Posted by William Charles on October 7, 2018
Bank Account Bonuses

Published on October 7th, 2018 | by William Charles

8

[Expired] [MD, In Branch] LM Federal Credit Union $100 Checking Bonus

Deal has expired, view more bank account bonuses by clicking here

Bonus now good through August 31st, 2018. Hat tip to reader Matt

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: MD, in branch only [Branch locator]. Only one branch and it’s in Baltimore.
  • Direct deposit required: Yes, $500+
  • Additional requirements: Five debit card transactions
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: Unknown
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: March 31st, 2018 April 30th, 2018 June 30th, 2018 December 31st, 2018 March 31st, 2019 June 30th, 2019

The Offer

Direct link to offer

  • LM Federal Credit Union is offering a $100 bonus when you open a new checking account when you complete the following requirements:
    • Receive a qualifying direct deposit of $500 per month
    • Make five visa check card purchases within 45 days of account opening

The Fine Print

  • Direct Deposit is defined as an ACH deposit from the member’s employer of at least $500 per month (or equivalent).
  • Incentive will be deposited once the first direct deposit is posted and confirmed.
  • A minimum of five (5) VISA check card purchases (credit or debt) must be posted within 45-days of the account opening.
  • Checking and Visa Check Cards are subject to approval.
  • Cash reward will be subtracted from the account if it is closed within 90 days of opening.
  • Promotion Expires 3/31/2018.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There are no monthly fees to worry about. I also couldn’t find any mention of any early account termination fee in the fee schedule.

Our Verdict

If it’s a soft pull to open and you live near a branch this might be worth it, but seems like a lot of requirements for a relatively small bonus. Definitely check out and complete these easier bonuses first. As always please share any datapoints you have in the comments below.

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

Useful posts regarding bank bonuses:



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Igor
Igor

Will,

I guess that you were rushing to put this online but the post is seriously incomplete.

1. There is only one branch, and it is in Baltimore.
2. You have to be in one of the following groups to join:

Employees of various Lockheed Martin groups in the Eastern United States
Employees of Middle River Aircraft Systems in Baltimore
Employees, active duty and reserves of Warfield Air National Guard Air Base
Retirees of the groups listed above
Family members of existing LM Federal members

Johnny Travels
Johnny Travels

She boarded a plane to see her dying mother. Then her ticket was canceled. (United…)

https://www.cnbc.com/2018/01/26/she-boarded-plane-to-see-dying-mother-then-her-ticket-was-canceled.html

MonetaryDragon
MonetaryDragon

The ‘definitely check out and complete these easier offers first’ link is actually a link to ‘does funding a bank account with a credit card count as a purchase or cash advance’.

EW
EW

Bonus is back but expires August 31, 2018

ENOTTY
ENOTTY

Also looks like one can open an account by telephone…

Matt K

Bonus good through 12/31 now.

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