Update 10/17/20: Deal is back. No end date listed. Hat tip to reader hype8912
Bonus now good through August 31st, 2018. Hat tip to reader Matt
Offer at a glance
- Maximum bonus amount:Â $100
- Availability:Â MD, in branch only [Branch locator]. Only one branch and it’s in Baltimore. Must also be:
- 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
- Direct deposit required:Â Yes, $500+
- Additional requirements:Â Five debit card transactions
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â Unknown
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â
March 31st, 2018 April 30th, 2018 June 30th, 2018 December 31st, 2018 March 31st, 2019June 30th, 2019
The 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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- 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
Post history:
- Bonus now good through August 31st, 2018. Hat tip to reader Matt
This deal is open again. https://www.lmfcu.org/Documents/Your-Money-Winter-2020-small
$100 for a new Regular Checking account with same requirements or $50 bonus for a free checking account.
Bonus good through 12/31 now.
Bonus is back but expires August 31, 2018
Also looks like one can open an account by telephone…
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’.
Fixed
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
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
Updated the branch bit, where do you see the other requirement?
https://www.lmfcu.org/About-LM/Who-is-LMFCU#Membership-Eligibility
https://www.lmfcu.org/About-LM/Who-is-LMFCU#Open-a-Membership-Account
I don’t see anything in the offer that says it has to be opened at the branch.
You can open online but the online opening doesn’t mention the bonus..
Right, just the $25 bonus. But the flier doesn’t specify either. I’d say someone who’s interested and eligible (not me) should call and find out. At any rate, the stricter eligibility might be worth putting up top?