[Magnolia, TX In Branch] 5Point Credit Union $200 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: TX
  • Direct deposit required: Yes, no minimum
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • 5Point Credit Union is offering a $200 bonus when you open a new checking account at the Magnolia branch and complete the following requirements:
    • Receive a direct deposit, no minimum mentioned

The Fine Print

  • 200 cash bonus, loan rate discount, and CD rate bump limited to one per person.
  • Cash bonus requires a direct deposit from a payroll provider or government benefit.
  • The cash bonus will be deposited into the account within 45 days from the date the first direct deposit is posted.
  • Cash bonuses are considered taxable income by the IRS and will be reported on IRS Form 1099-MISC.
  • This limited-time offer begins July 15, 2024, and may be discontinued at any time without prior notice.
  • Insured by NCUA.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Absolutely free checking 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 any EATF.

Our Verdict

Should be able to ask in branch if it’s a hard or soft pull before opening the account.

Hat tip to reader Bockrr

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    William Charles
  • On August 24, 2024, 14:00
Tags: direct deposit requiredtx bank bonuses

View Comments (8)

  • DP - Total waste of time if you don't live in their servicing area, which they've limited county's around their city. You need to either work or workship in the counties they call out...total confusing and cumbersome process. I even shared my payslip that shows that I work in one of the county they serve but they came back stating that's not enough and they want to talk to my HR to verify that I work there. I told them go to hell and no HRs will do that just for opening a bank account and asked them to keep their shit with them.

    Good that I didn't drive in person and discussed all of this over the email/phone.

    • It never ceases to amaze me with how some of these smaller credit unions and banks operate.

  • Debating whether to drive 50 minutes each way to the branch to take advantage of this offer for the both of us.

    • Same, I am in Houston. Could be worthwhile but only if soft pull. They are closed on the weekends which is a challenge. And only open until 5 pm during the week.

      • I just called to get more info and they told me the bonus is only if you get a loan with them, it is not for opening a checking account.

        • The 1% CD bump might make it worth driving anyway:
          Additional 1% CD interest rate bump is available on any current 5Point Credit Union CD offer at time of CD account opening

          12-Month (Tier 1) 4.65% APY +1% = 5.65% APY for $1k to $50k.

          Or, if you've got $100k burning a hole in your pocket, (Tier 3 ) 4.85% +1% = 5.85%.

          And the terms say "$200 cash deposit with any new account opening" so the CSR might have been mistaken. If you save screenshots you've got a really good chance of collecting.

          I'd try this if it wasn't a 1000 mile drive to Magnolia: Buy a 5.56% CD and try to get the $200 bonus on top of it.

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