Deal has ended, view more bank account bonuses by clicking here.
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
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
Any DPs on account closure it’s been 185 days. Online I see they recommend snail mail or fax anyone have luck with secure message?
I sm or Live chat (can’t remember which) and was told to use “Email Manager”
2/12 Send request to close account via “Email Manager”; Got response that request has been forwarded and will be completed in 1-2 biz days
2/17 Received $5 ck from membership saving account closed
Negative DP, trying to get it fixed:
8/31/23 Opened account on last day of promo
9/13/23 $1k Bluevine payment
9/14/23 $1k Fidelity
10/5/23 $1k+ real DD
12/4/23 Was supposed to have bonus
12/5/23 Contacted them, after many days of messaging they are not paying out because they are claiming I opened my account on 9/7/23 which was after the promo ended. Submitting an NCUA complaint now as I did open my account 8/31/23.
Well I never got any communication from Tower or NCUA, but they paid out the $300 bonus today. Glad that is all I had to do. Guess I have a good reason to close my account when they ask.
SMed to close my checking account. When they did that I lost online access to my other accounts. The remedy was to use the “Forgot Password” link to reset my password.
Negative DP (Wise)
5/16 – account opened OOS by joining TowerCares; funded $495+$5 with Fido Visa (purchase)
5/23 – Wise biz DD $1,001
…
9/13 – 120 days later and nothing, so either Wise doesn’t trigger DD req. or promo code never attached correctly
Approved OOS by donating to Tower Cares Foundation.
8/11/23 – Opened account
9/14/23 – Real $1K DD
10/23/23 – $300 bonus received
P1
07/31/2023 Approved
08/31/2023 Real DD +$1,000
10/23/2023 Bonus New Checking Bonus +$300
P2
08/30/2023 Approved
09/28/2023 P1’s Real DD +$1,000+ (non-matching last names)
10/23/2023 Bonus New Checking Bonus +$300
Not sure why my bonus got overlooked last month, but, glad it’s (almost) over. I literally used the same DD, redirected, for both. P2 didn’t contact them, but I did.
Previously both had done a Tower Savings bonus but not a Checking bonus.
Thanks for the DP. I just received my $300.
Successful CHURN.
6/2022 – CLOSED – after getting the $100 promo
5/16/2023 – Opened
6/31/2023 – Real DD
Had to secure message and ask about why I did not get the promo – they said it will come next cycle.
10/23/2023 – $300 received.
Does Schwab brokerage work??
Expired as of 10/6/23
I’m pretty sure it expired 8/31.
07/31/2023 Approved
08/31/2023 Real DD +$1,000
Waiting. Terms state 60 days from DD.
Any new DP’s? Looking at those older DP’s for end-of-the-month DD’s this summer, I am expecting the bonus around Oct. 9th or 10th.
8/24, 8/29 opened P1 P2
8/31 real DDs
9/25 $300 bonuses (boni?) posted
Well, that doesn’t look good for me then. Guessing the promo code did not attach. I will probably hold my SM or call until next week and then ask.
I have a feeling that they are going to try to say I am not eligible because I collected a SAVINGS bonus in the past, or because I was an existing (SAVINGS) member, which is not in the terms either. In fact, they even sent an email INVITING me to sign up for the bonus.
Shouldn’t matter…both of us were existing members and got savings bonus, but never had checking accts before this promo.
Sent SM 2 days ago asking WTF. They fwd’ed to the appropriate dept.
The response was my bonus would be in the next batch BEFORE the end of the month. Not sure why my bonus takes 8 weeks when 3-5 weeks is the norm.
8/8/23 Approved
Real DD 1K
9/25/23 $300 bonus
Date of DD?
8/24/23
Nice. Exactly 30 days. Consitant with their MO.
Correction: Exactly 32 days from DD until Payout.