Posted by William Charles on April 12, 2019
Bank Account Bonuses

Published on April 12th, 2019 | by William Charles


[NJ, NY, CT, In Branch only] Affinity Federal Credit Union Up To $400 Business Checking Bonus

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: NJ, NY, CT [Branch locations]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: Unknown
  • Early account termination fee: None listed
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • Affinity Federal Credit Union is offering a bonus of up to $400 when you open a new business basics or business performance checking account, complete 15 eligible transactions and complete the following requirements:
    • $400 bonus: Open a new money manager account with an average daily minimum balance of $50,000 between that account and the checking account for 90 days
    • $300 bonus: Have an average minimum daily balance of $25,000 for 90 days
    • $150: Have an average minimum daily balance of $5,000 for 90 days
  • You can get another $100 when you sign up for merchant services. We don’t recommend doing merchant services bonus deals, you can read why here.

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

I wasn’t able to determine if any of the checking accounts have any monthly fee attached.

Early Account Termination Fee

There wasn’t any early account termination fee mentioned in the fee schedule.

Our Verdict

Main issue with this bonus is the fact that there is a deposit requirement of $5,000-$50,000. Best to really view this is a savings account bonus. As far as they go $50,000 for 90 days for a bonus of $400 is great, we don’t know what rate the checking accounts earn at and if there are any monthly fees to worry about but assuming this is a soft pull then it’s much better than putting those funds into a high interest account (e.g $50,000 at 2.5% for 90 days would earn $308 in interest whereas with this bonus you get $400). This bank also offers a card that has a $200 sign up bonus  and 5% back at bookstores.

Useful posts regarding bank bonuses:

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Im confused. The requirements state 50k for the $400 bonus but you’re calculating it based on a 25k requirement…


From online rep…

Business Basics Checking is free as long as you have under 100 transactions per month.

Business Performance Checking account fee is not fixed. It’s based on an analysis that is done on the account each month. You get get a credit for things such as balances, deposits, etc, and you get charged for other things such as transactions, checks, withdrawals. So it could be free, or you could end up paying depending on activity.


William Charles verdict has mismatched requirements…25k is for 300 bonus not 400…still verdict is valid as 300 >154.


WARNING. This CU is inquiry sensitive.


They are running ChexSystems on Savings Accounts and of course Checking Accounts!

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