Deal has expired, view the best current checking bonuses here.
Offer at a glance
- Maximum bonus amount: $200 or $300
- Availability: In branch only [Branches are: 608 E. Tidwell Rd, Houston, TX 77022 or at 611 Walker St., Houston, TX 77002]. Must live within 25 miles of either branch
- Direct deposit required: Yes, $500 or $1,000+
- Additional requirements: 12 debit card transactions
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Six months, bonus forfeit
- Household limit: None listed
- Expiration date: August 31st, 2018
Contents
The Offer
- Houston Metropolitan Federal Credit Union is offering a bonus of up to $300 when you open a new checking account. You need to make at least 12 debit card transactions within 60 days of account opening. Bonus varies based on the direct deposit you receive:
- Receive a monthly direct deposit of $500 and get a $200 bonus (must be done within 60 days)
- Receive a monthly direct deposit of $1,000 and get a $300 bonus (must be done within 60 days)
The Fine Print
- For qualified members, terms and conditions may apply.
- $200 when you open an account with $500 monthly direct deposit; $300 with $1,000 monthly direct deposit.
- Direct Deposit must be completed within days.
- Must have 12 debit card transactions within first 60 days.
- Account must remain open for 6 months
- Promotion will run June 1, 2018 – August 31, 2018.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Bonus checking account has no monthly fees to worry about.
Early Account Termination Fee
Account needs to be kept open for six months to receive bonus.
Our Verdict
Nice big bonus, it’s a shame you need to open in branch. Still definitely worth doing if you live near a branch, especially as there is no monthly fee to worry about. I’ve added this to our location restrictive bank account bonuses.
Big thanks to reader, Cheng who let us know. Learn how to find bonuses and contribute to the site here.
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
Has anyone received their 1099-INT yet? It’s still not available in the website and haven’t received it in the mail.
We are also waiting. Nothing yet. Do you have any updates?
I was told they wouldn’t issue one since I didn’t receive more than $10 in interest. I told them that the bonus is taxable income and they should issue the form (like every other bank). I got nowhere, so I just declared it in my taxes anyway.
Data point:
I opened my account at the beginning of September (not sure of exact day). Mainly did a lot of <$5 purchases of Amazon giftcards to hit the required 12 debits.
Received $300 checking bonus on 10/31/18.
I would absolutely not recommend this bank other than for the bonus. Antiquated online and telephone systems and inconvenient banking locations – the location downtown is a pain to find (free) parking for, you have to go thru security (guards and metal detector) and the office is probably 300 square feet, so absolutely no privacy with teller/banker. The other location is in the boonies (not within the city).
Opened today in branch. $1 fee to open the savings plus $5 minimum in the savings (hence the weird $6) and $25 minimum to the checking.
Teller said they are processing their first round of bonuses now and people are antsy about not being paid quickly enough. The conversation was vague, but something along the lines of glitches in their system.
Teller ALSO said “monthly” is being enforced, and then described the DD as necessary for two consecutive months. I don’t see that in the terms, but for the sake of making sure I meet the requirements, I will do so.
Finally, if the account is terminated in the first 3 months, there is a $10 fee (as well as forfeiting the bonus if closed within 6 months).
They have crazy fees – like $3 to speak to a human to receive your balance.
And there’s a new promotion starting on Tuesday – they will try to halve your interest rate on a new car note. As low as 3.something and as high as 15.something. Not going to do much for most of us here.
Their online service is one of the worst I’ve used, I can’t find a way to add an external account to ACH my direct deposit out. Does anyone know? I’ll call the bank later today.
Apparently the only way to “transfer” money from Houston Met’s online banking is thru bill pay.
I can confirm there’s no household limit, both my wife and I opened an account yesterday. I was told the system they use to check is “Deluxe” or something like that. There seems to be a $1 fee, so minimum is $ 31 per account, $5 to establish membership (savings account) and $25 towards checking account.
Got the bonus 🙂
8/4/18 – Opened account
8/31/18 – Completed DDs and transactions
9/13/18 – Bonus posted.
Same on my wife’s account.
Now gotta wait 4 and a half months to close the accounts.
Hi Congrats. How much you got? I received only $200 (on same day as you) Instead of $300 aimed for. Satisfied all requirements for that but bonus cut down by 100. Don’t know why.
We both got $300, I did two $550 DDs, the third one posted today (after the bonus). She did 4 $400 DDs (weekly). The transactions were a mix of Amazon GC reloads and real charges on vending machines
Made 2 $500 DDs within a month (biweekly, and which is still going on after the bonus received). Debit card purchases were similar to yours – Amazon uploads and Walmart shoppings (more than 12 times).
Interesting. I know $1000 is $1000,but I would have done $501 for it to be more than $1000 a month, instead of equal to $1000. You might have to give them a call and ask them to take a look at your account. It must be something on their logic that determines whether it was more than $500 vs $1000 per month. On the other hand, our first month was a complete month, meaning, we both met the $1000 DDs within the first month, I wonder how they handle accounts opened after the 15th of the month on a biweekly SD.
Good luck to you, hopefully you get it fixed with just a phone call.
Opened 7/27, first DD on 8/10, 2nd 8/24, and 3rd 9/7, and then the bonus. The promo words “$300 with $1,000 monthly direct deposit”, even without “more” there. Don’t think did anything wrong. Yes, you’re right, next time better put more than required, on the safe side. Contacted them already late today and they will check on it next Monday
Were they able to fix it? Just curious
Thanks for checking. And yes, early this morning I just received the 100 adjustment email. Though I contacted them again 9/18, because I hadn’t heard anything since 9/14. They were basically saying it’s the system problem (calculator formula error?) and I should’ve got a full bonus.
Cool, glad it all worked out!
No household limits as per the bank staff. Both me and spouse opened one today.
Opening DP: Live very close to branch. Went to branch with SS card/DL. Usual questions. Opened no hitch. Free checking no overdraft. No HP per rep, will confirm as I monitor all 3. Chex is at LOL/12, so guaranteed not Chex sensitive. They did check some other system she said think TeleCheck maybe. Interesting DP I am about to email William was that flyers with clearer terms were on the desk and I took one. Flyer also said call, so not sure if possible to open over phone. Might open up options for those who can’t make it to branch. Minimum opening deposit odd amounts of $6 savings $25 checking. If you guys need to know anything else, just ask and I will respond. Will post other DPs once I complete requirements and get bonus.
Hi Shawn, do you know how they verify the radius of 25 miles? Is it a measurement of straight line distance?
My app says:
Membership eligibility: ZIP
Looks like it’s based on zip codes, but no really sure how they measure it. According to their website, it’s the entire Houston metropolitan area.
Thanks to Shawn and wannaberacer.
I live very close (11 road miles). I would presume they likely use zipcodes. I would simply call and ask. They were very friendly on phone/in person.
Does anyone who applied earlier know would one DD enough or a monthly DD is required for the first 60 days (or 6 months)? Will we receive the bonus as soon as we complete the requirement? Thanks!!
Will be opening this week. Will provide comprehensive DPs.
Need an address in Houston or not is biggest question. Will be in Houston, can even use a TX address of family, but can’t have a Houston address. Looking for DPs before making a drive.
Check their membership page:
In 2003 the Credit Union opened its membership to anyone living, working, attending school or worships within 25 miles of either branch location; which encompasses the entire Houston Metropolitan Area.
https://myhmfcu.org/about-us/membership/
Yeah just saw that thanks.
Thanks, let me add that