Credit Union 1 (CU1) New $500 Promo Current Account with Direct Deposit — My Money Blog

Credit Union 1 (CU1) has a $500 checking account promotion with qualifying direct deposits. Available to new customers and existing customers who have not yet set up direct deposit. Based in Illinois, CU1 membership is open nationwide through membership in the Credit Union 1 Educational Development Association ($5 one-time CU1EDA fee + additional $5 CU1 one-time membership fee) . Hats off to Reader Chuck. Offer expires 9/30/22.

$500 direct deposit bonus steps.

  • Open a CU1 current account. Open a current account with CU1 online and use the promotional code CHK500, at your local office or by calling. Must open with a minimum of $25 or direct deposit of $500. Already a member with a current account? Set up your direct deposit in digital banking and call our team to mention the “$500 check offer”.
  • Set up direct deposit ($1,000/month for 3 months). Establish direct deposit activity within 60 days of account opening or by September 30, 2022. Recurring minimum total direct deposit of $1,000 per month for three (3) consecutive months.
  • Receive your $500 verification bonus. The $500 bonus will be deposited into your account after three (3) consecutive months of qualifying activity. The bonus will be paid by deposit to your CU1 checking account within 7 days of meeting all qualifying criteria.
  • Note: Must keep current account open for at least 12 months after opening.

Offer fine print:

1 To take advantage of this offer, you must use promo code: CHK500 by September 30, 2022. The offer is not available to existing members who already have an incoming direct deposit into a CU1 account, those whose accounts have been closed within 90 days or closed with a negative. balance within the last 3 years from the date of use of the promotional code. The promotional code is only valid once and is not exchangeable with other offers. To receive a $500 bonus: (1) Within 90 days of using the promotional code, you must establish and receive a recurring minimum total direct deposit of $1,000 per month into a new or existing CU1 checking account. (2) Your direct deposit must be from an electronic deposit of your paycheck, investment account, pension, or distribution of government benefits (such as Social Security) from your employer or government agency. Person-to-person transfers or payments are not considered direct deposit. The bonus will be paid by deposit to your CU1 checking account within 7 days of meeting all qualifying criteria. To receive the bonus, the current account must not be closed or restricted at the time of payment. The bonus is considered interest and will be reported on 1099-INT. Offer may be canceled at any time without notice.

Account Closure: If the current account is closed by the member or by CU1 within 12 months of opening, we will deduct the bonus amount from the current account upon closure.

Free verification of details.

  • No monthly maintenance fees.
  • Access to CO-OP ATMs. Get cash at no extra charge at over 30,000 ATMs nationwide
  • No charge for online statements, $3 monthly charge for paper statements, unless you are 65 or older.
  • Inactivity fee of $25 per month if no activity for 12 months.

Application experience and advice. Here are some tips based on my experience opening an account outside of Illinois.

  • Applied online via the promotion link above.
  • Enter your personal information, including your name, address, driver’s license/ID card, social security number, etc. They will ask you for a scan of the front and back of your photo ID.
  • Be sure to enter the promotional code CHK500 when prompted near the end of the application.
  • My initial deposit was through an external checking account providing them with an account and routing number. There was no credit card financing option.
  • Your minimum deposit should be $40 based on my calculations: $25 free verification minimum initial deposit, $5 CU1EDA, $5 minimum stock savings account, and $5 CU1 new member fee. See screenshot below.
  • Once my online application was submitted, within an hour they asked for supporting documents: another scan of front/back of ID, proof of address (utility bill, pay stub) and proof of SSN (scan of SSN card or W2 2021). I submitted via email (can also fax) and my account was approved the same day.
  • Registered for online access and discovered my current account number (routing number is 271188081). I used this information to change my direct deposit.

CU1 seems eager to expand as it offers additional competitive offerings.

also recently acquired Northside Community Bank in June 2022.

CU1 also offers other competitive offers:

  • 44 month CD at 3.00% APY + up to $500 bonus:

    LIMITED TIME OFFER: Get up to $500 bonus2 when you open a 44 month stock certificate. There is a minimum balance of $1,000 to open the stock certificate, and you can receive a bonus2 payout when you deposit NEW money over $100,000!

    $100,000 – $249,999 deposited | One-time bonus payment of $2502
    $250,000 or more deposited | One-time bonus payment of $5002

  • 22 month CD at 2.25% APY. Rates as of 08/29/22.
  • Need a big mortgage? They have what they call the lowest ever Jumbo rate with a possibly canceled PMI, an 80/10/10 structure and a closing credit of $400.
  • Auto loan rates starting at 5.24% APR for up to 60 months + $100 bonus:

    To qualify for the $100 bonus, the minimum loan amount is $15,000 and the loan must be closed within 30 days of the application date. Offer does not apply to existing Credit Union 1 loans or refinance of existing Credit Union 1 loans. Bonus will be deposited into member’s CU1 account upon loan closing. The bonus will be reported on 1099-MISC.

  • If you live near a branch, it’s also worth noting that they have a savings bond page that says Credit Union 1 members can redeem US savings bonds at any branch . It’s nice to see, because many banks seem to barely know what a paper savings bond looks like these days.

Hopefully they handle this promotion better than some other credit unions (*cough* Teachers FCU) and give them a shot at earning our continued business through their competitive term certificate, mortgage and car loan rates.

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