Update 1/10/23: Looks like all it’s actually available nationwide with a membership to The American Consumer Council (free to join). Hat tip to reader Beltway
Update 1/8/23: Bonus has been increased to $518. Hat tip to reader Diego
Offer at a glance
- Maximum bonus amount: $200
- Availability: VA
- Direct deposit required: Yes, $250+
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown, sensitive
- Credit card funding: Up to $500
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date:
12/31/202112/31/20222.28.23
Contents
The Offer
- United States Senate Federal Credit Union is offering a bonus of $200 when you become a member of USSFCU. Bonus is broken down as follows:
- $118 – Open a Senate Checking Account and make five $5 debit transactions within 30 days
- $100 – Receive two “qualifying direct deposits” of $250 or more within 60 days
- $100 – Deposit $2,000 into a Money Market Account (APY 1.25%) and hold for 6 months
- $200 – Deposit $5,000 into a Share Certificate (APY 3.98%) of 24 months or more
The Fine Print
- 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
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
It looked like this might be nationwide, but you need to join the VA American Consumer Council chapter rather than the nationwide one. Bonus itself is pretty average to good and worth doing, will add this to our list of the best bank account bonuses.
Hat tip to Bertrand
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 4/17/22: Deal is back and valid until 12/31/2022.
- Update 1/22/22: Deal is back and extended until 03/31/2022.
I’m still waiting on an application submitted 1/16. My app isn’t showing up in the portal and I haven’t recieved any communication from the CU, and each time I’ve called all they will tell me is that they are swamped and that my app is still processing. I applied last year and was denied for Chex at 1/1, 3/3, 8/6, 20/12. This year I have similar numbers (0/1, 4/3, 10/6, 22/12) so I won’t be surprised if I get denied again, though it does seem some have been approved with similar numbers.
Chase Ink cash advance
Was rejected in branch for CHEX, which is LOL. Thought applying in branch would help avoid CHEX issue, but it did not. 🙁
Called them a few days ago about a week after my app, had a little chat, signed some docusign. Now the app status says approval pending. Looks like my CC was not charged so my balance is -5. Gotta call them again just to check if I am fully approved and I guess no CC spent for me.
Called again, was approved, the CC processing required manual approval so I did get some spent out of this. Also, a CD can be opened only by phone after transferring funds in.
It’s ok. It’s only $500, but they do appear to let you fund another $500 for other accts once you’re a member.
Does anyone have any DPs if loading the Cash App works as a debit card purchase for the 5 debit card purchase requirements? Thanks!
My experience so far…
1/11: Applied online. Uploaded VACC certificate and DL. The app portal showed in Pending status for 1 week before they made first contact.
1/18: Received a message to upload VACC, DL and a utility bill (if I have not uploaded them already) 🙂 I replied by uploading a utility bill.
1/21: Requested a status update on application.
1/23: Received a message as well as a voicemail saying they needed to talk to me on phone. I called them and was asked questions about how I intended to use account (cash transactions, wire transfers, ACH transactions, etc.). They said to look for DocuSign email soon to sign the paperwork.
1/24: Received a call from them again. This time, she wanted me to walk me through signing of the DocuSign agreements while she was on the phone. Finished it while she was on phone and also set up online access. She processed initial funding, too. She confirmed the Promo Code on the account and asked if I wanted to open Money Market.
1/26: Opening deposits are processed and available in the accounts.
I have a similar timeline and scenario. Called in 10 days after app to inquire. Rep went through the questions with me. A little later another rep called and did ID verification with me and told me she was sending docusign docs. Filled those out and using the account number, I created an online login. Funding did not go through (yet?). Rep did say that she would have to call me back.
It just seems like they do everything manually. Rather than having you fill out if you’ll be doing wires or transfers, etc. they take that info and then they process your verification. It seems like if they are slammed with applications it’ll continue to be a 10-14 calendar day process.
Received rejection letter via mail ~2 weeks after applying. Was rejected due to excessive inquiries on Chex.
How many Chex inquiries do you have in the last 3 months?
Don’t have the exact figures (as I have to request paper Chex reports) but my Chex is generally pretty bad 😂
Was there a Chex score or something similar included in your letter? I recall that there was a score in the denial letter I received last year.
Don’t bother uploading docs in the application. I uploaded all 3 docs they asked for and a few days later they messaged me saying in order to complete the app I need to upload the 3 docs…
I’ve had that happen before. In my case, you just have to tell them to go look for them. They make the assumption you haven’t uploaded them yet.
I did that and also just reloaded them. I’m wanting this one to be done with.
When you check your documents it doesn’t show anything is there even after you add them.
same for me. applied last Monday, got message today saying “upload” the documents (I had already done so) both during the app itself and after submit since it didn’t show the docs. Notably the message does say “if you haven’t done so already.”
Right, I Just did it again thinking the fewer interactions I have the better.
I haven’t had any other messages. I checked just now and it shows no applications. I feel like they kind of don’t have their act togeter but I don’t really want to poke the bear in case it actually does work out.
I had actually already joined American consumer council years ago for another bank thing. When I put the app in with ACC VA I never received a confirmation. Put a new app in today using a different address and email and got my cert instantly, I’ll make sure to use the same email with the bank.
Might be a fluke. I signed up twice the other day 15 mins apart to prove a point at two different ACC links and got both of them sent to the same email address, with different member numbers. Plus, I signed up a couple of times over the years. I am collecting the certificates like other people are hoarding the $900 certificates at Chase.
Should take about 10 minutes to get the cert. Even after hours. Check SPAM folder, and if not there, resubmit.
“I am collecting the certificates like other people are hoarding the $900 certificates at Chase”
I’m dying 😂
Got a call today, applied a week ago. They asked very nosey questions: will I be dealing with cash, will I be doing wires, will I be doing ACH transfers, how much(under $1k, $1k-$3k, etc)
I Answered questions then they said keep on lookout for versign type emails when approved, but couldn’t give an exact timeline.
I had uploaded driver license on the application portal shortly after applying.
DocuSign email came today, 1/23, seemingly approved
Successfully created online login with member # contained in application I just signed. I was able to get in and see checking and savings accounts. eStatements already enabled.
$500 funding showed up on Fidelity CC after creating login(3 transactions, $1 for membership fee, $5 for Savings, $494 into checking). Hopefully codes as purchase, I will provide update. Trial deposits en route and first $250 DD will hit on 2/3.
Also the terms are clear about having only 30 days(from opening, up to 45 days from application) for the 5 ($5 min) debit transactions. Hopefully debit card comes in mail soon.
The $100 for putting $2k in money market acct terms clearly state you have 60 days, so I’ll wait for opening dust to settle before opening that up.
Looks like I’m well on my way. Took 6 business days to get to here, 10 calendar days(two weekends and MLK day)
Thanks for sharing your timeline. I applied on 1/16 and didn’t see app online. Called and uploaded some docs. Online checker still shows no applications in 90 days. Hopefully something will move soon.
Fidelity 2% CC coded as purchase!
Cha-Ching when it comes time to open money market account shortly….
I applied on 1/9 and just called to check my application status. I just realized that I’d been receiving emails about documents that I need to upload, but they looked really spammy in my junk mail so I ignored them (they’re from messenger@loanspq.com and said “you have a new message!”
The rep that I spoke to asked if I’m aware of all the financial accounts under my name. That was awkward…
After I uploaded the documents, I received a secure message that I needed to call and answer questions. They just consisted of how I would use the account and now I’m waiting for documents to be sent to me to sign. So it sounds like it might be ok to have multiple other accounts.