Posted by William Charles on January 11, 2020
Bank Account Bonuses

Published on January 11th, 2020 | by William Charles

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[Expired] ConnexUs Credit Union $250 Checking Bonus – Direct Deposit Not Required

As predicted this deal has ended early, view the best current checking bonuses by clicking here

Update: All recent datapoints are now saying it’s a soft pull to open. I suspect this will be an exceptionally popular offer so I’d recommend signing up sooner rather than later as I suspect the bonus will be pulled before February 17th, 2020.

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Anybody can join by joining the Connexus Association and paying a $5 one time donation. If you live in select counties in MN, NH, OH, WI then you can join for free
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: All recent datapoints say soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None
  • Expiration date: February 17th, 2020

The Offer

Direct link to offer

  • Connexus Credit Union is offering a bonus of $250 when you open a new Xtraordinary checking account and complete the following requirements:
    • Use promo code FREECHECKING
    • Enroll in eStatements
    • Have a minimum of $2,000 in net spend purchases using your debit card within six months of account opening

The Fine Print

  • Offer valid for new Connexus Credit Union Xtraordinary Checking Accounts opened between 12/31/2019 and 2/17/2020 with promotion code FREECHECKING.
  • Credit Union membership required.
  • Offer not valid for Connexus Credit Union members with any checking account currently open with Connexus Credit Union or that was closed on or after 1/2/2020.
  • To earn the $250, you are required to open a new Xtraordinary Checking Account, subscribe to eStatements, and have a minimum of $2,000 in net spend purchases using your debit card within the first six months of account open date.
  • ATM transactions not included.
  • If qualified, $250 will be deposited into your new Connexus checking account six months after account open date.
  • Qualifying accounts become ineligible if the account is closed prior to receipt of the $250 deposit.
  • $250 subject to income tax reporting.
  • Offer limited to one redemption per membership.
  • Offer subject to change or termination.
  • 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

I wasn’t able to find an early account termination fee in the fee schedule

Our Verdict

Update: Now that all reports are a soft pull this is definitely worth doing and will be extremely popular.

Shame about the hard pull, otherwise this would be a must do. That being said I think more and more people are caring less about hard pulls with how restrictive credit card bonuses are becoming, so this might still be an attractive option for some people. The other downside is the $2,000 in debit card spend required, if you put that on a 2% card you’d earn $40 tax free. I’ll still add this to the best checking bonuses.

Hat tip to reader John C

Useful posts regarding bank bonuses:



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Dave
Dave

Although this is a hard pull, this wouldn’t count towards Chase’s 5/24, correct? It would just be another inquiry on the credit report?

Thanks

BallastStones
BallastStones

Applied, got a pending notice. From outside normal area, opted for $5 donation. The application was pretty straight forward, you will need to provide a picture of your ID. No CC funding, opted to just transfer from another bank. No HP notice has hit yet but I am expecting it to. I have moderate Chex activity, will update if denied.

Chao Xu

Let’s consider this as if it is a credit card bonus. Assume state+federal tax together is 30%. You get $175 after tax.
So this is $2000 spend in 6 months for $175, an 8.75% return for the spend. Not too bad.
Good thing because it is a debit card, you can easily just pay your tax bill for a $2 fee and get the reward.

CM

You’re making it too complicated. Just go to any place where you’d normally spend your Visa Debit, and/or one that always denies you, and get a regular order, paying with one card.

And/or save it for that one time when you’re already at the register, and they’ve denied you, and/or allowed to do one split, but bark at another one etc.

Fred Fritstone
Fred Fritstone

What?

Samosa
Samosa

Fred, I think CM is talking about MS.

Fred Fritstone
Fred Fritstone

Multiple Sclerosis?

Samosa
Samosa

Haha. Manufactured Spend, in case you really didn’t know.

Fred Fritstone
Fred Fritstone

I did not know….thanks. I’m new to this Bonii chasing. I’m still learning.

Burton

You are not wrong, but $2 to pay IRS is basically the same cost and can be done from the comfort of your room if you’d prefer to avoid that process (or if you do periodically it but don’t want to overdo it).

cows123
cows123

Pay $2 to make one estimated tax payment I have to pay anyway, instead of carrying this card around for 6 monthes so I can cobble together $2000 in spending (I guess I better skip things like the Chase 5% supermarket bonus quarter, those ridiculously worthwhile Sears Mastercard offers, and all other bonus category and card offers)? That’s a stupid idea.

Jeff Bezos
Jeff Bezos

Wouldn’t it be better not pay taxes?

Samosa
Samosa

Your comment is in sync with your screen name!

Lou
Lou

You wasted my time.

Eric
Eric

Why couldn’t you just say “buy a MO”? I’m pretty sure that’s not a secret around these parts.

Dubya
Dubya

Great. “You’re making it too complicated”. Then proceeds to lay out a scenario 10x more complicated. Masterful retort sir.

Fred Fritstone
Fred Fritstone

What site charges $2 fee to pay tax. I’ve checked n it ain’t $2 ……lol.

Fred Fritstone
Fred Fritstone

I stand corrected. I found a site that charges a small fee for Debit card. Credit card not so much.

Ben
Ben

You were replying to a comment that said “BECAUSE IT IS A DEBIT CARD, you can easily just pay your tax bill for a $2 fee”

Ferris
Ferris

Every site charges $2+ to pay tax with a debit card.

Fred Fritstone
Fred Fritstone

On a tangent I’m going to pay est taxes with my new Sapphire card. $1,000 towards spending requirements. 2.25per cent sounds OK.

Waikiki McDonald Kalakaua is being overrun by homeless going thru their trash 😡😠😡😠😡😠😠😠😡..lol.

Betelgeuse ㊙️

What about the one on kuhio?

iks
iks

got a couple of people from HI here?

Betelgeuse ㊙️

Used to live on Oahu. Lots of homeless people living on the beach esp on the west side.

cows123
cows123

I’d love to be able to assume that.

Lc
Lc

Even better, Pay estimated tax for 2019 before 1/31/2020 and you’ll get it back by the time you file your taxes. Higher than 8.75% that way!!

Burton

I don’t like the debit card purchase requirement but P2 doesn’t have a flexible DD like I do so this might be a good option for us that doesn’t go on my CHEX report. They don’t list any exclusions so presumably this could be accomplished in a couple larger purchases and still come out at least $150 ahead after fees/taxes.

RB
RB

Is there a listing of which counties for which this offer is applicable?

RAM

* you’d earn $40 tax fee. ===> tax free

Fred Fritstone
Fred Fritstone

I got 3 per cent CDs at connX. Very happy.

arl16
arl16

Where to enter promo code?

Duke I.
Duke I.

Why not get a $2 money order from Walmart?

Dodik
Dodik

Agree- max cost $4

Lou
Lou

On the Website

Jay
Jay

where on website? Is it after entering funding information?

Jay
Jay

If anybody’s curious, the space to input coupon code only appears on the final confirmation page

Duke I.
Duke I.

It ask for the promo code at the end of the application process.

Brian C 🐕

1 venmo transaction to p2 should take care of it

SpicyPadThai
SpicyPadThai

Isn’t there a limit of how much you can send via venmo? The most I’ve tried was $500

Brian C 🐕

Yes.

Mine is $3,000 per week. Not sure if that’s just for me or for everyone

Kyle
Kyle

So, send 4 payments!

Brad
Brad

It’ll be nice to get so DP’s on this. If it works, easy $250

Karl
Karl

Who do they pull? EQ?

EDUARDO BAEZ
EDUARDO BAEZ

When I opened a 60-month 3.25% APY Roth IRA CD with Connexus Credit Union in July 2018, I just paid the $5 Connexus Association fee to become a member of the credit union.

I can confirm Connexus Credit Union did not do a hard inquiry of my credit report on any of the three credit bureaus.

Please click on the following link from DepositAccounts web site and then look at oldman87 comment on January 6th, 2020. That user is confirming my experience.

https://www.depositaccounts.com/banks/connexus-credit-union.html#promo40628

Please see below the most important part of Oldman87 comment in DepositAccounts web site.

“Heads up for new members, a soft inquiry on TransUnion will be required for ID verification, you will need to unfreeze or unlock TU if you have it frozen /locked, no Chexsystems inquiry. Good luck!”

Samosa
Samosa

Thanks, very helpful! William Charles Can you please pin the comment at the top?

AllwaysLearning22
AllwaysLearning22

So, does that mean I have to first open a CD account in order to avoid the HP ?

Samosa
Samosa

I don’t think so, or at least I didn’t interpret this way.

EDUARDO BAEZ
EDUARDO BAEZ

I was just providing two data points: mine and oldman87 both from 2018 which confirmed Connexus Credit Union did not require a hard inquiry to open an account with them.
Doesn’t matter which account you open. If the bank does a hard pull, one hard pull will occur for every application regardless of how many new accounts you apply for.
When you apply for a credit union membership, a savings membership account will be created as part of the application process.
So, we both applied for at least two different accounts without a hard pull.
So far, people who applied recently have not received a hard pull notification from their monitoring agencies.
Therefore, it seems Connexus Credit Union has not changed its policies after 2018.

jeenie
jeenie

good job. Me got some too.

EDUARDO BAEZ
EDUARDO BAEZ

Just got my ChexSystems report.
I can also confirm Connexus Credit Union did not pull my ChexSystems report when I opened the Connexus Credit Union savings membership account on June 29th, 2018 and the 60-month 3.25% APY Roth IRA CD on July 12th, 2018.
If Connexus Credit Union has not changed its policies since 2018, it doesn’t matter how many ChexSystems inquiries you have.

Duke I.
Duke I.

I see an option to select employer group to meet eligibility to join. I work in education, so I guess am able to join for free. It doesn’t say the employer must be in MN.

Maria
Maria

Not clear how this would work. There are only certain options available.

Jim
Jim

Wonder if that eligibility component is holding up your application, i.e. manual review?

Please do keep us posted

Duke I.
Duke I.

@Jim got approval email today.

Lou
Lou

Got this at the end of the application: “Thank you for your applicaton. We will review your information shortly and you will receive an additional email containing more information within the next business day.”

Is this standard?

EDUARDO BAEZ
EDUARDO BAEZ

Lou,

Yes, it is.

Please see below Connexus Credit Union response when I applied on June 28th, 2018 after business hours.

“Thank you for submitting your application for a new account with Connexus Credit Union. We are processing your request and will contact you within 2 business days with more information on your new account.”

I got the Welcome to Connexus Credit Union e-mail message on July 2nd, 2018 at 6:15 PM.

So, they took about three business days to process the application.

Eric
Eric

I just applied and received this response also. Of the 5 identity questions I was asked only the 5th was a valid question for me. I hate it when that happens.

Gadget - Bank Bonus Geek 🕵️

The “review your information shortly” is the error I got. I figure it was because I said I lived with an existing member. Or, it’s because the verification questions were a little off and had more than one right answer.

Duke I.
Duke I.

App submitted. So far no alert of a hard inquiry. The system asked to upload identification so have it already saved on your computer or flash drive. You may get questions to answer to confirm your identity. No debit or credit card to add funds. Must provide account and routing number for initial funding.

AllwaysLearning22
AllwaysLearning22

Can you please confirm there is no HP in a week or so?

I assume you opened the checking account directly? Not having to have had another account with them first (like oldman87 above) ?

Duke I.
Duke I.

Yes I opened directly along with the required savings account.

CT
CT

DP-Applied and got approved right away. Got an email saying that they are working on setting up my account. I doubt they are chex sensitive since I have opened like 4 in the last month. Paid the $5 to become eligible which they will take from the account you use to fund. No minimum deposit for the checking and the maximum is $1000 but there was no option to fund with a credit card. I plan to use Serve for the requirement as it has worked for me in the past. Also to note there is an inactivity fee and since this will take 6 months I suggest keeping a balance over 100 for each the savings and checking account as that will waive the fee. Also do not see a credit pull yet on any of my credit monitoring services.

AllwaysLearning22
AllwaysLearning22

It seems as per the terms the bonus will post 6 months AFTER account opening (and you have 6 months to spend the 2K), so it seems to me the best approach is to:
Fund the account with $100, then do nothing else
Add $2,000 in month 4 or 5
Purchase $2K worth of stuff
Wait for the bonus to post in month 6 or 7
Close account in month 8

aquac
aquac

Hey, thanks for pointing this out. But I was not able to find this while signing up.
Could you post the content as to what counts as inactivity?

arizonpv
arizonpv

aquac aquac, it’s in the fee schedule: Inactivity Fee applies to: Checking Accounts with no activity in 90 days and month-end account balance under $100. Savings Accounts (members over age 23) with no activity in 12 months, no other accounts or loans, and month-end balance is under $100.
The fee is: Per account per month $5

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