Deal has expired, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $100
- Availability: VA only
- Direct deposit required:Â Yes, two direct deposits of $500+ for two consecutive months
- Additional requirements:Â None
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Can fund up to $500 with a credit card
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit: None
- Expiration date:Â June 28th, 2019
Contents
The Offer
- Virginia Credit Union is offering a bonus of $100 when you open a new checking account and complete the following requirements:
- Have at least two direct deposits of any combination of a paycheck, pension payment, Social Security payment, or other eligible monthly income of $500 or greater electronically deposited into the account from an employer or outside agency for two consecutive months within 120 days of opening
The Fine Print
- In order to qualify for the $100 cash bonus, you must 1) be 18 years of age or older 2) Open a new personal checking account, by June 28, 2019, AND 3) Have at least two direct deposits of any combination of a paycheck, pension payment, Social Security payment, or other eligible monthly income of $500 or greater electronically deposited into the account from an employer or outside agency for two consecutive months within 120 days of opening. We reserve the right to request documentation that the direct deposits qualify.
- Cash bonus is only available to new and existing members that do not currently have a personal checking account or direct deposit history with us within the prior 12 months.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Regular checking has no monthly fees to worry about
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee.
Our Verdict
Looks like it’s a bonus worth doing due to the soft pull and the small amount of credit card funding. Obviously not the biggest or easiest bonus to do, so will be adding this towards the bottom of our best checking bonus page.
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They use Chex and appear to be Chex sensitive.
I have an address in VA but not in their area, so I tried opening an account in branch by joining ACTE (they pay first year membership dues). That seemed to be fine and we started the account opening process. After putting in my name, SSN, etc., the banker turned the screen to me to confirm the information and I saw the next button for him to press was “Run ChexSystems”. After he ran the report, he informed me that due to my Chex report, I would only be eligible for their Encore checking account which has a non-waivable $9.95 monthly fee. Also, that account doesn’t qualify for the $100 bonus. He said the system made the decision – it was not something he decided or could change. So of course, I stopped there and didn’t open the account.
Thanks for the DP. I was thinking about trying this one, but I am the same as you, out of area, probably a 2 hour trip to nearest branch for me.
A KeyBank banker in branch told me the same kind of thing on my denial. The computer decides, so it’s not something they have the ability to override. They just enter your data and poof, a decision is made. They hand you the printout saying to call Chex and send you on your way.
This one time, at Chartway FCU, they handed me a denial sheet as part of the account paperwork, but still opened the account and neither of us brought it up. So depending on the bank, I think they can override, they just don’t, unless they are new. That particular banker looked like he just got off the school bus.
No HP on Experian. $500 funding on CIP posted as purchase.
Bonus posted within 3 weeks of second DD
Have not signed up but here is information I have gathered from the site:
1. They use Chex
2. Not all VA residents are eligible out of the box. Here’s the list (mainly surrounding areas of Richmond VA): https://www.vacu.org/about-vacu/join-us/who-can-join
The very last way to be eligible is to join Virgina ACTE. Looks like they will pay the 1st year membership dues for ACTE (you don’t need to continue after that) but you’ll need to visit a branch.
3. Not so much an ETF but bonus is paid after 6 months from account opening.
4. CC funding available online. Don’t know limit
If you’re looking to be eligible through the ACTE route, you would have to join in one of their regular branches, not CO-OP. CO-OP branches don’t handle account openings and such.
Thanks for the tag but for some reason it didn’t work. Maybe the guest number message you used I didn’t hit the bell. Anyway, was hoping to see a DP or two before trying this one, and looks like you already got an answer on joining from out of area. Not worth the drive to Richmond for me. Maybe this summer… If I can find other reasons to go.
Yeah I gave them a call to confirm eligibility before applying. If you ever go, let me know and I’ll do the same if I do.