REV Federal Credit Union $200 Checking Bonus

Terms state “have not had an open checking account within the last 18 months, and have not caused the credit union a loss in the past.”

I think this means an account with REV Federal Credit Union, but the terms aren’t clear.

Offer at a glance

• Maximum bonus amount: $200
• Availability: Field of memebrship here.Don’t qualify through any of the channels above? Make a one-time donation of $15 to Friend of the Foundation to qualify for membership.
• Direct deposit required: Yes, $500+
• Additional requirements: See below
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: Up to $1,000
• Monthly fees: None
• Early account termination fee: None listed
• Household limit: None
• Expiration date: None listed

The Offer

Direct link to offer

• REV Financial Credit Union is offering a $200 bonus when you open a new checking account and complete the following requirements:
  • Open a new qualified checking account (i.e. Premier, Bulldog)
  • Open a 12 Month Savings Builder Certificate
  • An aggregate of at least $500 must be electronically deposited into the qualified checking account within 45 days of account opening
• The following requirements must be met each month:
  • Have monthly electronic deposits totaling $500 or more
  • Spend at least $500 every month with your REV debit and/or credit card.

The Fine Print

• Members must be at least 18 years of age, have not had an open checking account within the last 18 months, and have not caused the credit union a loss in the past.
• To receive the $200 deposit (bonus), the member must open a Qualified Checking Account*** (i.e. Premier or Bulldog Checking) in conjunction with a 12 Month Savings Builder Certificate in which the bonus will be deposited and an aggregate of at least $500 must be electronically deposited into the qualified checking account within 45 days of account opening (electronic deposits may be in the form of direct deposit, mobile deposit capture, ATM deposit, or ACH transfer from another institution).
• Any bonus earned will be reported to the IRS for tax purposes.
• The member may deposit funds into the Savings Builder Certificate at any time.
• A forfeiture of the $200 bonus will occur in the event either 1. the Qualified Checking Account is closed before the initial maturity date of the Savings Builder Certificate , or 2. if any withdrawals from the Savings Builder Certificate occur which may be subject to an early withdrawal penalty fee as outlined in the Truth-in-Savings Rate and Fee Schedule.
• In addition, a forfeiture of the $200 bonus may occur in the event the monthly qualifications of the Qualified Checking Account are not met throughout the initial term of the Savings Building Certificate.
• Member is only eligible to receive one $200 deposit (bonus) regardless of the number of 12 Month Savings Builder Certificates that are opened.
• This promotion is for a limited time. Please see Credit Union for details.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Early Account Termination Fee

Requirements need to be met for 12 months or bonus is forfeit.

Our Verdict

Don’t think this is worth doing as you need to meet the requirements for 12 months and that is ~$6,000 in spend. We won’t add this to our list of the best bank account bonuses.

Hat tip to john

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• PSA: Don’t Call The Bank
• Introduction To ChexSystems
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• 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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