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:Â $150
- Availability:Â CO only
- Direct deposit required:Â Yes, no minimum mentioned must maintained by 6 months
- Additional requirements:Â See below
- Hard/soft pull: Soft pull according to recent DPs
- ChexSystems: Unknown
- Credit card funding: $500
- Monthly fees:Â None
- Early account termination fee:Â $5, six months
- Household limit:Â None
- Expiration date:Â
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:
- Mention promotion at account opening
- Set up a direct deposit and maintain it for six months
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
If anyone is interested in pursuing other products with this bank, I’d steer away from their credit card funded CDs. They would not open my CD via online app and asked me to call in to verify DOB and SSN. I asked to fund with a credit card on that call and they stated they’d have to charge $25 over the phone and there was no other credit card option to fund, but instead would have to fund via other OnTap account transfer. Shady practices of bait and switching. I have filed a CFPB complaint as they aren’t adhering to their offering of CD funding with credit cards.
Jesus, chill. Filing a complaint for such a small slight could lead to them nerfing all cc funding.
They’ve already made the referral bonus less appealing by requiring DDs for 6 months and 10 debits.
*Subject to IRS dividend reporting. Must include referral code at the time of account opening to qualify. 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.
LoL… this credit union is becoming a running joke. I see where you got that information (from clicking a ref link) and that’s just stupid that they keep changing the program.
The main page where you enroll in the referral program doesn’t say that though, and I believe that was the first one they started adding requirements. It says one debit or 3 months of DD’s. In another place, it says a debit AND 3 months of DD’s. (once logged into the portal)
https://info.ontapcu.org/member-referrals
Seems they are setting up everyone to fail.
I see six months account opening, and 3 months of DDs plus debit card usage in 60 days, in two places. But I didn’t see they require 10 debits anywhere.
Click on an actual ref link… then, scroll to the very bottom of the page. favo🔗 Yet another rendition of requirements. Ver. 4.0
Wow. Four versions of requirements now. I don’t know what to say!
I do see the new terms that you are talking about in the individual referral pages.
What’s interesting is that they failed to include the language about the referee receiving $150 and the referrer receiving $25 after requirements are met like it showed in the previous iteration.
Any theory of why that is?
The language on the latest iteration for the referee is quite clear. They don’t need to know what the referer gets.
I think this is just going to be a hot mess, and we’re all in for the ride.
Prediction for v.5: 10 debits each month for 6 months.
The way that it’s worded now, it seems like the referee and the referrer have different requirements to receive their share of the bonus.
The good thing for the referrer is that the new harsher requirements shown on the individual referral pages encompass the requirements shown on the referral track page for the referrer to receive the $25.
Wouldn’t you think that with all of these iterations, On Tap would think to finally define with a QDD is? Since they did not do that, I still feel that the “harsher” requirements are still fairly easy to complete.
DP: Debit Card arrived on 3/26, activated, and PIN set via phone. My account was approved on 3/7, so it was two days short of 3 weeks.
OnTap just sent out two emails with the same timestamp about the referral program. Neither mentions the Direct Deposit or Debit Card usage requirements and instead mentions loans. Those items are not visible until you go to their site to obtain your own code.
They are just asking for NCUA complaints when they don’t put all the terms in one place.
They are actively monitoring this thread. Hopefully they don’t pull a Teachers FCU move on us.
https://www.doctorofcredit.com/co-only-on-tap-credit-union-150-checking-bonus/#comment-1813883
Has anyone successfully opened an additional account and done another 1k credit funding?
In progress. I submitted the application for the Peak Tiered Savings on Wednesday. They called me Friday but I missed the call. Said they will call again Monday.
Peak Tiered Savings opened today. Had to speak to the rep. Mine was a different rep than the one who opened the original account. They needed a few items from the application that did not get filled in. Citizenship, employment status, living situation, etc. Rep implied it was due to using CC funding. Had to upload my ID via the portal too, and then sign a DocuSign.
Citi Double Cash showing $1K pending purchase. Roy
Yes, the account was finalized on the phone a couple days after the application was sent in. Turned out to be the same rep that opened my initial membership. He was way too nice and remembered a detail we had talked about before. I’m probably not gonna open any more accounts here to avoid the over-personalized service.
Thanks! I’ve never talked to their reps.
I had to message them to request a debit card.
I haven’t called or sent a message, I just checked the application status and mine is still “pending”. Anybody else pending for this long?
LOL! I forgot to write that I applied 3/4.
I would say give them a call (during biz hours). You must have been shuffled to the bottom of the stack.
Yeah, I think they worked the stack ‘Last- In, First- Out.’
Denial DP
Denied due to identity verification. Was requested to unfreeze Experian.
Saw no soft inquiries from On Tap as suggested by rep. Unfroze.
Applied and denied again due to identity verification even with a successful soft inquiry.
Hmm.
Chuck William Charles the [Expired] tag in the title is misleading as the referral promo is active now.
Also, the referral promo terms have changed and now read:
Referrer can earn up to $75 per person they refer and can refer a maximum of 3 people per day. Referrer will receive account credits within 90 days of qualifying events including 1) account opening with active direct deposit of $500 per month for 3 months with debit card usage in the first 60 days 2) funded personal loan 3) funded auto loan.
Referee terms have not changed it seems:
Referee is paid $150 for a new membership after the new membership account and checking account has been maintained a minimum of six months.
Terms are different on multiple pages, waiting for some consistency before reposting.
The individual referral pages still show the below quoted passage. It seems that you missed the part that I bolded. This implies that the referee and the referrer receiving their rewards are both dependent on the same requirements being met.
The only question is if that will require “maintaining the account for 6 months” or “having a $500+ DD every month + using the debit card within the 1st 60 days” for the bonuses to automatically post. That’s anyone’s guess at this point.
“Referee is paid $150 for a new membership after the new membership account and checking account has been maintained a minimum of six months. Referrer is paid $25 for a new membership referral after the referred membership and checking account has been maintained a minimum of six months.“
My application was rejected for some reason. Calling and emailing has so far been ignored as well. Very unimpressed with this credit union so I think being rejected was doing me a favor.