Posted by William Charles on March 22, 2020
Bank Account Bonuses

Published on March 22nd, 2020 | by William Charles

86

SkyOne Federal Credit Union $200 Checking Bonus

Offer at a glance

The Offer

Direct link to offer

  • SkyOne Federal Credit Union is offering a checking bonus of up to $200 when you meet the following requirements:
    • Earn $125 when you set up monthly direct deposits of $1,000 or more per month for two consecutive months within 90 days of account opening
    • Earn $50 when you deposit $2,500 or more in new money within 10 calendar days of opening a new SkyOne checking account and maintain that balance for at least 30 consecutive days
    • Earn $25 when you make at least 10 point of sale/debit card transactions within 30 days of account opening

The Fine Print

  • Bonus Requirements: Earn $125: You are not eligible for this offer if you are a current owner of a SkyOne checking account and have direct deposit. Open a new, eligible SkyOne checking account by March 31, 2020. Within 90 days of account opening, receive a total of $1,000 or more in qualifying direct deposits per month for two consecutive months in to your new checking account during the qualification period.
  • A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income, electronically deposited through the Automated Clearing House (ACH) network to this checking account. Transfers from one account to another, mobile deposits, or deposits made at a banking location or ATM do not qualify.
  • Earn $50: Deposit $2,500 or more in new money within 10 calendar days of opening a new SkyOne checking account. Maintain a daily balance of $2,500 for 30 consecutive days.
  • Earn $25: Within 30 days of account opening make 10 POS (Point-of-Sale) and/or debit card transactions. Bonus Payments: Once the qualification period has elapsed, we will determine if you have met the offer requirements, and will deposit bonus payment into your new checking account within 10 days.
  • Additional Terms and Conditions: Offer subject to change without notice and may end at any time.You are responsible for any federal, state, or local taxes due on the bonus and we will report as income to the tax authorities if required by applicable law. Consult your tax advisor.
  • Account must be in good standing. Account in good standing is defined as: 1) Your Checking account balance must not be negative for more than 30 calendar days; 2) You must be in good standing, which means no delinquent or charged off loans or charged off share accounts with SkyOne Federal Credit Union; and 3) You do not have a ChexSystems record with monies owed.
  • SkyOne reserves the right to terminate this offer at any time.
  • 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

There are no monthly fees to worry about

Our Verdict

Downside is that this is ChexSystems sensitive, but the upside is that anybody can open an account/become a member now. I’ll still be adding this to our list of the best checking bonuses, because there are generally not many that are nationwide.

Hat tip to LivingInTheAir

Useful posts regarding bank bonuses:



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James
James

I warn everyone this bank is the biggest headache I’ve ever had to deal with. They allow up to 12k credit card funding and they denied my application and refuse to release the funds back to my Bank of America card. Currently in a dispute with my bank trying to get them to release the funds back to me.

P
P

$12k CC funding?!

James
James

Yes, 12k cc funding. And Yes they charge your credit card before even approving your application

James
James

Yes, they allow up to 12k cc funding.

Baked
Baked

Was it BofA Biz or Personal card ?

Matt
Matt

Wow so they charge your cc before approving or denying your application?

James
James

Yes, they charged my cc immediately. Then denied my application a week later.

The Man
The Man

How long ago was this? How is that even possible? They will probably just mail you a check.

James
James

This was over a month ago. And they refuse to release the funds to me and keeping giving me the same bs saying they suspect fraud.

John
John

Release the pending charge? Or has it posted and you requested a refund?

James
James

The charge cleared after 2 days. They refuse to cut me a check bc they are claiming it could be fraud which is bullshit. Had my cc company reach out to them and they are still refusing to release the funds back to me

John
John

They just cant keep the money. They probably have a certain number of days to wait before cutting you a check. Did you ask them if thats the case?

Superchurn
Superchurn

I’d file a police report and then threaten to press charges for theft/fraud, and threaten to file a civil action against them.

$12k is a LOT of money to steal from you

Brian
Brian

James I’m sorry you are facing this. Please keep us updated. For now, I’m going to steer clear as everyone from this forum is slamming them all at once.

James
James

Appreciate any advice from any members. Currently in dispute with BOA because they are requesting additional information on what the charge is since they are unaware that a cc could be funded with a checking account. Sent them a detailed letter on what the situation is so hopefully they decide to side with me. Will keep everyone posted on how this goes.

Matt
Matt

yeah especially the risk of money getting locked out. i do not want to deal with $12K locked up in this economy lol.

COBOLCODERUSEALLCAPS
COBOLCODERUSEALLCAPS

Did you try reporting them to the Consumer Financial Protection Bureau? They’ll respond ASAP on the threat of retaliation by their regulator.

slowbrake
slowbrake

to second, CFPB

I’ve filed like 4-6 cases with them. Response within 24-48 hours and usually resolution within 3-5 days.

James
James

So just to keep everyone in the loop. Reached out to Skyone several times and spoke with a supervisor and they are unable to cut me a check for the amount that was charged on my credit card. They are insisting that I file a dispute with my Bao card in order to retrieve my money which is complete bs. The dispute that I had filed with Bao is taking longer then necessary because the high $ amount that was charged they are requiring more info/documentation on my part. If Bao doesn’t retrieve the money I guess the next step would be CFPB which I hope it doesn’t come to that. Complete nightmare

Don
Don

Slight discrepancies between ‘The Offer’ and ‘The Fine Print’ sections. Offer says to deposit and maintain $2000 while fine print says $2500. Offer says $50 after 10 debit transactions while fine print says $25.

Jeremy
Jeremy

Looks like they corrected it now

Ben
Ben

The Fine Print matches the screenshot but the Offer bullet points are different.

Burton

Any idea which region and/or organizations are the target audience? It says “work for… one of these organizations” and “live… in the area below” but I don’t see a list of “these” or “below.”

desert rat
desert rat

click the down arrow below the category; but you probably need to go down to the last category, which is something like “None of these”

Gmoney
Gmoney

Opened this over a week ago. Max $12k cc funding. I did $6k as I didn’t want my bank to deny the charge. Got account approved and all set up and they locked me out of it. I emailed a CSR who had emailed me. They were very quick to follow up after I contacted them.

The next day was a back and forth with them via email. They asked for a lot of documents like DL, paystub, utility bill, when a cc statement of the funding account. They said they had been inundated by fraud and we’re taking extra precautions. I told them they needed to ask all this upfront before approving and taking the money from my CC.

So now I’m all set up and unlocked, but I post this as a warning. You might be asked a ton if questions. Be prepared to let them know how you heard about the offer.

The $12k cc funding is crazy. But be prepared to float that money for awhile as they may lock you out, especially if there are a ton of people suddenly opening this account. Looks like there is a commenter (James) below who had a similar issue but not the same outcome as me.

Brian C 🐕

Thanks for the heads up. Might just fund the minimum and work to get the bank bonus and be happy with that, instead of screwing up a funding situation with my credit card.

crystal
crystal

submitted an application and did not get an email confirmation. P2 applied too and got the confirmation right away.

Jim
Jim

Receiving an error message when attempting to fund via Amex- seems the interface is only designed to accept 16-digit cards with 3 digit security codes. Anyone have success using Amex by calling in?

Burton

None of the banks that I’ve looked into that accept credit cards accept AmEx. There appear to be a couple on DoC’s list but those are the exceptions not the rule. Paying taxes seems to be the safest option to generate additional spend on AmEx cards but comes with a fee around 2%.

Superchurn
Superchurn

overpaying bills and then requesting a check as refund can work for amex cards as well

Jim
Jim

Thanks, guess I’ll pass on this back anyway given the feedback. And re:Amex, I’m actually trying to creatively tap into my 0% financing on an everyday card; not particularly interested in the miles as I already reached the min. Just trying to find some extra funding for a couple back bonus req’s

Peek
Peek

Got an email that makes it at least look like my account will open.
“Congratulations on your new SkyOne Totally Free Checking! Here’s how to get the most out of your account:”
Much as I would have loved the points I just funded with another account and not a CC. I thought maybe it would be less of a risk of getting denied that way, we’ll see. I have opened a ton of accounts in the past 24 months.

desert rat
desert rat

Just filled out app and got message they’ll get back to me. Is there a promo code for this? There’s a place to put one, but I don’t see the code anywhere.

Ray
Ray

I didn’t see one either

gmoney
gmoney

No code, just apply through the link

Gadget 🕵️ Bank Bonus Geek

DP: Applied 3/9/2020. Denied Chex on 3/10. I average about 2 Chex inquires per month.

CC funding was up to 12K… I don’t recall which card I used, but tried for 9K. It did go pending but did not post.

Denial e-mail the next day: Dear Gadget,

Thank you for applying for an account at SkyOne Federal Credit Union. Unfortunately, we are unable to open your account. Your application number is xxxxx.

Your account was declined for the following reason(s):

Too many Inquiries

Regards,

Your team at SkyOne

I sent a reply to their customer support e-mail address I found on their website (“reply to” address does not work), and I asked, for future reference, how many inquires would be acceptable, and what timeframe. Their response: We do not give out our regulatory information. Sorry and thank you for considering SkyOne.

James L
James L

Based on other data points below and above, it seems like the issue is not the Chex inquiries but rather the large CC funding. Seems like they’re spooked by who would want to draw that much on their CC.

Gadget 🕵️ Bank Bonus Geek

Yeah, I am monitoring the situation. I was considering having P2 apply this time,.. she has slightly less Chex inquiries than me, about 1.5/mo. It’s really hard to throw away the chance at CC funding, but the bonus is important too.

It’s also possible someone in the food chain decided they were rejecting too many people, so the CC funding may have nothing to do with it. Seen a 6K here, and a 5K on Reddit get approved.

Maybe the smart play is to be a member, get the bonus, then open another BS secondary account with the full 12K funding. $240 in CC rewards.. tax free. Delayed gratification is so hard… when deals can just disappear overnight. At any time they could stop the nationwide policy, the promo, or the CC funding.

AllenW
AllenW

Applied although I proactively uploaded DL, Paystub and CC statement to provide I owned the card used.

Approved same day and returned the Doc signed.

Did 5K funding they alliant and is pending. If this is like Teachers CU I probably would get the rewards. I may try P2 a few days later with CIP for 1% and min spend.

AllenW
AllenW

Follow up, try and save the docu sign and write down your member number. You will need that number to register your online account and find your actual account number.

gmoney
gmoney

Did the 10 debit card transactions yesterday for small amounts between $1-$2 yesterday. The $25 portion of the bonus posted today. Please see my post below before applying though.

Mej
Mej

Don’t know how sensitive their Chex actually is… I’m 35+/12 and was approved, documents signed and debit card is on the way. Didn’t upload any of the optional documents and I opened with the minimum balances required.

desert rat
desert rat

Looks like my app (which I filled out yesterday) is approved; just signed the DocuSign stuff; got my acct #. My Chex is VERY lol/12 – but not too much activity this year – 5 new accts in Jan, 1 in Feb and 2 in Mar plus this one makes 3. I funded w/$500 tx from another bank, not CC. My father, who was an air traffic controller, used this CU for many years. His member # was something less than 100. He never had any problems w/them, and after he died they closed his accts and returned the money in them easily. Not sure why others are having trouble w/them (and hope I dont find out!).

desert rat
desert rat

FYI, to register for online banking, you need your member #, which I couldnt find, so called them 800-421-7111. Wait time on phone was about 2 minutes. Also, they show acct # on docu-sign stuff, but the real acct # is 13 digits, and you can find it after you log on to your acct.

Sam Y.
Sam Y.

They show the Member ID account # on the DocuSign which is used to make the online account and to get the account #.

desert rat
desert rat

OK, now the fun may be beginning. Got an email from them today saying I didnt fill out all the questions on the app: they need employer’s name, paystub and W2. But I’m retired, which I noted on the app. They also want the name of 2 banks I’ve opened accounts with in 2020. What’s with that, anyway? I’m letting myself get irritated with this!

MikeTheCreator
MikeTheCreator

Don’t bother if you are lmao/24 with your chex. They denied me for too many inquiries.

GGs on to the next one.

DrEvil
DrEvil

same. ive open 11 accounts in the pas 5 months. us bank and this one are the only ones to reject me

Joey Doughnuts
Joey Doughnuts

They don’t appear to be chex sensitive at all. I was approved and my chex is somewhere around 100/24 Yes, about 100 accounts in 2 years or 1 account per week. As a matter of fact, I can’t really remember more than a handful of banks denying me and I’ve opened up at least 500 bank accounts over the years. Personally, I think the key to getting approved is a stable history (such as residence) and of course no discrepancies on your chex report.

OffByOne
OffByOne

Did you do cc funding? Large cc funding seems to spook them as well.

Joey Doughnuts
Joey Doughnuts

I funded with the minimum amount from a transfer from another bank. I agree that people who are trying to fund a large amount with their credit cards are spooking them.

Peek
Peek

Joey Doughnuts I also appear to have been approved, they say they are sending my debit card. P2 will try today. I funded from another bank and not CC as well.

DrEvil
DrEvil

i just got rejected. reason in email was “Too many Inquiries”

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