DOC Compass — Offers, decoded

This deal has expired, current top checking bonuses can be found here.

According to a reader this is a targeted promotion, only existing users are eligible?

Offer at a glance

Maximum bonus amount: $350
Availability: Nationwide
Direct deposit required: Yes, no minimum specified
Additional requirements: See below
Hard/soft pull: Hard
ChexSystems: Yes, inquiry sensitive
Credit card funding: None
Monthly fees: None
Early account termination fee: Unknown
Household limit: None
Expiration date: April 30th, 2018

The Offer

Direct link to offer

First Tech Federal Credit Union is offering bonuses of up to $350 for opening a checking/savings account. Offers are as follows:
- Open a Dividend Rewards checking account and set up direct deposit within 60 days and get a $100 bonus
- Open a new instant savings bonus and get:
  - $150 bonus when you transfer $15,000 of new funds in within 10 business days and maintain that balance for 90 days
  - $250 bonus when you transfer $25,000 of new funds in within 10 business days and maintain that balance for 90 days

The Fine Print

Offer expires 04.30.18.
Bonus offer is not valid for multiple accounts and is available by invitation only. (keep in mind this showed up as a Google ad, so everybody should be eligible)
This offer is non-transferable and is not available to members with existing Dividend Rewards Checking or Instant Access Savings accounts or those whose accounts have been closed within 90 days. New accounts must be personal accounts, not fiduciary or business accounts.
For new members, opening a Membership Savings Account with a deposit of $5.00 is required prior to opening any other type of accounts. After meeting criteria below, we’ll deposit bonus amounts to your Membership Savings Account month-end after you meet all criteria.
The checking bonus may be combined with only one savings bonus option. Account must be in good standing (not in default, closed, or otherwise not in good standing.) Bonus amounts are considered interest and will be reported on IRS form 1099 INT.
To receive $100 checking bonus: 1) Open a new Dividend Rewards Checking account AND 2) Have your direct deposit made to this account within 60 days of account opening. Direct deposit must be electronic deposit with paycheck, pension or government benefit description.
To receive $150 savings bonus: 1) Open a new Instant Access Savings account; 2) Deposit $15,000 in new money within 10 business days of account opening; AND 3) Maintain a minimum daily account balance of $15,000 for 90 days after the first 10 business days. New money cannot be held by First Tech or its affiliates.
To receive $250 savings bonus: 1) Open a new Instant Access Savings account; 2) Deposit $25,000 in new money within 10 business days of account opening; AND 3) Maintain a minimum daily account balance of $25,000 for 90 days after the first 10 business days. New money cannot be held by First Tech or its affiliates.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The savings accounts do not have any monthly fees, checking account also has no monthly fees to worry about. I wasn’t able to find any fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Hard pull and ChexSystems sensitive kill this deal unfortunately. Personally I’d just give this one a miss, but if you don’t really care about hard pulls and haven’t opened many bank accounts then maybe you could go for it. Although I’d recommend just focusing on bigger checking & saving bonuses personally and just giving this one a miss instead.

Big thanks to reader, Michael G who let us know. Learn how to find bonuses and contribute to the site here.

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