Posted by William Charles on March 9, 2019
Bank Account Bonuses

Published on March 9th, 2019 | by William Charles

13

[MN only] Hiway Federal Credit Union $250 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: In branch only, all branches are in MN. [Branch locator]
  • Direct deposit required: Yes, $500+
  • Additional requirements: Six debit card transactions
  • Hard/soft pull: Hard pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Six months, bonus forfeit
  • Household limit: None
  • Expiration date: April 30th, 2019

The Offer

Direct link to offer

  • Hiway Federal Credit Union is offering a bonus of $250 when you open a new checking account and complete the following requirements within 30 days of account opening:
    • Set up a direct deposit of at least $500
    • Complete at least 6 debit card transactions

The Fine Print

  • Offer valid 3/4/19 – 4/30/19 to persons with no prior checking relationship with Hiway in the last six months.
  • To qualify for $250 offer, account holder must set up a Direct Deposit ($500 minimum) and make a total of 6 debit card transactions within 30 calendar days from the date the account was opened.
  • After the account has been open for 45 days, allow up to an additional 7 days for $250 to be deposited to your Savings Account.
  • Account must remain open for six months.
  • If all requirements of the offer are not met, Hiway reserves the right to reclaim the $250.
  • 1099 MISC may apply if rewards/income paid in one calendar year exceed $600. Insured by NCUA.

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

Account must be kept open for six months otherwise the bonus may be forfeit.

Our Verdict

Given that it’s a hard pull to open and it looks to be ChexSystems sensitive I don’t think it’s worth considering. For a full list of bonuses we do recommend click here.

Hat tip to Ryan M

Useful posts regarding bank bonuses:



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Emporio
Emporio

Thanks Doc! I’m all over this one and will report back on hard or soft pull and any other data points.

Adam
Adam

If you can, let us know about credit card funding and what the limit for it is!

Darv
Darv

It’s hard pull, Equifax. They denied me yesterday. I go through a lot of accounts, so not surprised. They have an interesting funding option, Paypal. I was tempted to try it. I think the funding max with Paypal was like $3,000. If so, potentially you could use that to fund with an Amex card.

Ed
Ed

Confirmed, this is a hard pull.

Emporio
Emporio

My Chex inquiry count is lol/12 month so given Darv’s comment below about Chex sensitivity along with a hard inquiry I’ll have to pass on this one.

Tom
Tom

Do you only need 1 direct deposit and can then cancel the direct deposit after it deposits once?

Hari
Hari

Yeah. That should do. Just a direct deposit + 6 Debt card transactions within the first 30days.

edmund
edmund

I applied online and got a missed call / email to call back. The rep said I was approved but since I took too long on the verification questions I had to call in to verify.

edmund
edmund

Update for credit card funding – I designated $5 into the share savings and $495 into the checking. Only the $5 funding posted as a purchase on my Chase Amazon.

Emporio my chex is basically lol/12 and I was approved. I cancelled my membership with this bank a few months ago too (maybe that’s why they let me back?), but that caused more problems with having to re-activate online banking.

Adam
Adam

Hi Edmond, was this a hard or soft credit pull for you? And did you try to do straight up credit card funding on the checking account or the Paypal option folks have mentioned? If so, was your CC funding declined, post as cash advance, or just not post at all yet? Also, did you see what their CC funding limit is? Thanks for the help.

edmund
edmund

I don’t know about the hard pull. Only $5 was drawn as a purchase, no other activity so far and since it’s been over a week I don’t expect anything else to post. I think the limit was $3k, but again I think they’re sensitive to this and will just pull the $5 to cover the membership share.

Jesse
Jesse

I used Amex Platinum via Paypal to fund $2900 for opening the account. I confirmed on Amex site that this was coded as “Entertainment – Associations” and it earned MR and triggered signup bonus. Will advise if I am able to trigger DD bonus.

Samuel
Samuel

I finished the online application and funded $2505 through my Chase card on Paypal ($3000 limit). They also have the option of funding with a credit card without Paypal but the limit was only $500.

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