chartway has confirmed to MM that they will honor the promotion as long as you signed up before the promotion ended and started to complete the requirements in good faith
• To qualify members must open a new checking account and complete at least one of the bonus requirements within the first 60 days
• Not available to existing or previous checking account customers

Avoiding Fees

Becoming A Member

If you live, work or worship in Florida, Georgia, Rhode Island, Texas, and Virginia you can join for free. If you live in Utah, Nevada, and Arizona you can get this bonus through SouthWest Community CU (promo link here).  If you live in Utah you can complete this bonus through HeritageWest (promo link here).

Anybody can become a member by making a one time donation to the We Promise Foundation. To do this follow these steps:

• Click join now/open now
• Become a member
• None of the above
• Next
• You will then be given the option to donate $10 to the We Promise Foundation.

Early Account Termination Fee

If you cancel your account within 180 days of account opening, Chartway requires you to repay the bonus in full.

Best Value Checking $0 Monthly Fee

Your best option for avoiding monthly fees is to go after the Best Value Checking account which has no monthly fee and does not require any minimums to keep it fee free. Although you can be charged for “assisted transactions”, if you have 3-5 of these transactions a month you’ll be charged $6. More information in their fee schedule.

Our Verdict

If you complete this bonus, please set yourself multiple reminders that you need to fill in the paperwork to claim this bonus. It is NOT automatic. Because you have to submit these claims manually, I imagine that Chartway will be going through your transactions to ensure that your direct deposit is employer payroll or government benefits and not just an ACH transfer. Because of that I’d only suggest doing this offer if you can easily change your bank details with your employer. I am going to complete this promo here is how:

• Open a new account, using a credit card that earns at a high rate for everyday purchases with it’s cash advance fee set to $0 to fund an initial $1,500 (maximum allowed) +$30
• Donate $10 to We Promise Foundation -$10
• Make ten small debit card transactions, will just do small regular transactions such as coffee or supermarket items
• Pay 3 credit card bills which need to be paid anyway
• Get my employer to change my salary over to this new account (making sure to give the HR department a small box of chocolates for putting up with me) -$2
• Fill out and submit the claim for for my bonus
• Wait for my bonus to post (+$150)
• Wait until it’s been 180 days since the account was opened
• Transfer my funds out and close account

In the end I’ll net $168 assuming I just use a credit card that earns 2% cash back on all purchases, although I will have to pay taxes on $150 of this bonus. It’s still worth the 30 minutes – one hour that this will likely take me. What are your plans? Will you complete this bonus?

We’ve added it to our list of checking bonuses and may possibly add it to the best bank bonuses available.

Direct link to offer | Screenshot of offer

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