Deal has ended, view more bank account bonuses by clicking here.
Update 11/29/23: Deal is back and valid until 12/1/23. Hat tip to reader Bockrr
Offer at a glance
- Maximum bonus amount: $200
- Availability: Membership is open to anyone who lives or works in Dane, Green, Jefferson, Kenosha, Milwaukee, Ozaukee, Racine, Rock, Walworth, Washington and Waukesha Counties.
- Direct deposit required: Yes, $200+
- Additional requirements: 15 debit card transactions
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown, unlikely due to in branch opening
- Monthly fees: None
- Early account termination fee: $20, 90 days
- Household limit: None listed
- Expiration date: November 30th, 2018
Contents
The Offer
- Educators Credit Union is offering a bonus of $200 when you open a new checking account at Janesville, Milton or Beloit Branches and complete the following requirements:
- Set up a direct deposit of $200 or more.
The Fine Print
- Checking account must have direct deposit. Direct deposit is defined as a payroll, social security, pension, or other deposit from a credible external source. It is not an Automated Clearing House (ACH) deposit or transfer from another account.
- Active card used is defined as 15 transactions per month on your Educators debit card or $500 or more in purchases on your Educators credit card from the card opening date through Nov. 30.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a free checking
Early Account Termination Fee
There is an early account termination fee of $20 if the account is closed within the first 90 days according to their fee schedule
Our Verdict
Better than the previous $100 bonus they have offered. Obviously severely location restricted unfortunately. Should be worth doing if you live near a branch, but we still need to know if it’s a hard or soft pull (should be able to ask in branch before opening). As always please share your experiences in the comments below.
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
Opened 11/30; had to use virtual banking (see comment below)
Deposit of T-Bill from Treasury Direct 12/7, coded as “Salary/Regular Income”
$250 incentive posted to primary share (savings) 12/7
Three inquiries in the last 90 days will disqualify you.
Seems like new members earn $250 now?
I opened mine yesterday. Online got denied, but got OK’d when going through video chat. They did note that I had a lot of recent bank accounts (20+) but still OK’d me after I sent a pic of my social. Really nice folks on the video chat.
Current one doesn’t mention anything about using a card, just the $200 deposit.
What reason did you give them for so many recent bank accounts?
Are you currently working/living in the required branch footprints as mentioned in the offer?
Same experience last night into today. I do live in their footprint. Nice enough rep, but it did take about a half hour. I suspect large # of accounts/chex was the reason but they didn’t ask and I didn’t offer any info on that.
Since you need to do 15 debits a month from opening through November 30th, it might be better to wait until October to sign up for this one.
Oh, I live near a branch – several, actually. Not these three, though, so not worth it for me. If you live near one this would be ok; if I could apply at the branch near my house I’d give it a try.