Offer at a glance
- Maximum bonus amount: $750
- Availability: MI
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Mixed datapoints
- ChexSystems: Unknown, sensitive
- 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: None
- Expiration date: None
Contents
The Offer
- Community Financial Credit Union is offering a $750 business bonus when you open a new business checking account and complete the following requirements:
- Open a new business checking account
- Open the account with funds from outside Community Financial Credit Union
- Use your business debit card 5 times per month for 3 months
- Maintain a $15,000 minimum balance for 3 months
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free business checking has no monthly fee to worry about.
Early Account Termination Fee
According to the fee schedule there is a $15 fee if closed within 180 days.
Our Verdict
There is also a personal checking bonus for $750. That bonus is better as it only requires a $5,000 bonus but both still worth doing if you can.
Hat tip to Tikky
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
how sad am I that I missed the part about using the DC 5x … but for 3 months! sigh
Went to the branch today and got approved. Rep did ask about all the accounts on the Chex report. I notified most of them are closed. Afterwards she opened the account.
My apologies. I posted in the wrong thread. I got declined for the presonal account and went to the branch and was able to open it. I didn’t ask them about business account during that time
Declined due to chex. Too many inquiries. Also had my personal account declined.
Not sure if its worth going to a branch (2.5 hour round trip) gambling if they’ll just say the same thing.
If I were you – I’d drive and try my luck in branch since most of the times, they’ll approve since you’re in branch and many banks don’t care about chex when in branch and you can also put forward your point that searched around for better bank rates since the rates are high now and the manager might approve. If you’re lucky – you’ll get min $750 to max $1500. So, good luck!
Ex – Recently I got declined online for First Service CU. Same day, I went to branch and they did ask about my chex inquiry but approved w/out issues since I am in branch and they want to create the relationship. Since they helped and trusted me, I am planning to bank with FSCU for a long time.
100% agree! Not particular experience of CFCU…But Branch never refuses anyone! Both In-Person and Branch does through different system. Branch has a power to override! You will be approved. Please try!
How many do you have in the last 12/24 months?
On my chex report I have 10/12 and 59/24. One CSR said “You have 104 on your chex” and im like “yeah, thats over a ~4 year period, nothing negative on the report, they’re just inquiries”
so you applied online with the link above? Somehow after I clicked it, it only showed me personal products?
Never mind, I have realized that you have to call in to open the account
Wow never expected to see my hometown credit union on this website. I’ve been with this bank for over 20 years and have always received good support.
They also offer high yield savings at 10-14% (only for up to $1,000)
There is no link to apply online; so only available in branch or by calling the two people listed there?
anyone know if they require business documentation to open the account or just a SSN ?
Curious about this as well
I emailed one of the reps. For sole prop, they want county filed assumed name certificate, and certificate of business registration. That counts me out lol
Same here, thanks for the info my man
This is effectively a ~20% APY. I already applied for the personal checking. If not issues ill apply for this one too.
Were you able to sign up for the business account as well?
Both were declined for for many chex inquires.
“OUR MEMBERSHIP INCLUDES ANYONE WHO RESIDES, WORKS, ATTENDS SCHOOL, OR WORSHIPS IN THE STATE OF MICHIGAN.
Membership is also available for businesses and other legal entities, or for those who regularly conduct business, in Michigan. Immediate family members such as a spouse, parent, child, sibling or grandparent, of someone who lives in our eligible communities are also eligible to join. Finally, anyone currently living in the same household with a member of Community Financial can also join.”
I saw this language, too, and began looking for similar language for the states where we have family, too: OR, MO, TX. Haven’t found any good ones yet, unfortunately!
How would they know/verify if I have an immediate family member who lives in their eligible communities…?