[Expired] [CA only] Provident Credit Union $300 Checking Bonus

Deal has ended, view more Webster Bank deals by clicking here.

Offer at a glance

• Maximum bonus amount: $300
• Availability: CA only
• Direct deposit required: $500 twice, see below
• Additional requirements: Spend $600 on the debit/credit card, see below
• Hard/soft pull: Hard pull for membership (report of soft pull in branch)
• ChexSystems: Unknown. ChexSystems sensitive
• Credit card funding: Up to $1,000
• Monthly fees: None, but there is a $10 joining fee (waived online)
• Early account termination fee: None
• Household limit: One
• Expiration date: None listed October 31, 2020

The Offer

Direct link to offer

• Provident Credit Union is offering a bonus of $300 when you open a new checking account and complete the following requirements, simply do these three things for two months, starting the month following your account opening:
  • Make purchases of $300 or more using a Provident debit and/or credit card
  • Have direct deposits or automatic credits of at least $500
  • Enroll in online banking and e-Documents with valid e-mail address
• You also need to deposit $10,000 or more in new money and maintain that balance for three consecutive months

The Fine Print

• In order to qualify for your New Account Bonus your account must be active and in good standing for two consecutive months following the month that your account is opened.
• All qualifying purchases and transactions referred to as “per month” or “monthly” only count towards the requirement of the month in which they POST, which will be on a business day (Monday – Friday) and may take one or more business days from the purchase/transaction date.
• Your account is deemed active by: (1) making purchases of $300 or more using a debit and/or credit card per month, AND (2) performing monthly direct deposits or automatic credits of at least $500 into your checking account, AND (3) enrolling in Provident’s online banking service and e-Documents with valid e-mail address.
• If your account remains inactive after 90 days from account opening you are no longer eligible for the New Account Bonus.
• Your account is in good standing if you: (1) demonstrate responsible account management—such as making regular deposits to bring your account to a positive end of day balance at least once every 30 days (including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Courtesy Pay as a continuing line of credit; (3) there are no legal orders, levies or liens against your account.
• New Account Bonus: We generally pay the New Account Bonus by crediting your Provident Credit Union Checking account.
• If Provident funded your savings account at account opening, you will receive the difference between your initial $5.00 Savings account bonus and the stated bonus within 120 days of account opening.
• We may report the value of the New Account Bonus to the IRS and any applicable taxes are the responsibility of the member.

Avoiding Fees

Monthly Fees

Your best option is to open the Super Reward Checking account which has no monthly fees or minimum balance requirements and also earns the 2.01% APY when requirements are met.

Membership Enrollment $10

If you enroll with provident then you must pay a $10 membership enrollment fee. Although apparently it’s possible to get this waived if you apply online.

Early Account Termination Fee

None of the Provident checking accounts come with an early account termination fee.

Our Verdict

I almost think there is a mistake here, as the terms at the top and terms in the fine print are different. Usually Provident either requires the $10,000 deposit or the direct deposit/debit card requirements but never both. Could be a copy paste error by Provident, if that’s the case fingers crossed they fix it. If it isn’t then this bonus isn’t worth considering as they often have similar bonuses with much easier requirements.

Hat tip to reader Arizona PV

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
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• 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
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