[MD, D.C., VA] Lafayette Federal Credit Union $100 Checking Bonus

Update 1/12/23: Extended until March 31, 2023.

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: MD, D.C., VA
  • Direct deposit required: Yes, $500+
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Bonus forfeit, six months
  • Household limit: None listed
  • Expiration date: December 31, 2022

The Offer

Direct link to offer

  • Lafayette Federal Credit Union is offering a bonus of $750. Bonus is broken down as follows
    • $100 when you open a Lafayette Federal Checking Account and establish Qualified Direct Deposit of $500+1
    • $50 when you open a Lafayette Federal Credit Card2
    • $50 when you open a Lafayette Federal Share Certificate with $10,000+3
    • $50 when you open a Lafayette Federal Preferred or Premier Savings with $10,000+4
    • $500 closing cost credit towards a Lafayette Federal Mortgage Loan5

The Fine Print

  • Offer valid until December 31, 2022 and subject to change without notice.
  • Cannot be combined with any other new member offers.
  • Members who have received previous new member/direct deposit promotions in the past 12 months do not qualify.
  • Business accounts are excluded from offer.
  • Membership eligibility required.
  • Must first set up Checking/Qualified Direct Deposit to be eligible for the remaining incentive money.
  • 1Members who open a Checking Account and Qualified Direct Deposit will receive a $100 deposit to their Checking Account.
  • If account is closed within first 6 months, promotional deposit will be deducted from account. Qualified Direct Deposit is a recurring direct deposit of a paycheck, pension, Social Security or other periodic income payment of at least $500 into a Savings or Checking Account on a month-to-month basis made by an outside organization or agency.
  • 2Members who open a Credit Card no later than 60 days after account opening will receive a $50 deposit to their Checking Account.
  • 3Members who open a Share Certificate no later than 60 days after account opening will receive a $50 deposit to their Checking Account.
  • 4Members who open a Preferred or Premier Savings Account no later than 60 days after account opening will receive a $50 deposit to their Checking Account.
  • 5Members who fund a Mortgage Loan no later than 6 months after account opening will receive a $500 closing credit towards their Mortgage Loan.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

There is no monthly fee to worry about

Early Account Termination Fee

Account must be kept open for six months otherwise bonus is forfeit.

Our Verdict

Advertised as a $750 bonus but most of it is from closing costs on a mortgage and from opening a credit card. We’ve talked about Lafayette FCU because of the $600 credit card bonus they offer. Worth doing if you’ve done the bigger bonuses in the past.

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    William Charles
  • On September 11, 2022, 10:00
Tags: dc bank bonusesdirect deposit requiredmd bank bonusessoft pullva bank bonuses

View Comments (22)

  • Applied with Chex frozen OOS using the donation route for $100 new member bonus and they did send me a message to unfreeze it. Not sure if it’s worth a potential denial for $100.

    • I hear ya. This one has been on my "Maybe" list for a long, long time.

  • Opened account in Dec 2022 ($750 funding with Chase Ink Unlimited coded as purchase).

    Real DDs totaling $500+ per month Jan-May 2023.

    I sent a secure message in mid-May asking about the bonus. They said it would be sent for review by their back office, and that it can take 7-14 days to receive the bonus. After three weeks of waiting for a bonus or another reply, I followed up with another SM yesterday. This morning I received a reply saying they would send it to their marketing department for review. I received the bonus today.

    I have no idea how long the qualification period is supposed to be, but it took me five months of real DDs and two SMs to get the $100 bonus.

  • For checking and savings, they allow credit card funding up to $750. Chase Ink Unlimited coded as a purchase.

  • Nationwide:
    Live outside of the Washington, D.C. metro area? No problem! Get a lifetime Home Ownership Financial Literacy Council (HOFLC)Opens in New Window membership for only $10, and you're automatically eligible for membership at Lafayette Federal.

        • Depends on the bank- I’ve been denied in-branch in-footprint before due to Chex, others don’t care or might ask questions then approve once you confirm your activity.

        • Honestly I do not know...If you are in their footprint, it is probably best to visit a branch to apply. @guest_1830203

      • @guest_1442996 Can you explain to me why people are so concerned with Chex? I thought it was a big deal because everyone on every deal website mentions it so I requested my Chex report. It showed me nothing. I'm never denied a bank account as long as I'm in the coverage area.

        • DoC has a post on it: https://www.doctorofcredit.com/banks-credit-unions-chexsystems-inquiry-sensitive/

          No all financial institutions, but many pull your Chex report and use it to make decisions on your application. Some banks and credit unions will reject your application if they see too many inquires or recent inquiries on your Chex report, or if your Chex score does not meet their threshold. I would avoid wasting a Chex hit to just get rejected, because that extra Chex inquiry would also negatively affect my chance of approval by other banks that also utilize Chex in making decisions. @guest_1443132

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