Posted by William Charles on December 1, 2018
Bank Account Bonuses

Published on December 1st, 2018 | by William Charles

4

[MI, Buchanan only] Honor Credit Union $250 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Michigan, need to be resident as well. Must also live within 15 miles of the Buchanan, MI
  • Direct deposit required: Yes, $100 monthly minimum
  • Additional requirements: None
  • Hard/soft pull: Hard (Transunion)
  • ChexSystems: Unknown
  • Credit card funding: Have to pay a $15 fee, maximum is unknown but at least $2,500
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: January 31st, 2019

The Offer

Direct link to offer

  • Honor Credit Union is offering a bonus of $250 when you open a new benefits or connect checking account and complete the following requirements:
    • Open with a minimum deposit of $25
    • Have at least one direct deposit totaling $100 per month (must be received within 60 days of account opening)

The Fine Print

  • Checking Bonus: $250 paid when new or existing member opens a Benefits or Connect checking account with a minimum deposit of $25 and has at least one direct deposit totaling $100 per month. First direct deposit must be made within 60 days of checking account opening.
  • Bonus will be paid within 30 days of qualifying direct deposit posting to new account.
  • New account must remain open and maintain a positive balance for at least 90 days.
  • If criteria is not met, $250 bonus will be withdrawn from account.
  • New members must open account at online at honorcu.com/buchanan.
  • Existing members must present coupon at checking account opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Benefit checking has no monthly fees to worry about

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if any early account termination fee is charged or not.

Our Verdict

Benefit checking account used to earn 5% APY, now it’s sadly only 3% so I wouldn’t recommend that considering the better high yield savings accounts out there. This bonus is OK, but sadly it’s a hard pull to open the account so won’t be worth it for most people. Because of that I won’t be adding this to our list of the best checking bonuses

Useful posts regarding bank bonuses:



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Rye
Rye

In their fine print, there is also a requirement of live within 15 miles of the Buchanan, MI branch location.

Brian
Brian

Thank you for that note!

Kyle
Kyle

Well, there goes any possibility of this being useful for me. In fact, the only metro area within that distance is South Bend….but that’s in Indiana so you wouldn’t be eligible anyways lol

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