Update 9/2/23: Deal is back and valid until 9/30/23
Update 7/10/22: Back and valid until 8/31/2022.
Offer at a glance
Maximum bonus amount: $200
Availability: Persons who reside, are employed, worship or attend an educational institution in any county within the State of Michigan
Direct deposit required: Yes, $100+ within 60 days of account opening
Additional requirements: See below
Hard/soft pull: Unknown (possibly hard, see comments). Report of soft pull
ChexSystems: Unknown
Credit card funding:Up to $500
Monthly fees: None
Early account termination fee: $5, 12 months
Household limit: None
Expiration date: August 31, 2021 8/31/2022
The Offer
Michigan Schools & Government Credit Union is offering a bonus of up to $200 when you open a new checking account. Bonus is broken down as follows:
Earn $100: Set up your direct deposit of $100+ to your new checking within 60 days of account opening.
Earn $100: Complete 10 debit card transactions of $5+ within 60 days of account opening.
The Fine Print
Available for regular and fresh start checking accounts opened before 8/31/2021; limited to one incentive per member.
An incentive of up to $200 will be paid when the member completes the following: qualify for and open a checking account and ATM/debit card; make an initial deposit of $25 or more in the account; within 60 days, enroll in and receive one direct deposit (minimum $100) to the new account (earn $100), and/or conduct 10 PIN or signature debit card transactions (Does not include ATM) of $5 or more (earn $100).
Members must not currently have a checking account or have closed a regular checking account as of 4/1/2021 or later.
Bonus will be paid 61 days after account opening date.
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
There is a $5 fee if closed within 12 months in the fee schedule.
Our Verdict
Has been a $175 bonus in the past. This is worth doing if it’s a soft pull. Won’t add this to our best bank account bonuses until that has been confirmed.
Hat tip to Linamax
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