This was formally called JSC Federal Credit Union
Offer at a glance
- Maximum bonus amount: $100
- Availability: TX, might be able to qualify through ACC
- Direct deposit required: Yes, $300+
- Additional requirements:
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Yes, $5,000
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: December 31, 2024
Contents
The Offer
- Wellby Financial is offering a $100 bonus when you open a new checking account and complete the following requirements:
- Use promo code GIFT2024
- Set up a monthly direct deposit of $300+
The Fine Print
- November 12 – December 31, 2024.
- To be eligible, you cannot have any existing Wellby checking accounts.
- To receive the bonus of $100.00, you must open a Wellby Secure Spending (checking) account either online or in a branch using the promo code: GIFT2024 during the promotional period and set up a direct deposit equal to at least $300.00 per month within 60 days of account opening
- . Your bonus will be credited to your new checking account within 14 days following confirmation that you completed all the offer requirements and meet the qualifications. Membership and registration/activation required. Restrictions apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Unsure if there is any EATF.
Our Verdict
Hopefully opening out of state works, very good bonus with this amount of credit card funding.
Hat tip to Jimmy Johns
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
Got $100 bonus today. Tried Fidelity, treasury direct, real DD. Not sure which one triggered unfortunately
I would like someone to find a fee schedule and confirm if there is EATF
What’s EATF?
What’s EATF?
It’s an acronym for “Early Account Termination Fee”, meaning closing the account before a certain amount of time (ie 6 months).
Thanks
Found their fee schedule. https://www.wellbyfinancial.com/disclosures/?AccountType=Fees#Fees
There is no early account closure fee listed.
However, looking at the terms for the promotion listed on https://www.wellbyfinancial.com/rates-center/deposit-rates-pdf/ , it says “Members with checking account closed within a ninety (90) day period from opening this new checking account are ineligible”
So you have to keep the account open for 90 days. Not sure if they’d do a clawback.
Other relevant fees on their schedule-
Replacing a debit card has $5.00 fee.
Looks like they might charge a fee that “varies” for pushing out from Wellby too.
Under Transfers it says “From Wellby to an external banking institution. Applicable fees per transfer.”
They also have a dormancy fee of $10/month after 12 months of no activity, with some exclusions including having $500 in deposits.
Under Miscellaneous – “May be assessed monthly to membership savings accounts when a member has not initiated activity on any relationship accounts for at least 12 months. A relationship is defined as any account where the account holder has an ownership role. Exclusions: Account holder is an owner on other open products or has relationships other than Savings and Checking accounts. Account holder has more than $500 in relationship deposits. Account holder is under 18 years of age.”
Appreciate your deep dig here. I’ve done two external transfers out from Wellby but was not assessed a fee right away. I’ll keep an eye on it for next statement or ask a rep.
Can confirm no fee for external transfer per rep
Thanks for the confirmation.
Thank you for contacting the National Credit Union Administration (NCUA) Consumer Assistance Center. The NCUA is the independent federal agency that regulates, charters, and supervises federal credit unions. The NCUA operates the National Credit Union Share Insurance Fund insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA Consumer Assistance Center assists consumers in providing information about federal consumer financial protection and share insurance matters. We also help consumers resolve disputes with credit unions concerning federal consumer financial protection laws and regulations that the NCUA has the authority to enforce. However, the NCUA does not have the authority to resolve every type of problem that may arise with a credit union.
We appreciate the information you have provided regarding the customer service of JSC Federal Credit Union. We have determined that this matter does not involve a federal consumer financial protection matter. Therefore, the NCUA Consumer Assistance Center is forwarding your concerns to the credit union’s management team and closing our file for your specific complaint.
Please note that we cannot provide legal advice and our determination in this matter does not limit your ability to pursue a private right of action if one exists. To determine such rights, you may wish to consult with private legal counsel.
Thank you for bringing this matter to our attention. The NCUA takes the concerns of consumers seriously. Investigating complaints such as these helps us to safeguard consumer rights and promote confidence in our nation’s system of cooperative credit. If you have any questions, please contact the NCUA Consumer Assistance Center at 800-755-1030 to speak with a Consumer Affairs Specialist.
Sincerely,
The NCUA Consumer Assistance Center
I’ve literally called them like fifteen times and they provide no info. I got my $100 deposit back so I’m just gonna move on.
To me either- repeatedly called, they claim the fraud dept will get in touch to explain what I did to get shut out, but nobody ever does.
I tried logging in today and I was able to get in, like nothing ever happened.
I’m setting up an external account for transfer before I try to push in a DD
tried just now and it seemed like it worked, then went to an error page, i think i’m still sol 🙁
Are you using the app
well i’ll be. they unlocked me too. i wonder if enough people complained that they had to walk it back (and whether i’ll be able to re-open the checking account they closed for no good reason)
Who told you it was closed — mine was never closed just “under review”
They actually closed my checking a couple days after locking me out online, confirmed by my employer when the dd I’d tried to add was rejected due to “account closed”. I’m guessing they closed the checking since they’d permanently restricted me from all but in-person cash transactions (what can you use a checking account for if you can only put cash in or take cash out in branch anyway?) I only have the basic membership savings now, even though I’m able to access mobile banking again. Gonna wait a few days in case it’s a fluke then try to reinstate/reopen the checking account.
Any positive DPs for funding with Amex?
I used AMEX Blue Business Plus during the application. After I applied, near the end of the back and forth phone conversations to get approval, the rep said that I couldn’t fund with my card because they don’t accept AMEX. Not sure if other AMEX will work, but that’s what they said. I had them change funding to Citi Strata Premier and that went through.
Tried AMEX business prime on another account, also didn’t go through, changed to Citi DC which went through.
OOS
I have ACC membership, but they never asked for it.
Nov 18th – applied
Dec 3rd – video chat via secure message and asked about high number of inquiries (my chex is high, prob 12+ this year)
Dec 4th – account opened and funded with $10,000 CC
Has your CC funding shown up yet?
Mine showed up yesterday, but now randomly my available balance is back to 0.
12+ is arguably not that high for this crowd. Do you have your Chex stats for the past 1, 3, 6 and 12 months? Was your Chex unfrozen when you applied?
Still not hearing anything about why my online access was restricted. Supervisor said I was still eligible for the bonus last week and that I could direct deposit. Thinking about going for it while also filing with CFPB
Go for it, and please file cfpb- their letter explaining their decision to restrict my access explained nothing and my checking was closed so I can’t even participate in the bonus 🙁 The more complaints they get, hopefully the more likely they’ll be to change their ways.
Didn’t realize your account was shut down. I’m afraid if I changed direct deposit I wouldn’t be able to get the money I put in but I’ll definitely file cfpb
denied 2 days after phone call to explain inquires lol/24
P2 was approved after video chat , submitting multiple additional documents, two phone calls, multiple online messages. Both video chat and phone call asked about inquiries, another phone call to answer knowledge based authentication questions. We are in footprint fwiw. Probably wouldn’t have pursued if I hadn’t forgotten Chex was actually thawed when applied and received Chex pull.
More than a week after applying, I received a message in the application portal requesting that I contact them for a video chat. During the chat, the representative began by asking, “Why are there so many inquiries? Can you explain?” Later, he said, “You have a freeze on your ChexSystems report. Can you call them to lift the freeze so I can review it?”
I found it ironic that he questioned the number of inquiries despite not being able to access my ChexSystems report. When I asked about their rules regarding ChexSystems inquiries and how they impact approval or denial, he simply said he needed to review the report and repeatedly stated, “Here is ChexSystems’ number. Please call them to lift the freeze.”
Given the negative experiences reported by others, I don’t think I will unfreeze my report for them.
Possible they are getting the Chex inquiry count off Transunion? LexisNexis inquiry count?
Alternate possibility… the “soft pull”, or failed hard pull on Chex, is enough to get some info, but not all?
We know Chex & LN share info… and Chex & TU… and Credit Karma. They are all into each others pockets, making money off our banking info.
You should rescind the application if you aren’t going to follow through… as they may surprise pull Chex later when you thaw for some other purpose. Had that happen to me once at First Commerce CU.
favo🔗
you can be SP’d on chex with it frozen and I assume because the SP is recorded, they just get the full report just like any other chex pull
why or how, I have no idea.
I don’t think that your speculation is correct. Read through this chat that I had with
Karl for what likely happened: #1920817 .
Maybe. My personal belief is it may depend on the bank software package on what the bank sees when Chex is frozen, contrary to what “someone else” believes.
They sent me a denial notice with an adverse action letter before I was about to send them a message to rescind the application. In the letter they cited chex and said the score was 0000. So when the chex was frozen, at least they could not see the score.
Because people are getting locked out of their accounts, I turned my credit card off. This means the funding won’t go through. I put $9k on the application and don’t want to risk having money tied up. Texas is a long drive from Michigan.
I decided to take the risk and unlocked the card, i was approved over the weekend and the account was opened today. I see the charge pending on my wf active cash card.
Are you able to access the funds online?
Per the rep it should show up 3 biz days after funding, so by tomorrow hopefully.
Funds are available as of yesterday, 12.6.24
I read your comment above that you used a Wells Fargo credit card so I wanted to double check if that’s correct. If yes, did Wellby Financial aka JSC FCU processed it as a regular sale or cash advance?
I also used a Wells Fargo to fund $5k for my membership account today. I tried lowering my cash advance limit but every time I call WF, their reps kept refusing. So I took a chance.
My WF account has a cash advance limit of $6K and right now it’s showing about $3k is used even though I’ve never used it before so I’m very worried about how Wellby Financial will categorize this transaction. Dear God, please not cash advance. What was your experience?
Hi, yes the wells fargo card coded as a purchase.
What was your chex stats?
8 in the last 6 months, 18 in the past 12 months
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