Hey there! If you're in Michigan and looking for a straightforward bank bonus, a local credit union might have just the thing. Alpena Alcona Area Credit Union (AAACU) is running a promotion that pays you to become a member and open a checking account. It's a nice chunk of change, but there's a unique twist to how you get the money. Let's break down what's actually on the table and see if it's a good fit for you.
How This Bonus Works (The CD Twist)
This isn't a simple cash deposit into your new checking account. Once you meet all the requirements, the credit union will place your bonus money into a 7-month CD. This is a crucial detail.
On the plus side, the bonus is considered "earned" and will be credited to your account after 30 days. However, you can't actually withdraw that money without penalty until the 7-month CD term matures. If you need to cash out the CD early, you'll likely lose some or all of the bonus. Think of it as a short-term savings commitment that pays you $250 (or $100) for your patience.
Is This Offer Right For You?
This promotion makes the most sense for a few specific situations. First, you need to be eligible for membership, which broadly includes folks in Michigan. Second, you should be comfortable not touching the bonus money for over half a year.
It's a fantastic deal for a young person just starting out, especially with the $100 offer for teens 14-17. There's no direct deposit requirement, which is a huge relief compared to many other bank bonuses. You're just setting up an account, opting for paperless statements, and using a free credit score service—all pretty standard stuff for modern banking.
- Good if: You're in Michigan, need a new checking account, and don't need the bonus cash immediately.
- Less ideal if: You need the bonus money within the next 7 months or you're already a member.
Practical Tips and Things to Watch
Always read the fine print, but let me highlight the important bits from the official terms. The clock starts ticking as soon as your account is open. You have just two weeks to complete all the steps: open the account, get the debit card (which might arrive by mail), sign up for e-Statements, and enroll in the credit monitoring. Don't let this slide!
Also, your account must stay "in good standing." That means no overdrafts or negative balances that could cause the credit union to close it. If you close the account early for any reason, you'll forfeit the bonus entirely.
Remember, you'll get a tax form for this bonus. The credit union will report it as interest (dividends), so plan for that come tax time.
Bottom Line
- A $250/$100 bonus for simple, fee-free account setup with no direct deposit needed.
- The bonus is locked in a 7-month CD; early withdrawal forfeits the reward.
- Perfect for new Michigan residents or teens opening a first account.
- Act fast after opening—all requirements must be met within 14 days.
Common Questions
Do I need to live right near an Alpena Alcona branch?
Not necessarily. Membership is open to people across Michigan. While having a branch nearby is convenient, the account can be opened online.
What's the "Savvy Money Credit Score Solution"?
It's the credit union's free credit score monitoring service. Enrolling is a requirement for the bonus. It's a soft pull on your credit, so it won't affect your score.
Can I open this account for my business?
No. The offer is explicitly for new consumer accounts only. Business, trust, or other entity accounts are not eligible.
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