Update 3/24/24: Deal is back until 12/31/2024. Hat tip to reader Gadget.
Update 4/22/23: Deal is back and now $200
Update 1/15/23: Extended until March 31, 2023.
Update 10/19/22: Extended until December 31, 2022 .
Update 4/24/22: Offer is back for April 1, 2022 and September 30, 2022. New promo code Grab100, updated below. (ht alopez14)
Offer at a glance
- Maximum bonus amount: $200
- Availability: CO
- Direct deposit required: Yes, $1,000+
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Up to $750
- Monthly fees: None listed
- Early account termination fee: $20, 90 days
- Household limit: None listed
- Expiration date:
December 31, 2021September 30, 2022
Contents
The Offer
- SunWest Credit Union is offering a $200 checking bonus when you complete the following requirements:
- Use promo code Grab200
- Receive a direct deposit of $1,000+
The Fine Print
- Open a new checking account at SunWest Credit Union between October 1, 2021 and December 31, 2021 with qualifying direct deposit and receive a $100 bonus deposit to your account. Direct deposit must be a regular monthly income (such as salary, pension, Social Security, etc.) electronically deposited via Automated Clearing House (ACH) network by an outside agency, not the account holder, to qualify. Direct deposit must be received no later than January 31, 2022 to qualify.
- There is a $25 minimum opening balance for checking accounts but no minimum balance requirement after opening.
- Checking accounts do not earn interest/dividends.
- Bonus will be deposited to the account within 30 days of receipt of direct deposit.
- If membership is not already established, there is a $5 donation to SunWest Foundation, and a $5 membership share deposit required.
- All accounts subject to approval.
- $100 bonus will be reported on tax form 1099-INT. To redeem offer use promo code “Holiday100”.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is no monthly fee.
Early Account Termination Fee
This account has a $20 EATF if closed within 90 days.
Our Verdict
Small bonus and we don’t know much about the credit union, but if anybody goes for it then please share in the comments below.
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
Anyone know if this is churnable? I closed my last account on 12/9/2022.
This credit union seems quite chex-sensitive according to the comments.
geo restricted to CO zip codes. If you enter a CO zip code you can proceed to the application and enter your state / address but the zip code remains greyed out stuck on the original CO zip code you entered now allowing you to change it. So I suppose OOS wont work.
New expiration: 12/31/2024
William Charles
expired
Received a denial letter in the mail after initial approval email, citing Chex inquiries and a new one for me – “time at current address” (moved at the beginning of 2022).
Complete waste of time – do not waste your chex inquiry with this time waster especially if you have had a few inquiries in last 3-6 months and if you are not in Pueblo – even if you are approved see comments below where users have not been paid the bonus.
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Matt D. this never paid out for me (I’m going to leave open for one more month before closing just in case). I used Wise DD, so just walking away.
9/30 – opened
10/3 – Wise DD (ref: “DIRECT DEP”)
Per terms, should have received bonus ~11/2
FYI, credit card funding counted as cash advance. So essentially it’s a no-go.
Wells Fargo business platinum funding for 750. Gave card over the phone.
This never paid out for me, back when there was no minimum DD. I also was suppose to get a debit card that never arrived, so I chalk it up to a small operation with a manual review of the bonus. Didn’t bother contacting them as I wasn’t impressed, their online banking looked like 2013. Withdrew money and moving on.