Xceed Financial Credit Union $200 Referral Bonus For Both Parties

Update 6/30/19: Removed this from the best bank bonuses as it doesn’t seem like anybody is actually getting approved or the bonus.

Update 4/18/19: Report of a soft pull, not 100% clear if that is with opting in to overdraft protection or not.

Offer at a glance

• Maximum bonus amount: $200
• Availability: You can view eligibility requirements here. Can also pay $10 to donate to a library to become eligible.
• Direct deposit required: Yes, $500+ for two months
• Additional requirements: See below
• Hard/soft pull: Soft pull, but bonus does require overdraft protection and that usually results in a hard pull
• ChexSystems: Yes
• Credit card funding: Unknown
• Monthly fees: $10 monthly fee
• Early account termination fee:  Unknown
• Household limit: None listed
• Expiration date: December 31st, 2019 No end date listed

The Offer

Direct link to offer

• Xceed Financial Credit Union is offering a referral bonus of $200 to both parties. The person being referred receives a bonus of $200 if they complete the following requirements:
  • Open a new Xceed Signature Checking account
  • Maintaint he new account active and in good standing for 90 days
  • Have direct deposits of at least $500 per month for two consecutive months within 90 days of account opening
  • Be signed up for online banking, Visa Platinum debit card & eStatements
  • Sign up for overdraft protection
• If the above requirements are met the person that referred you will also receive $200

The Fine Print

• $100 (or $200) Referring Member Bonus: To qualify for the $100 referring member bonus, the referring member must be an existing Xceed member in good standing, and the referral must have been submitted by December 31, 2019, through the Xceed BankingWorthSharing.com microsite or the official Banking Worth Sharing form.
• The referring member would also receive an additional $100 referring member bonus for a total of $200 if the referring member has an active Xceed Visa® debit card, has signed up for online banking with eStatements, has signed up for overdraft protection, and is receiving a direct deposit of at least $500 per month in an Xceed Signature checking account (evidenced by two consecutive months of ACH payroll deposits).
• Limit one referring member bonus per referred member.
• No limit to how many new members can be referred.
• The $100 or $200 bonus will be credited to the referring member’s account within 30 days after the referred member account has been open for 90 days.
• Total referral bonuses equal to $600 or more will be reported on the IRS Form 1099-MISC.
• $200 Referred Member Bonus: Existing members who open new accounts do not qualify for the $200 bonus.
• To receive the $200 bonus, new referred members must open their Xceed Signature Checking account by December 31, 2019, maintain the new account active and in good standing for at least 90 days, have direct deposits of at least $500 per month to the account (evidenced by two consecutive months of ACH payroll deposits within the first 90 days of account opening), is signed up for online banking with eStatements, sign up for overdraft protection, and have a Visa® Platinum debit card issued.
• The $200 bonus will be credited within 30 days after the account has been open for 90 days.
• The $200 will be considered as dividends and will be reported on the IRS Form 1099-INT
• . All new account applicants are verified through ChexSystems, must qualify for membership and must open a primary share savings account.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The Signature Checking account that is required for this bonus has a $10 monthly fee. This is waived if any of the following are done:

• Direct deposit of at least $500 per month into the account; or
• Aggregate membership balance greater than or equal to $25,000; or
• Primary account owner under 26; or
• Primary account owner active military; or
• Account open less than 90 days

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

Probably not worth doing due to the likely hard pull for overdraft protection, although that is unconfirmed. If it is a soft pull then it might be worth considering, there are a lot of requirements but most of them are relatively easy to meet. The only difficult one is the direct deposit requirement. We also recently posted about an Xceed credit card with a sign up bonus of $200. Feel free to share your referral details in the comments below

Hat tip to reader rebecca s

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