Offer at a glance
- Maximum bonus amount: $100
- Availability: Must You live, work, worship or attend school within Aitkin, Carlton, Chisago, Cook, Isanti, Itasca, Kanabec, Koochiching, Lake, Pine, St. Louis, or Washington Counties
- Direct deposit required: Yes, $500+
- Additional requirements: None
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Up to $250, Visa & Mastercard only
- Monthly fees: None
- Early account termination fee: None listed
- Expiration date: February 28th, 2017
- Household limit: 2 per household
The Offer
- Open a new checking account with members cooperative credit union and receive a sign up bonus of $100 when you complete the following requirements:
- Receive a direct deposit of payroll, pension, or government benefits of $500 or more within 45 days of account opening
The Fine Print
- Upon becoming a new member and opening a checking account with direct deposit of payroll, pension, or government benefits, $100 bonus will be credited to member’s share account. To qualify as a new member an individual must have had no relationship with MCCU in the 12 months preceding.
- First eligible direct deposit must be made within 45 days of account opening, with minimum recurring monthly direct deposit amounts of $500.
- Bonus will be deposited after 60 days of active membership if all requirements have been met and member’s accounts are in good standing.
- Must meet membership and new account requirements.
- Limit of two bonuses per household.
- Bonuses subject to IRS reporting. Effective 8/22/2016 APY on share accounts is 0.10%. MCCU reserves the right to modify or discontinue this program at any time without notice and at its discretion.
- Promotion expires 2/28/17.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
I don’t see any mention of an early account termination fee in the fee schedule. They offer a free checking account, so no need to worry about monthly fees.
Our Verdict
Relatively small bonus and must be opened in branch so only really worth considering if you live near a branch. There are much better offers available, but if you decide to go for this bonus please share any information you found out (e.g hard pull and if you can fund with a credit card).
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
