Update 10/12/24: Deal is back, but now for $500. Valid until 12/4/24. Hat tip to reader Alex
Offer at a glance
Maximum bonus amount: $500
Availability: Must live, work, worship, volunteer, attend school in one of the following counties: Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rennselaer, Rockland, Saratoga, Schenectady, Ulster, and Westchester Counties
Direct deposit required: Optional
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Up to $10,000
Monthly fees: None
Early account termination fee: $20, 90 days
Household limit: None
Expiration date: 12/31/2023
The Offer
Hudson Valley Federal Credit Union is offering $400 checking bonus. Requirements are as follows:
Open a new HVCU Premier or Classic Checking Account with a Visa Debit Card
Sign up for Internet Banking & eStatements
Spend a minimum of $1,500 with your new Debit Card OR make $1,500 in direct deposits into your new account within the first 90 days
The Fine Print
Terms and Conditions Applicable to $400 Bonus Checking Account Offer, valid from 10/2/2023 to 12/31/2023
Account holder has 90 calendar days to meet the requirements to receive bonus. HVCU will deposit the $400 bonus into the account holder’s new checking account within five business days after the completion of the 90 calendar day qualification period, so long as the account holder fulfills each of the following three qualifications:
Open a new checking account with HVCU Visa Debit Card (must be requested at time of account opening);
Enroll in Internet Banking and/or Mobile Banking services and enroll in e-statements;
Use your new HVCU debit card and spend a minimum of $1,500 using the new checking account OR sign up for qualifying direct deposits with a cumulative minimum of $1,500 into your new checking account. A “qualifying direct deposit” is a direct deposit of regular monthly income, such as your salary, pension, or Social Security benefits, which are made by your employer or other payer, using account and routing numbers that you provide to them. Examples of non-qualifying direct deposits and transfers include: your initial ACH deposit to open the account, teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, or Internet or Mobile banking transfers or deposits. Offer subject to member verification.
Only one bonus of $400 will be paid to the primary checking account owner. This must be your first HVCU checking account to qualify for this bonus. Only Personal Classic and Premier checking accounts are eligible for this offer. Members under the age of 18 are not eligible to receive this bonus. No exceptions will be made or considered. Account must be in good standing and the qualifications satisfied to receive bonus. Good standing means you have on deposit at least the par value of one full share ($0.01) in the regular share savings account, have no delinquent loans (payment is not more than 30 days late), and have a positive balance in all share accounts. May be subject to IRS reporting; please consult your tax advisor. HVCU expressly reserves the right to terminate this promotion at its discretion at any time and without further notice provided to you.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Classic checking account has no monthly fees to worry about.
Early Account Termination Fee
According to the fee schedule there is an early account termination fee of $20 if closed within 90 days of account opening.
Our Verdict
Not sure if the credit card funding is still available or not. Previous best was the $750 checking bonus, but that required a direct deposit. Worth doing if you live in an eligible area.
Hat tip to reader Tikky
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