Offer at a glance
- Maximum bonus amount: $200
- Availability: TX
- Direct deposit required: Yes, no minimum
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: None listed
The Offer
- 5Point Credit Union is offering a $200 bonus when you open a new checking account at the Magnolia branch and complete the following requirements:
- Receive a direct deposit, no minimum mentioned
The Fine Print
- 200 cash bonus, loan rate discount, and CD rate bump limited to one per person.
- Cash bonus requires a direct deposit from a payroll provider or government benefit.
- The cash bonus will be deposited into the account within 45 days from the date the first direct deposit is posted.
- Cash bonuses are considered taxable income by the IRS and will be reported on IRS Form 1099-MISC.
- This limited-time offer begins July 15, 2024, and may be discontinued at any time without prior notice.
- Insured by NCUA.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Absolutely free checking has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Should be able to ask in branch if it’s a hard or soft pull before opening the account.
Hat tip to reader Bockrr
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