Update 5/4/25: Available again, no end date listed.
Update 3/3/24: Deal is back and valid through December 2024 (ht reader Heather)
Update 4/15/23: Deal is back through Dec 2023. Recent dp say it’s a soft pull.
Offer at a glance
- Maximum bonus amount: $150
- Availability: CO only
- Direct deposit required: Yes, no minimum mentioned must maintained by 6 months
- Additional requirements: See below
- Hard/soft pull: Soft pull according to recent DPs
- ChexSystems: Unknown
- Credit card funding: $500
- Monthly fees: None
- Early account termination fee: $5, six months
- Household limit: None
- Expiration date:
December 31, 2023December 31, 2024
Contents
The Offer
- On Tap Credit Union is offering a bonus of $150 when you open a new checking account and complete the following requirements:
- Use promo code CHECKING150
- Mention promotion at account opening
- Set up a direct deposit of at least $500 and maintain it for six months
- Make at least 10 debit card purchases
The Fine Print
- Subject to IRS dividend reporting. Must mention this promotion at the time of account opening to qualify. A $5 par membership share with On Tap Credit Union is required. Checking account and direct deposit must be maintained for six (6) months after the date opened.
- Offer available through Dec 2022.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
According to the fee schedule there is a $5 fee if the account is closed within six months. You need to keep the account open for longer than six months anyway to complete the requirements.
Our Verdict
Very annoying that the direct deposit must be maintained for six months, not worth it for a lot of people.
Hat tip to alopez14
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
After corresponding with the marketing dept. (they handle the terms and payouts of promo), I can confirm:
– you don’t need a referral code to get the bonus. The terms make it seem that way. But why not make someone’s day?
– The 500 in DDs can be aggregate. Two DDs of 250 will work for example.
– All the DDs and 10 debits don’t need to be in one specific account. Everything is linked to your member number not account. So in theory I guess you could put the DDs to your savings.
After talking with three different CSRs on three different days, I can confirm:
– 5k max on cc funding. None of the 3 csr let me wave the $25 fee…even if I said it’s my first time cc funding ymmv. It’s still a net of 75 so I went ahead and opened one account however it sounds like you can do many more. Wf active coded as purchase.
Thanks for the information. How do you do the CC Funding? Did you fill out anything online or did you call them?
Has anyone funded with Amex Business Cards?
Are you allowed to have multiple accounts of their “Free Checking” or “You Name It Account” or could you close and re-open them for the CC funding? Looking forward to your replies.
I have had an account with them for a couple of years and I’m wondering, what are the exact steps to fund an existing account with over 1k in CC funding?
Robinhood push hit my account. It says Credit..Nowhere do I see PDD.
Am I Screwed?
Maximum CC funding is $1000 during application.
However after you have opened the account, you can fund anytime with up to $9999 using “another system”. I just emailed the person who first asked for docs during account opening. Funded twice using Citi Custom Cash and Venture X. The first few funding are free and a $25 charge thereafter.
Exceptional customer service. I really wish they had better APYs and I would’ve loved to use them as my primary account.
Can you please elaborate – Using another system. You mean to say you can fund twice upto $9999 by just calling them over phone and both of these got coded as purchase?
I have no idea what the “another system” means. It’s just what the customer rep told me. Probably, you can call and ask for “the system that lets you fund more than $1000”.
The way I understand it, I don’t think there’s a limit to the number of times you can fund with upto $9999.
And yes, both of my funding coded as purchase.
Thank you for the information. I already have a “You Name It” savings account with them. Could I open another one? Also, what is the timing when you call them? Do you do the application and then call them right afterwards? Looking forward to your response.
The 5k funding is for any opened account. You don’t need to put in an application for a new account. Just call them anytime and ask to fund 5k with Callipay.
I emailed the rep that opened my account. She gave me some options to fund over $1k which were finding another credit union that is part of the branch network, ACH transfer, or using “Callipay” for a $15 charge.
I looked up Callipay and it seems to be a payment system but idk if CCs work for this. I’m going to try it later today
Just checked one of the receipts they sent me. It did come through Callipay. That should be the way to go.
I actually called the general CU number and spoke with a rep. The rep said max was $5k funding with a $25 fee. I asked for a one time waiver and she was able to give it to me.
Funded $5k via chase boundless and it is pending as a purchase currently
Thank you for the DP!
Great to hear about your positive DP.
This can actually be a great source of side income every few months. Just fund an account with 5k on a 2% card. That’s $75 even if they stop waiving the fee after a while.
I think it’s better to do it on just SUBs because who knows if they’ll shut down the service or limit the velocity on your account
is this for new accounts only or does it also work for existing accounts?
“Callipay” is for existing accounts.
Max CC funding for new accounts is $1k. This is a way to fund the existing account past $1k for a $25 fee
I opened an account with them yesterday and used my cc for funding upto $1K. Can I still ask the representative to use this Callipay and fund more? She never mentioned about this option though.
Yes. You can also call in, I had my account open for a while and I was able to call in. Callipay is for existing accounts, not new account funding.
Got it thanks mate.
When do you call in? Is it right after the application? Also, how much funding would you put in the application? 1k? 5k?
It’s anytime after you have an existing account. It’s not a new application
Thanks for the information. Do I need to fill out anything online or do I just call them? I have a few accounts with them, however, I did all the applications online.
No you don’t have to fill out anything. I just called the general number for the CU and asked for CC funding. They will tell you the fee and you have to give your CC info
Thanks for the nugget. What account do you ask to open when calling them?
Thank you for the information. I already have a “You Name It” savings account with them. Could I open another one? Also, what is the timing when you call them? Do you do the application and then call them right afterwards? Looking forward to your response.
Wow this is insane… now I gotta figure out which credit cards to apply for.
I expected this lol. It’s common after easy CC funding is found (for example look at blupeak)
How soon can P2 be referred on account open?
It’s been awhile since I signed up (just over a year ago), but you should be able to register to refer others right away. I did.
Miks J
You can find the link to register here: https://info.ontapcu.org/member-referrals
Can P2 select the option “I am related to a credit union member” i.e. P1 after P1 has successfully opened the account or is it best to donate $5 to GoWest and then open for P2 to be eligible for $150 bonus?
Yes. My P2 did not have to pay for GoWest and was able to open as family/household member of P1. (I don’t recall exactly what the application requested to verify) They are a very hands-on credit union and you will be speaking or emailing them at some point in the process to verify info.
Yes they are very hands on. Had emails going back and forth for P1 to open a new account. That sounds good then I will select relationship of P2 with P1 and go forward with the application. Makes sense and it nowhere says they don’t allow you to refer your spouse or any direct household family member.
This needs to be updated. There is a minimum direct deposit amount ($500/month for at least six months), and you also need to make at least 10 debit card transactions (total, not monthly) within the first 90 days: “Must include unique referral code and promo code CHECKING150 at time of account opening to be eligible for this promotion. Minimum direct deposit of $500 per month, ten (10) debit transactions within the first 90 days of account opening, and $5 par membership share with On Tap Credit Union is required. Checking account and direct deposit must be maintained for six (6) months after the date opened.”
Added
I don’t think you need a referral code for the promotion, as the rep I dealt with stated the CHECKING150 was applied to my application as I used the promo code, and stated the terms were 500 DD x 6 months plus the debit card usage after I inquired about the promotion terms.
delete
Someone said in the comments below that they were asked to thaw Equifax after applying with credit frozen, but I’d guess that was a rep that didn’t give correct info, or it’s possible they change it up on which credit report they soft pull.
Is it $500 cumulative per month or just specifically a $500 DD every month?
That’s a good question. I just reviewed the offer’s terms and it shows “Minimum direct deposit of $500 per month”.
Since it shows “deposit” rather than “deposits”, it seems that you would need to have a $500+ DD post each month. I had a $500+ DD post each month when I completed the offer last year and I received the bonus automatically.
Cool. I expected that way but thanks Eric for confirming
Terms state: “Minimum direct deposit of $500 per month…”
Not cumulative. Not totaling. It would be best to make it $500+ each month.
SP
Thank you. That makes sense just to avoid any margin for error and miss out on bonus.