Deal has expired, view the best current checking bonuses by clicking here
Update 5/4/19: Deal has been extended until August 31st, 2019. Can fund up to $3,000 with a credit card as well. Hat tip to reader Michael
Offer at a glance
- Maximum bonus amount:Â $250
- Availability:Â In branch only, all branches are in MN. [Branch locator]
- Direct deposit required:Â Yes, $500+
- Additional requirements:Â Six debit card transactions
- Hard/soft pull:Â Hard pull
- ChexSystems: Unknown, sensitive
- Credit card funding: Yes, can fund up to $500
- Monthly fees:Â None
- Early account termination fee:Â Six months, bonus forfeit
- Household limit:Â None
- Expiration date:Â
April 30th, 2019August 31st, 2019
Contents
The 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:
- 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
I am thinking about joining this credit union however there are some concerns I have. One of Hiways reps recently communicated that the credit card funding was processed as a cash advanced.
This is contrarian to most data points about credit card funding for Hiway FCU. Can anyone verify as of November 2020, that credit card fund for Hiway FCU is processed as a purchase and not a cash advance?
Also, can you credit card fund a account today with Hiway, then a month later credit card another account? Some banks only let you credit card fund the initial account opening then subsequent accounts most be funded by bank to bank transfer.
You can open an account outside their footprint & employer eligibility by joining MRPF when applying. Hard pull on Equifax to open.
Can we apply for this checking account from out of state. I see an option for becoming a member by joining MRPF. Does this work?
Did you try?
You should be able to apply from out of state.
Does ACH count as direct deposit?
This offer was extended to 8/31/19 according to the home page. Hard pull Equifax. CC funding for $3k via PayPal using Chase Freedom was coded purchase. Using real DD so no data point there.
The $250 bonus posted to my savings yesterday. I did direct deposits through my employer.
Same here brother, thanks doc!
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.
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.
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.
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.
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.
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.