Posted by William Charles on January 16, 2017
Bank Account Bonuses

Published on January 16th, 2017 | by William Charles

460

[Expired] Quorum Federal Credit Union $300 Checking Bonus – Direct Deposit Not Required – Available Nationwide

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Nationwide
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Unknown 
  • ChexSystems: Unknown
  • Credit card funding: Yes, $2,500. Visa & Mastercard accepted 
  • Monthly fees: $10, avoidable
  • Early account termination fee: None
  • Expiration date: None mentioned
  • Household limit: None mentioned

The Offer

Direct link to offer

  • Open a new QChoice checking account with Quorum Federal Credit Union and receive a bonus of $300 when you meet the following requirements within 90 days of account opening :
    • Enroll in eStatements
    • Maintain a monthly direct deposit(s) totaling $1,000 OR a minimum average balance of $5,000
    • Conduct 10 or more transactions per month for the first three consecutive months. Transactions included (but aren’t limited to): making deposits or withdrawals, using your debit card for any purchase and paying bills

quorum

The Fine Print

  • Bonus will post within 120 days of account opening
  • $300 Incentive Requirement: Members with an existing checking account are not eligible for this promotion.
  • New QChoice checking account must satisfy the following requirements: 10 or more transactions per month for the first three consecutive months or 30 transactions over the first 90-day period, after account opening. Transactions include deposits, withdrawals, check writing, POS transaction, account transfers, ACH direct deposit, and bill payment.
  • The $300 cash bonus will be deposited into your QChoice Checking Account within 120 days after account open date if all account and bonus criteria was satisfied.
  • Account Requirements: QChoice requires enrollment in eStatements and minimum monthly direct deposit(s) totaling $1,000 or minimum average daily balance of $5,000 to avoid a $10 monthly fee.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is a $10 monthly fee, this is waived if you’re enrolled in eStatements and have minimum monthly direct deposit(s) totaling $1,000 or minimum average daily balance of $5,000. I found no mention of any early account termination fee in their fee schedule.

Eligiblity

To be eligible, must join either 1) American Consumer Council (no fee), or 2) the Select Savers Club ($5 fee, note that Quorum will pay this fee). You can sign up for either of these during the application process.

Quorum membership is established through the creation of a Basic Savings account with a $5 minimum balance. This account is opened automatically and funded with a $5 deposit by us when your application is approved.

Our Verdict

Fantastic offer and it’s nationwide with $2,500 in credit card funding. I don’t see this one lasting long to be honest, we still aren’t 100% sure it’s a soft pull but I suspect it is. Most likely this will be added to our best bank account bonus page.

Big thanks to reader, Elleni who let us know. Please consider sharing bank bonuses with this site so we can make it even better.

Useful posts regarding bank bonuses:



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James
James

Recently picked up by Reddit for being able to fund up to 2.5k with Visa/Mastercard: https://www.reddit.com/r/churning/comments/5nydn2/quorum_fcu_funds_free_checking_acct_up_to_2500/

arch
arch

From that thread indicates Experian pull:

Heard from Quorum support.

” We are excited to hear of your interest in Quorum and look forward to having you as our newest member! Joining us is simple, just follow the steps below to access our online application:

Visit quorumfcu.org
Click on “Join Now” at the top of the page

An experian credit report inquiry as well a chex system report will be reviewed as part of the opening process”

Craig
Craig

To be eligible, must join either 1) American Consumer Council (no fee), or 2) the Select Savers Club ($5 fee). You can sign up for either of these during the application process.

Quorum membership is established through the creation of a Basic Savings account with a $5 minimum balance. This account is opened automatically and funded with a $5 deposit by us when your application is approved.

You ARE given the option to fund with a Visa or MC debit or credit card up to $2500.

Justin
Justin

Would it be a good idea to call our credit card company to “prepare” them for the charge so it doesn’t get denied? Any best practices on this? Thanks.

Justin
Justin

Yes you can do that. Also good idea to lower cash advance limit as low as it will go in case this goes through as cash advance.

Slidellian
Slidellian

Wondering about something. Would I be able to meet the monthly 10 POS transaction minimum by just using their debit card to purchase items from around 25 to 50 cents? I could easily go on eBay and buy cheap Chinese goods, one at a time.

Rene
Rene

Isn’t it easier to just do 10 Bill Pays?

Slidellian
Slidellian

Ten bill pays would not be easier. I’d have to switch several payment methods to use this debit card, then remember to switch them all back after meeting the requirements. Besides, I’d be missing out on earning credit card points/rewards/miles. Using the eBay method, I could meet the requirements in an hour. And it’s more fun.

Ender
Ender

I guess you could just make 10 $1 bill pay to your cc or utility and forget about it.

Mark
Mark

Instead of buying things you don’t need buy Amazon GCs (for few cents or a dollar each) at Amazon.com and add them to you account.

Jamie
Jamie

Citi uses mastercard right? I wonder if I can fund $2500 on my Citi AA Platinum Select Personal card?

chasejuggler
chasejuggler

I will be attempting it on this card this evening. The rep let me lower the cash advance limit to $750 so if it works we’ll know that it codes as a purchase.

Ender
Ender

Any DP on whether this would code as purchase or CA?

TD
TD

DP: Funded $2500 with Barclay Arrival+ coded as purchase.

Steve
Steve

Applied for wife and myself separately and got the message that the application has been submitted and application is being reviewed. Did this happen for just me or is this normal for everyone?

EBF
EBF

I got the same. Kicking myself I didn’t notice the credit card funding!!

EBF
EBF

Went back to check the app again. I don’t see credit card funding as an option– only transfers from existing savings accounts at step 2, “fund your account”. Maybe it is only an option for brand new customers.

Mark
Mark

@Steve
Were you able to fund with a CC?

Steve
Steve

Yes I was able to enter my Barclay card on the last screen

Derek
Derek

This is almost for sure a hard Experian pull. tread light for data points.

Eduardo Baez
Eduardo Baez

Yes, you are right. CSR confirmed that it will be a hard pull. He also said they mostly pull from Experian.

Mark
Mark

@Steve
Credit Unions and small banks tend to do that.

dave
dave

Applied and also waiting.
Any data points on what counts as a direct deposit? Or are people planning to keep 5K in?

Mark
Mark

I’ll just eat the $10 monthly fee.
I still get $260.

Dave
Dave

Mark,
As I see it, the actions necessary to avoid the monthly fee are also necessary to get the bonus.

Owen

Lose $10? Or Gain $10/month in Amazon gift card balance, I know what I’d rather want.

Jan B
Jan B

I would take the hit on the monthly fee also.

Have $15K tied up in Chase and Iberia. I treat those accounts like a CD term with a shrug of shoulders.

Not delighted by a HP but can spare one at the end of the month, I believe.

Mark
Mark

On second look “Maintaining a monthly direct deposit(s) totaling $1,000 OR a minimum average balance of $5,000 is a requirement for getting the bonus”.

Bob
Bob

Was wondering the same thing. The little number 1 to the fine print on the bottom left that part out.

JP
JP

So Experian pull is certain? Any DP?

Mark
Mark

Thanks Dave.
Cons:
1. Experian credit report inquiry AND chex system report
2. Direct deposit(s) totaling $1,000 OR a minimum average balance of $5,000
3. No DP on Direct Deposit
4. No DP on instant approval

Pros:
1. $300
2. Generous ($2500) in CC finding

Not the best deal IMHO.

dave
dave

I bit. It helps I have several credit cards to make spend on, so saves me a trip to 2 stores.
Maintaining $5000 for 3 months is annoying, but manageable in my mind.

I don’t really know anything about this bank, but sometimes when you get a checking account, it leads toward a fairly generous credit card bonus in the future.

The main con for me is the 10 things to do. I’d like to find a quick way to do that.

Vijay
Vijay

this is what I got, Is it standard before approval?

Your application has been submitted.

Thank you for applying for Quorum membership! We’re currently reviewing your application. If additional information is needed, a representative will contact you. If your application is approved, you will receive a confirmation email from us within two business days. If your application is not approved, you will receive written notice within 30 days.

Thank you for your interest in Quorum membership!

Joe

i got the same thing. let’s hope we both get approved!

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