Update 10/1/24: Bonus is now $300 for each party.
Offer at a glance
Maximum bonus amount: $300
Availability: Michigan
Direct deposit required: Yes, no minimum
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Up to $3,000
Monthly fees: None
Early account termination fee: Unknown
Household limit: None
Expiration date: None
The Offer
PFCU is offering a $100 referral bonus when the person setting up a new account complete the following requirements:
Set up statement savings and checking account
Establish access and use of PFCU Online Banking with E-Statements
Establish Direct Deposit
The Fine Print
Refer-A-Friend cash bonus offer terms and conditions. New member must present Referral Code at time of account opening and establish a Membership Savings and Checking Account.
New members cannot have any existing accounts (primary or joint owner) within the last 12 months.
Member and referee cannot begin credit union membership on the same business day.
Account Opening Criteria: Primary account holder must be 18 years or older and meet PFCU’s membership eligibility and credit qualification requirements, including opening a Membership Savings Account with a minimum balance of $5 and a Checking Account. Cash Bonus Criteria:
To receive the cash bonus, the new account must meet the following criteria within the first 30 days: 1. Establish access and use of PFCU Online Banking with E-Statements and 2. Establish Direct Deposit. 3. Must be open and cannot be delinquent (more than 30 days) at time of bonus payment. Bonus will be deposited into the qualifying account and referring member’s account within 10 business days in the month following the end of the first 30-day period if qualifications are met. Referring member must have an open and active share account at time of bonus payment and be at least 18 years of age. Bonus amounts may be subject to applicable taxes and are the responsibility of the member. Bonus cannot be combined with any other account opening offer. Referrals limited to twenty per member. Terms and conditions subject to change without notice.
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
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Feel free to share your referrals in the comments below, worth doing due to the credit card funding and ability to refer others. Will add this to our list of the best bank account bonuses.
Hat tip to reader Garp
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?
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