Now requires four direct deposits.
Offer at a glance
- Maximum bonus amount: $250
- Availability: Seems like anybody can join via American Consumer Council (ACC)
- Direct deposit required: Yes, $5,000+ per month for three consecutive months
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Yes
- Credit card funding: Up to $1,000
- Monthly fees: None
- Early account termination fee: None
- Household limit: None
- Expiration date: None listed
Contents
The Offer
- Farmers Insurance Federal Credit Union (FIGFCU) is offering a $250 bonus when you open a new checking account and complete the following requirements:
- Use promo code GHYCHECK
- $250 bonus when you open a High Yield Checking account and make direct deposits of $5,000 or more a month for four consecutive months.
- $100 bonus when you open a High Yield Checking account and make direct deposits of $1,000 to $4,999 a month for four consecutive months.
The Fine Print
- 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. There is a $5 monthly inactivity fee
Early Account Termination Fee
There is no EATF according to the fee schedule.
Our Verdict
This is significantly better than the $100 referral bonus we have previously posted about.
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
CC funding limited to $500, on 7/28/2025 application
Maybe I could’ve applied just for membership savings with $500 then a separate application after for the checking for another $500, but didn’t try it.
do not see any churn limitation language. anyone else?
I won my NCUA complaint without a fight and got this passive aggressive response from the “Chairperson of the Supervisory Committee” lol
I am in receipt of your NCUA member complaint (xxxxx). I understand that your complaint pertains to you having received $100 as opposed to $250 of the referenced promotional bonus as offered for signing up for your checking account. We have reviewed your account and decided to give you the additional $150.00 even though your direct deposits for the first 3 months of your account were not at least $5,000.00 per month due to the fact that you apparently did not understand the criteria for the higher reward and your direct deposits for months 3 – 5 were at least $5,000.00. You should receive the credit the week of May 13th.
Thank you,
Derek Ferrendelli
Is what they wrote true? If so, you should have only received $100 and not $250.
New promo code GHYCHECK as of July 2025 and the new offer requires 4 consecutive months DD instead of 3 consecutive months.
They didn’t update the ad at the top yet (as of 7/12/25). But scroll to the bottom of the page for the new terms.
I’d say the “3 months” you see at the top is probably an oversight, not an intentional booby trap.
——————————————————————————————————
New Member Checking & Direct Deposit Bonus: New Members/New Account must use a valid “promo/promotional” code at signup/account opening to be eligible to receive the bonus. Offer not available to existing FIGFCU Members. Offer cannot be combined with any other new member offer and is limited to one bonus per account and per Member.
Checking & Direct Deposit Bonus: Eligible “New Member” must open a FIGFCU Checking (sharedraft)account within 10 days of joining the Credit Union, and posted a qualified ACH Direct Deposit amounting to a minimum of $1,000 (one thousand dollars) per calendar month into the Checking account no later than 40 days after joining the Credit Union. Once the account is open the qualifying ACH Direct Deposit must occur for the next 3 (three) consecutive months before bonus is paid. The amount of the qualifying deposits for the first 4 (four) months after the checking account is opened will determine the amount of the bonus. The bonus will be paid by the 20th day of the following fourth month.
——————————————————————————————————
I saved the page to WaybackMachine in case anyone gets caught before they fix it. But be sure to get a fresh screenshot before you apply!
I would follow the full terms to a “t” and be sure to DD for all 4 months. A screenshot showing the contradiction would help with the NCUA complaint you’ll probably need to file if you only do 3.
Oh god, excellent catch. If I go with it I would definitely do for 4 months.
Opened March 2025 with promo code NMHYC.
“The ACH Direct Deposit must occur for 3 (three) consecutive months before bonus is paid.”
$5k+ DD/month March, April, May 2025.
“Bonus will be paid by the 20th day of the following month.”
No bonus as of 6/28/25.
“the 20th day of the following month” was 6/20/25.
Has your $250 posted? Did you call the bank?
$250 bonus finally posted, a month late. Had to message.
The CSR was confused because the URL for offer NMHYC now leads to an updated page with different terms. They’ve kept the URL but partially edited the landing page with amended fine print.
Interestingly, I would have qualified for the $100 bonus even if I’d used a time machine and applied under the July terms. I’ve continued $1k DDs to keep the 5% APY, so I’ve now done 3x $5k+/month followed by 2x $1k+/month.
But even that didn’t post automatically.
Thanks for the update, Karl!
I’ve done 5k direct deposits in Jun/July (opened June 7th.) and will be doing my 3rd month in August. I guess I’ll do a 4th if my bonus does not post by the 20th of Sept. as bonus should post by the 20th of the following month that requirements are met.
At the time I applied, it was 3 months of 5k, and not the current 4. But with your DP, sh* might get dicey, depending on what their system does.
Opened 2/27
Used Chase business for DD
$250 posted 6/25
I’m assuming this is a one-time bonus considering the terms don’t talk about a cool down period?
Opened account 2/10/25, Schwab brokerage $5,000 push Feb, Mar, Apr. Received $250 bonus in membership account 5/14/25.
This bank is so incompetent. I requested that my accounts be closed two weeks ago, but they’re still open. Their Docusign process to request closure is very finicky and when I did it two weeks ago, I couldn’t open the first version at all, had to call again, then the second Docusign kept saying that my driver’s license was a copy and it wouldn’t let me proceed. After calling again, I finally submitted the Docusign only to discover yesterday after I called yet again that the field for reason for closure was blank (I thought Docusign doesn’t allow you to complete it without completing all required fields.) I was told that another Docusign would be sent yesterday but it wasn’t so I had to call again. After finally receiving a new Docusign, this time the rep misspelled my last name so when I uploaded my license, the name was a mismatch and it wouldn’t let me proceed. So I had to call yet again and request yet another Docusign, which I still haven’t received. Has anyone else had trouble closing their accounts? It’s times like this that make me not feel bad about churning bonuses, even at credit unions