Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: Both PA and NJ are eligible for this bonus through American Consumer Council
- Direct deposit required: Yes, $500+ per month and ongoing
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Up to $500
- Monthly fees: None
- Early account termination fee: $20, 90 days
- Household limit: None listed
- Expiration date:
July 31, 2021August, 31 2021
Contents
The Offer
- First Commonwealth Federal Credit Union is offering a bonus of up to $250 when you use promo code BETTER21. Bonus broken down as follows:
- $50 when you open a new membership to join First Commonwealth
- $100 when you open a new checking account, use your debit card, and sign up for eStatements
- $100 when you add a qualifying direct deposit to your new checking account. Must be at least $500 per month and ongoing.
- Can also get another $100 from opening loan products
The Fine Print
- Member may not be primary or joint owner on existing checking account.
- Account must be opened between 5/24/21 and 7/31/21.
- Member must make at least one purchase with debit card tied to new checking account within 30 days of account opening.
- Enrollment in eStatements through First Commonwealth Digital Banking required.
- A qualifying direct deposit is defined as payroll, social security, or pension payment and must be made to member’s Checking Account, be received within 30 days of account opening, be on-going, and total $500 or more each month.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Value checking account has no monthly fees to worry about.
Early Account Termination Fee
According to the fee schedule there is a $20 fee if closed within 90 days of account opening.
Our Verdict
Never seen a bonus from this bank before, but given the relatively easy requirements it’s worth doing. We will add this to our list of the best bank account bonuses.
Hat tip to reader IS250
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
Big Red Notice: There is a 1099 if you have done this bonus…only it does not get sent in the postal mail. Check your online account if you still have it open for the 1099. It will be there. Was about to close this account and went to check statements and found the 1099 under statements and then under Annual tax forms. Thankfully I did not file yet.
Now to close this account, I assume 0 out the balance and message…there are no DPs. I will have to be the one I guess….hopefully in a week.
I opened my account in July and received the bonus a while ago. I have still been sending $500 per month since then. Have any of you stopped sending the $500 after receiving the bonus?
I was informed that the account cannot be closed until after 12/31/2021 for the BETTER21 (not 90 days) promo regardless of when you opened it otherwise they will recall the bonus.
full bonus posted finally – real DDs and $1 real pos debit spend
DP: Got the bonus in parts. $50 just after opening the account and funding $250 each to checking and savings with BoFA cash rewards (which earned 3x for online shopping and no CA). Then did one 500 push from Ally and 1 debit card payment online to utility and after which the $200 posted 3 days later. Both bonuses posted to savings account.
I had by mistake selected the option where I could go in branch for debit card and after waiting for debit card for 10 days called in and they agreed to mail it out and it arrived quick enough to complete the bonus.
Now just need to remember to do the “DD for the next 2 months before closing.
Thanks for the DP — how did you sign up for e-statements? It’s a bit difficult to find out how to do that for me on their site.
FYI for others, it was hidden in plain site. The estatements option is located on the right-hand side of your account home page, third option from the top in the blue menu, “Enroll/View eStatements”.
what is the checking account number to use for this bank? Member number followed by a 0? Or is it something else ?
To answer my own question. I am told to prefix for the savings 100000 and for the checking 101000 to the member number to make up the account number. I just initiated an ACH link. Lets hope this works.
Has anyone received the bonus in multiple steps? I only received $50 as of 8/20/2021.
8/9/2021: Opened Checking/Savings accts and signed up for eStatements
8/16/2021: $500 ACH push from Chase labeled “TYPE: Ext Trnsfr CO: JPMorgan ChaseEntry Class Code: PPD/Deposit ACH JPMorgan Chase”
8/18/2021: $50 credit to savings acct labeled “Taxable Marketing Promo/Deposit BETTER21”
8/19/2021: $0.50 Amazon reload and $2 cashapp reload
I’m in the same boat, waiting for anything past the $50. Real DD and spend.
That’s bizarre. I did an ACH push from Chase and will be doing another from Chime. Did Amazon, CashApp, and actual dc purchases. Still nothing more than the original $50 bonus thus far.
Just posted $200 after two DDs of the same amount + the spend.
Update:
8/28/2021: Actual in store dc transaction
8/31/2021: $100 credit to Savings acct labeled “Taxable Marketing Promo/Deposit BETTER21”
I’m guessing that the $100 is from the dc purchase and not the “DD” that I attempted from Chase.
I’m going to try to push $500 from Chime next.
Final Update (with DP):
9/7/2021: $500 push from Chime
9/15/2021: $100 credit to savings acct labeled “Taxable Marketing Promo/Deposit BETTER21”
So it appears that Chase does not work but Chime does.
Mark, how did the push from Chime code?
Chime coded as the following in FCFCU:
TYPE: P2P CO: firstname lastnameEntry Class Code: WEB/Deposit ACH firstname lastname
Thanks, Mark. Appreciate the DP. We did a push from Ally on 9/10, got the same code. No bonus yet but now I’m hopeful.
I got the $50 without doing anything – that is just opened the account and asked the the debit card to be mailed. A week later I see the $50 in my savings. I then initiated ACH link from external account.
Negative DP: making a donation to the Lehigh Carbon Community College Foundation does not make you eligible for membership.
Did anyone try to apply, and it said we will call you to verify your information and open an account? Maybe something in my ID went funky but surprised that it would.
ID did not match address given. Switched address to one given over the phone and approved.
Opened account and it went through immediately. Even got my acct and rout #. Go to enroll in online banking and get an error saying info doesn’t match records… looks like I’ll be calling tomorrow.
I was trying to log into First Commonwealth Bank Not First Commonwealth Federal Credit Union…