[Expired] [MD only] Tower Federal Credit Union $300 Checking Bonus

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Offer at a glance

The Offer

Direct link to offer

  • Tower Federal Credit Union is offering a $300 checking bonus when you open a new free checking account and complete the following requirements:
    • Set up a qualifying direct deposit of at least $1,000 within 60 days

The Fine Print

  • Eligibility requirements: This offer is valid for new Tower Regular Checking accounts from May 15, 2023 to July 31, 2023 and intended for new checking members. Request Checking and Non-Interest Checking accounts are not eligible for this offer. Offer not available to existing Tower checking members, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus per member. The minimum deposit required to open a Regular Checking account is $10. Membership eligibility required.
  • To receive a $300 bonus: 1) Open a new Tower Regular Checking account, which is subject to approval; AND 2) Have your direct deposit made to your new Tower Regular Checking account within 60 days of account opening. Your direct deposit needs to be an electronic deposit of your net paycheck, pension or government benefits (such as Social Security) from your employer or the government. The direct deposit amount must be greater than $1,000. Person to Person payments (such as Zelle®) are not considered a direct deposit.
  • After you have completed all the above requirements, we’ll deposit the bonus in your new account within 60 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. If the checking account is closed within six months of account opening, Tower reserves the right to deduct the bonus from the account at the time of closing. Cash bonus is considered interest and is subject to taxation. This offer is subject to change and may be discontinued at any time without prior notice. Regular Checking account annual percentage yield is 0.15% effective 3/14/2023 and is subject to change.
  • 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

Six months, bonus forfeit

Our Verdict

Previously there was a $100 bonus, but that had no requirements. This is a much better bonus if you can meet the direct deposit requirements.

Hat tip to Bockrr

Useful posts regarding bank bonuses:
    William Charles
  • On May 20, 2023, 11:00
Tags: credit card fundingdirect deposit requiredmd bank bonusessoft pull

View Comments (181)

  • Looks like they added lifetime language (to the referral offer anyway):

    Individuals not eligible for Refer Friends offer available to Referrer and Referred Person:

    • Anyone under the age of 18
    • Tower Credit Union employees or any of its affiliates
    • A member who refers someone who was previously a member and closed their membership

    https://www.towerfcu.org/refer

    And I just reminded them to close my account because they never did back in April. Looks like I should have just left it open and done referrals :/

    • You're not missing out on much, if anything. With the state restrictions hidden DEEP in the terms that aren't visible to the new signer(below), the fact that they have had $300 checking bonuses in the past, and the potential to be asked to pay $35 to join, I have successfully referred 0 people thus far. Being restricted to new members only is just icing on the cake. @guest_1626907

      ((Referred Person Checking Account Offer:
      The offer is only available to Maryland residents and residents of surrounding states (DC, DE, PA, VA, WV), as well as Department of Defense (DoD) personnel and their family.))

      However, with the state restriction only being seen AFTER you have a ReferLive account, I don't see how it's enforceable. The other facts remain valid though.

      • @guest_1621381 I noticed when I was posting this morning that there are two different referral pages. One calls out that state restriction, one does not.

        State restricted: https://www.towerfcu.org/refer

        Not state restricted: https://www.towerfcu.org/reward

        But if you say later on in the process this is called out there will be a lot of annoyed people. And that $35 to join really reduces this too, and based on other posts you have to pay that first before your approval. I guess closing wasn't a bad way to go. Maybe an offer will come along in the future that's nationwide and without lifetime language.

  • i got this message. Looks like if you make the donation and then get rejected you'll be out the 35.......
    Thank you for your new account application with Tower. You indicated you were eligible through a donation to the Tower Cares Foundation. Please provide a copy of the paid receipt of your NON-REFUNDABLE donation of at least $35.00 to TowerCares Foundation. You can do so by selecting “Contact” at the top of http://www.towerfcu.org then “Check Application Status”, enter your information, and finally “Upload”. Keep in mind it must be in pdf format only.

  • Applied 09/25/24 OOS, created Chex inquiry (Chex - 2:1, 5:2, 6:6, 26:9, 30:12, 30:24), funded $500 from Citi Double Cash. Received an email requesting proof of donation to TowerCares foundation. Made donation, submitted receipt email. Approved shortly after.

    • Very limited. There was one DP on Schwab (#1669125) that hasn't been fully confirmed. Treasury Direct should be a top choice to consider. @guest_1919815

      • Referral links are currently not allowed here. Some users have their own websites (if you click their username) to list their referral links. Note that there are additional restrictions for this offer even though their membership is nationwide:

        Referred Person Checking Account Offer:
        The offer is only available to Maryland residents and residents of surrounding states (DC, DE, PA, VA, WV), as well as Department of Defense (DoD) personnel and their family. 

        @guest_1919593

    • Same here.

      Per the $150 referral bonus email, "But hurry, this offer is only available for a limited time until December 31, 2024, so don’t miss out!" @2 @6

  • Any DPs on account closure it's been 185 days. Online I see they recommend snail mail or fax anyone have luck with secure message?

    • I sm or Live chat (can't remember which) and was told to use "Email Manager"
      2/12 Send request to close account via “Email Manager”; Got response that request has been forwarded and will be completed in 1-2 biz days
      2/17 Received $5 ck from membership saving account closed

  • Negative DP, trying to get it fixed:

    8/31/23 Opened account on last day of promo
    9/13/23 $1k Bluevine payment
    9/14/23 $1k Fidelity
    10/5/23 $1k+ real DD
    12/4/23 Was supposed to have bonus
    12/5/23 Contacted them, after many days of messaging they are not paying out because they are claiming I opened my account on 9/7/23 which was after the promo ended. Submitting an NCUA complaint now as I did open my account 8/31/23.

    • Well I never got any communication from Tower or NCUA, but they paid out the $300 bonus today. Glad that is all I had to do. Guess I have a good reason to close my account when they ask.

  • SMed to close my checking account. When they did that I lost online access to my other accounts. The remedy was to use the "Forgot Password" link to reset my password.

  • Negative DP (Wise)

    5/16 - account opened OOS by joining TowerCares; funded $495+$5 with Fido Visa (purchase)
    5/23 - Wise biz DD $1,001
    ...
    9/13 - 120 days later and nothing, so either Wise doesn't trigger DD req. or promo code never attached correctly

  • Approved OOS by donating to Tower Cares Foundation.

    8/11/23 - Opened account
    9/14/23 - Real $1K DD
    10/23/23 - $300 bonus received

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