Offer at a glance
- Maximum bonus amount: $200
- Availability: TX
- Direct deposit required: Yes, no minimum
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
Contents
The Offer
- 5Point Credit Union is offering a $200 bonus when you open a new checking account at the Magnolia branch and complete the following requirements:
- Receive a direct deposit, no minimum mentioned
The Fine Print
- 200 cash bonus, loan rate discount, and CD rate bump limited to one per person.
- Cash bonus requires a direct deposit from a payroll provider or government benefit.
- The cash bonus will be deposited into the account within 45 days from the date the first direct deposit is posted.
- Cash bonuses are considered taxable income by the IRS and will be reported on IRS Form 1099-MISC.
- This limited-time offer begins July 15, 2024, and may be discontinued at any time without prior notice.
- Insured by NCUA.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Absolutely free checking has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Should be able to ask in branch if it’s a hard or soft pull before opening the account.
Hat tip to reader Bockrr
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
