Update 1/2/2021: Deal has been extended until December 31, 2021.
Offer at a glance
- Maximum bonus amount: $250
- Availability: Anyone who lives, works, worships, or attends school in the seven Southern California counties (Los Angeles, San Bernardino, Orange, Riverside, San Diego, Ventura and Santa Barbara) is eligible to open an account at Wescom
- Direct deposit required: Yes, $500+ for two consecutive months
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Yes, sensitive
- Credit card funding: Up to $1,300o
- Monthly fees: $8, waivable
- Early account termination fee: Unknown
- Household limit: None mentioned
- Expiration date:
December 31, 2020December 31, 2021
The Offer
- Wescom Credit Union is offering a bonus of $250 when you open a new checking account with promo code WELCOME. Bonus is broken down as follows:
- Open a new Wescom Checking Account and maintain a $100 average daily balance and get a $100 bonus
- Use your debit card at least twice for two consecutive months and get $50 bonus
- Make a qualifying direct deposit of $500 or more for two consecutive months and get $100 bonus
- You can also get a $250 bonus for qualifying for a loan product
The Fine Print
- Offer valid until 12/31/2020 and may discontinue at any time. Member must meet all qualifications to receive full $500 bonus. Full/partial bonus will be deposited to your regular savings account the first week of the month following the full calendar month after you qualify for the bonus. Offer valid for new members only and cannot be combined with any other offer. Youth Account, UCLA Student, UCLA Grad Student, UCLA Staff and UCLA Faculty members, Wescom employees, their families, Wescom Volunteers, and Wescom Board of Directors and existing Members are not eligible for this offer. Bonuses may be subject to IRS reporting. Consult your tax advisor.
- Based on average daily balance at end of first full calendar month.
- Direct Deposit must be $500 per month for two of the three most recent months. Transfers done via ATM, teller, Person to Person payments (such as Zelle®) are not considered a direct deposit.
- Wescom will post your direct deposit when it is received, regardless of the settlement date. Early access to your direct deposit of funds is not guaranteed and is dependent on the timing of funding by the payer. Wescom does not control when the direct deposit is received.
- Anyone who lives, works, worships, or attends school in Southern California is eligible to open an account at Wescom
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Their no fee checking account has a $8 monthly fee that is waived if you have platinum or platinum signature membership (requirements for this can be viewed here)
Early Account Termination Fee
I wasn’t able to find a fee schedule.
Our Verdict
Previously the bonus was $200 and had to be opened in branch. This is an extra $50 and can be opened online, it’s also much easier to meet the requirements this time as well. Because of that we will be adding this to the best bank bonus page. Main downside is that it’s difficult to keep fee free.
Hat tip to Natanael
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
