Deal has ended, view more bank account bonuses by clicking here.
Update 7/4/23: Extended through July 31, 2023
Update 4/17/23: Extended through June 30, 2023.
Update 3/1/23: Extended until March 31st, 2023.
Update 1/30/23: Extended until2/28/23.
Update 12/31/22: Extended until January 31, 2022.
Update 12/13/22: Deal is back until December 31, 2022.
Offer at a glance
- Maximum bonus amount: $500
- Availability: IL
- Direct deposit required: Yes, $1,000+ per month for three months
- Additional requirements: Use promo code
- Hard/soft pull:Mixed dp, most are hard
- ChexSystems: Unknown
- Credit card funding: No
- Monthly fees: None
- Early account termination fee: Bonus forfeit, 12 months
- Household limit: None listed
- Expiration date:
July 31, 2022 August 31st, 2022December 31, 2022
Contents
The Offer
- Credit Union 1 is offering a $500 bonus when you open a new free checking account and complete the following requirements:
- Use promo code CHK500
- Establish direct deposit activity within 60 days of account opening or by August 31st, 2022. Requires three month of direct deposits $1,000+ per month
The Fine Print
- To redeem this offer you must use Promo Code: CHK500.
- Offer not available to existing members who already have direct deposit coming into a CU1 account, those whose accounts have been closed within 90 days, or closed with a negative balance within the last 3 years from the date of use of the Promo Code.
- Promo Code is only good for one-time use and is not redeemable with any other offers.
- To receive $500 bonus:
- (1) Within 60 days of use of the Promo Code, you must establish and receive a minimum recurring aggregate total direct deposit of $1,000 per month into a new or existing CU1 checking account.
- (2) Your direct deposit must be from an electronic deposit of your paycheck, investment account, pension or government benefits (such as Social Security) distribution from your employer or government agency. Person to Person transfers or payments are not considered a direct deposit.
- Bonus will be paid by deposit into your CU1 checking account within 7 days of meeting all qualifying criteria.
- To receive the bonus, the checking account must not be closed or restricted at the time of payout.
- Bonus is considered interest and will be reported on 1099-INT.
- Offer may be cancelled at any time without notice. Account Closure: If the checking account is closed by the member or by CU1 within 6 months after opening, we will deduct the bonus amount from the checking account at closing.
- 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
Account must be kept open for 12 months or bonus will be forfeit.
Our Verdict
Looks to be a great bonus, if anybody goes for it just make sure to share if you can fund it with a credit card and also if it’s a hard or soft pull. Will add this to our list of the best checking bonuses either way.
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
Post history:
- Update 10/14/22: Extended until October 31, 2022
- Update 9/11/22: Extended until September 30, 2022
- Update 9/5/22: 9/30/22. Possibly nationwide as long as you join CU1EDA for $5. Hat tip to Curmudgeon
- Update 8/3/22: Now requires direct deposit for three months.
6/9/23 Approved in branch P1 & P2
June, July, Aug, Sept-> P1 Real DDs; P2 Square Payroll transfers.
10/11/23 No bonus for both accounts.
10/11/23 Email inquiry re: no bonuses.
10/11/23 Both accounts show a $500 bonus pending.
The email says that the payroll deposits were not registering as “payroll” in the programming and that is the reason the incentive was not triggered.
Can this be closed 12 months after open? or is it 12 months after bonus received?
Account Closure: If the checking account is closed by the member or by CU1 within 6 months after opening, we will deduct the bonus amount from the checking account at closing.
5/20 – Applied
5/26 – Account approved
5/29 – $1,xxx Schwab Brokerage Push
6/15 – $1,xxx Schwab Brokerage Push
7/5 – $1,xxx Schwab Brokerage Push
8/5 – $1,xxx Schwab Brokerage Push
8/28 – $500 bonus received
FYI, the Recent Changes link doesn’t work. Also FYI, CU1 will call you if you try to close the account via secure message.
I posted back in February when the account was first opened. Successfully opened OOS in CA in late February with no hard pull. Used real $1000+ DD’s that started prior to 90 days from account opening for the months of May, June and July. Note that the first real DD hit in April but it was less than $1000. Had initially planned to use my Fidelity CMA account but that account just would not link to CU1 no matter what I tried. $500 DIVIDEND posted 07/30/23. I am pleasantly surprised that it posted because based on some other posts in this thread I was beginning to wonder whether I would meet CU1’s interpretation of the bonus terms.
OOS DP: P2 successfully signed up out of state (CA)
Is it $1000 per calendar month or $1000 every 30 days after my first deposit?
DP from Michigan, both P1 and P2 accepted back in 2022 via online. One in Sept and one in Nov. Both hard pulls. Both did real DDs, both already paid out and just letting the clock run out til 1 year is up.
Illinois resident. Approved, used business banking account at old national to transfer. Initially denied bonus. Called in, bonus granted two days later. No hard pull.
I understand that being OOS and applying online may get you a denial with Chex history. If I go in branch to apply, will it be easier to get approved or will they deny you because of Chex or do they ignore Chex? I would not mind making the trek if my approval odds would be good.
Depends on the bank/CU. I have had denials at banks in branch where they said the computer makes the decision, not the banker (PNC, KeyBank). Other times, people have stated they got denials overturned. I have never experienced that.
The one thing in-person application gets around is identity failure. They don’t ask knowledge-based questions like the nearest cross street to your home or what state was your SSN issued, etc. They just look at your ID and you are you.
When I called this credit union after being denied online, they said that online applications were strict. That implies that in-branch would be easier. GL!
Thanks for your input! I may give it a go!
Went to a branch today with my wife and both of us were approved. Thanks for your advice!