Update 3/26/22: Deal is back, this time you can only order one debit card so maximum is $150 instead of $300.
Offer at a glance
- Maximum bonus amount: $150
- Availability: NY only (branch locator). Must live, work, worship, volunteer, or attend school in the geographic boundaries of the City of Rochester, City of Bualo, City of Syracuse, City of Geneva, City of Tonawanda, Town of Henrietta, Town of Amherst, Town of Tonawanda, or Cortland County
- Direct deposit required: None
- Additional requirements: 20 debit card transactions
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $5, avoidable
- Early account termination fee: Account must remain open through 9/30/19
- Household limit: None
- Expiration date: None listed, but must complete debit card transactions by May 31st, 2019
The Offer
- Summit Federal Credit Union is offering a bonus of $150 when you open a new checking account and complete the following requirements:
- Make 20 debit card purchases by 5/31/22
The Fine Print
- Offer limited to members that have not had a debit card in the past 12 months. Limited to 2 cardholders per account (up to $300 maximum with Premium Checking or $150 maximum with Enhanced Checking).
- To receive the $150 bonus with Premium Checking or $75 with Enhanced Checking, you must order a new debit card between 2/4/19 and 3/31/19, have 20 point-of-sale transactions post to your account by 5/31/19 and the card and account must remain open through 9/30/19.
- Please allow 4-6 weeks after meeting qualifications to receive your gift.
- Cash bonus will be reported and you will receive IRS Form 1099-INT.
- Any applicable taxes are the responsibility of the member.
- Offer subject to change at any time at our sole discretion without notice.
- The Account Maintenance Fee is waived if you meet certain conditions. See branch for details.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Premium checking account (required for the $150 bonus) has a $5 monthly fee. This is waived if you have a daily balance of $1,000 or more.
Early Account Termination Fee
Account must remain open through 9/30/19, otherwise it looks like the bonus will be forfeit.
Our Verdict
Seems like an amazing offer, especially if you can do it twice per account for a total bonus of $300. It’s not clear if you’ll be able to open via phone/online or if you eventually need to go in branch. Definitely worth doing if it’s a soft pull, if anybody goes for this bonus then please share your experiences in the comments below.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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
