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Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â You qualify if you are a consumer who lives, works, or worships in any of the following states: Massachusetts, Connecticut, New Hampshire, Vermont, New York, or Rhode Island.
- Direct deposit required:Â Yes, $2,000+
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding: Uo to $500
- Monthly fees:Â None
- Early account termination fee: Unknown
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- Pioneer Valley Credit Union is offering a bonus of up to $500. Bonus is broken down as follows:
- Open a free checking account and get a $300 bonus with a $2,000 direct deposit
- Deposit $20,000+ and maintain the balance for 90+ days and get another $200 bonus
The Fine Print
- New Pioneer Free Checking Account members will receive up to $500.00 deposited into their new Pioneer Free Checking Account upon satisfying the following requirements:
- To qualify for Tier 1 of the offer, member must open Pioneer FREE Checking with Direct Deposit of $2,000 or more into this account within 60 calendar days of account open date.
- Pioneer Free Checking is 0.00% APY (Annual Percentage Yield).
- Direct Deposits need to be an electronic deposit of a paycheck, pension or government benefits from member’s employer or government.
- To qualify for Tier 2 of the offer, member must deposit at least $20,000 in New Money into to their Pioneer FREE Checking Account or Savings Account (CDs, IRAs, Investor Checking, Cash Back Checking, Business Checking and Money Market are ineligible for promotion) within 15 days of account opening and maintain the balance of at least $20,000 for 90 calendar days from the date of deposit. New money is defined as money not currently in a Pioneer Valley Credit Union account.
- Once criteria is met, member will receive cash bonus within 60 days deposited into their Pioneer FREE Checking Account.
- Offer subject to change without notice.
- Acceptance of the cash bonus deposit assumes that the recipient has read and understood these guidelines and accepts the deposit as offered and releases PVFCU from any and all liability of any kind arising out of the recipient’s participation in the Promotion and receipt and use of the deposit.
- The $500 Tiered Deposit is considered a bonus dividend under Truth in Savings and reported as such on the member’s 1099-INT. Employees, volunteers, or immediate family members of PVFCU are ineligible for Promotion. Membership required.
- 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
I wasn’t able to find a fee schedule so unsure if there is an early account termination fee or not.
Our Verdict
We don’t really know much about this credit union, but the checking requirement seems easy to meet. Doesn’t seem like the checking account earns a high rate. Funds need to be in the account for 90 days for the savings bonus.
Hat tip to Bockrr
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