Deal has ended, view more bank account bonuses by clicking here.
Update 9/11/23: Extended through 10/31/23, debit cards and direct deposit requirements have been increased.
Update 9/2/23: Deal is back and valid until 9/30/23
Update 7/10/22: Back and valid until 8/31/2022.
Offer at a glance
- Maximum bonus amount:Â $200
- Availability: Persons who reside, are employed, worship or attend an educational institution in any county within the State of Michigan
- Direct deposit required:Â Yes, $100+ within 60 days of account opening
- Additional requirements:Â See below
- Hard/soft pull: Unknown (possibly hard, see comments). Report of soft pull
- ChexSystems: Unknown
- Credit card funding:Up to $500
- Monthly fees:Â None
- Early account termination fee:Â $5, 12 months
- Household limit:Â None
- Expiration date:Â
August 31, 20218/31/2022
Contents
The Offer
- Michigan Schools & Government Credit Union is offering a bonus of up to $200 when you open a new checking account. Bonus is broken down as follows:
- Earn $100: Set up your direct deposit of $250+ to your new checking within 60 days of account opening.
- Earn $100: Complete 10 debit card transactions of $10+ within 60 days of account opening.
The Fine Print
- Available for regular and fresh start checking accounts opened before 8/31/2021; limited to one incentive per member.
- An incentive of up to $200 will be paid when the member completes the following: qualify for and open a checking account and ATM/debit card; make an initial deposit of $25 or more in the account; within 60 days, enroll in and receive one direct deposit (minimum $100) to the new account (earn $100), and/or conduct 10 PIN or signature debit card transactions (Does not include ATM) of $5 or more (earn $100).
- Members must not currently have a checking account or have closed a regular checking account as of 4/1/2021 or later.
- Bonus will be paid 61 days after account opening date.
- 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
There is a $5 fee if closed within 12 months in the fee schedule.
Our Verdict
Has been a $175 bonus in the past. This is worth doing if it’s a soft pull. Won’t add this to our best bank account bonuses until that has been confirmed.
Hat tip to Linamax
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
