Offer at a glance
- Maximum bonus amount: $100
- Availability: Must live, work or worship in Lorain County, Ohio.
- Direct deposit required: Yes, $500+
- Additional requirements: Minimum opening deposit of $50
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $6.95, avoidable
- Early account termination fee: Bonus forfeit & $50 fee charged if closed within 6 months of account opening
- Household limit: None listed
- Expiration date: None listed
The Offer
- LorMet Community Federal Credit Union are offering a sign up bonus of $100 when you open a new Everywhere Checking account and complete the following requirements:
- Open with at least $50
- Receive qualifying recurring monthly direct deposits totaling $500 or more within 60 days of account opening
The Fine Print
- To receive $100 bonus, simply open a new Everywhere Checking account with at least $50 and receive recurring monthly direct deposit totaling $500 or more in ACH deposits of payroll, pension or government benefit, such as Social Security, to this account within 60 days of opening.
- Bonus deposited within 10 business days of completing requirements.
- Bonus will be reported on IRS Form 1099-INT.
- If account closed within six (6) months, bonus will be deducted from account and Early Closing Fee of $25 will apply.
- Not available to existing LorMet checking account holders, those whose accounts have been closed within 90 days or closed with a negative balance.
Avoiding Fees
If you close your account within 6 months of opening you are required to pay a $50 fee and you also forfeit the $100 bonus. There is also a monthly fee of $6.95 per month that is waived if complete 15 debit card purchases.
Our Verdict
Bit difficult to know if this is a good or bad bonus without knowing if it’s a soft or hard pull. It’s a bit annoying to avoid the monthly fees as well and the account needs to be kept open for six months, so I wouldn’t recommend this offer. There are much better offers currently available.
If anybody does sign up, please share your data points in the comments below.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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- 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
