Deal has ended, view more account bank bonuses by clicking here.
Update 6/24/20: Deal is back and valid until July 15th, 2020. Hat tip to Econ0mist
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â All branches are in VA
- Direct deposit required:Â Yes, at least three direct deposits of $500+ each
- Additional requirements:Â See below
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Up to $520
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None listed
- Expiration date:Â
December 31st, 2019July 15th, 2020
Contents
The Offer
- Northwest Federal Credit Union is offering a bonus of $300 when you open a new checking account in branch and complete the following requirements:
- Use promo code OL2020 Â (keep in mind this offer is in branch only, so I assume you just tell the banker that promo code)
- Make a minimum of three direct deposits into the checking account with a minimum of $500 per direct deposit
- Sign up for eStatements
- Login to online banking a least once
The Fine Print
- Limited time offer available 6/15/2020 – 7/15/2020.
- To earn a $300 deposit into your checking account during the first 90 days after opening your first ever checking account with Northwest Federal you must: be 18 years of age or older, be in good standing, make a minimum of three direct deposits into the checking account with a minimum of $500 each deposit, sign up for eStatements and login to Online Banking at least once each month.
- Once all requirements are met and your checking account has been open for 90 days, you will receive your deposit within 45 days. Cannot be combined with other offers.
- Account must be opened online, by phone, or at the One Loudoun branch to qualify. Use promo code OL2020.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Choice checking has no monthly fees to worry about.
Early Account Termination Fee
There is no mention of an early account termination fee in the fee schedule.
Our Verdict
Nice big bonus, now that we know it’s a soft pull to open the account we will be adding this to our list of the best checking bonuses. If anybody goes for this bonus, share your experiences in the comments below.
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
Post history:
- Update 2: No longer in branch only, might be available to people outside of VA & MD but YMMV.
- Update 11/9/19: Bonus is back and valid until December 31st, 2019
- Update 10/20/18: Reposting as it’s confirmed to be a soft pull.
They sent out 1099’s for this one.
Did you receive it yet? I haven’t
account is closed… i called and got the tax id and apparently they tax the $1 for when you close for the member share.
Did they say anything about why they didn’t mail 1099’s to us? I haven’t received one yet either…
Could you please post the “Payer Name” and “Payer TIN” from the 1099 they sent you. Thanks!
Payer: Northwest Federal Credit Union
Payer’s TIN: 53-0216888
Thanks!
Form 1099-INT
TIN: 53-0216888
Amount Box 1: $301.00
NORTHWEST FEDERAL CREDIT UNION
200 SPRING ST
HERNDON, VA 20170
Thanks!
My 2020 financial review inspired this belated Data Point.
Background:
In 10/2015, NWFCU offered some exceptional CD’s. I recall that joining was a PIA and my records show that I had to pay $10 to some charity that was probably deserving. Subsequently, I bought a couple of competitive CDs. The last of these matured in late 2019. Instead of closing the account, I left exactly $1 in the share savings account.
Because of this, I didn’t have to jump through any hoops to join NWFCU. In addition the $300 signup bonus, I was attracted by the “box” of checks they touted. While I rarely write checks, I’d just gone through dealing with 3 tradesman contracts in which multiple checks were de rigueur. Now that, checks are not in demand, checks cost more.
07/10/2020 – applying on line didn’t work So, I did so over the phone.
07/15/2020 – ALLY NWFCU handshake
07/22/2020 – ALLY -> NWFCU ACH $500 push
08/05/2020 – ALLY -> NWFCU ACH $500 push
08/19/2020 – ALLY -> NWFCU ACH $500 push
10/09/2020 – $300 bonus
Soon after my initial deposit to NWFCU, I set up online payments to one of my credit cards. I’ve been draining the account organically via this credit card and writing checks. A “box” of checks is 100. I’ve since written 2.
I ended up keeping the NWFCU account open and use it as a hub. Very nice group of people.
I still have my account open and was thinking of closing it soon. What are the benefits that make it a good hub account?
Not OP, but I held onto mine since 2014, for a bonus. Part of the CU alliance, so you have teller service at nearly any CU.
Unlimited number of ACH-linked accounts… but relatively low monthly threshold for big wheelers & dealers ($10K IIRC/mo). Makes a good clean-up account for other bank accounts. Ability to do automated transfers of only $1 is sort of rare too. Many banks are $10 min.
However, I missed out on this $300 bonus because I kept my account…. so, there is that. Think I snagged $150 in 2014. To each their own.
I initially didn’t get the bonus as they said I never enrolled in eStatements though I was fairly confident I had signed up for it. Asked them to reconsider it and a supervisor approved it.
7/1 – account opened, paid $10 to Appalachian Trail Conservancy, $530 on WF that coded as purchase
8/31 – real dds complete
10/2 – bonus posted
7/14 Applied online before deadline (out of state in Illinois)
7/17 Account approved after deadline
8/17 $501 push from WF personal checking (WELLS FARGO IFI TYPE: DDA TO DDA)
8/19 $501 push from WF personal checking (WELLS FARGO IFI TYPE: DDA TO DDA)
8/20 $501 push from WF personal checking (WELLS FARGO IFI TYPE: DDA TO DDA)
11/3 $300 bonus posted without contacting them
Is the log-in requirement, calendar month or within a month? I opened by account on 07/22 but im afraid I didn’t log-in until 8/01.
Has anyone who applied for an account prior to the 7/15 expiration but who was approved/had account opened after received a bonus? I applied 7/11, was approved 7/20, but 99 days later still haven’t received the bonus. There is a post from someone a couple of weeks ago who was in a similar spot – applied before 7/15, approved after – and they said that they were told by a rep that they were still eligible for the bonus. But would be nice to have that confirmed with a DP. In any case, I’ll probably reach out to them sometime this week to inquire (I used real DDs to meet the DD requirement).
Same situation here. Applied 7/13 or 7/14, approved 7/16. Used real DDs and no sight of the bonus.
When I was approved on 7/16, they even sent a confirmation of the bonus details in the chat that was in the document upload site, so I assumed I was all set. Hopefully it’s just delayed for those of us that got approved after 7/15. I’ll be patient for now since they are still within their 45 day payout deadline.
Called to inquire about my bonus last week. A ticket was opened and today the bonus was deposited into my account.
I did serve and discover and mine posted 13 oct
what did it code as? I am testing out PayPal and it says “Paypal transfer” but the type is ‘credit’
It’s been over 90 days for me since my account was opened and no bonus. Not panicking yet based on Maverick’s DP below. It could be that they’re just taking a little more time to post it than they used to.