Posted by William Charles on July 7, 2019
Bank Account Bonuses no image

Published on July 7th, 2019 | by William Charles

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[OR only] InRoads Credit Union $100 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: OR
  • Direct deposit required: Yes, no minimum specified
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Up to $500
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • InRoads Credit Union is offering a bonus of $100 when you open a new rewards checking account. To receive the bonus you must meet the following requirements for two statement cycles:
    • Complete a minimum of 10 Visa® debit card purchases per cycle
    • Have a direct deposit or ACH transaction post to your InRoads account
    • Use e-Statements and maintain a valid email address
  • If you complete the above requirements the account also earns 2% APY

The Fine Print

  • Offer valid on new Cash Rewards Checking opened through 8/31/19. One $100 bonus per membership account. Account must meet qualifications for two statement cycles and within 90 days of opening account to qualify for $100 bonus.
  • 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 full fee schedule so I’m unsure if there is any early account termination fee.

Our Verdict

The 2% APY aspect of the account is kind of pointless considering there are much better high yield savings accounts. The bonus itself is OK, but there are a lot of requirements for a bonus of only $100 and we don’t know whether it’s a hard or soft pull to open. Feel free to share your experiences in the comments below.

Useful posts regarding bank bonuses:



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Firemaple
Firemaple

Just completed the application online:

– Credit Card funding up to $500 online

– It appears minimum DD amount is $10
(The fine print on the rates page states that to qualify for the bonus rate, there must be a direct deposit of at least $10. I’m assuming it’s the same for the opening bonus as all the rest of the qualifications align.)

Got a message that the application was successfully completed and that I would be contacted by a Member Services Officer shortly. Will update as I get more info from Inroads.

Gupk
Gupk

Have you heard back from them? I applied around 2 days ago as well and have not heard back from them

Firemaple
Firemaple

I left a more detailed comment above, but you may want to follow up with Inroads. Apparently they typically contact applicants within a business day, but even though I got the confirmation screen, my app wasn’t in their system.

Firemaple
Firemaple

Called in today and they couldn’t find my application on file and suggested I apply again. I also learned:

– Even when applying online a rep manually reviews and processes the application.

– They require a copy of two forms of ID for verification.

– You also need to complete a signature card; this can be done in branch, or alternatively it can be sent in if notarized.

I was so flumoxxed by the disappearing app and archaic process that I didn’t think to ask about what they do for the credit check. However, the rep I talked to was friendly and helpful. Based on my experience so far, I suspect if you are local they’d be great place to bank, but there are quite a few hoops to jump if you are just in it for the bonus.

Anonymous166
Anonymous166

I also applied and received this response from the rep:

“In order to have a checking account you will first have to have a savings account. That requires a one time $5 fee and $5 that will stay in your account at all times.
I will need:
Your phone number, drivers license number/issue date/expire date, are you or your spouse active military?
The home you live in, do you have a mortgage or pay rent? If you pay rent what is your full rent payment?
I need a contact information on a relative that is not living with you.(name/phone number/relationship)
I also need to pull your credit and chex sytem [sic].”

It’s odd that the requirements I was given are different from what Firemaple was told.

I also have a suspicion that Inroads will be sticklers about the bonus despite how easy it should be to receive (don’t even need direct deposit), given that this CU only has three branches and the closest one is 40 minutes away by car from PDX. “Why would anyone sign up with us for any reason other than to milk the bonus if they’re in PDX?”, they’d think.

So yeah, I’m gonna let this one go.

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