Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $400
- Availability: Nationwide
- Direct deposit required:direct deposit of $500 or more must post at least 2 times
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Yes (note: they are Chex sensitive).
- Credit card funding: None
- Monthly fees: $5, avoidable
- Early account termination fee: Six months, bonus forfeit
- Household limit: One
- Expiration date: None listed
Contents
The Offer
- Elements Financial Credit Union is offering a $400 bonus when you open a new checking account and complete the following requirements:
- Use promo code CHECK400
- Receive a recurring direct deposit of $500+ within 60 days of account opening
The Fine Print
- Basic Checking $400 Cash Bonus Offer — Requires a recurring minimum direct deposit of $500 or more to post to the account monthly within 60 days of account opening. Example: If account is opened on January 25, 2024, a minimum direct deposit of $500 or more must post at least 2 times prior to March 25, 2024.
- Direct deposit is defined here as an electronic deposit of your paycheck from your employer, retirement/pension benefits, or government benefits (such as social security). Person to Person (P2P) payments such as Zelle© and transfers from external accounts are not considered direct deposits.
- Cash bonus will be fulfilled as a one time, $400 taxable bonus dividend deposit into your Basic Checking account.
- If the Basic Checking account is closed within six months, we reserve the right to deduct the cash bonus from your account. Health Savings Account and existing Elements checking accountholders not eligible.
- Offer subject to membership approval.
- Additional terms and conditions may apply. Elements reserves the right to amend or discontinue offers at any time.
- Please allow 4-6 weeks after qualifications are met for receipt of cash bonus.
- Product offers cannot be combined with other promotional offers for the same product.
- One offer per household. Fees may reduce earnings.
- Offer not available to existing Elements checking account members, or those members who have had a checking account closed within the last two years. Members who have received a previous checking account bonus are not eligible.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Basic Checking has no monthly Maintenance Service Charge if you set up direct deposit or maintain a balance of $10,000 or higher (including savings, checking, and loans). There is also no monthly Maintenance Service Charge if you are age 50 or older or under age 25. If none of those conditions apply to you, there is a $5 monthly Maintenance Service Charge
Early Account Termination Fee
Bonus forfeit if closed within 6 months of account opening
Our Verdict
Looks to be a good bonus, previously best was $200 from Elements Financial. We will add this to our best checking bonuses.
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- 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?
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this bank was quite strict and did NOT accept wise as DD unfortunately, even after emailing pay stubs.
Interesting DP
Opened Feb 1 2024
During the 60 days sent couple of DDs via Wise
After the 60 days I didn’t receive bonus. saw somewhere that somebody got validated without showing paystubs. so I sent a SM inquiring the bonus and was told that “they dont see me on the pay report and to send paystub” i responded with the “dont have any at this time” and they responded with “We cannot validate DDs” so I took the L and closed my account on July 8. A week later I received my $5 membership back.
Aug 19: just got an envelope via snail mail with their logo and as I was about to toss it out bc I thought it was trash i opened and I see is a $400 cashier’s check with the memo “check 400 closure” lmao well that was a close one.
FrankPL I technically opened the account after the promotion was pulled from their site (used promo code). Had several real DDs. Other folks who opened after the promotion was pulled received the bonus. After waiting several weeks, I ended up emailing them and they said I wasn’t eligible.
After doing some spring cleaning I saw your DP and saw my bonus actually posted on 8/15. I encourage others to look through their account and they might see a surprise bonus posted.
I appreciate you rubbing salt in the wound!
Can’t close via chat, told to send a SM or call.
FYI I was able to close out my account today via a simple SM after emptying account, $5 check will be in the mail. Opened account 1/30, so I’m past 6 month clawback.
Pleasure doing business with you, thank you!
Just in case: Is $5 the refund for your membership, if you have emptied your accounts? I thought it was non-refundable…
It’s not uncommon for them to say it’s non-refundable and then send you a check for it when you close the account.
This is such an odd bank. I actually had real DDs and they hadn’t credited. Messaged them, sent proof of stubs and they still denied it saying they couldn’t “verify” it. opened a NCUA complaint over a month ago and still havent heard back
Any updates? They aren’t giving me the bonus since I had real direct deposits totaling $500/month, instead of a $500 direct deposit per month
I received an email from the bank “Chief Auditor” saying there was some discrepancy on how my overtime hours were calculated on the paystub so they rejected my paystub. This bank is unbelievable. NCUA now says they received records of our correspondence and it can take up another 90 days to come to a resolution reb mendel
Same here. I was told min $500 per transaction
I opened my account on January 30th. I can close now right? Can’t find link to original terms.
Terms: “If the Basic Checking account is closed within six months, we reserve the right to deduct the cash bonus from your account.” Matt J
Links to archived terms:
https://www.doctorofcredit.com/elements-financial-credit-union-400-checking-bonus/#comment-1832643
Thanks! I’m just over 6 months so I think I’m gold. Appreciate it!
Unlikely it’s enforced anyway… but yeah, you are good to go.
Maintenance fee auto refunded itself when it took my account negative because of it.
Fidelity works for the direct deposit requirement to waive the monthly fee.
Thank you for the DP. This is the first month I try fake DD to waive monthly fee. Mine is showing “Category: Investments” and “Statement Description: External Deposit FID BKG SVC LLC – MONEYLINE”. Are you the same?
Sorry for my late reply. I came back to this post today and just saw your message. Yes, that is how it was shown in my account. Xinyang Liu
Has anyone successfully created a paystub or sent in screenshots as proof for Wise DD’s?
DP:
1/31/2024 – Opened
2/20/2024 – $505 Chase Business ACH
3/1/2024 – $505 Chase Business ACH
4/15/2024 – Emailed “paystubs” to [email protected]. These “paystubs” were just my confirmation receipts from the chase business transfers.
4/16/2024 – Received $400 bonus
For those of you spoofing with Chase business accounts, it seems this bank will only pay you out once you verify your paystubs.
They did not ask me for paystubs so YMMV.
I used the Chase spoof method and received the same response. Where do I find the “confirmation receipt”? TIA
used your upgrade ref. Thanks!
Thanks! Got the referee bonus recently!
I used Chase Business ACH and did not get asked any paystubs either – bonus was automatic at the end of March. My timeline is also similar to yours though I did do an extra DD in early-Feb. I also tag my DDs with “Payroll DirectDep” in the comment field. Additionally I have been doing $50 real time DDs to avoid monthly fee (these cost only 50 cents each and not the 2.50 for the regular DD). Its time to close on next week I guess when the 6 months will be up.