[Expired] [CA only] San Mateo Credit Union $150 Checking Bonus – Direct Deposit Not Required

Deal has expired, but there is now a bonus for $100.

Offer at a glance

• Maximum bonus amount:
• Availability: You are eligible for membership in SMCU if you live, work, worship, or attend school in San Mateo County, the City of Palo Alto, or certain areas of San Francisco
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Looks to be soft, hard pull in branch
• ChexSystems:  Unknown
• Credit card funding:  At least $3,000
• Monthly fees: Avoidable
• Early account termination fee: Unknown
• Household limit: One per mailing address
• Expiration date: April 30th, 2017 October 31st, 2017

The Offer

Direct link to offer

• Open a new checking account with San Mateo Credit Union and receive a bonus of up to $150. Bonus is broken down as follows:
  • Open a Premium checking account and earn $2 for every debit card purchase you make during the first three months, up to $50 per month.
  • Open a free checking account and earn $2 for every debit card purchase you make during the first month

 

The Fine Print

• Open a new San Mateo Credit Union (SMCU) Premium or Free Checking account (no other account types are eligible) from 9/1/17 – 10/31/17.
• During the first three full calendar months immediately following the month in which the Premium account is opened or during the first single calendar month following the month in which the Free account is opened, each PIN or Signature-based purchase or payment initiated by the debit card(s) associated with the new account will earn a $2.00 cash bonus for the first 25 account-level transactions initiated, up to the maximum of $50 per month.
• Maximum payout is $150 for Premium account and $50 for the Free account.
• Additional purchases beyond the first 25 initiated transactions will not qualify for a cash bonus. ATM and ACH transactions are not eligible. I
• n the case of a joint account, purchases and payments from multiple debit cards will be added together.

• Offer is not available for existing SMCU members who have an open checking account as of 8/31/17. SMCU employees, affiliates, and their families are not eligible. Offer may change or be discontinued at any time without prior notice.

• Limit of one bonus-eligible checking account per individual and per mailing address.

• Cash bonus for the month will be paid to the open, eligible checking account within 30 days after the qualification period ends. The account must have a positive balance at the time of payout to receive the bonus. Monthly fees may reduce earnings.

• SMCU will classify the bonus as interest paid to the checking account where the bonus is credited. Any applicable taxes associated with the bonus are the responsibility of the SMCU account holder. To the extent required by law, SMCU will report the total value of this bonus to the IRS on Form 1099-INT for the tax year in which the bonus was paid.

• You are eligible for membership in SMCU if you live, work, worship, or attend school in San Mateo County, the City of Palo Alto, or certain areas of San Francisco.

• All memberships and accounts are subject to SMCU’s standard terms, conditions, and schedule of fees. The one-time membership fee of $10 to join SMCU will be waived as part of this special promotion. Depending on the selected checking account, a monthly fee may apply depending on certain account conditions. Ask an SMCU representative for details.

Avoiding Fees

They have a free checking account with no monthly fees to worry about. I wasn’t able to find a fee schedule so I’m unsure if an early account termination fee is charged or not.

Our Verdict

Bonus has been increased to $150 but requires 25 debit card transactions per month for three months rather than just a flat 15 debit card transactions. Makes the bonus a lot more difficult if you ask me. You can find some creative ways to meet the debit card transaction requirement here. Seems like soft pull online and hard pull in branch and they often require you to go in branch, it’s worth reading the comments on this one. For now it’s not added to the best checking sign up promo page

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• 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