Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â FL only
- Direct deposit required: Yes, $1,500 or $2,000+
- Additional requirements:Â See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees: Avoidable
- Early account termination fee:Â 12 months, bonus forfeit
- Household limit:Â None
- Expiration date:Â
August 31,20219/30
Contents
The Offer
- Orlando Credit Union is offering a bonus of up to $300 when you open a new Dividend Checking checking account and set up a recurring direct deposit of $1,500+
- You can get a $200 bonus if you set up a Checking Your Way account with a monthly recurring direct deposit of at least $2,000 plus make at least 10 swipe and sign debit card transactions within the first 120 days
The Fine Print
- Promotion valid for new Checking Your Way or Dividend Checking accounts opened between June 1, 2020 and August 31, 2021.
- Membership is required and subject to approval. As a condition of membership, you must maintain an ownership savings account with $5 and a share savings account to be eligible for any other products or services. Members (primary and joint accountholders) who currently have or have had a checking account with Orlando Credit Union within the past 12 months are not eligible for this promotional offer.
- Your direct deposit must be an electronic deposit of your paycheck, retirement, pension, or government benefits (social security, disability, etc.). Direct deposit must recur on a monthly basis during the first 120 days to qualify for incentive payout.
- fter meeting the qualification requirements, the bonus will be credited to the new Orlando Credit Union Checking Your Way or Dividend Checking account within 30 days. If the Orlando Credit Union Checking Your Way or Dividend Checking account is closed within 12 months of account opening, we will deduct the bonus for that account at closing. Orlando Credit Union may report the value of any reward received to promotional offers to the Internal Revenue Service as required by law.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Dividend Checking
This account has a $10 monthly fee unless you have an average daily balance of $10,000+
Checking Your Way
The monthly fee is waived if you complete any of the following:
- Direct Deposit of $300 or more per month; or
- daily aggregate balance of all loans of at least $200 (Excluding delinquent loans.); or
- daily aggregate balance of all deposit accounts of at least $200; or
- have a First Mortgage with Orlando Credit Union; or have a Prime PLUS account (For members 50 + years of age.); or
- must be 22 years of age or younger.
Early Account Termination Fee
I couldn’t find any mention of an early account termination fee in the fee schedule. Fine print does say you forfeit the bonus if account is closed within 12 months.
Our Verdict
Worth doing as it’s a soft pull, we will be adding this to our list of the best bank account bonuses. As always share your experiences in the comments below.
Hat tip to reader ShawntheShawn
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
