Offer at a glance
- Maximum bonus amount: $100
- Availability: Must live, work or worship in Hinds, Madison, Rankin, Simpson, Copiah, Leake, Yazoo, or Northern Scott in Mississippi counties
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $20 monthly fee
- Early account termination fee: $15, 90 days
- Household limit: None listed
- Expiration date: None listed
The Offer
- Magnolia Federal Credit Union is offering a bonus of $100 when you open a new Opportunity Checking account. This account is for people who have a hard time getting or maintaining a checking account (often called a second chance checking account). To get the bonus you need 12 months of managing the account perfectly, they don’t state what perfect management is but probably avoiding a negative balance is required.
Avoiding Fees
This account has a $20 account opening fee
Monthly Fees
This account has a $20 monthly service fee, this is reduced to $15 with a monthly direct deposit.
Early Account Termination Fee
Unknown
Our Verdict
This account sucks, you’re charged $20 to open it and then a minimum of $15 each month. I hate accounts that prey on people with bad credit/checking history like this. This is a bad deal, don’t do it. Lots of financial institutions don’t use ChexSystems (the report that most financial institutions report deposit accounts to) so this sort of account is usually not necessary. We obviously won’t be posting this to our best bank bonus page due to all the fees.
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
Manufactured spenders only! Oh…
Woah and this is from a credit union…
Lol I think the “at a glance” part needs to be updated because it says no monthly fees.
Do people really get rejected from having any bank account? There are a lot of banks…
Fixed. Yeah a lot of people get banned from any that use ChexSystems
The title should say [-$80 Bonus w/ Direct Deposit] loll