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Offer at a glance
- Maximum bonus amount: $300
- Availability: MD only
- Direct deposit required: Yes, $1,000+
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: No
- Credit card funding: Can fund up to $500 with a credit cards
- Monthly fees: None
- Early account termination fee: Six months, bonus forfeit
- Household limit: One (not enforced, might require a different promo code)
- Expiration date: July 31, 2023
Contents
The Offer
- Tower Federal Credit Union is offering a $300 checking bonus when you open a new free checking account and complete the following requirements:
- Set up a qualifying direct deposit of at least $1,000 within 60 days
The Fine Print
- Eligibility requirements: This offer is valid for new Tower Regular Checking accounts from May 15, 2023 to July 31, 2023 and intended for new checking members. Request Checking and Non-Interest Checking accounts are not eligible for this offer. Offer not available to existing Tower checking members, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus per member. The minimum deposit required to open a Regular Checking account is $10. Membership eligibility required.
- To receive a $300 bonus: 1) Open a new Tower Regular Checking account, which is subject to approval; AND 2) Have your direct deposit made to your new Tower Regular Checking account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your net paycheck, pension or government benefits (such as Social Security) from your employer or the government. The direct deposit amount must be greater than $1,000. Person to Person payments (such as Zelle®) are not considered a direct deposit.
- After you have completed all the above requirements, we’ll deposit the bonus in your new account within 60 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. If the checking account is closed within six months of account opening, Tower reserves the right to deduct the bonus from the account at the time of closing. Cash bonus is considered interest and is subject to taxation. This offer is subject to change and may be discontinued at any time without prior notice. Regular Checking account annual percentage yield is 0.15% effective 3/14/2023 and is subject to change.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Six months, bonus forfeit
Our Verdict
Previously there was a $100 bonus, but that had no requirements. This is a much better bonus if you can meet the direct deposit requirements.
Hat tip to Bockrr
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- Introduction To ChexSystems
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