This offer has unfortunately expired. Click here to view the best current bank bonuses.
Offer at a glance
- Maximum bonus amount: $105
- Availability: Michigan only [Branch locator]
- Direct deposit required: Yes, $250 or more
- Additional requirements: $5 bonus for shredding existing bank card
- Hard/soft pull: ?
- Credit card funding: ?
- Monthly fees: $0
- Early account termination fee: Six months otherwise bonus may be taken away
- Expiration date: None specified
The Offer
- Co-op services will give you $105 for shredding your bank debit card.
- $5 on the spot when you shred your existing bank card at one of the co-op branches
- Set up direct deposits, minimum of $250 per direct deposit
The Fine Print
- Only for those 18 years or older
- Must open a new checking account with direct deposit
- Must receive a debit card
- Must opt for eStatements
- Bonus will be paid within 30 days of co-op verifying that you’ve completed the requirements
- Cannot be combined with any other offer
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Their full fee schedule can be found here. Their most basic checking account “free checking” is fee free and has no minimum balance requirements. Their fee schedule does not mention any early account termination fee. The offer does state the account must remain open and in good standing for a minimum of six months otherwise a penalty may apply though so we wouldn’t recommend closing the account within that time period.
Our Verdict
This is an interesting promotion and was originally run when Bank of America announced that they’d be charging higher fees on their checking products. Because it’s restricted to those in Michigan only, there isn’t a lot that’s known about this deal currently. We’ve sent them an e-mail asking them if it’s a hard or soft pull and if they allow credit card funding or not. We will update this post if we hear back from them. Because of the unknown I wouldn’t recommend signing up for this account currently, instead check our the other good checking promos currently available.
This account has been added to our state specific checking page which can be found here.
