Offer at a glance
- Maximum bonus amount: $100
- Availability: $5 donation to ALS works for anybody to join. Out of state requires appointment to open account.
- Direct deposit required: Yes, two or more recurring direct deposits totaling $500 or more for 60 days
- Additional requirements: See below
- Hard/soft pull: Hard (TransUnion)
- ChexSystems: Mixed reports
- Credit card funding: $50 (Previously it was $15,000)
- Monthly fees: None
- Early account termination fee: None
- Household limit: none
- Expiration date: April 4, 2025
Contents
The Offer
- Lake Michigan Credit Union is offering a $100 referral bonus when you open a new checking account and complete the following requirements:
- Your friend opens an LMCU checking account and holds two or more recurring direct deposits totaling $500 or more for 60 days.
The Fine Print
- 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
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
You can find and share your referral links here. Requirements are relatively easy to meet but it’s a hard pull. Probably worth doing if you can refer a few people.
Hat tip to reader scott
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
View Comments (27)
Per reports in 2021 on DoC, they pull Experian, not Transunion. Appears the template for the post did not get updated.
https://www.doctorofcredit.com/lake-michigan-credit-union-3-reward-checking-account-on-up-to-15000/#comment-1168026
In 2017, it was Transunion: https://www.doctorofcredit.com/lake-michigan-credit-union-3-reward-checking-account-on-up-to-15000/#comment-442548
That makes this considerably worse!
don't think it's worth a hard pull for $100
100% not worth a hard pull when there are credit card bonuses that can make much much more. I’m out!
@2 - FYI looks like you can’t refer if you’re a member in California. I was getting an error trying to create a link so contacted them - they said it isn’t open to CA residents. Sure and behold the T&C’s state “Residents of California are not eligible to be Advocates or Friends for the Program.” A bit of an odd exclusion
But can CA be referred?
@guest_2019885,
Unfortunately, no. I just pulled this from the T&C of the referral offer: "Residents of California are not eligible to be Advocates or Friends for the Program."
It might be time to move to a new state. 😀
@guest_2017323,
We also got the errors and called customer service. The supervisor had no clue and created tickets. Thanks for letting me know. Funny that this board knows more that their own customer service...
To be fair, CA shows up in a lot of odd exclusions, IME.
I've tried twice and gotten denied twice after entering my address and choosing my occupation. Anyone else? It's an instant error message, kind of odd.
UPDATE: seems like out of state requires appointment to open account.
@2 , Can we update the post to say that OOS will require to be in Person please?
Added
Thank you.
@guest_2017277,
Are you sure that's what @guest_2017040 meant? He only wrote "appointment" so I figured that he meant that he could meet by phone or by "Zoom" with the banker. You could very well be right though.
Many of us were able to open accounts OOS with LMCU online years ago. Now of course it's possible that has changed and maybe it is only in-branch only.
I realized after he responded back. I wish there is a way to edit existing post.
@guest_2017277,
I wrote this comment before I saw @guest_2017040's reply to you. Now you and I both look silly. 😀
Just reply to your comment with the correct info. I've been known to do that from time to time.
Not in-person, just online appointment. Still annoying. Takes about an hour.
Oh ok. Maybe too much for $100 with hard pull
Is this still a HP?
Yes
@2,
Can you add this link for the Max Checking account to the post: https://www.lmcu.org/personal/banking/checking-accounts/max-checking/?
The Rewards Checking account has been 3% APY for a while. Although 3% is not currently a competitive rate, it might be a decent rate in the not so distant future.
If people are going to do this referral offer, they might as well open that account since it doesn't have any fees.
Below is the DoC post regarding the 3% account, which I have had for years.
https://www.doctorofcredit.com/lake-michigan-credit-union-3-reward-checking-account-on-up-to-15000/
I've noticed Liberty FCU (formerly Evansville FCU) has also been consistent as well.
Yes, that's another solid account that I've had for years. 😀
Seems like Liberty requires the min transactions / mo to be a debit card where LMCU you can use a CC.
What does it mean "hold" two DD? I cant use it to pay bills or anything else
I would say it means to keep the DD going for 60 days. So don't do just 1 or even 2, it should show up on a "normal" schedule. But the wording here is poor.
Eric,
Thank you for informing me. I'll be sure not to post here in the future