Posted by William Charles on March 1, 2016
Bank Account Bonuses

Published on March 1st, 2016 | by William Charles

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[IL only] CommonWealth Credit Union $100 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: IL [Branch Locator]
  • Direct deposit required: Full payroll, social security, or pension direct deposit
  • Additional requirements: 10 transactions per month & debit card
  • Hard/soft pull: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Bonus forfeit if closed within 180 days
  • Expiration date: None listed

The Offer

Direct link to offer

  • Receive a bonus of $100 when you open a new CommonWealth Credit Union free checking account and complete the following requirements:
    • Full payroll, social security, or pension direct deposit
    • A minimum of 10 transactions per month
    • A debit card

cwcu

The Fine Print

  • The cash bonus will be credited to the new account after first direct deposit is credited
  • The account must remain open for 180 days or a $100 penalty will be applied during closing
  • Offer is subject to change and cannot be combined with any other offer
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account doesn’t have any monthly fees or minimums, but you need to keep it open for at least 180 days otherwise you will forfeit the $100 bonus as an early account termination fee.

Our Verdict

I like the fact that there are no requirements to keep the account fee free, but we don’t know whether it’s a hard or soft pull and the fact that they indicate you need to deposit your full paycheck means they are more likely not to accept an ACH transfer. Because of this we haven’t added it to our best bonus list. If you have any experience with this bank, please share in the comments below.

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