Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â If you live, work, or worship in Lackawanna, Luzerne, Wayne, or Wyoming counties of Pennsylvania, you can bank with Penn East
- Direct deposit required:Â Yes, $500+ per month for three months
- Additional requirements:Â See below
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â UnknownÂ
- Monthly fees:Â None
- Early account termination fee:Â None
- Household limit:Â None
- Expiration date:Â None
Contents
The Offer
- Penn East Federal Credit Union is offering a $200 bonus when you open a new checking account and complete the following requirements:
- Open a new Member Rewards Checking account: (Cash Back or High Rewards).
- Activate your PEFCU Debit Card.
- Enroll in Online Banking and opt-in for E-Statements.
- Receive three months of PEFCU rewards by making 12 non pin transactions within the first four months of opening your account.
- Set up a qualifying direct deposit of at least $500 or more for three consecutive months within 90 days of account opening.
The Fine Print
- Offer valid for new Rewards Checking Account members only; offer is not valid for existing Member Rewards Checking account holders.
- Must be eligible for membership at Penn East FCU.
- Existing members of PEFCU opening a new Rewards Checking Account are eligible if qualifiers are met and are funded with new money not already on deposit at PEFCU.
- $200.00 will be earned when a new Member Rewards Checking account is opened, a PEFCU debit card is activated, twelve (12) non-pin debit card transactions are completed for three months within the first four months from account opening, the new member is enrolled in Online Banking, opts into receiving E-Statements, and a qualifying direct deposit(s) of at least $500 or more for three consecutive months is made to the new Member Rewards Checking account within 90 days of account opening.
- A qualifying direct deposit is defined as a recurring electronic deposit into the checking account of payroll, pension, Social Security, government benefits, or other eligible regular monthly income made through the Automated Clearing House (ACH) network.
- New money is defined as money that is not currently in a PEFCU account(s). Accounts must be in good standing to qualify for the bonus.
- One bonus per individual.
- Eligible members will receive a $200 bonus in their Penn East FCU Member Rewards checking account on the first (1st) business day after one hundred and twenty (120) calendar days from the account opening. All requirements must be satisfied within one hundred and twenty (120) days.
- The bonus will be reported on IRS Form 1099-INT. The value of the bonus may be considered taxable income; please consult your tax advisor.
- This offer may be discontinued at any time.
- For specific product information, please contact your Penn East FCU branch. Federally insured by the NCUA.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Neither account has no monthly fees to worry about.
Early Account Termination Fee
I didn’t see any mention of any EATF in the fee schedule.
Our Verdict
Should be worth doing if you live in an eligible area.
Hat tip to reader Bockrr
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- 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?
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