Posted by William Charles on April 18, 2019
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Published on April 18th, 2019 | by William Charles

186

Xceed Financial Credit Union $200 Referral Bonus For Both Parties

Update 4/18/19: Report of a soft pull, not 100% clear if that is with opting in to overdraft protection or not.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: You can view eligibility requirements here. Can also pay $10 to donate to a library to become eligible.
  • Direct deposit required: Yes, $500+ for two months
  • Additional requirements: See below
  • Hard/soft pull: Soft pull, but bonus does require overdraft protection and that usually results in a hard pull
  • ChexSystems: Yes
  • Credit card funding: Unknown
  • Monthly fees: $10 monthly fee
  • Early account termination fee:  Unknown
  • Household limit: None listed
  • Expiration date: December 31st, 2019

The Offer

Direct link to offer

  • Xceed Financial Credit Union is offering a referral bonus of $200 to both parties. The person being referred receives a bonus of $200 if they complete the following requirements:
    • Open a new Xceed Signature Checking account
    • Maintaint he new account active and in good standing for 90 days
    • Have direct deposits of at least $500 per month for two consecutive months within 90 days of account opening
    • Be signed up for online banking, Visa Platinum debit card & eStatements
    • Sign up for overdraft protection
  • If the above requirements are met the person that referred you will also receive $200

The Fine Print

  • $100 (or $200) Referring Member Bonus: To qualify for the $100 referring member bonus, the referring member must be an existing Xceed member in good standing, and the referral must have been submitted by December 31, 2019, through the Xceed BankingWorthSharing.com microsite or the official Banking Worth Sharing form.
  • The referring member would also receive an additional $100 referring member bonus for a total of $200 if the referring member has an active Xceed Visa® debit card, has signed up for online banking with eStatements, has signed up for overdraft protection, and is receiving a direct deposit of at least $500 per month in an Xceed Signature checking account (evidenced by two consecutive months of ACH payroll deposits).
  • Limit one referring member bonus per referred member.
  • No limit to how many new members can be referred.
  • The $100 or $200 bonus will be credited to the referring member’s account within 30 days after the referred member account has been open for 90 days.
  • Total referral bonuses equal to $600 or more will be reported on the IRS Form 1099-MISC.
  • $200 Referred Member Bonus: Existing members who open new accounts do not qualify for the $200 bonus.
  • To receive the $200 bonus, new referred members must open their Xceed Signature Checking account by December 31, 2019, maintain the new account active and in good standing for at least 90 days, have direct deposits of at least $500 per month to the account (evidenced by two consecutive months of ACH payroll deposits within the first 90 days of account opening), is signed up for online banking with eStatements, sign up for overdraft protection, and have a Visa® Platinum debit card issued.
  • The $200 bonus will be credited within 30 days after the account has been open for 90 days.
  • The $200 will be considered as dividends and will be reported on the IRS Form 1099-INT
  • . All new account applicants are verified through ChexSystems, must qualify for membership and must open a primary share savings account.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The Signature Checking account that is required for this bonus has a $10 monthly fee. This is waived if any of the following are done:

  • Direct deposit of at least $500 per month into the account; or
  • Aggregate membership balance greater than or equal to $25,000; or
  • Primary account owner under 26; or
  • Primary account owner active military; or
  • Account open less than 90 days

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee

Our Verdict

Probably not worth doing due to the likely hard pull for overdraft protection, although that is unconfirmed. If it is a soft pull then it might be worth considering, there are a lot of requirements but most of them are relatively easy to meet. The only difficult one is the direct deposit requirement. We also recently posted about an Xceed credit card with a sign up bonus of $200. Feel free to share your referral details in the comments below

Hat tip to reader rebecca s

Useful posts regarding bank bonuses:



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USB
USB

“Hard/soft pull: Unknown, but bonus does require overdraft protection and that usually results in a soft pull“ – you meant hard pull ?

Nick
Nick

Also I’d assume chexsystems is pretty likely rather than unknown. But who knows.

From the pasted terms: All new account applicants are verified through ChexSystems

Sonia
Sonia

I agree. overdraft protection is usually hard pull

Gadget

Sonia For Banks, yes, overdraft protection is usually a hard pull.

For credit unions, usually not true. Almost every credit union requires you open a savings account to place your $5, or $1, “share”. They link that savings as your overdraft protection, and it’s not a hard pull as they don’t pay the overdraft if you do not have enough money in savings.

Sonia
Sonia

thank you very much for this informational post!

Jethro Tuller
Jethro Tuller

But many credit unions do a HP just to join them.

Gadget

Jethro Tuller Some do. IME, most do not. My experience: Chartway, US Alliance, Air Academy, Unify, Elements Financial, Grow Financial, Northwest, all FCU’s, no HP. The two I joined that did do HP’s: Mountain America 2 years ago, and NFCU, 20 years ago.

HP’s annoy me, but certainly not scaring me away. New CC openings are much more detrimental than HP’s when you have an 800 FICO… Exhibit A: Chase 5/24, Barclay 6/24, my DP of BofA 7/12, IMHO.

Mimi
Mimi

This is true IME with Andrews FCU. I got HP when I opened account back in 2015 which fell off by end of 2017. I have kept this account for MS purposes.

Ragormack
Ragormack

Hey Doc, would you like me to notate these as I go through banks and CUs?

Ann
Ann

Yes please. 🙂

Truc
Truc

Can s/o email me an invite? Trucktop @ gmail

EO
EO

Interested in a referral if anyone has one

Joe Zhang
Joe Zhang

Can anyone send me a referral? Thanks!

Jim
Jim

Very limited geographic locations :

https://www.xfcu.org/open-a-bank-account/
Communities
Carrollton, Texas
Dallas, Texas
Farmers Branch, Texas
Greater Rochester, New York
Irving, Texas
Lewisville, Texas
Rosemont, Illinois (Includes greater O’Hare, Rosemont, Elk Grove Village, and Bensenville.)
San Jose, California
St. Petersburg, Florida

Jeff G
Jeff G

I’m a member of the Webster Public Library, would love a referral to open the checking account.

Gadget

Jeff G Did you just sign-up Friday? Are you in NY? I was about to sign up S.O. for that library, but looks like the fee would be $25. “Non-New York State residents $25” on the PDF form.

Also, a note says “**The Friends are a volunteer organization so receipt of membership may take 6-8 weeks.” So that raises another question, will Xceed accept the Paypal receipt as proof? A DepositAccounts comment from 2014 also confirms my concerns, but that is a very old DP. depositaccounts.com/banks/reviews/xceed-financial-cu.html#review18714

I will be holding off until we get some Chex or footprint indications from Xceed. I can’t imagine this offer will stick around for long, as $200 x 2 for each new member seems like a high acquisition cost.

I did some googling of the account origination solution they use. Looks like it uses “Experian’s Precise IDSM”, so I would assume it’s at least soft pulling EX, if not HP. Ref: Lending360 info on https://www.cudirect.com/solutions/credit-union-solutions/consumer-los/new-account-opening/

FYI William Charles Ferris Dominique LC Mimi Lennox Sammy

Jeff G
Jeff G

Well, crap. I will be the DP for all of that. Paid $10 on Friday, not in NY. Expecting a call on Monday, will be reporting back!

Gadget

Yeah, sorry. I will be rooting for ya!

Rick
Rick

any update?

Sammy
Sammy

If anyone still needs a referral for this bonus, message me at [removed at request of reader]

Jeff G
Jeff G

Sent!

Jim
Jim

Would appreciate referral
milkbar AT gmail

Thanks

Gadget

Jeff G Did Sammy reply? I sent him/her a request yesterday, and got nothing back.

Jeff G
Jeff G

Gadget NO, but I did get a reply from Lennox

Gadget

Thanks. Lennox actually replies, but not very chatty.

Roger
Roger

Did anybody have any luck succcessfully opening their accounts?
TIA
Roger

Dominique
Dominique

Sent you an email.

Sammy
Sammy

I would like my email to be removed if possible from this post. I am no longer taking referrals.

LC
LC

If anyone finds out about the Hard pull do report

Mimi
Mimi

Looks like the $10 monthly fee is waived up to day 89 from account opening.

Dominique
Dominique

Please send a referral to my email timmythetoot@sbcglobal.net as I would like to sign up. Thank you!

Lennox
Lennox

I have an xceed account as well. Lennoxre@protonmail.com. Email me and I’ll add you.

Ryan
Ryan

If anyone has a referral they’d like to share, please feel free! semistatic @ Gmail

Thanks!

Lennox
Lennox

Sent

Ryan
Ryan

Got it, thank you!

Ferris
Ferris

Applied and after I submitted, it sat their spinning for a few minutes then spent out this nasty message: “Whoops! There was a minor system error – please call us at 800.XFCU.222 (800.932.8222) and we’ll be happy to help you complete your application.” They are closed until Monday.

It looks like this CU has very awful IT and this may be a complete disaster.

Gadget

They forgot to leave food out for the hamster…

Jeff G
Jeff G

Just applied and got the “we will call you to confirm details”.

Ryan
Ryan

Same here…I unfroze Chex, but not EX. We’ll see Monday how Chex sensitive they are 😉

Roger
Roger

Hi People,
Did anybody have any luck succcessfully opening their accounts?
TIA
Roger

Jeff G
Jeff G

I am still waiting for someone to contact me from the credit union, applied on Saturday.

Ferris
Ferris

Just a follow up, after calling the CU, it said my verification questions failed so I was declined. If some miracle occurs and I see some positive DPs, I may try again in June. However, looks like this is an “0-fer” so far with every DP.

Floyd
Floyd

Those who applied… Any update on if they hard pull for overdraft protection?

Ryan
Ryan

No HP so far – with the overdraft protection, it had you select the order of sources, so I just selected savings transfer and not LoC.

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