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Offer at a glance
- Maximum bonus amount:Â $400
- Availability:Â Nationwide
- Direct deposit required:direct deposit of $500 or more must post at least 2 times
- Additional requirements:Â None
- Hard/soft pull:Â Soft
- ChexSystems: Yes (note: they are Chex sensitive).
- Credit card funding:Â None
- Monthly fees:Â $5, avoidable
- Early account termination fee:Â Six months, bonus forfeit
- Household limit:Â One
- Expiration date:Â 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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- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- 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
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