Extended through 3/31/2025
Extended through 12/31
Update 8/24/24: Bonus is now $200. Hat tip to DN_03755
Offer at a glance
- Maximum bonus amount: $200
- Availability:
- Individuals who live, work, worship, or attend school in New York City (NYC)
- Individuals who work for New York State (NYS) or Federal Employers
- Direct deposit required: Yes, $200+
- Additional requirements: None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: No
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: 9/30/24
Contents
The Offer
- MCU is offering a $200 bonus when you open a new free checking account and complete the following requirements:
- Receive a direct deposit or payroll deduction of $200 or more within 90 days
- Can also get a $50 bonus for opening a Hero Savings Account between 7/15/24 and 9/30/24
The Fine Print
- You must open a Checking Account with MCU between 5/1/24 and 6/30/24 connected to direct deposit or payroll deduction to get $100.
- Limit one account-opening bonus per qualifying account.
- If requirements have been met, the $100 will be deposited into your account 8/9/2024.
- Offer not available to individuals who were a primary account owner of an MCU checking account in the last 12 months.
- Account must not be closed or restricted during the time of promotional period.
- Offer is subject to cancellation without notice. Account opening is subject to approval.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Need to know if it’s a hard or soft pull.
Hat tip to Bockrr
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
P1 and P2 had no problems getting paid out for the regular bonus after meeting the requirements. However, this institution has been awful with getting them to pay out the referral bonuses. Secure messages have taken anywhere from 1-3 weeks to get a response and multiple follow ups didn’t help speed up that process. Initially, they indicated that they forwarded the request to the appropriate department. After three weeks of weekly follow ups, they finally responded that they will be paying out the bonus within another week. LOL
I received this bonus recently for P1-P3. We are OOS in So Cal, but were approved anyway with no documentation of being in footprint or eligible to join otherwise. We each triggered the bonus with a $200 DD from Keypoint Credit Union, so it’s likely that any fake DD will work to trigger this bonus.
When I first saw this bonus from one of Gadget’s posts, I wrote it on my calendar, but ended up signing up later than I’d hoped for because I didn’t note the first time that you could stack their $25 referral offer with the $200 bonus. I did try to generate a referral link on the first day that I was notified by email that I was approved for my Hero checking and savings accounts. However, I kept getting an error message, so I guess you have to wait a few days after approval to get a referral link for this credit union.
As a result, I wasn’t able to refer P2 and P3 to get an extra $25 for each of their referrals. We all used Gadget’s link for an extra $25 bonus each, and hopefully he appreciates the extra $50 from our referrals. I guess I could have waited to sign up P2 and P3 for the extra referral money, but I wasn’t sure if the bonus would be extended past the 3/31 expiration date. It looks like it hasn’t been extended yet, so I guess I made a good call to sign them up anyway.
3/27 – Approved after online application with no initial deposit, can’t remember if it was instant or same day, and received account numbers by email
3/28 – Received email notifying me of my $25 referral sign up bonus being posted to my savings account (cleared on 3/29), and another separate email welcoming me to the credit union
3/31 – $200 Keypoint CU DD posted to checking account, accounts initially linked with Municipal CU username and password via MX (similar to Plaid/Finicity)
4/3 – $200 promo checking reward posted to checking account
4/15 – $200 Keypoint CU DD posted for P2 and P3
5/2 – $200 bonuses posted for P2 and P3
Awesome – Thank you for using my referral. Glad it worked out for you.
Dominique
They didn’t end up renewing the $200 offer, so it did work out in your favor, but I assume they will bring it back someday.
Called the rep and they said no early account termination fee. Please update 🙂
For those that got bonus, did the website categorize your form of deposit as something? My Biz ach from US Bank shows Uncategorized. Selected Paycheck manually but doubt that’ll affect chances of bonus.
Fidelity CMA ACH = “Category Uncategorized“
Thanks Gadget!
I see some Fidelity pushes, but for some reason I can’t link my fidelity to MCU. It says that it’s not supported. Maybe it’s because I just got Fidelity today?
anyone get bonus credited yet in April?
Data points
3/7/25 account. Opened
2 real payroll direct deposit of $ 218 on 3/20 and 3/26
$200 Promo posted 4/3/25
How soon can we close this account after getting the quick bonus?
There are no clawback restrictions or ETF that I see. Fee schedule makes no mention of it either. Go for it, I guess? Maybe ask if there is any fee if you close, just in case.
REJECTION
Did you close yet? Any EATF?
Besides pulling Chex and LexisNexis, I verified MCU soft pulled Experian. I would recommend not having any of those frozen when applying. Nothing found on Equifax or Transunion though.
The expiration date on this offer is creeping up soon (3/31). Unknown if it will be renewed or not.
I just got approved via email 2 days after applying .
Where would I find out my account number to set up online banking ?
You should receive an email from MCU with the subject Congratulations – New Accounts are waiting for you and it will contain your member number.
thanks, finally received email today with account number