Deal has ended, view more bank account bonuses by clicking here.
Update 3/17/24: Deal is back and now a $400 bonus. Offer expires December 31, 2024
Update 12/28/22: Bonus is and now for $250 instead of $150.
Offer at a glance
- Maximum bonus amount: $150
- Availability: Must be a Lake or Porter County resident
- Direct deposit required: Yes, but fine print says ACH will work
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $250
- Monthly fees: None
- Early account termination fee: Bonus forfeit if account is closed within six months
- Household limit: None
- Expiration date: December 31st, 2020
Contents
The Offer
- Purdue Federal Credit Union is offering a checking bonus of $250 when you complete the following requirements:
- Enroll in paperless statements.
- Sign up and use direct deposit of $4,000+
The Fine Print
- $150 bonus offer valid March 1-December 31, 2020 for accounts opened at the Crown Point branch or online with a Lake or Porter County zip code.
- To qualify for bonus, account holder must open a new checking account with direct deposit, have a debit card on the account, be enrolled in paperless statements, and make 10 member-initiated transactions. Direct Deposit is defined as an aggregate of $500 or more in ACH deposits each month for two months within 90 days of account opening.
- Bonus will be deposited into primary share savings account within 10 business days after all conditions have been met.
- Social Security Number required for account holder to receive bonus.
- Bonus is considered interest and will be reported on IRS Form 1099-INT.
- Business accounts not eligible to receive bonus offer.
- If the account is closed within 6 months of account opening, the $150 bonus will be deducted from the account at closing. Membership eligibility required.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a free checking account with no monthly fees
Early Account Termination Fee
If the account is closed within six months the bonus forfeit
Our Verdict
Not a huge bonus, but looks like any ACH will work. Will add this to our list of the best bank account bonuses.
Hat tip to reader EW
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
I’m an alum and happen to have a credit card through them, will I still need to live in the specific counties for this since I’m technically already a member just not with a checking account?
Unless you live in the specific counties listed you will not get the bonus.
I don’t live in their footprint but I am an Alum so I figured I would give it a try. They move quickly. I applied Sunday night and, by 10:30 Monday morning, they called me to do a short interview after which we completed the account opening over the phone. They stayed on the phone while I sent a copy of my driver’s license and submitted my signaure on some online forms. We also setup online banking and did CC funding on the spot. The entire process took about 20 minutes.
What type of proof did you need?
They did not ask me for any proof.
Are you able to get the $400 promo then? Called them this morning and they said I’m eligible to open the account with Purdue Federal Union but unfortunately cannot get the promo.
Are you able to get the $400?
I am a current student, but they said you have to live in those area to get the bonus.
Denied, Chex sensitive(ish). Probably lol/24 Chex but I don’t track it that closely.
Offer expires December 31, 2024.
CC funding, Chex pull, and membership eligibility.
They appear to be Chex sensitive. Denied with 6/1, 12/3, 20/6, 35/12.
On behalf of Purdue Federal Credit Union I would like to thank you for considering us as your lender and financial partner for life.
Our records show that you submitted an application for a Purdue Federal Account via our online application. After reviewing your application we are unable to offer you an account at this time.
We use a consumer reporting agency call Chex Systems when opening new accounts. Unfortunately they have recommended that we not proceed with opening the account. You are receiving a letter attached to this email with details if you have any questions and for information on how to contact Chex Systems regarding the report.
I don’t know if you would be the best judge of Chex sensitivity with 6/1. 🙂
I have no family ties here, so I won’t be trying unless my long-lost family member comes forward.
Well, I can confirm they are sensitive to high Chex numbers at least haha.
Your long-lost family member? Is that a request to
mothman69 who “have a lot of family with Purdue ties”? lol
Not really. I don’t expect anyone is going to stick their necks out (or at least when there is no referral bonus to be had) to sponsor someone for this one. Understandable.
Check out all the
vulturesDoC’ers leaving email addresses asking for a “referral” at Travis CU. There is no referral program and instead, they want someone to sponsor them.But I am not too proud to not accept an olive branch if it comes around, esp. if we get some DP’s that aren’t super strict on Chex or inquiring about the family ties.
I was just joking. No pressure for mothman69, lol.
Wow. 3 legends in the same thread. Reading this is like watching Michael Jordan, Magic Johnson, and Larry Bird talk about basketball.
I think joining the alumni association for $79 is the play.
you could join the Purdue Alumni Association for $79, would still profit technically, not risking it
80$ is too much
If I’m not in their footprint family are members are eligible to become a member?
Soft pull and $250 credit card funding