Posted by William Charles on August 17, 2019
Bank Account Bonuses

Published on August 17th, 2019 | by William Charles

138

[Expired] [MN, WI] Royal Credit Union $200 Checking Bonus 

Deal has expired, view more checking bonuses by clicking here

Update 8/16/19: Bonus is back. Hat tip to readers Nathan91hunt & J. S.

Update: Reposting because it’s a soft pull and can fund up to $10,000 with a credit card.

Offer at a glance

The Offer

Direct link to offer

  • Royal Credit Union is offering a bonus of $200 when you open a new checking account and complete the following requirements:
    • Use promo code 200NEW at account sign up
    • Receive a direct deposit of at least $200 within 60 days of account opening (two consecutive direct deposits must be confirmed and received)

The Fine Print

  • Offer valid on new checking accounts opened August 15, 2019 through September 30, 2019.
  • Membership and account opening upon qualification.
  • New checking account must receive two (2) qualifying direct deposits of at least $200 each from a direct deposit paycheck, pension payment, Social Security payment, or governmental benefits payment electronically deposited into the account from an employer or outside agency.
  • First deposit must occur within the first sixty (60) days from account opening.
  • Account must remain open for six (6) months.
  • Incentive will be deposited into the tax reported for account holder’s Primary Base Savings account upon qualification.
  • Limit of one account per Member may be included in promotion.
  • Member cannot have had a previously opened or closed checking account with RoyalCU in the last twelve (12) months.
  • RoyalCU reserves the right to withhold or reclaim incentive if qualifications are not met based on RoyalCU’s sole discretion.
  • Incentive is subject to federal and state tax requirements, which are the responsibility of the account holder.
  • RoyalCU reserves the right to terminate this promotion at any time.
  • Offer cannot be combined with any other RoyalCU checking account offer.

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 to avoid the bonus being clawed back.

Our Verdict

Seems like a fantastic account to open even before the $200 bonus due to the huge credit card funding allowed. Because of this I will be adding this to our list of the best checking account bonuses.

Useful posts regarding bank bonuses:



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edmund
edmund

Applied with instant approval. It gave me the option to fund via credit card. I did a double take when the max said $10k…so I just put $5 + $95 on my Chase Amazon Visa to see how it goes through.

Shane

The application form requests a member number. Only available to existing members?

edmund
edmund

I did not see that part during the application. I’m not a member and was able to apply.

Okecool
Okecool

Don’t choose the “start here” option, just click the bigger blue “open an account today” button. I noticed this too.

Jack
Jack

Just applied for savings account and free checking account from them. Entered promo code “200NEW” for both. It says I was instantly approved. Funding page says it allows up to 10k funding with credit card. I tried using Fidelity 2% card for 10k of funding. It then approved the application but said funding failed and required a new funding method. However, I couldn’t change the funding amount to lower than my original 10k then. I only have one other card with limit over 10k (BOA Cash Rewards) and was able to use that successfully to fund 10k then. Currently showing a 10k pending transaction on my BOA card.

BB
BB

Didn’t have any issues applying as a new member, was not instantly approved. Funding page said up to $10k with Visa/MC! I wasn’t that brave without any DPs, but a $1k charge did go through on my Ink unlimited.

Jack
Jack

I tried using Fidelity 2% card for 10k of funding. It then approved the application but said funding failed and required a new funding method. However, I couldn’t change the funding amount to lower than my original 10k then. I only have one other card with limit over 10k (BOA Cash Rewards) and was able to use that successfully to fund 10k then. Currently showing a 10k pending transaction on my BOA card. Not sure what I could have done had I not another credit card with above 10k limit

BB
BB

Ink Unlimited coded as purchase. Received email stating account was originated, but cannot login. Don’t expect to have an issue after I call later today.

Shane

Ok figured out the member number bits. Also not instantly approved. $5 to savings and $9995 to checking using BOFA Premium rewards. We’ll see…

Kyle
Kyle

There we go, being the data point we all want to see.

Joe
Joe

Hit it while you can, this bank was my unicorn funding bank… I guess they all come to an end eventually

BB
BB

Why no longer?

Joe
Joe

Because once things get publicized in this game, they get shutdown quick.

Okecool
Okecool

Originally tried to fund with C1 Savor, declined. Tried again with Chase FU and it went through. Was given account numbers right away and told I’d be emailed with info how to access my online account. Really easy sign up process. Hopefully getting the bonus is easy.

Jon
Jon

FWIW there’s currently a $300 checking offer in branch. Called one at [removed] and was able to be matched to it.

Iks
Iks

Are you within their footprint?

ktn
ktn

What branch? I sent a message to them and they didn’t know about any 300 in branch offer.

ktn
ktn

Not a real number and there is no $300 offer. Might want to update the post. William Charles

Mike
Mike

Was instant approved. Used citi double cash 5 in savings 3370 in checking.

Tim

DP, $2,000 deposit to Royal Credit Union via web page posted as a purchase to my Citibank Double Cash Back card with zero cash advance limit.

Burton
Burton

Wow, knock out entire MSR in one swoop plus a potential bonus? I’ve seen ads for RCU bonus and even visited their site last week but had a few other bank deals ahead of it, now once my new Ink shows up this will be #1 priority.

Any tricks to make sure Chase doesn’t flag this and deny the charge? When I tried to cc fund a different bank they denied the charge and then I couldn’t try again so lost the ability to cc fund.

Joe
Joe

Just call ahead of time to warn them of the charge.

Sheng
Sheng

Out of state application instant approved.
$8005 charge (8k for checking, 5 for saving) went through on CIP.

Sam
Sam

What did you choose when it asks the question about if you work live etc or if you are a member of etc?

Matthew
Matthew

Immediate family member of eligible….

Matthew
Matthew

I want to share my experience,
I was instantly approved and was able to fund $4500 into my account by using Citi DC. Citibank immediately blocked the transaction and temporarily shutdown my card until I call the fraud department. I verified my information and transactions and he even told me to re process the charge so he can make sure it goes through.
The process to create the online account is kind of confusing. It is different from the account when you submit the application. It told me I need to wait a couple days for it to be created.

Bw
Bw

Anybody know if they pull chex report?

Matt K

@Bw Yes, they do. When I went in branch they pulled up all my Chex on the screen and pointed out I had pulls from all over the country which may have been why I had to be referred to in branch opening.

Jack
Jack

This bank did send me a note that this $200 will generate a 1099-INT btw

Matthew
Matthew

Update: created the online account, nowhere I can see my funding. I will give it a couple days.

Wesley
Wesley

How did you find your membership number?

edmund
edmund

I had to email them about this. If you log in to review your application documents, it’s listed on the membership agreement.

Wesley
Wesley

Thanks, havent seen my funding as well.

edmund
edmund

Mine posted earlier this week and I scheduled a real $50 DD for Friday. We’ll see how long it takes the bonus to post.

Iks
Iks

Gave it a go. Out of state, but family (non-) member lives within eligible footprint. Got email saying pending review 1-2 biz days. Funded w/Citi DC 10k ca set to 0.

Iks
Iks

Email update from them says that I need to go into a branch to complete my application. No luck for me.

Joe
Joe

I jumped on this faster than any other I’ve seen posted. I live in WI and have immediate family in one of the counties they “serve” (it doesn’t appear they have a branch there, but maybe a reciprocal agreement with a local CU). This is my first account where I’ve never actually seen a brick and mortar of the bank I just gave a bunch of money to.

Barclay Arrival for more than double my CA limit, instant approval and pending charge.

JR
JR

Wondering how easy it will be to get the funds out. How well do they support ACH, withdrawal limits, do they offer online bill pay, etc.

JR
JR

Going thru the application process now, and while it shows allowing CC funding, the field to enter initial deposit amounts allows $1,000 max funding of any new account. Looks like the $10k got shut down, unless someone wants to open up 10 accounts at $1k each.

Dan
Dan

Yup seeing the same thing — that was quick.

Burton
Burton

Bummer, still waiting for my new card to show up guess I should have expedited it. Oh well probably still worth it.

Kyle
Kyle

Out of Area but instant approval. Family member lives within footprint. Would only allow $1,000 CC funding.

lingua
lingua

What did they ask for regarding family member and did they actually reach out?

Financial Panther

So it looks like each account is limited to $1,000, but you can still fund a total of $10k. It looks like one easy way to do this is to just open a checking account, and open 9 savings accounts. They’re basically sub-savings accounts similar to how Capital One 360 works. More of a hassle obviously, but the $10k funding option is still there. I opened 5 accounts in my one application and funded $1,000 in each one to instantly hit my MSR on a Barclays Arrival Plus.

Andy
Andy

Did the same but with 5 checking, which thinking about it was probably dumb. Oh well.

JR
JR

Decided to go ahead, and successfully funded 8 accounts at $1k each.

Burton
Burton

Did you do seven personal savings? I tried looking for fees and only found if <$25 balance and inactive for 6 months.

Jackie
Jackie

How did you open 8 accounts? all under different names?

Burton
Burton

In the application process there used to be a popup asking you if you wanted to open an additional savings account (after creating initial savings, before checking). Based on the comments here it sounds like they may have removed that option and just have you open checking & savings initially. I believe you can still open additional accounts later if you want but not sure what funding options are available.

Tim

I applied using the link for a new checking account but was denied because Royal Credit Union said I applied for a savings account with the 200NEW checking account promo. However, whenever I use the link to open a checking account it takes me to the Savings account application. How did others successfully apply? I must be missing something.

edmund
edmund

It’s a credit union, they usually make you open a savings account and put down a $5 deposit to be a member. You’ll need to open both savings+checking accounts.

Burton
Burton

I think I may have made the same mistake – it asked for a promo code on the initial application for the savings account so I put it there but then it also asked for a promo code on the checking account so I put it there too and didn’t think twice about it until I reread this comment. For a deal posted on the front page of their site (and advertised heavily locally) it wasn’t super clear to me.

AK
AK

Anyone else having issues getting their money to show? I set up my online banking today after funding $8500 to checking and $5 to savings. I also did a DD of $5 from my employer to checking which paid out today.

Currently I’m only seeing the $5 DD in my checking and my Savings is showing -$5. I funded with Chase FU and am seeing the charge posted to that account. Wonder if some reversal stuff is going on. Anyone else able to see their balance in their checking account?

BB
BB

Same problem, funded and posted on my CC. Even paid off CC balance but still $0 balance in both accounts.

AK
AK

Updating: I SM’ed and they said they were still reviewing my application (even though it said instantly approved?) and will let me know by EOD if I’m approved and presumably reverse the funds if they decline me. Seems like something CFPB’able though since they already approved me and already posted the funds to my credit card. Also CFPB’able since they already accepted my direct deposit from my employer today so I don’t know how they plan to handle that. Exact wording was:
“That application is still waiting to be reviewed. They should have it through that process by the end of today.”

I’ll update as I learn more.

AK
AK

Looks like they opened the account today and I have the money in now. Also got an email saying I qualify for the $200 bonus promotion.

Burton
Burton

Thanks for the update – I just applied and it said a rep would review and get back to me within one business day (nothing to indicate I was “approved” or otherwise). I’m in their service area (and have seen their tv commercial at least 30 times) but do have a handful of new bank accounts over the last six months.

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