Deal has ended, view more bank account bonuses by clicking here.
Update 11/19/20: Reposting as it seems anybody can join by being a member of the financial fitness association. Will keep the state restriction in the title for now to avoid to much of a flood of new applicants.
Update 10/31/20: Deal is back and valid until December 31, 2020. Hat tip to Econ0mist.
Offer at a glance
- Maximum bonus amount: $100 for referrer and $100 for referee
- Availability: TN, AL only. Must also be a member of one of the 1,500 clubs listed here or have a family member that is an existing user.
- Direct deposit required: No
- Additional requirements: 5 debit card purchases
- Hard/soft pull: Soft pull
- ChexSystems: Yes, not sensitive
- Credit card funding: Up to $2,300
- Monthly fees: $5, avoidable
- Early account termination fee: None
- Household limit: None mentioned
- Expiration date:
August 31st, 2017December 31, 2020
The Offer
- Redstone Federal Credit Union is offering a $100 bonus for both the referrer and referee when the person being referred completes ONE of the following requirements:
- Process 5 point of sale transactions within 60 days of account opening
- You can refer a maximum of five people
The Fine Print
- $100 bonus for you and a referred member will be credited to each of your accounts when the referred member opens his/her first RFCU® consumer or business checking account and meets the promotion requirements.
- The referred member must either receive Direct Deposit of $200 or more into the new checking account or process ten point‐of‐sale transactions within 60 days of opening the account to be eligible to receive the bonus.
- Both referring and referred member accounts must remain in good standing and no past due accounts until the bonus payout and have the minimum $5 in the share savings account. Bonus will be credited to each account within 90 days of account opening if all promotion requirements are met and will not be paid if promotion requirements are not satisfied.
- Offer valid June 1, 2017 to August 31, 2017; subject to change without notice.
- Only one bonus will be paid to the referred member.
- Limit five bonus referral payouts per referring member for a maximum payout of $500. Referred member must not have had a checking account in the last 12 months to qualify but may be a joint owner on another account.
- Must be a current RFCU member or Service Group to open a checking account.
- Referred members must be eligible for membership and open a share savings account with a required $5 minimum balance that must be maintained at all times.
- Must not have caused RFCU a loss (certain exclusions apply) in order to be eligible to open a checking account.
- The minimum deposit amounts required to open a checking account are: $500 for Relationship Checking accounts and $100 for Extra Checking® accounts. There are no minimum opening deposit requirements to open an Easy Checking account or Connect Checking® account.
- The minimum deposit required to open an Endeavor Checking account is $50 and to open an Endeavor Plus Checking account is $100. Promotion is not available for Gateway Checking®.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
I wasn’t able to find any mention of an early account termination fee in their fee schedule. 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+.
Our Verdict
Previously they offered a bonus of $200, this new offer is slightly better if the person referring you will give you their $100 because it doesn’t require a direct deposit. Probably only worth doing if the person referring you will at least give you some of their bonus. If anybody goes for it then share your data points in the comments below. For now I won’t be adding it to our list of the best checking bonuses because it’s unfortunately a hard pull to open the account.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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
- Banks That Allow/Don’t Allow Out Of State Checking Applications
