[Expired] Teachers Federal Credit Union $400 Checking Bonus

Update 10/19/22: Extended until 12/31/2022.

Update 8/11/22: Has been extended until September 30, 2022. Unclear if out of state applications will still work or not. I’d recommend reading through the comments before applying.

Update 6/7/22: For a number of days people have been locked out of their account, then today lots of people got a refund for the $5,000 initial deposit. It’s yet unclear if they are just rejecting the credit card funding or if they’ll be closing out everyone’s accounts.

Offer at a glance

• Maximum bonus amount: $400 + $50 referral
• Availability: Nationwide
• Direct deposit required: Yes, $2,500
• Additional requirements: $500 debit card spend
• Hard/soft pull: Soft
• ChexSystems: Yes
• Credit card funding: yes, $5,000 limit
• Monthly fees: None
• Early account termination fee: None mentioned
• Household limit: None mentioned
• Expiration date: July 31, 2022

The Offer

Direct Link to offer

• Teachers Federal Credit Union is offering a $400 checking bonus with offer code OFFER400. Broken down as follows:
  • $300 bonus when you open a new Teachers checking account and have direct deposits totaling at least $2,500 within 60 days; AND/OR
  • $100 bonus when get a debit card and spend $500 in debit card purchases within 60 days.
  • You must also enroll in online banking and eStatements.
  • You can also get an additional $50 when using a referral. Find and share referrals on this dedicated page. Ask a friend you know for a referral.
• • • Must perform 10 qualifying transactions within 60 calendar days of establishing membership (these count: debit card purchases, direct deposits, mobile deposits, in-branch deposits, ATM deposits and Bill Pay transactions). Referrer gets $50 as well.

Teachers Federal Credit Union seems to be available nationwide for people of all professions. Membership at Teachers FCU is required by opening a minimum $1 Regular Savings account.

The Fine Print

• The promotional period is from 4/21/2022 through 7/31/2022.
• These combined offers are available to new members only.
• Non-member joint account holders are not eligible.
• Direct Deposit Offer: The $300 cash bonus will be earned by opening a new Teachers checking account and receiving qualifying direct deposits totaling at least $2,500.00 within the first three monthly statement cycles after account opening. Qualifying direct deposits include payroll or government benefits. Transactions that will not count toward direct deposits include external transfers, point of sale credits and in-person check or cash deposits, wire transfers, ATM transfers, and Online and Mobile Banking transfers.
• Debit Card Spend Offer: The $100 cash bonus will be earned by opening a new Teachers checking account and making $500 in eligible purchases using the Teachers debit card linked to that account. The $500 must be spent within the first three monthly statement cycles in order to qualify. Qualifying debit card purchases do not include: ATM transactions, cash-back, Peer-to-Peer (“P2P”) payments, loan payments, account funding and disputed or unauthorized transactions.
• Business and trust accounts are not eligible.
• These offers may be combined with the Refer-a-Friend promotion.
• A new Smart Checking, Share Draft Checking, or Young Professional Checking account must be opened to be eligible.
• Eligibility for these offers will also require enrollment in Online Banking and eStatements.
• All cash bonuses will be deposited to the primary member’s Regular Savings account within 30 days after all conditions are met but no sooner than the start of the third monthly statement cycle.
• Direct deposits and debit card transactions must post and clear in the new checking account during the monthly statement cycles defined in this promotion.
• The checking account must be open and in good standing with a balance greater than $0.00 in order to be eligible for the cash bonus.
• These offers are limited to one per primary member.
• For accounts opened online, you must use offer code OFFER400 to be eligible.
• Teachers Federal Credit Union reserves the right to modify or discontinue this offer at any time. We also reserve the right to rescind any cash bonus paid if there is a violation of the terms, requirements and/or promotional guidelines of these offers.
• The cash bonus earned will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).

Avoiding Fees

Both the Smart Checking and Share Draft Checking accounts are eligible for this offer. Neither account has any monthly fees to worry about.

Our Verdict

Excellent $300 bonus for someone who can meet the $2,500 direct deposit requirement. The other $100 debit component is a nice deal as well. We’ll add this to our List of Best Bank Bonuses. 

Hat tip to ShawntheShawn

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