Update 11/29/23: Deal is back and valid until 12/1/23. Hat tip to reader Bockrr
Offer at a glance
Maximum bonus amount: $200
Availability: Membership is open to anyone who lives or works in Dane, Green, Jefferson, Kenosha, Milwaukee, Ozaukee, Racine, Rock, Walworth, Washington and Waukesha Counties.
Direct deposit required: Yes, $200+
Additional requirements: 15 debit card transactions
Hard/soft pull: Unknown
ChexSystems: Unknown
Credit card funding: Unknown, unlikely due to in branch opening
Monthly fees: None
Early account termination fee: $20, 90 days
Household limit: None listed
Expiration date: November 30th, 2018
The Offer
Educators Credit Union is offering a bonus of $200 when you open a new checking account at Janesville, Milton or Beloit Branches and complete the following requirements:
Set up a direct deposit of $200 or more.
The Fine Print
Checking account must have direct deposit. Direct deposit is defined as a payroll, social security, pension, or other deposit from a credible external source. It is not an Automated Clearing House (ACH) deposit or transfer from another account.
Active card used is defined as 15 transactions per month on your Educators debit card or $500 or more in purchases on your Educators credit card from the card opening date through Nov. 30.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
They offer a free checking
Early Account Termination Fee
There is an early account termination fee of $20 if the account is closed within the first 90 days according to their fee schedule
Our Verdict
Better than the previous $100 bonus they have offered. Obviously severely location restricted unfortunately. Should be worth doing if you live near a branch, but we still need to know if it’s a hard or soft pull (should be able to ask in branch before opening). As always 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