Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $300
- Availability: Must be one of the member groups, most are employee groups but some more generic ones towards the bottom. They seem to be AL & TN only
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding: Up to $530
- Monthly fees: $5, avoidable
- Early account termination fee: None
- Household limit: None mentioned
- Expiration date: December 31, 2021
Contents
The Offer
- Redstone Federal Credit Union is offering a $300 checking bonus when you complete the following requirements:
- Use promo code MP300
- Access online banking
- Use your debit card 5 times
The Fine Print
- Promotion is only available from October 1, 2021 to December 31, 2021, and is available to any individual that belongs to one of RFCU®’s Membership Partners or Approved Geographic Locations that provides us with a valid promotional coupon opening their first checking account with a debit card. RFCU employees and their family members are not eligible to participate. The initial $25 deposit requirement on checking accounts will be waived as an added benefit of this promotion if account is opened in branch.
- Monthly maintenance fees apply to checking accounts.
- If the promotion participant is not already a member, RFCU will provide the initial $5.00 share balance for the share savings account if account is opened in branch, which must be maintained at all times.
- In order to receive the bonus, the participating member must make at least five point of sale (POS) purchases with the debit card associated with the new checking account and must set up and log in to RFCU’s online banking at least one time within the first 30 days of opening checking account. ATM withdrawals do not constitute POS purchases.
- The bonus can expire at any time without prior notice. Bonus will be deposited into the member’s checking account within sixty (60) days of account opening, but no later than March 1, 2022, if all requirements are met.
- This offer cannot be combined with any other promotional offers.
- The bonus applies only to accounts opened on or before December 31, 2021.
- Promotion limited to one bonus per participant member
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Easiest account to keep fee free seems to be the easy checking account, this has a $5 monthly fee that is waived with a direct deposit or with an average daily balance of $100+. No longer an option according to this comment.
Early Account Termination Fee
I wasn’t able to find any mention of an early account termination fee in their fee schedule.
Our Verdict
Terms on this one are a bit strange as the header says it’s for their membership partners but the terms say “is available to any individual that belongs to one of RFCU®’s Membership Partners or Approved Geographic Locations” so might just need to live in one of the geographical area that would open it up a lot more. This is better than the $100 referral bonus.
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
View Comments (120)
I've been successfully using ACH transfers from Wells Fargo to keep my RFCU checking account fee free but it's just a hassle dealing with Redstone Federal Credit Union. I usually have a negative experience when I go in the branch.
But I can confirm that an ACH transfer from Wells Fargo does credit as a DD with RFCU.
Whats the best way to close this account?
When trying to add additional deposit accounts, is anyone else getting the error message below. Tried every day for the past 7 days, same error message.
"There is a problem with the page you are trying to reach and it cannot be displayed.
You may want to close your browser and retry again. "
Yeah we probably broke it, surprised this lasted for so long
Looks like CC funding is no longer available for existing account holders? Only allows me to fund via internal transfer.
Same thing on my end. Not sure if it is worth keeping this account open any longer. Fun while it lasted, I suppose.
Does this have referral bonuses?
Was charged $3 maintenance fee. Guess need to have a recurring DD till the time the bonus posts for me
I completed transaction in early Feb. Still waiting for bonus. Anyone in same boat?
Tried to open an additional savings account for CC funding but got a message saying that my application was pending review and requesting that I send in a copy of ID for verification. Has anyone else gotten this when applying for an additional account? I've applied for several and previously all had been auto-approved.
Yep. I've received it before while opening additional accounts.
@guest_1347197 Did you submit the requested documentation and get the account opened? In reviewing DPs here, it seems like they pull Chex for manual reviews like this. It might be worth it though as some people say that after getting manually approved, they were auto-approved for subsequent applications. Curious what your experience has been.
@guest_1324592 I did submit and was approved. It was actually for P2. And it was for an initial savings account. I've opened a couple more since with auto-approvals.
I was to complete the debit card requirements by 2/13, which I did. But I haven't received the bonus yet. From other data points, I should have received the bonus till now. Should I just wait it out? or is there any other action that I can take?
Has anyone found online or received a 1099 yet for this?
This credit union does not issue 1099 for the account opening bonus. If you have a savings account, you will notice that the 1099 issued only includes the interest earned. @guest_1277879
Seems to be multiple credit unions this year.
I hope it's not just me, they remove the 'Open Additional Deposit Accounts' for anyone else?
@guest_1324584 It's working for me as of this morning
So, how many additional accounts and additional CC funding can we do, after we already have 1 account with them?
That option has not been working for me since 1/31/22. I really hope they didn't take it down.
Working as of this morning :) @guest_1324592
Thanks. Working for me as well.
Just curious why would you want to have additional accounts? Does it help for CC funding? or other bonus?
CC funding. $530 per account (used to be $2530).
It's shows for me under the "Products" tab. However, the link takes me to a page that is not loading.