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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