Offer at a glance
Maximum bonus amount: $300
Availability: Nationwide
Direct deposit required: Yes, $1,000+
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Unknown
Credit card funding: Yes, $2,500. Visa & Mastercard accepted
Monthly fees: $10, avoidable
Early account termination fee: None
Expiration date: None mentioned
Household limit: None mentioned
The Offer
Quorum Federal Credit Union is offering a $300 bonus when you open a new checking account and complete the following requirements:
Make direct deposits totaling $1,000 or more
The Fine Print
$300 Incentive: This offer is available to any member who opens either a QPlus or QClassic checking account and makes direct deposits to this account totaling $1,000 or more within 60 days of account opening.
The direct deposit must be an electronic deposit of your paycheck, pension, or government benefits (such as Social Security) from your employer or the government.
Person-to-Person payments (such as Zelle®) are not considered a direct deposit.
Micro-deposits, which are typically less than $1 and are used for account ownership verification purposes, do not qualify as a direct deposit.
This offer is limited to one incentive per member, regardless of the number of accounts opened. Members who are current owners of any QPlus or QClassic checking account, or those who have closed a QPlus or QClassic checking account within the past 12 months, are not eligible for this offer.
Members who are switching from any existing Quorum checking account to QClassic or QPlus are also not eligible to receive this incentive.
Incentive Payment: The $300 incentive will be deposited into your new account within 15 business days of meeting the qualifying criteria.
The enrolled account must not be closed or restricted at the time of payout.
The incentive is considered a dividend and will be reported as income to the IRS.
Members are responsible for any applicable taxes.
Offer availability subject to change at any time 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 found no mention of any early account termination fee in their fee schedule.
Eligibility
To be eligible, must join either 1) American Consumer Council (no fee), or 2) the Select Savers Club ($5 fee, note that Quorum will pay this fee). You can sign up for either of these during the application process.
Quorum membership is established through the creation of a Basic Savings account with a $5 minimum balance. This account is opened automatically and funded with a $5 deposit by us when your application is approved.
Our Verdict
They offered a similar bonus in 2017 but without the direct deposit requirement. We will add this to our list of the best bank account bonuses, I can’t imagine it will last long.
Hat tip to ShawntheShawn
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A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
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