Posted by William Charles on August 18, 2019
Bank Account Bonuses

Published on August 18th, 2019 | by William Charles

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[Expired] [MI only] Michigan Schools and Government Credit Union $175 Checking Bonus

Deal has expired, view more bank account bonuses by clicking here.

Update 8/18/19: Deal is back and valid until August 31st, 2019. Hat tip to reader Lina Max

Offer at a glance

  • Maximum bonus amount: $175
  • Availability: Must  reside, work, attend school, or worship in Michigan’s lower peninsula
  • Direct deposit required: Yes, $100+ within 60 days
  • Additional requirements: See below
  • Hard/soft pull: Unknown (possibly hard, see comments). Report of soft pull
  • ChexSystems: Unknown
  • Credit card funding: Up to $500
  • Monthly fees: None
  • Early account termination fee: Six months or bonus forfeit
  • Household limit: None listed
  • Expiration date: October 31st, 2018 August 31st, 2019

The Offer

Direct link to offer

  • Michigan Schools & Government Credit Union (MSGCU) is offering a bonus of $175. Bonus is broken down as follows:
    • $25 bonus for opening a Regular Checking or Fresh Start account with an initial deposit of $25 or more between June 3 and August 31
    • $75 bonus for a direct deposit of $100 or more within 60 days of opening your account
    • Up to $75 bonus for each MSGCU debit card transaction of $5 or more ($1 per transaction, up to 75) within 60 days of account opening

 

The Fine Print

  • Bonus paid for completing the qualifying criteria. Bonus to be paid in one sum at the end of 60 days from the date of the new account opening. Limited to one per member.
  • Not available to existing checking account holders or those that have closed an MSGCU checking account 4/1/2019 or later.
  • Accounts must remain open for at least 6 months.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about. You do need to keep the account open for six months otherwise you will forfeit the bonus.

Our Verdict

They have offered a bonus of $100 in the past, so this is better than that. It’s nice there are no monthly fees to worry about, but there are a lot of bonus requirements. Might be worth doing if it’s a soft pull, especially if you can fund a decent amount with a credit card. If anybody decides to go for this bonus then please share your experiences in the comments.

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

Useful posts regarding bank bonuses:



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Kaden
Kaden

$500 max for credit card funding.

Superchurn
Superchurn

I didnt see any restrictions on membership, but the CU title seems to be restrictive…any…restrictions anyone can see?

Jeff G
Jeff G

If you go to the join page it asks to enter your zip – said No accounts for me, but I could call. I would assume that would nix the opportunity, but I did not continue on from there.

Brian
Brian

It said “pulling credit report”… ouchies

Superchurn
Superchurn

ouch indeed! so maybe its a hard pull

Tim
Tim

Opened successfully online. no HP. Funded $995 + $5 membership fee with Visa.

SirEel
SirEel

…oops already posted here. just saw.

is chex-itive.

It was, nearly a year ago.

This would be good if one of your firsts you’re doing…and CCCU, TCF, Elements, etc

Wisco
Wisco

successfully applied, no HP

Tim
Tim

One push for 100. Employer DD for 100. 20 amazon reloads. Bonus posted day after last amazon transaction posted. 30 days start to finish.

Superchurn
Superchurn

Just applied and tried to fund for $500 with Citi TY Premier

“Thank you for your application. Your application has been referred to our Online Account Services Team. You will be contacted shortly.”

🙁

I dunno if that means its running up against chex or what, but i dont think its a good thing

Don L

Also confirm no Hard Pull; Citi DC posted as purchase for $500

illini_knight
illini_knight

Also confirm $500 on Citi DC did not code as CA (but my CA limit is set to 0); employer was used to meet DD, and 20 .50 Amazon reloads triggered the $175

Thom
Thom

Did anyone get the bonus without doing employer DD and if so what did you use, please? Many thanks.

Steve
Steve

FYI, Here is the link to the actual offer: https://www.msgcu.org/checking-offer

You have the link going to https://www.msgcu.org/checking-account

rahsaz
rahsaz

Any difference between Regular checking vs Fresh start?
Any monthly fee/membership fee for the union?
Can credit card deposit/ACH transfer be used Direct Deposit?

pez
pez

Does anyone know if Citi Diamond Preferred will post as a cash advance?

Jethro Tuller
Jethro Tuller

I went into a branch, and it is a hard pull.

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