Offer at a glance
- Maximum bonus amount: up to $1,000
- Availability: MI
- Direct deposit required: Yes, direct deposit through February 2025
- Additional requirements: See below
- Hard/soft pull: Mixed datapoints
- ChexSystems: Unknown
- Credit card funding: No credit card funding, can fund with a debit card up to $20,000
- Monthly fees: None
- Early account termination fee: $15, 180 days
- Household limit: “one bonus per member” (in the past we wrote about a limit 1 per household, I’m not seeing that here)
- Expiration date: October 31, 2024
Contents
The Offer
- Community Financial Credit Union is offering of up to $1,000 checking bonus when you open a new checking account and set up direct deposit through February 2025:
- $1,000 Bonus with monthly direct deposit of $10,001 or more
- $500 Bonus with monthly direct deposit of $5,001 to $10,000
- $300 Bonus with monthly direct deposit of $3,000 to $5,000
Direct Deposit must start within 8 weeks of account opening and continue through February 2025.
The Fine Print
- Accounts must be opened by October 31, 2024. Direct deposits must be active within 8 weeks of account opening. Monthly direct deposit amounts must meet a tier’s minimum amount each month to qualify for the bonus. One bonus per member.
- Open only to new checking account holders.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This is a free checking account has no monthly fees to worry about.
Early Account Termination Fee
According to the fee schedule there is a $15 fee if closed within 180 days.
Our Verdict
Great deal if you’re eligible for an account and have a large direct deposit to move over. The previous deal was for $750 without the high direct deposit requirements – see the comments on the prior posts to read experiences with the credit union.
Hat tip to reader killdozer
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
I did last round for $750 bonus with real employer DD. This time, opening for P2. No real DD. Wondering if Treasury Direct will work.. Anyone with TD or any other “DD” datapoint?
does anyone have any idea what would qualify as a direct deposit for them? checked the DoC list but it’s not there.
Any DPs as to what qualifies as a direct deposit to Community Financial? $10k is a pretty high monthly number to hit from a traditional employment DD.
did you happen to get any more info on this?
Plan is open account 10/25/2024, and make first DD for month of November (this is within 8 weeks window of account opening). I just need 4 months of DD totaling $10K each month. Plan should work right?
I would make the first DD in December. That way I only need 3 DD for Dec, Jan, and Feb
Thanks.
OOS idea: Google search shows several fully virtual free online GED programs in Michigan. Would fall under “school in Michigan” category. But I didn’t try to register so no idea if the GED programs actually require you to be a Michigan resident when you sign up
Fwiw when I emailed them they said virtual school is a no go for membership eligibility
DP: called them and confirmd it is a hard pull via TransUnion. Have not applied yet. Just info obtained from calling them FWIW.
No HP per https://www.doctorofcredit.com/mi-community-financial-credit-union-750-checking-bonus/#comment-1815556 and also https://www.doctorofcredit.com/mi-community-financial-credit-union-750-checking-bonus/#comment-1801499 and a few other DPs in old thread
For those who have applied is it a soft pull or hard pull on your credit?
Soft
Did you apply with credit freeze or unfreeze?
I always apply with frozen but if I remember correctly they had me unfreeze one of them. I don’t recall which one though.
I applied from OOS under the requirement, “Own a business or regularly conduct business in Michigan” it should read if they want it to be exclusive to Michigan “Own a business, or regularly conduct business, in Michigan.” I do OWN a business. Anyways, it went pending 2-3 day review. So probably a no go.
“You would only need a comma before “or” when it connects two independent clauses…But you shouldn’t use a comma before “or” when it connects two verbs with the same subject.
Did you walk or drive to get here today?”
“Did you walk or drive to get here today?”
Yes.
“Do you own a business or regularly conduct business in Michigan?”
Charlie owns a business so the answer is “yes.”
The terms are met so no connection with Michigan is required.
It’s at least ambiguous, but by convention two short clauses would be read as:
“Did you walk [to get here today] or [did you] drive to get here today?”
“Own a business [in Michigan] or regularly conduct business in Michigan”
Hope Charlie gets approved though!
Thank you for trying.
I already did the $750 promo in March for the same account… However, I’m not seeing any language against existing customers or those with prior accounts
Whether you’re a current member or haven’t yet joined, anyone without an existing Community Financial checking or CloseEnuff™ account is welcome!
Wondering if they’ll notice . Because, while it does say that, I’m still getting notification banners on my phone that say “add a DD to your CloseEnuff account to earn up to $1000”
wondering the same thing, just closed my account within the last few months
I’m not aware of any way to refer friends to CFCU
Ok thanks so much!
OOS?
No need to ask in every thread, if there are datapoints they will be here: https://www.doctorofcredit.com/banks-allowdont-allow-state-checking-applications/. If there aren’t any datapoints, BE the datapoint.
This trend of asking in every thread and doing no research yourself is annoying.
Ok. Sorry
No problem, wasn’t directed at just you.
Off the top of my head, I can think of at least five credit unions that accept OOS that aren’t mentioned on that page. Almost nobody is using it.
William Charles
BluPeak – OnTap – OnPath – SecurityPlus – GreatRiver
I’ve been active for 8 months here and have never once seen that thread. I also know that this site is great, but I would never rely on articles/threads being updated timely or at all without looking at the specific pages’ dps.
I mean it was reposted less than 8 months ago.
Yeah people post oos dps all the time and it’s never on that page. I just checked the last one I remembered personally (first service bank) and it’s not on there. People posted approvals oos dps, then it got shut down, and none of it is even mentioned on that other post.
Seems more relevant for the conversations to be on each post rather than having to check another post that may or may not be up to date. Besides that, if they see a negative dp, they may not make an attempt, but that may have changed since that dp was posted.
If people make the attempt, it should be posted here. Then if William wants to cross post it to the other page that’s fine, but personally sounds like more work to me.
I have no issue with the conversation being on each post, my issue is with people asking OOS? with no effort to do that research themselves. It doesn’t add any value at all and everybody wants to know it so people will share datapoints when/if they feel like it.
That just means we need to update it better, I’ll give that post a nudge. My point is that asking about OOS adds zero value and clogs up every thread. People should be doing their own research and not relying on others by asking if it accepts OOS.
Ever since Regent bank business checking bonus I’m always on the lookout for OOS. That was by far the highest dollar amount bank bonus I’ve done that went flawlessly (WF was higher $2.5k but too much CFPB required)
The way I see it, mostly people don’t report their DPs, which means it won’t end up on the dedicated page. So, I don’t think it’s a bad idea to nudge again.
I search EVERY new post to see the “oos” comment, in fact, that’s why I am on this post today, looking for the oos comment. So for me, and I imagine a greater majority of the readers do the same.
Unfortunately, the other post doesn’t get updated every time. Most people don’t check it, rather they check the immediate post. For one thing, things change, oos may not have worked in the past, but may work now.
I appreciate when someone asks the oos question on every post. I am grateful for it, and I don’t find it annoying at all.
Thanks to everyone for asking on each post, I greatly appreciate it.
I disagree with William Charles completely regarding this. It’s not my site though. I hope he reconsiders.
Probably a good third of the bonuses I have gotten were only because someone asked the oos question on the post.
I don’t check the other post, but I suppose for data points people could start commenting on that other thread that it’s out of state but isn’t mentioned.
I think ALL relevant information should be posted on the actual post for the bonus, AND then posted on the other one as a cross-post. But again, I realize this isn’t my site.
So you are saying you search every post to see if someone has already done the work for you, and you are suggesting that the site double up on the same content to make it easier for you to mooch? I agree. Can you create a website – OOS.com, maybe – so I don’t even have to search for “oos” in comments? Thanks.