Bonus available again, this time no expiry date listed. Thanks to reader 9ballAJ
Offer at a glance
- Maximum bonus amount: $100
- Availability: Membership open to those who live, work, go to school or worship in the state of Washington or those who work for the USPS in eastern WA & Idaho.
- Direct deposit required: Yes, $1,000+ per month. Fine print specifically mentions ACH transfers.
- Additional requirements: None
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: You must receive a minimum direct deposit of $1,000 per month for twelve months, otherwise you forfeit the bonus
- Expiration date:
March 31st, 2016
The Offer
- Receive a bonus of $100 when a new direct deposit (by ACH) is initated on a new or existing basic checking, echecking or prime checking account with Progressions Credit Union. You must receive a minimum direct deposit of $1,000 per month for twelve months, otherwise you forfeit the bonus.
The Fine Print
- Member will receive a coupon within 60 days of them receiving their first direct deposit and this coupon can be redeemed for the $100 bonus
- Offer is limited to one per member
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Their echecking account doesn’t have a monthly fee, so that’s the easiest one to keep fee free. Keep in mind you’ll need to keep the account open and receive a direct deposit of $1,000 every month – otherwise they will claw back the bonus.
Our Verdict
Even though the fine print indicates that an ACH transfer would work, I still wouldn’t waste my time on this bonus. You need to keep the direct deposit up for twelve months and I don’t think the $100 bonus is worth that effort. The only way it would be is if you could fund the account with a credit card. Because of these reasons I haven’t added it to our page with my recommended bank bonuses.
Please share your experiences with this bank in the comments below.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To 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
