Update 7/30/24: offer is significantly better as you can get another $200 just for depositing $5,000, doesn’t seem to be any holding requirement.
Update 7/8/23: Deal is back.
Offer at a glance
Maximum bonus amount: $200
Availability: Must live or work in one of the following counties:
Michigan: Berrien & Cass
Indiana: Lots, view here.
Direct deposit required: Yes, $500+
Additional requirements: Use promo code 200
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Can fund up to $2,500 with a Visa or Mastercard
Monthly fees: None with eStatements
Early account termination fee: None
Household limit: None
Expiration date: March 20th, 2020
The Offer
Teachers Credit Union is offering a bonus of $200 when you open a new checking account and complete the following requirements:
Use promo code JOIN200
Set up $500 or more in monthly direct deposits for the first three months
You can get another $200 when you deposit $5,000+
The Fine Print
To open a new checking account and take advantage of this offer, stop into a TCU Service Center and use promo code “200,” or visit tcunet.com/open and enter 200 in the promo code box when opening a new checking account.
Checking account must be opened by March 20, 2020. Minimum direct deposit(s) totaling $500 or more per month required.
First $500 in monthly direct deposit(s) must be posted by May 15, 2020.
$200 bonus will be credited to the member’s checking account at the close of the first full statement cycle after meeting eligibility requirements.
Account must remain open for at least 180 days.
Limited to one promo ($200) per member.
Member may receive an IRS tax form 1099-INT for the cash incentive. New members are subject to a $7 membership fee and $5 initial share deposit.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is a $7 membership fee
Monthly Fees
Advantage checking has a $7 monthly fee, this is reduced to $5 with eStatements.
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is an early account termination fee or not
Our Verdict
This account also earns a 0.5% rebate on any non-PIN purchase up to $500 per calendar year (minimum redemption is $30). Seems like a good deal if it’s a soft pull. If anybody signs up for the account then 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
Post history:
Update 10/16/22: Deal is back, no end date listed. Hat tip to reader Matt
Update 6/11/22: Deal is back with promo code July 25, 2022
Update 8/21/21: Deal is back. Hat tip to Hoops