Addition Financial is Offering Up to $400 for a New Checking Account – Here's How to Snag It

If you live in Florida or Georgia and you've been thinking about switching banks, now might be a great time. Addition Financial Credit Union is running a pretty sweet promotion where you can earn up to $400 just by opening a new checking account and setting up direct deposit. The best part? You don't need to jump through a bunch of hoops. Let's break down exactly what you need to do to get that cash.

Three Tiers, Three Payouts – Pick Your Fit

Addition Financial has three checking account options, and each comes with its own bonus. The more you're willing to deposit each month, the bigger the reward.

If you can swing a $2,000 monthly direct deposit, go for the Benefits Checking. That'll land you the full $400. For a $1,000 monthly deposit, you can choose between the Classic Checking ($300 bonus) or the Free Checking ($200 bonus). The Free Checking has no monthly fee, while the Classic Checking has a $5 fee that's waived as long as you meet the direct deposit requirement.

The Benefits Checking has a $15 monthly fee, but that's also waived if you have that $2,000 direct deposit. So as long as you keep the money flowing in, you won't pay a dime in fees.

• Benefits Checking: $400 bonus with $2,000/month direct deposit
• Classic Checking: $300 bonus with $1,000/month direct deposit
• Free Checking: $200 bonus with $1,000/month direct deposit

What Counts as a Qualifying Direct Deposit?

This is where a lot of people get tripped up, so pay attention. Addition Financial only counts verified, regularly scheduled electronic deposits like your payroll, pension, or government benefits. Transfers from another bank account or Venmo deposits won't cut it. Make sure your employer or benefits provider is sending that money automatically each month.

You have 90 days from the day you open the account to meet the monthly deposit requirement. Once you do, the bonus should show up in your account within 30 days after that 90-day period ends.

Watch Out for These Fees and Gotchas

The biggest thing to keep in mind is the early closure penalty. If you close your account within 180 days of opening it, you'll forfeit the bonus. So plan to keep the account open for at least six months after you get the money.

Also, remember that the bonus is considered taxable income. The credit union will report it to the IRS, so set aside a chunk for taxes if you're not used to that.

One more thing: you can fund the account with a credit card up to $3,000, and it's a soft pull on your credit, so no worries about your score taking a hit.

• Bonus forfeited if account closed within 180 days
• Bonus is taxable – you'll get a 1099-INT
• Soft pull on credit – no impact on your score
• Credit card funding allowed up to $3,000 with Visa or Mastercard