[MI only] MSUFCU $250 Checking Bonus + $250 Savings Bonus

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Michigan only, maybe nationwide?
  • Direct deposit required: Yes, $1,000+
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: 10/31/24

The Offer

Direct link to offer

  • MSU Federal Credit Union is offering a $250 checking bonus when you open a new checking account and complete the following requirements:
    • Open a Money Market Checking
    • Must have two consecutive electronic deposits each with a minimum deposit of $2000
    • Must maintain balance of $2000 for 60 days after account opening
    • Complete 10 transactions within 30 days of account opening
  • You’ll receive a $250 bonus to kickstart your savings when you open the account with at least $25,000. Must maintain balance for 60 days

The Fine Print

  • Offer valid 09/01/24 to 10/31/24.
  • To receive $100 bonus, member must open a Totally Green Checking Account and set up direct deposit from their employer or Social Security.
  • Must have two consecutive electronic deposits each with a minimum deposit of $1000.
  • To receive $250 bonus, member must open a Money Market Checking account and set up direct deposit from employer or Social Security. Must have two consecutive electronic deposits each with a minimum deposit of $2000.
  • Must maintain balance of $2000 for 60 days after account opening.
  • For both offers, first direct deposit must be set up and funded into member's MSUFCU checking account by 10/31/24 and member must complete 10 transactions within 30 days of account opening. Bonus of either $100 or $250 will be deposited to the member's Cashback+ wallet within 90 days of promotion end date. Not valid for members with existing or previously closed checking accounts.
  • Not valid for funds already on deposit with MSUFCU. Bonus may be taxable and reported on an IRS Form.
  • Members who do not currently have an Insured Money Management Account (IMMA) and open an IMMA with a minimum deposit of $25,000 and maintain a balance of at least $25,000 for 60 days will receive $250 bonus.
  • IMMA must be opened and funded by 10/31/24. IMMA Tier 1 Annual Percentage Yield 1.30% for minimum balance of $2000 as of 8/26/24.
  • Rate subject to change.
  • Bonus of $250 will be deposited to a 1-Year Add-On Certificate within 45 days of promotion end date. Not valid for funds already on deposit with MSUFCU.
  • Offers cannot be combined. Not valid for business or youth accounts.
  • Bonus may be taxable and reported on an IRS Form.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

$5 fee if the account has less than $2,000 in it.

Early Account Termination Fee

I wasn’t able to find a fee schedule so unsure if there is any early account termination fee or not.

Our Verdict

Not clear if this is just restricted to that single branch that is opening or not.

Hat tip to ShawntheShawn

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    William Charles
  • On September 22, 2024, 14:00
Tags: direct deposit requiredmi bank bonusesno credit card fundingsoft pull

View Comments (17)

  • Applied OOS but denied as they were "unable to verify credit references" - likely a Chex denial.

    • I took a shot as my Chex is frozen just to see and the application does go all the way through using the $10 donation route. At the end they let you enroll in online banking while you wait for approval.
      They sent me a message to log into online banking and there was a denial there:
      Thank you for your application for membership with MSU Federal Credit Union. Upon review of your application, ChexSystems report, and credit report, we found we were unable to verify credit references.
      Not sure if the frozen Chex did that but I’m debating if it’s worth lifting to maybe get denied again.

      • The credit freeze on Chex does matter for sure because I did see a hard inquiry on my Chex report for opening the account.

        • No not at all really surprised they give you online banking access before approval. Honestly I’d just take the bonus and run nothing special here lol

  • MSUCFU is terrible to deal with. My lease was through them which was the most challenging/confusion situation I've every had (I've leased for over 20 years). I had to open a checking account, deposit into the checking account and then "pay" my lease from there.

    When I went to pay off my lease in April they gave us 15 different pay off amounts. They refused to deposit any of the checks since they were never the exact correct amount. They reported me as late 3 different times. I asked them to just deposit the checks sent and apply at least that to the "pay off" amount and I would pay the remaining balance (we're talking less than $10) and they refused to do it, and instead reported me late.

    In June we finally got a "pay off" amount, and verified it 4 different times. I "deposited" the amount, and set up the "payment" to be sent a few day later (a good 2 weeks before my last payment was due). And then in July I got notice that my credit score again dropped, and low and behold, it was once again MSU! They "refunded" my payment once again saying it was $5 short and reported my payment as late. They NEVER contacted me about the remaining balance, returned payment, etc.

    Needless to say I refused to pay the additional $5. I think over the span of April to June they probably managed to get an additional $100+ from the dealership going back and forth over the "final" price. It took an additional 2 months to get them to correct my credit score over this (it dropped over 70pts each time they reported me late).

    I would avoid MSUCFU at all costs! They are beyond terrible to deal with! I never wanted to do business with them to start (Go Blue) but seeing how they handled my lease, I doubt you'll ever get a bonus from them!

  • does anyone have data points of either how real payroll dd codes or what else might work to trigger payroll? they don't give you much time to get things set up

  • One I think it would go nationwide with $10 towards the desk draw fund. Two with mergers they are beyond Michigan into Chicagoland.

  • got some clarity from customer service- $100 bonus for totally green checking (requires 2 payroll direct deposits of $1k+ per deposit, first deposit must be received by 10/31/24), $250 bonus for money market checking (requires 2 payroll direct deposits of $2k+ per deposit, first deposit must be received by 10/31/24)- the 10/31 deadline might be a deal-breaker for a lot of people, especially if payroll is slow to make changes (and without data points of what else might satisfy the requirements). you do not need to open accounts at the same time/while joining the cu to be eligible, you just need to have opened them by 10/31/24 (and met any requirements that have the 10/31 deadline listed) to be eligible for the bonuses. also note that the imma account will pay out the bonus into a 1-year cd so you'd have to wait until it matures to access the funds or pay an early withdrawal penalty.

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