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Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: Yes, $500+ within 60 calendar days
- Additional requirements: Make 10 debit card purchases
- Hard/soft pull: Soft
- ChexSystems:Unknown, mixed dp if sensitive
- Credit card funding: Up to $1,500
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: December 31, 2022
The Offer
- Chartway Federal Credit Union is offering a $200 checking account when you open a new checking account and complete the following requirements:
- Use promo code HOLIDAY22
- Receive direct deposits totaling $500 or more within 60 calendar days of account opening
- Maintain an average daily balance of $1,000 for the first 60 days of account opening
- Make ten debit card purchases of $10 or more within 60 days of account opening
The Fine Print
- Eligibility Requirements: Open a new Chartway Federal Credit Union consumer Cash Back checking by December 31, 2022. Accounts are subject to approval.
- This offer is for new checking members only.
- New members will be required to open a Prime Share account with a minimum opening deposit of $5.
- Offer is not available to those who have whose accounts have closed in the last 90 days or closed with a negative balance in the last 24 months.
- Bonus Requirements: Within 60 calendar days of account opening (the “qualification period”), receive a total of $500 or more in qualifying direct deposits to your new checking account, maintain an Average Daily Balance (ADB) of $1,000 for first 60 days of account opening, and make ten (10) Visa® debit purchases of $10 or more within 60 days of account opening.
- A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your checking account. Confirm with your employer or the agency or company making these payments that they use the ACH network.
- Transfers from one account to another, mobile deposits, or deposits made at a branch, or ATM don’t qualify as a direct deposit.
- Bonus Payment: Once the 60-day qualification period has elapsed, Chartway will determine if you have met the offer requirements and will deposit any earned bonus into your new checking account within 30 days.
- The new checking account must remain open throughout the 60-day qualification period and at the time we attempt to deposit any earned bonus payment.
- Offer expires December 31, 2022.
- However, offer may be discontinued or changed at any time prior to the expiration date 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
Cash back checking account has no monthly fee to worry about.
Early Account Termination Fee
I wasn’t able to find an up to date fee schedule, so I’m not sure if an EATF is charged. In the past the fine print has stated the account needs to be kept open for 180 days, you might as well do that as the account has no monthly fee anyway.
Our Verdict
Previously there was a $100 referral bonus but it didn’t require a direct deposit. This is a bigger bonus (assuming you weren’t getting the other side of the referral bonus). We will add this to our list of the best bank account bonuses.
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
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