Update 6/5/21: Deal is back and valid until 10/31/21. Hat tip to reader ISO250
Update 10/24/20: Deal is back until December 31, 2020. Hat tip to reader Eli Green
Offer might be targeted due to ‘Offer valid for specified checking accounts and by invitation only.’ language. Doesn’t seem to be enforced.
Offer at a glance
- Maximum bonus amount: $200
- Availability: Philadelphia, PA only. Anybody might be able to join by becoming a member of the kids n hope foundation
- Direct deposit required: Yes, $500+ per month for three months
- Additional requirements: 25+ cumulative debit card transactions per month for three months
- Hard/soft pull: Hard pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: One
- Expiration date:
June 30th, 2020 September 30th, 2020December 31, 2020
- American Heritage Credit Union is offering a bonus of $200 when you open a new checking account. Bonus is broken down as follows:
- Set up a direct deposit in the cumulative amount of $500.00 or more in each of the following full three statement cycles following the month of account opening and receive $50 per statement cycle for a maximum of $150 in bonus awards
- Receive an additional $50 bonus when 25 or more cumulative debit card transactions are made during the first three full statement cycles following account opening
The Fine Print
- Offer valid as of January 1, 2020 through June 30, 2020. All offers are subject to change without prior notice.
- Offer valid for specified checking accounts only.
- Set up a direct deposit in the cumulative amount of $500.00 or more in each of the following full three statement cycles following the month of account opening and receive $50 per statement cycle for a maximum of $150 in bonus awards.
- Receive an additional $50 bonus when 25 or more cumulative debit card transactions are made during the first three full statement cycles following account opening.
- For example, if account is opened in January 2020, account holder must make $500 or more cumulative direct deposits of $500 in the months of February, March and April 2020, as well as at least 25 debit card purchases during those months to qualify.
- Bonuses will be awarded at end of 90 day promotional period.
- Purchases only, ATM withdrawals are not eligible.
- Offer valid for specified checking accounts and by invitation only.
- American Heritage reserves the right to cancel, modify or extend this offer at any time without notice.
- Member must be in good standing with a minimum $15 deposit in the primary share account.
- Limit (1) per household.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
They offer a totally free checking account with no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to see any mention of any early account termination fee in their fee schedule.
The hard pull will kill this deal for most people, it’s also a lot of requirements for a bonus of only $200. For those reasons I won’t be adding this to our best bank account bonus page.
Hat tip to reader Ryan H
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