Posted by William Charles on January 13, 2019
Bank Account Bonuses

Published on January 13th, 2019 | by William Charles

11

[MD, D.C., VA] Lafayette Federal Credit Union $100 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: MD, D.C., VA
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: Use promo code
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: $50, 6 months
  • Household limit: None listed
  • Expiration date: March 31st, 2019 None listed?

The Offer

Direct link to offer

  • Lafayette Federal Credit Union is offering a bonus of $100 when you sign up for a new checking account and complete the following requirements:
    • Use promo code DD2019
    • Open account and initiate a qualified direct deposit by March 30th, 2019 and receive $50 bonus
    • Receive an additional $50 bonus after first direct deposit which is deposited within 45 days of account opening

The Fine Print

  • Members who open a checking account and initiate a qualified direct deposit to Lafayette Federal Credit Union by March 30, 2019 will receive a $50 deposit to their savings account. 2An additional $50 will be awarded after first direct deposit which must be deposited no later than 45 days after account opening.
  • Qualified direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.
  • Must be eligible for membership.
  •  If account is closed within first 6 months, initial $50 promotional deposit will be deducted from account.
  • 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 needs to be kept open for 6 months otherwise a $50 fee is charged

Our Verdict

We’ve talked about Lafayette FCU because of the $600 credit card bonus they offer. In terms of this bank bonus we need to know whether it’s a hard or soft pull to open before deciding if it’s worth doing. It’s certainly not the biggest or best bonus, but it might be worth doing if it’s a soft pull. If anybody goes for it then please share your experiences in the comments below.

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

Useful posts regarding bank bonuses:



11
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
IS250
IS250

Based on the comments in the other Layfette post, seems like they are definitely Chex sensitive.

I have a branch a few minutes from me so I may try this in branch instead and see if they’re more laxed with Chex.

DC Churner
DC Churner

In the post on the $600 credit card bonus from this credit union, a few people reported initial approvals for the card, followed by later rejection for already having too many credit cards. Does anyone have a report of successfully getting the card with the $600 bonus? If so, what did your card portfolio and recent app situation look like when you applied?

David
David

As mentioned in the other post, I am out of state and applied by becoming a member of the Home Ownership Financial Literacy Council. My application was literally ignored. No response after follow ups after almost a month.

Nosnowjustsnow
Nosnowjustsnow

I applied from WA and despite being way out of state was approved through signing up for HOFFLC last week. Still waiting in the first bonus to hit. They did ask many questions about why I was signing up and it was a manual process through email for confirmations and sending/receiving documents. I hope it all works out

Nosnowjustsnow
Nosnowjustsnow

My Cap 1 360 and Schwab Brokerage accounts are showing as ACH. Any data points on bank transfer that count as DD?

IS250
IS250

Did those trigger the bonus?

Nosnowjustsnow
Nosnowjustsnow

Cap 1 360 triggered the bonus. I actually got three separate $50 deposits from LFCU last month for a total of $150 bonus. Hm

IS250
IS250

Nosnowjustsnow Thanks. How many chex inquiries do you have? Wanted to see how sensitive they are.

Nosnowjustsnow
Nosnowjustsnow

My mistake, they only gave me $50 to my checking and $50 to my savings for a total of $100 for the DD’s.

IS250
IS250

Nosnowjustsnow How many chex inquiries do you have?

IS250
IS250

William Charles There are many fees associated with this bank. One important one is that you must maintain a $50 balance in the savings account to retain your membership in the credit union. There is a $10/month fee if you don’t. Please add to this to the post.

https://www.lfcu.org/about/fees.aspx

Also, $5/month fee for Bill Pay. That’s pretty absurd.

Back to Top ↑