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Offer at a glance
- Maximum bonus amount:Â $200
- Availability:
- You live in Santa Clara, San Benito, or Monterey County
- You work in Santa Clara, San Benito, or Monterey County
- You reside with a current CommonWealth member
- You are a relative of a current CommonWealth member
- You are an employee of a participating CommonWealth Member Company
- You reside in one of the following counties: Alameda, Contra Costa, San Mateo, Santa Cruz, and Merced. You will also be registered for membership with the Financial Fitness Association (FFA). Your first year’s membership, provided by CommonWealth.
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Hard pull
- ChexSystems:Â Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â No
- Early account termination fee:Â Six months, bonus forfeit
- Household limit:Â None
- Expiration date:Â 12/31/24
Contents
The Offer
- Commonwealth Central Credit Union is offering a $200 checking bonus when you open a new high-yield Rewards Checking and complete the following requirements:
- Use promo code EARNMORE
The Fine Print
- Special offer applies to new checking accounts only. Subject to $200 fee for closing checking account within 6 months.
- All new accounts will be verified by Chex Systems.
- Cash or non-cash gifts in excess of $10 are subject to IRS reporting on form 1099-INT.
- Offer expires 12/31/2024
- Offer is subject to cancellation without notice and cannot be combined with any other offer. Use promo code EARNMORE.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about
Early Account Termination Fee
Bonus is forfeit if closed within six months
Our Verdict
Bonus doesn’t have any requirements apart from the promo code. Better than the previous $100 deal. Shame it’s a hard pull but will still add it to our best bank bonuses.
Hat tip to ShawntheShawn
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 regret opening this only because I committed a cardinal sin and didn’t check the post to see if a hard pull was needed. Luckily I didn’t have to drive 30 miles to the nearest branch for identity verification and they were able to open my account. Had they asked me to come in after hard pulling my credit I’d have been pissed.
Applied P1 & P2.
P1: Online application hit review after submit button. Received phone call. Completed Docusign then funded account with credit card over the phone ($1k limit). I already see the $200 bonus in my checking account after registering online.
P2: Online application went farther along than P1 before hitting review stage. Actually went straight into Docusign and account funding before “needs review” screen popped up. Ultimately received a message requiring in-branch ID verification, which we won’t be doing.
When P2’s online application hit account funding, no limit was shown, so I entered $5k each into checking and savings. It’s only when P1 was called that I was told the credit card funding limit is $1k. Not sure if that had an affect on P2’s application.
Not super likely to be due to Chex because P1 has higher Chex inquiries than P2 (both probably a lot, but I don’t know the exact number).
In general, P2 hits more identity snags than P1 with various banks. Not sure why.
TLDR: P1 approved. P2 requires in-branch verification. No idea why different. Max credit card funding is $1k. Hard pulls verified.
I was in P2’s situation but funded with 1k total – still went into review, lol. if you sign the fricking bank documents, that should mean you are approved! if i need to go in branch that will be annoying but i can manage it at least
update – got an online banking enrollment email saying im a member yet it said automated enrollment is not possible please call. lmao. what a joke of a bank
you probably got this figured out, but in case anyone else runs into this issue, it likely means there was an issue with funding.
i phoned in to get the account funded and then was able to enroll online
HIGH ALERT: They hard pulled my Experian for this checking account application.
And I had to go to a branch to have docs scanned in.
And almost got pulled over on my way to the branch.
Think thrice!
I applied online but I got a msg back in my email the next day saying they couldn’t open my acct through online and to go into the branch instead with verification docs. branch is far away for me so I have no plans on opening the acct.
I would be happy to become a family member in order to get approval for this checking account. Please email me if anyone is willing to become my relative.
pavlokorban9[at]gmail[dot]com
Anyone willing to refer as family member?
Reading the previous DoC post when the bonus was $100, sounds like application review/ID verification takes several days, so will hold off on applying.
Hopefully, the promotion is extended into the new year. Don’t want to be stuck with an application in limbo, only to be approved without an active offer…
I think as long as you apply by 12/31 you should be good. I applied today, (doubt I will be approved as I am in SoCal), but I think it is worth a try. Nothing to lose other than a Chex inquiry.
Would anyone like to be my long lost family member if you live in the area?
Looking for a lost family
Fine print on the offer says all new accounts verified using Chex systems. Not sure if sensitive but should probably note that yes they’ll pull it.
I’m a current member who dropped the referral checking account a couple of years ago. I can open a Rewards Checking account but there isn’t an option to enter a promo code. I messaged support regarding what to do.
Hello Davis,
Unfortunately, that promo code is for new memberships that are opened with a Rewards Checking account.
Due to your existing membership, this promo code will not be applied.
Kind regards,
Member Services
I think I’ll call in later and if not close my membership and try this out as a new member.