Energy Capital Credit Union's $300 Checking Bonus: A Texas-Sized Payday?

If you're in Texas and looking for a little extra cash, Energy Capital Credit Union might have a deal worth checking out. They're offering a $300 bonus for opening a new checking account and completing a few straightforward tasks. It's not the biggest bonus we've ever seen, but it's certainly not chump change either. Let's break down what you need to do to snag that $300.

How to Earn the $300 Bonus

The bonus is split into two parts: $200 for direct deposit and $100 for debit card activity. To get the first $200, you need to set up and maintain a direct deposit of at least $1,250. That deposit must stay active and uninterrupted for 90 days. After that, you'll qualify for the $200 bonus.

The remaining $100 comes from a few simple actions: enroll in online or mobile banking, activate your ECCU debit card, complete at least 10 qualifying debit card purchases, and sign up for eStatements. Once you've done all that, the extra $100 is yours.

• $200 bonus: Set up and maintain direct deposit of $1,250+ for 90 days.
• $100 bonus: Enroll in online/mobile banking, activate debit card, make 10 debit card purchases, enroll in eStatements.

Who Can Get This Bonus?

This offer is limited to people who live, work, worship, attend school, or have a business in Harris, Montgomery, Liberty, Brazoria, Fort Bend, or Waller Counties in Texas. If you're outside those counties but still in Texas, you might qualify through the Cornerstone Friends of the Foundation associational field of membership. It's a bit of a mouthful, but basically, if you're a Texan, there's a good chance you can join.

What to Watch Out For

First, the bonus is considered income, so you'll owe taxes on it. That's standard for bank bonuses, but it's something to keep in mind.

Second, there's no monthly fee on the checking account, which is great. However, we couldn't find any info on an early account termination fee. If you close the account too soon, you might get hit with a fee, so it's worth asking before you sign up.

Also, the credit union's policies on ChexSystems and credit card funding are unknown. If you have a shaky banking history or were hoping to fund with a credit card, you'll want to check with them first.

• Bonus is taxable as income.
• No monthly fees, but early account termination fee unknown.
• ChexSystems and credit card funding policies unknown.

Is It Worth It?

If you're in Texas and can easily meet the direct deposit requirement, this is a solid bonus. $300 for a few simple steps is nothing to sneeze at. The lack of monthly fees is a nice bonus too. Just make sure you understand the terms, especially around early account closure, before you commit.

Bottom Line

• Earn $300 by opening a new checking account and completing direct deposit and debit card requirements.
• Offer is limited to residents of specific Texas counties, but may be available statewide through a foundation membership.
• No monthly fees, but check for early account termination fees and ChexSystems policies.
• Bonus is taxable as income.

Common Questions