Education Credit Union's $123 Checking Bonus Is Back (But Smaller)

Remember that $190 checking bonus from Education Credit Union? It's back, but the payout has shrunk to $123. The requirements are still pretty manageable if you live in the right part of Texas, and there are no monthly fees to worry about. Here's what you need to know before signing up.

What You Need to Do for the $123

The requirements are straightforward: open a $mart Checking account, enroll in eDocs, receive at least $500 in electronic deposits within 60 days, and make 15 qualifying transactions. Electronic deposits include payroll, ACH transfers, direct deposits, or remote deposits — so you don't necessarily need a traditional direct deposit from an employer.

The 15 transactions can be debit card purchases, ACH withdrawals, external transfers, or bill payments. Just make sure they're posted and settled, not pending. ATM withdrawals don't count.

• Enroll in eDocs
• Receive $500+ in electronic deposits within 60 days
• Make 15 qualifying transactions (debit card, ACH withdrawal, external transfer, or bill pay)
• Keep a positive balance on the last day of the statement cycle when you meet the requirements

Who Can Actually Get This Bonus

This is a Texas-only offer. If you work in education, you're likely eligible for membership. If not, you need to live within 10 miles of a branch — and all the branches are in Amarillo. So if you're in Dallas, Houston, or even Lubbock, you're probably out of luck.

You also need to be a new checking account customer. If you've had a checking account with Education Credit Union before, you won't qualify. And Restart Checking accounts don't count for this promotion.

• Texas residents only
• Must live within 10 miles of an Amarillo branch if not in education
• No previous checking accounts with Education Credit Union
• Restart Checking accounts are excluded

The Fine Print That Matters

The bonus is paid as a dividend, not a flat cash deposit. You need to earn the $mart Checking Bonus Dividend within the first two full statement cycles. That means you have roughly 60 days to meet all the requirements.

Once you qualify, the $123 lands in your account within seven days after the second statement is made available. But if you close the account within 12 months of receiving the bonus, the credit union can take the money back from your balance.

• Bonus paid within 7 days after second statement
• Must earn the Smart Checking Bonus Dividend within first 2 full statement cycles
• No negative balance on the last day of the qualifying statement cycle
• If you close within 12 months, ECU may deduct the bonus amount

No Monthly Fees, But Watch the Clock

One of the best things about this account is that there are no monthly service fees and no minimum opening deposit. That makes it easy to keep open for the 12 months required to avoid the bonus clawback.

Just remember that the bonus is taxable. Education Credit Union will report it to the IRS as earnings, so you'll owe income tax on the $123. Factor that into your decision if you're on the fence.

• No monthly fees
• No minimum opening deposit
• Bonus is taxable income
• Keep the account open for at least 12 months after bonus

Bottom Line

• The bonus dropped from $190 to $123, but the requirements are still reasonable.
• You need $500 in electronic deposits and 15 transactions within 60 days.
• No monthly fees means you can keep the account open without cost.
• Texas residents near Amarillo are the main target for this offer.
• Don't close the account within 12 months or you'll lose the bonus.

Common Questions