Update 8/25/24: Bonus is now back through 2024. Hat tip to reader aud
Offer at a glance
Maximum bonus amount: $250, $100 without loan
Availability: Must live or work in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota or St. Lucie counties All are in FL.
Direct deposit required: Optional
Additional requirements: Direct deposit or initial deposit of $500+
Hard/soft pull: Reports of hard & soft pull, looks to be a hard pull
ChexSystems: Yes
Credit card funding: Unknown
Monthly fees:
Early account termination fee: 90 days, bonus forfeit
Household limit:
Expiration date: December 31st, 2017 December 31st, 2018 December 31st, 2020 December 31, 2024
The Offer
Power Financial Credit Union is offering a bonus of $199 when you open a new checking account and complete the following requirements:
Use promo code JT
Open with an initial deposit of $500 (and maintain that in the account for at least 90 days) or receive a direct deposit
The Fine Print
Promotion can end at any time.
Must use promo code “JT” when opening membership to qualify for the promotion. Prizes will be awarded upon account meeting qualification criteria. New accounts require opening a checking account with a minimum direct deposit or initial deposit of $500, which must remain in the account for at least 90 days. Checking account must remain open for 90 days.
Membership required; $5 membership deposit. Power Financial Credit Union’s membership consists of those who: live or work in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota or St. Lucie counties; employees of FPL/NextEra and Ryder System, Inc.; members and employees of Bonefish & Tarpon Trust; and immediate family of all current members. Restrictions apply.
Cannot be combined with other offers. Incentives will be deposited to member’s Power Financial Credit Union
Account no later than 120 days after account opening.
A 1099 may be issued for the value of the incentive on your behalf as income
Avoiding Fees
As the $100 bonus includes savings accounts you should be able to just open the club saving account and this has no monthly fees. You do need to keep the account open for 90 days to avoid any early account termination fee.
Our Verdict
They have offered a similar bonus in the past and my verdict is still the same. If there is no hard pull, this is a great deal. I wouldn’t bother with the bigger bonuses that require a loan, but $100 with no monthly fees or any bonus requirements is still a great deal. If anybody does decide to sign up, please share your experiences in the comments below. Because it looks to be a hard pull I’d just avoid this all together.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
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
Post history:
Update 1/5/22: Extended through December 31, 2022
Update 11/20/21: Deal is back and valid until December 31, 2021. Hat tip to Christopher Robins
Update 7/16/20: Deal is back and valid until December 31st, 2020. Hat tip to Travel With Miles
Bonus is back for 2018. Seems to be a hard pull so unlikely to be worth doing. Hat tip to Finding My Possible.