There is also a $200 in branch offer
Update 2/7/25: Extended to $150.
Update 1/12/23: Extended until March 31, 2023.
Offer at a glance
- Maximum bonus amount: $100
- Availability: MD, D.C., VA
- Direct deposit required: Yes, $500+
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown, sensitive
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Bonus forfeit, six months
- Household limit: None listed
- Expiration date: December 31, 2022
Contents
The Offer
- Lafayette Federal Credit Union is offering a bonus of $750. Bonus is broken down as follows
- $100 when you open a Lafayette Federal Checking Account and establish Qualified Direct Deposit of $500+1
- $50 when you open a Lafayette Federal Credit Card2
- $50 when you open a Lafayette Federal Share Certificate with $10,000+3
- $50 when you open a Lafayette Federal Preferred or Premier Savings with $10,000+4
- $500 closing cost credit towards a Lafayette Federal Mortgage Loan5
The Fine Print
- Offer valid until December 31, 2022 and subject to change without notice.
- Cannot be combined with any other new member offers.
- Members who have received previous new member/direct deposit promotions in the past 12 months do not qualify.
- Business accounts are excluded from offer.
- Membership eligibility required.
- Must first set up Checking/Qualified Direct Deposit to be eligible for the remaining incentive money.
- 1Members who open a Checking Account and Qualified Direct Deposit will receive a $100 deposit to their Checking Account.
- If account is closed within first 6 months, promotional deposit will be deducted from account. Qualified Direct Deposit is a recurring direct deposit of a paycheck, pension, Social Security or other periodic income payment of at least $500 into a Savings or Checking Account on a month-to-month basis made by an outside organization or agency.
- 2Members who open a Credit Card no later than 60 days after account opening will receive a $50 deposit to their Checking Account.
- 3Members who open a Share Certificate no later than 60 days after account opening will receive a $50 deposit to their Checking Account.
- 4Members who open a Preferred or Premier Savings Account no later than 60 days after account opening will receive a $50 deposit to their Checking Account.
- 5Members who fund a Mortgage Loan no later than 6 months after account opening will receive a $500 closing credit towards their Mortgage Loan.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is no monthly fee to worry about
Early Account Termination Fee
Account must be kept open for six months otherwise bonus is forfeit.
Our Verdict
Advertised as a $750 bonus but most of it is from closing costs on a mortgage and from opening a credit card. We’ve talked about Lafayette FCU because of the $600 credit card bonus they offer. Worth doing if you’ve done the bigger bonuses in the past.
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
