【2022/12/1】Digital Federal Credit Union (DCU) is currently offering a $100 bonus for opening a checking account. The Primary Savings account earns 6.17% on the first $1,000. You can also fund up to $250 with a credit card when opening the account. Applicants must be a US Person (including Resident Alien). Overall, this seems worth opening, and the savings account is also worth keeping long term.

Quick Overview

  • Bonus: $100 (you must open a checking account using a referral link)
  • Eligibility: US person (including Resident Alien)
  • Availability: Nationwide
  • Direct deposit requirement: Optional
  • Hard/soft pull: Soft pull (you need to choose opt out of overdraft)
  • ChexSystems inquiry: Unknown (author’s data point: my Chex report had 18 accounts in the past 2 years and I was instantly approved. It does not seem very sensitive? Feel free to share more data points in the comments.)
  • Credit card funding: Up to $250
  • Monthly fee: None
  • Early account termination fee: None

$100 Checking Account Bonus Requirements

After successfully opening a checking account, you only need to use the debit card 5 times within one month to receive the $100 bonus. Strictly speaking, there are other ways to qualify for the $100, but cloud believes they are all more complicated than making 5 debit card transactions within a month. Specifically, you can complete any one of the following three requirements to receive the $100:

  • Option 1: Direct Deposit (original text: Checking Account with recurring Direct Deposit of your payroll, retirement, Social Security, or other monthly recurring income.)
  • Option 2: Make 5 debit card/credit card transactions, or 5 bill payments, or 5 balance transfers, or 5 transfers within one month. (original text: Checking Account with at least five qualifying transactions; debit/credit card transactions, bill payments, balance transfers, or P2P transfers the same month.)
  • Option 3: Loan (original text: A vehicle, RV, boat, or mobility loan (purchase or refinance).)

For most people, Option 2—using the debit card 5 times within one month—is clearly the easiest. I did 5 Amazon Reload transactions and received the $100. This may be one of the easiest bank account bonuses I’ve ever done.

How to Open the Account

  • Click the $100 application link.
  • Then click "JOIN DCU" to enter the application page. You will first be asked to agree to the terms, and the page will also show the detailed requirements for earning the $100. A progress bar at the top of the application page shows which step you are on.
  • The first step is "Select Accounts." At this step, make sure to add Free Checking, otherwise you will not get the $100 bonus. Note that Primary Savings is selected by default, and that is the account that earns 6.17% on the first $1,000 in deposits. Advantage Savings is not required; cloud did not select it in this step.
  • Next, the second step is entering your personal information, and you will need to upload your driver’s license. The third step is Disclosures, which includes many documents. A few things to note: 1) In these two steps, you will be asked to confirm that your status is US person (including Resident Alien). 2) At one point, you will be asked how you qualify for Membership. Choose the last option, then select “Reach Out for Schools” from the dropdown menu. It costs $10 to join “Reach Out for Schools,” which you will pay later. 3) You will be asked whether you want overdraft; choose no and opt out. (Note: cloud forgot to take screenshots of these important steps. If any readers have screenshots from the application process, please share them. You can send them to the email listed in the article for requesting a referral code, or contact cloud in the reader WeChat group. Thanks.)
  • In the fourth step, funding, you will choose the initial funding amount. You need to deposit at least $5 into Savings, and joining Reach Out for Schools requires $10. The amount for checking can be entered freely. If the total of these three amounts does not exceed $250, then on the next page you can choose a credit card as the funding method. At this step, cloud funded checking with $235, as shown below. On the next page, after selecting credit card, cloud used the Citi Double Cash card for funding. For more data points on credit card funding, see this page on DOC.
  • Once you submit the application, you should get the result right away. The successful account opening page is shown below. After that, you can immediately log in to online banking using the Member Number provided on the approval page. The initial password is the last four digits of your SSN.

Summary

DCU currently offers solid all-around value when opening an account: checking has a $100 bonus with easy requirements (apply with a referral link and use the debit card 5 times within one month); savings pays 6.17% on the first $1,000 and is worth keeping long term; and you can also fund up to $250 with a credit card, which could help toward a credit card minimum spending requirement. Note that applicants must be at least Resident Alien status, so Non Resident Alien applicants cannot open an account.

(HT: DOC)
Do not post your own referral code information in the comments section of this article.