Posted by William Charles on March 9, 2019
Bank Account Bonuses

Published on March 9th, 2019 | by William Charles

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[Salt Lake County, Utah] University Federal Credit Union $300 Checking Bonus

Update 3/9/19: Reposting as it’s confirmed as a soft pull

Offer at a glance

  • Maximum bonus amount: $300 + $100 for auto loan
  • Availability: Must work, live, go to school, worship or volunteer in Salt Lake County, Utah
  • Direct deposit required: Yes, $200 minimum specified
  • Additional requirements: 15 debit card transactions per month for 3 months
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • University Federal Credit Union is offering a bonus of up to $300 when you become a member and open a checking account and complete the following requirements:
    • Receive $50 per month for 3 months when you set up a qualifying direct deposit (minimum of $200)
    • Receive $50 per month for 3 months when you complete 15 debit or credit card transactions per month (Minimum of $2 per transaction)
  • You can also get an additional $100 for closing on an auto loan

The Fine Print

  • This must be a new account for the Primary SSN.
  • They cannot have any other new accounts in the last 12 months.
  • New members are to receive $150 for setting up their employer Direct Deposit; $50 per month for 3 months. 30 days after open date, they will receive the first $50.
  • This will follow for month 2 & 3.
  • $150 for 15 debit or credit card transactions per month. $50 per month for 3 months. 30 days after open date, they will receive the first $50. This will follow for month 2 & 3.
  • $100 for an auto loan refinance. $100 for Auto refinance will be deposited at funding. Minimum $10,000 loan amount.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

eChecking account has no monthly fees to worry about.

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee.

Our Verdict

Seems like it’s a relatively good bonus if it turns out to be a soft pull, shame about the small area. If anybody has any personal experience then please share it in the comments.

Useful posts regarding bank bonuses:



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M
M

Customer service via email confirmed it’s a hard pull.

Will
Will

Girlfriend and I both applied yesterday and got emails back today.

So far, no sign of a HP. Looking good, but this would definitely not be the most delayed CK or EX has been with a notification. Even if we get the HP I find this worth it. Will reply to this comment if there ends up being a HP.

Fee sheet in docusign app states $10 early termination fee within 180 days (for savings account/membership, none listed for checking)

curtis leasure
curtis leasure

I assume you applied online?

Will
Will

yes

Alys Holden
Alys Holden

Are you in SLC or out of state? I’m thinking of applying from out-of-state because I have a trip to SLC next week.. but not sure whether that would work or not.

Will
Will

William Charles it’s been a week, definitely a soft pull only

curtis leasure
curtis leasure

So is this offer an online offer or in-branch or both? It appears as if you can apply online but I don’t see a offer code. I don’t see any minimum on the debit card charges so the 15 a month shouldn’t be too hard either.

curtis leasure
curtis leasure

Confirmed that the offer is both online and in branch

ryan t
ryan t

Applied even though I am not in the county. Said I worship there because I have been to temple square and I consider that worship. Would be willing to join Mormonism as well. Approved for account. Was told a hard pull and chex systems pull included. I have 20 new checking in 2018 but none so far in 2019. So seems they are not sensitive.

Alys Holden
Alys Holden

How did you tell them? Did you speak with them on the phone? Just wondering because I’m thinking of applying from out-of-state because I have a trip to SLC next week. I’d be okay saying over the phone that I “worship” on SLC.. lol but would feel awkward having to say that in person at a branch.

curtis leasure
curtis leasure

Be aware that they require a photo copy of your DL as part of the application process. I applied online and didn’t include it. It let me submit the application but it went to a pending status. CSR emailed me today requesting the copy and wants me to call them as well. Will update with more details as they come.

curtis leasure
curtis leasure

They basically just asked the standard compliance questions (international wires, deposit amounts expected, etc.) and approved me. Easy.

Joe
Joe

Anyone get insta-approved?

Jay
Jay

No, I had to answer a few questions over phone about expected activity of account (I had uploaded Utah DL as part of online app).

AD
AD

interesting that this site confirms SP, yet multiple comments confirm HP?

John Richard Stewart
John Richard Stewart

Social Security takes 60-90 days to change direct deposit, which is outside the limits. Any data points on other direct deposit methods?

Curmudgeon
Curmudgeon

Serve and Bluebird frequently count as DD for many banks

BumblingPoints
BumblingPoints

Applied online, finished up in branch. Individual I spoke with said they do a hard pull at opening, and the report would be good for 60 days if I wanted to open a CC or line of credit. I still haven’t seen a HP appear on any of my reports yet, so add one more DP to the realm of rep saying a HP, but no HP actually appearing. It’s only been a few days – will report back if a HP ever does appear.

Alys Holden
Alys Holden

Did hard pull ever appear? I’d be curious to hear any datapoint on direct deposit.. whether any bank transfer worked? thank you

Jack
Jack

I opened the account on 3/1. I made 16 debit card transaction to Amazon for $0.50 each on 3/25. I received $51 direct deposits every two weeks since i opened the account. I was about to make another 16 debit card transactions but called to ask why i had not received the bonus yet. The customer service lady first told me that i didn’t have a code attached to my account, despite that i opened the account on the linked page on this website and there is no code to input anywhere on the credit unions website. Then the customer service lady put me on hold and came back and said that the direct deposits need to be $200 each and debit card transactions need to be $2 each. I used the link on this page and saw that these two requirements are now on the credit union’s page. I did not take a screen shot of the fine print when i initially opened these accounts, but i am 100% sure these additional requirements ($200DD and $2debit) were not on the credit union’s page when i opened the account. Also, the fine print on this account does not say anything about the $200 and $2 requirements. SOOO frustrating. If anyone did take a screenshot of the fine print without the $200 and $2 requirements, please let me know and maybe I can get that screen shot to use as support for my case. Otherwise I am canceling the account.

Just got off the phone with them again and they stated that those $200 and $2 were always a requirement.

Alys Holden
Alys Holden

Did you use a real direct deposit or bank transfer?

Jack
Jack

I used a real dd from my work. I did not use a bank transfer.

PCED
PCED

I have a PDF printout of the original offer, which does NOT show the $200 minimum DD and $2 minimum debit card transactions. Happy to share if I can figure out how to post the printout.

Gadget

PCED Easiest way I have found for PDF sharing is to use https://www.scribd.com. You don’t have to signup, just close the login window. Simply drag & drop file, provide description, then post the link.

If it’s a jpg screenshot, go to imgur dot com, click “new post”, then drag and drop the file. Several other file types are supported, but definitely not all.

Google drive sharing is another option, but more complicated, and if you goof up and share your personal docs, that could be bad.

Alys Holden
Alys Holden

Did anyone actually receive the bonus from this?

James
James

Yes. Applied April 4, made two separate $50 direct deposits this month and my first $50 promo was deposited today. I’ve only done 15 $1 amazon reloads, but I’m gonna do 15 $2 loads just to be safe tonight.

PCED
PCED

Yes, so far I have received the bonus 2 months in a roll, for making two separate $100 DD and 15 $0.50 Amazon reloads each month. Fingers crossed for the 3rd month due to the new minimum DD and debit card transaction requirements.

Gadget

William Charles Article needs update, as they changed the terms mid-promo. Now it’s specified: “Minimum deposit of $200 required for direct deposit. Minimum Visa Credit or Debit card transaction of $2.00 or higher to count toward the promotional requirements.”

Nopers
Nopers

DP: I tried to do this online from out of state. I selected “worship” as my eligibility. My ID, mailing address, and residence are all out of state. They called the next day with some innocuous questions (like “Do you expect to be wiring money? Will you be writing checks?”). That went fine, and he said my account was open and he’d send me the preliminary info. But then I got a call shortly after that. The rep said he had talked to his manager. Because I was out of state, they said I would need to present myself in a branch to prove that I was in the area. So, no success for this out-of-state applicant.

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