Posted by William Charles on February 15, 2020
Bank Account Bonuses

Published on February 15th, 2020 | by William Charles

18

[Spring Cypress Branch, TX only] Resource One Credit Union $250 Checking & $100 Savings Bonus – Direct Deposit Not Required

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: TX only. Available at Spring Cypress branch
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Six months, bonus forfeit
  • Household limit: One
  • Expiration date: May 31st, 2020

The Offer

Direct link to offer

  • Resource One Credit Union is offering a bonus of $350 when you open a new checking account & savings. Bonus broken down as follows:
    • Open a new Resource One Spending account and receive a bonus of $250 when you use your debit card 15 times per month for the first three months ($5 minimum per transaction)
    • Open a new Money Market account, IRA certificate, or a save to win certificate

The Fine Print

  • Bonus Information: Offer available in branch only and for a limited time only through 5/31/2020.
  • Offers are not valid to existing Resource One Credit Union members holding those account or loan types specified in this promotion.
  • Offer is not available to those whose accounts have been closed within 90 days or closed with a negative balance
  • Limit one bonus offer per household.
  • To receive the $250 cash bonus: 1) Open a new spending account, which is subject to approval; AND 2) use your Resource One debit card(s) tied to the Prime Spending account for a minimum of 15 qualifying purchases per month for the first three months that the account is opened.
  • A qualifying purchase includes debit purchases that post and settle for a minimum of $5 to the spending account between the first and last day of the month, including online purchases, phone, or mail purchases.
  • Purchase refunds/reversals, ATM transactions, and bill payments do not qualify. Transactions on separate cards tied to a single spending account will be combined.
  • To receive the $100 cash bonus: 1) Open a new Money Market account, IRA Certificate, or Save to Win Certificate, all are subject to approval.
  • After you have completed all the above requirements, we’ll deposit the bonus in your par savings account no later than July 31, 2020.
  • You can receive only one “Bundle and Cash In!” opening related bonus every two years from the last enrollment date and only one bonus per account and per household.
  • Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Other terms, conditions, and restrictions may apply; see credit union for details. For complete terms and conditions of the account please review the AGREEMENTS AND DISCLOSURES available online or by request in a branch.
  • Account Closing: If any of the accounts or loans associated to the bonus offer is closed by the member or Resource One within six months after opening and the bonus has been paid, we will deduct the bonus amount received from that account at opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Daily spending account has no monthly fees to worry about

Early Account Termination Fee

Accounts need to be kept open for six months otherwise the bonus is forfeit

Our Verdict

That’s a lot of debit card requirements and $5 minimum is annoying, but considering there is no direct deposit required and the $100 savings bonus is easy to do as well I do think this is worth doing if it turns out to be a soft pull. If anybody goes for it then please share your experiences in the comments below.

Useful posts regarding bank bonuses:



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sevillada
sevillada

who’s going to be the guinea pig for soft/hard?

Jay
Jay

Note that after I clicked on “Email my coupon”, the website responded with “Thank you. Check your email for your coupon code, then bring it in to our Spring Cypress branch to take advantage of this offer.”

Therefore, there is a strong possibility that only their Spring Cypress branch is participating in this promotion.

That is also supported by the fact that Spring Cypress is their newest branch that just opened a month ago, and that the URL contains the words “spring-offer”.

I haven’t received the emailed coupon yet, so I don’t know if there is any clarification within that email or not.

Edit: the email says “3: Get started – Visit us at 8720 Spring Cypress Rd, Spring, TX 77379”

Edit 2: called one of their bankers, who confirmed that this specific promo is only applicable to the Spring Cypress branch.

Tony
Tony

It took a couple minutes to get the email. Looks like it is only that branch in Spring, Texas. The email lists steps to take for the $350, and the final step says to visit them in branch.

Rico
Rico

Excellent DP. thanks for saving us time. No really, thank you very much for this post.

Jay
Jay

Heads up:

If you are thinking of going in, make sure you first verify that you are eligible for membership (or even apply for membership online first) before making the trip, to potentially save you some time in case you weren’t eligible in the first place. There do not seem to be any donation-based membership pathways.

https://www.r1cu.org/about-us/eligibility/

Their geographic eligibility requirements are quite strict. For example, “Northwest Harris county” really does mean just northwest, and not the entire Harris county (i.e. most inner Houston zip codes would not qualify).

Jay
Jay

FYI, for the $100 Saving offer:

Money Market account min. deposit is $2500, which is also the min. balance requirement to waive the monthly maintenance fee of $10.

That is potentially about $50-60 in fees if you don’t want to leave $2500 in there.

Therefore, the Save to Win Certificate actually looks like the better option, since the minimum deposit is just $25 (for a term length of 12 months).

https://www.r1cu.org/accounts/save-win/

Ben
Ben

“Bonuses are considered interest and will be reported on IRS Form 1099-INT” is a dirty trick. This checking account offer requires meeting minimum spend and therefore the bonus should be treated as a rebate and not as interest. (For the savings offer a 1099-INT makes sense because there’s no associated spending requirement)

AbRawR
AbRawR

So.. it asked for my name and email. and I received an email saying to apply online or in person and gave me some codes to use. Not sure if theyre unique.. ———————————————————- Apply online or present in-person This offer is only valid for a limited time – don’t miss out! Choose your offer Get $100 When you open a Money Market account, IRA Certificate, or a Save to Win Certificate with qualifying activities. Limit one $100 bonus per household. Your special offer code: R1-100 Get $250 When you open a new Resource One Spending account with qualifying activities. Limit one $250 bonus per household. Your special offer code: R1-250 Or get $350 by bundling both offers! Get started Visit us at 8720 Spring Cypress Rd, Spring, TX 77379 ——————————————- and of course, the fine print: Bundle and Save APY = Annual Percentage Yield APR = Annual Percentage Rate Bonus Information: Offer available in branch only and for a limited time only through 5/31/2020. Offers are not valid to existing Resource One Credit Union members holding those account or loan types specified in this promotion. Offer is not available to those whose accounts have been closed within 90 days or closed with a negative balance. Limit one bonus offer per household. To receive the $250 cash bonus: 1) Open a new spending account, which is subject to approval; AND 2) use your Resource One debit card(s) tied to the Prime Spending account for a minimum of 15 qualifying purchases per month for the first three months that the account is opened. A qualifying purchase includes debit purchases that post and settle for a minimum of $5 to the spending account between the first and last day of the month, including online purchases, phone, or mail purchases. Purchase refunds/reversals, ATM transactions, and bill payments do not qualify. Transactions on separate cards tied to a single spending account will be combined. To receive the $100 cash bonus: 1) Open a new Money Market account, IRA Certificate, or Save to Win Certificate, all are subject to approval. After you have completed all the above requirements, we’ll deposit the bonus in your par savings account no later than July 31, 2020. You can receive only one “Bundle and Cash In!” opening related bonus every two years from the last enrollment date and only one bonus per account and per household. Bonuses are considered interest… Read more »

Jay
Jay

The codes are not unique, but the terms clearly say “Offer available in branch only.” Unfortunately it is not uncommon to see local credit unions use contradictory or misleading language on their promotional materials (perhaps due to fewer QC resources), but the Houston banker I spoke with verified that this promo is only supposed to be available for signups at their new Spring branch.

Chang
Chang

Seem’s worth it for those around the Houston Area, unfortunately I am around DFW

Perry
Perry

There are 3 Resource One branches in Dallas County!

Chang
Chang

Perry This one is only for their new Spring Cypress Branch near Houston

Cjrmets
Cjrmets

Seems highly local. If this was Slickdeals I would be asking why is this FP? Guess I still am

Shawn
Shawn

Haven’t seen any DPs yet, probably will be DP I want to see. Will post back.

Stephen
Stephen

Applied and approved in branch. Haven’t received any notification that it was a HP. $25 needed to join and kept in savings account. Did Save to Win CD for savings requirement.

LAG
LAG

Did you happen to confirm with them if you would’ve been able to do this all online? The email terms indicate you can apply online, but step 3 it says to come in… still trying to decide if it’s worth applying since the earliest I’ll be back in Houston area is in a few months.

Kelly
Kelly

Not able to apply online?

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