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Update 7/13/19: Deal is back and available until August 31st, 2019. Bonus has been increased to $300
Bonus is back and available until October 31st, 2018. Hat tip to reader Toad.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â Must live, work, attend school or worship in Michigan
- Direct deposit required:Â Yes, $1,000+
- Additional requirements:Â Make 10 debit card transactions
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Up to $600
- Monthly fees:Â $6, avoidable
- Early account termination fee:Â $5, 90 days
- Household limit:Â None
- Expiration date:Â
August 25th, 2018 October 31st, 2018August 31st, 2019
Contents
The Offer
- Credit Union One is offering a bonus of $300 when you open a new cash back checking account. Bonus is broken down as follows:
- eStatements are required
- Receive a direct deposit of at least $1,000 within 60 days of account opening and receive a $100 bonus
- Make 10 debit card transactions within 60 days of account opening and receive a $100 bonus
- Maintain an average balance of $3,500 for 90 days after account opening and receive a $100 bonus
The Fine Print
- Direct deposit must be new and not currently with Credit Union ONE and post to account within 60 daysof account opening.
- Debit card transactions must post to the account within 60 days of account opening.
- ATM transactions not eligible. Funds will be credited to account within seven days after eligibility requirements have been met.
- Must subscribe to E-Statements.
- Member is responsible for any tax liability associated with cash back.
- Cash back will be reported on applicable 1099 IRS form as required by law.
- May not be combined with any other offer and is limited to one offer per member.
- Offer does not apply to members who have an existing checking account or have closed a checking account within the past six months.
- Offers expire 10/31/18.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Monthly fee of $6 is waived if you do any of the following:
- Have an average monthly balance of $500
- Receive a monthly direct deposit
- Make 15 debit card or bill pay transactions
- If you are under 24 or older than 65
Early Account Termination Fee
A $5 fee is charged if the account is closed within the first 90 days of being opened.
Our Verdict
Should be worth doing for most people as it’s a soft pull to open and there is a small amount of credit card funding. You do need to deposit $500 to keep the account fee free (or do one of the other methods) and it does require a direct deposit but at least the bonus itself is $200 and bigger than a lot of others. Because of this we will be adding it to the best checking bonuses.
Big thanks to reader, Aaron W who let us know. Learn how to find bonuses and contribute to the site here.
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
They have a $100 bonus and $50 for medical workers. Not sure if worth an update
Thanks, probably worth waiting for a bigger bonus to return
Anyone received 1099 from this bank?
AllenW as of yesterday I have not, I sent a SM and was told I would get one via mail but I cannot download it.
Im 99% sure we should get one for $100-200 the $100 that is associated with debit spend I don’t think will be included. If you view the December statements. YTD P1 is $100.xx and P2 is $200. The difference is because they manually issued the $100 for P1 vs P2.
Correction. You can download it and can confirm the debit spend isn’t included but 1099 is available
DP time:
8/30 – opened online
9/4 – $2,000 ACH from Ally savings
9/5 – $100 bonus posted (for DD)
9/22 – completed 10th debit transaction
9/24 – $100 bonus posted (for 10 debit)
(During first month increased balance early on to ensure 90 day avg would be > $3,500)
12/3 – $100 bonus posted (for 90 day avg)
Have done ~$250 ACH from Ally each month to avoid fees. May close next month, but waiting to see if CUOne offers a high APY CD for checking customers as they did last fall.
NO Chex inquiry on 10/17/2019 report.
Well my Cu One so far received $200 because it hasn’t been 90 days. However P2 only received $100 and opened a month apart. The interesting thing is that I got the $200 at the same time. She did the debit transactions of 10 identical to mine but no $100 yet. Kinda concerning but I’m watching it.
My 90 days is up today. I am hoping for my last $100 to post sometime this week. I’ll keep ya posted.
P2s second $100 posted on the 9th. Much longer wait that yours and P1. I believe this was for debit transactions bc 90 days is not up yet. Nothing yet for P1 I suspect it will be next month
My 90 days was up last week as well. So far no sign of 3rd 100$
Still nothing for me yet. I just had a statement cut yesterday, so I thought I’d be seeing something due to that, but still nothing. I will message them soon if I don’t see it post.
I sure hope they don’t say something as in you needed 3.5K as the opening balance. I surely didn’t read that.
I’m going to wait mid month and pull the funds and message them if it isn’t posted as my statement closes today.
Havent yet contact the bank, but still no $100 and its been 120+ days open, and I’m on the 4th statement. I do plan on pulling the 3.5K at the end of the 4th statement regardless and will probably follow-up on the $100.
Let us know if anyone else has received it.
Since I already did this bonus in 2018, I think it is clear they see me as a bank churner and do not want to pay me. Was your DD legit or simply an ACH push?
I did an employer DD on a similar timeline and have only received $200.
I got the following response from my secure message :-).
Please either step into a branch or call us in the contact center at 1-800-451-4292 so we can research this for you.
I feel like you will still get the bonus and they are lazy and pieced together that Bs statement vs attempting to fix it.
Still hadn’t received mine yet either. I may call. This is my first account with them and don’t want to burn any bridges.
That is what they are telling me. I don’t know what to do.
I finally got my 3rd $100 bonus. I had to call them last week and ask, after a week they called back and said there was an IT problem but it did just post to my account. It took over 120 days but they came through. I initially funded via paypal, completed my debits, and had a balance of $4000 for over 90 days. Glad to finally pull my money back out.
Update,
P2 received hers automatically – opened beginning of August for all 3 items for $300. 11/20 was the final $100. Alliant was the DP for the deposit, and 10 50c amazon debits. Pulling and leaving $500 and will close in a few more months.
P1 is only missing the $100 like
Steve . Called and explained the first two items the deposit and debit card usage was done and paid in August, she agreed and said her Sup is working with tech support and they will contact me back. Hopefully they will credit it like 
Steadycash. It’s been over well over 120 days.
Just had mine post today. Finally done with this one. Going to zero it out and close.
I called them. Now they are saying I didn’t meet the avg daily balance in the partial month of July when the account opened even though i met it over the period of 90 days. They are saying you have to meet it each account statement as well.
I contacted by SM for P2 and got the following response.
After reviewing the account, I do see that you did qualify for the incentive and have added it to your account today. They were supposed to automatically deposit on the 91st day but unfortunately not all accounts received it.
Yea I had that problem to. SO didn’t. I pulled the 3k out and leaving it open for another month and will close.
I filed a complaint with NCUA and received the following response today.
The credit union’s response indicated after reviewing your account they have determined that you are indeed entitled to the bonus. CUO deposited the $100 bonus into your account today. In addition, a copy of the statement showing the deposit is enclosed for your records.
I do see the amount in the account now.
I believe this offer is expired. The link does not work anymore.
Note that the DD and debit transactions now need to be completed within 30 days of account opening not 60.
Got the bonus posted posted on 08/05 for 200$. Account opened 07/10. DD on 07/31.
Applied today, application under review, will be contacted within 2 days. I’m at 13 in 8 months, but it sounds like this bank isn’t Chex/EWS sensitive anyway. Anybody know why some applications get sent to review? Funded 600 with Citi credit card set to 0 cash advance.
Update:
This has been a pretty big hassle already. I would not advise this bonus to others.
-I called customer service 4 times. They could not get my credit card to work.
-My partner tried to sign up and they emailed saying “please come to a branch in person.”
-I logged in to set up an external transfer/”DD” only to find: “External transfers are not available for the first 90 days of your membership.” This makes the direct deposit within 30 days impossible unless you change it from your employer. And even if you did, your money would be stuck there for 3 months.
Well, if you have the account open and active. I suggest at least pushing the 1K there and doing the 10 debit transactions for the $200. But FYI you can push the money to the account and pull it out.
Opened account 8/16 and did pushes from Chase and Discover to get to 1000 and the amt necessary to have 90 day balance above 3500. Did 10 debits to amazon gift card. Was expecting $200.00 bonus but not received when I got to 9/5 or 9/6. Had subscribed to estatements on 8/16 but found I had to resubscribe and then got paper statement on 9/7. Called call center and said paper statement was due to error on their part and no charge had been assessed and she could see that I was subscribed for estatements and that the paper statement would not affect the bonus rewards. Still not bonus as on 9/10 so wondering what I should or could do? Just wait?
Bonuses posted 9/20/19
Applied and approved. I did the $200 bonus last year and closed it in Nov 2018, so I am going for round 2 and $300 this time. I funded $600 with the Chase Ink Preferred card (Cash Advance limit was set to $1). I plan to build up the balance well beyond $3.5k early on so that my average will be high enough overall for the first 90 days.
Ap is under review for me. Will call today and see why. Could of been a verification question or Chex 11/6M.
I also see the extra $100 when doing $3,500 avg balance for 90 days. The only question is it doesn’t state when the $3,500 has to be deposited by. So I skipped card funding and did an bank transfer.
more info.
CC funding cannot be done in branch
The 3,500 has to be an avg balance for 90 days with the day you open being the start date.
Not Chex sensitive or EWS
10 Debit transactions can be pin or pin less
Can get Debit card in a branch
I was also told that they issue each $100 fairly quickly after requirements are met.
How many inquiries you had in the last 12/24 months?
The app went to review due to my CU I used to pull the opening funding failed. Either they declined it or user error on the form.
11 50c Amazon debits posted on 7-11. No bonus as of yet.
I’m going to have P2 apply now. Hopefully no more trips to the bank.
What route did you go for closing it out of curiosity. Also did they mail the $200 1099 or did you have to somehow login?
I closed via SM last time and plan to do that again this time. I received the 1099 via snail mail. Keep in mind that last time they did not include $100 of the bonus that was earned via debit card activity (considered a rebate, see my other posts).
Good to know thank you, by chance do you know of any other CC funding banks in MI. Just got the CIBP and underestimated MSR 5K.
Nice, I just got that card about a month ago and am working on spend as well. Have you looked at doing a PNC account for $2k on your card? Also, if you really need more spend, paying estimated taxes at pay1040.com isn’t too bad either.
PNC actually codes as a cash advance now, so I’d avoid funding that one on a CC…Citizens has been a good one for me for CC funding each of the last couple years, up to $1k, but I’m not sure if they currently have a checking bonus available. Also back when I did CU One, I opened up a savings account there as well for another $600 in funding, could be a consideration.
You are correct. My data point is from Fall 2018 when I last did PNC on a chase freedom and it coded fine. It appears to not be the case anymore. And yes, Citizens was $1k on my Citi DC and it coded as a purchase, but again this is a data point from Summer 2018.
I wouldn’t touch PNC with a 10 ft pole. It will likely hit as Cas Advance. I did Citizens back in Feb and Mar. However they changed funding to debit only.
With paying taxes would I just add exemptions or dependents to lower the withdrawal amount on my paystub and then just pay the fee to advance pay?