Posted by William Charles on February 9, 2019
Bank Account Bonuses

Published on February 9th, 2019 | by William Charles

8

[IL only] U of I Community Credit Union $100 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Must be a University of Illinois student, alumni or live/work in one of the following counties: Champaign, Coles, DeWitt, Douglass, Edgar, Ford, Iroquois, Moultrie, Piatt, Vermilion, Sangamon
  • Direct deposit required: Yes, $500+
  • Additional requirements: 10 debit card transactions
  • Hard/soft pull:  Soft pull
  • ChexSystems: Yes
  • Credit card funding: Unknown
  • Monthly fees: $6 avoidable
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: June 30th, 2019

The Offer

Direct link to offer

  • U of I Community Credit Union is offering a bonus of $100 when you open a new checking account and complete the following requirements:
    • Set up a direct deposit of $500 within 60 days
    • Make 10 debit card transactions
  • You can also get another $150 by completing the above requirements and opening a new credit card and making 5 transactions

The Fine Print

  • To qualify for $100 bonus, the following criteria must be met: (1)open a new UICCU checking account 1/1/2019 – 6/30/2019, (2)establish direct deposit of $500 or more into new UICCU checking account within 60 days of account opening (3) make 10 or more purchase transactions using UICCU debit card associated with your new checking account within 60 days of account opening.
  • Offer not valid for members with an existing UICCU checking account.
  • To qualify for the additional $150 bonus, the following criteria must be met: (1) qualify for the $100 bonus per the terms listed above, (2) open a new UICCU credit card within 60 days of opening checking account, (3) make 5 or more purchase
    transactions using your UICCU credit card within 60 days of opening checking account.
  • Members with an existing UICCU credit card are not eligible for $150 bonus.
  • Primary member must be at least 18 years of age.
  • Members are eligible for one of each bonus during the promotional period.
  •  Allow up to 60 days after qualification period for bonus to be deposited into your checking account.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Loyalty checking account has a  $5 annual debit card, $6 monthly fee that is avoided if you meet any of the following requirements:

  • Direct Deposit of $500+
  • 6 electronic withdrawals from this Loyalty Checking account
  • Monthly average balance of $500+ for this Loyalty Checking account

Early Account Termination Fee

I wasn’t able to find a full fee schedule, so unsure if there is any early account termination fee.

Our Verdict

A lot of requirements for a $100 bonus, especially when it looks like you’ll lose $5 of that to the debit card fee. Because of that I won’t be adding this to our list of the best checking account bonuses.

Big thanks to reader, Adam who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



8
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Matthew
Matthew

Why difficult to keep fee-free?

“Do any of the following:



Monthly average balance of $500”

Arash
Arash

Ok. So, I can help you with some of the unknowns, since I have an account with them.
They do pull Chex. No hard pull credit inquiry. No termination fee. After you get the bonus, prolly you could just downgrade it to a free option.

RoamingRedPanda
RoamingRedPanda

The credit card should have the same 50k/$5k offer as the Terps card, so if you can double dip, maybe the $150 portion for opening a CC isn’t as unreasonable as it first seems?

I-L-L

mjs
mjs

Also, not sure it’s “IL only”.

I got their 50000 point bonus credit card (still available) last year, and that got me membership access to UofICU online where I could open a checking account.

And that 50000 bonus is A LOT better than the $150 “extra” they’re offering here for the alternative credit card bonus (posted here I believe in the past by DoC, but perhaps he can directly link to it in this post)

So, I’d advise if someone wants the checking, you might as well do the 50000 credit card first, then apply for the $100 checking once you’re already established. I’d assume they’d still do a Chex inquiry for the checking, but there’s a chance they might not.

Finally, the credit card pulled TransUnion (at least for TX) and they were not inquiry sensitive.

brandon r
brandon r

is there an option to redeem the 50k pts as $500 cash? if so, pretty solid for a no fee cc

mjs
mjs

It’s basically the same as the University of Maryland’s Terp Card that was written about here as well. I have not got the bonus points yet, but I think it’s worth about $440 or so in Amazon. I consider Amazon cash-equivalent, so it’s a pretty good 3rd part credit card option. They also aren’t very VGC sensitive as far as purchasing from online VGC providers (I’m just going to leave it at that).

I’m going to try for the Terps Card once I get the bonus. I did get a fairly low CL from the UoI card, so not sure if it’ll need to be closed if I may need to recon the card considering it appears they use the same company to do their credit card application process and approval.

brandon r
brandon r

can anyone confirm if there is an early termination fee or not

Back to Top ↑