Firefighters First Credit Union: A $250 Welcome for New Members in Select States

If you're looking for a solid checking account bonus and happen to live in one of a few specific states, there's a credit union offer worth a closer look. Firefighters First Credit Union, which has been around since the 1930s, is currently rolling out a welcome bonus for new members. It's not for everyone—geography and eligibility are key—but for those who qualify, $250 is nothing to sneeze at. Let's break down who can get it and what you need to do.

Who Actually Qualifies for This Credit Union?

This is the most important part. Firefighters First Credit Union isn't open to the general public. You need a specific connection to join. The primary membership is for career firefighters in California, along with employees of the Los Angeles Fire Department and related organizations. If you don't fall into one of these groups, you won't be able to open an account, regardless of the bonus.

The Nitty-Gritty on Earning That $250

Assuming you're eligible, the process is straightforward but requires a bit of setup. You need to open a new personal checking account as a first-time member. Then, you have to arrange for at least $1,000 in direct deposits to hit that account for two months in a row. Your employer's payroll is the most common way, but other electronic transfers might qualify—it's always best to confirm what the credit union codes as a 'direct deposit.' Once you've completed those two months, the clock starts for your bonus to arrive. They say it will be paid within 90 days, so you need some patience.

• The offer is only for new members. Existing members or their spouses aren't eligible.
• There's no early closure fee, so you're not locked in if your needs change after getting the bonus.
• You don't need a minimum balance to open the account, which is a nice plus.

A Few Practical Considerations Before You Apply

Here's where you need to be a savvy consumer. First, the credit union will almost certainly check your banking history through ChexSystems when you apply. If you've had issues with past accounts (like unpaid negative balances), your application could be denied. The impact on your credit score is less clear; it might be a soft pull, but it's wise to be prepared for a hard inquiry.

• Remember, that $250 is taxable. Come tax time, you'll need to report it as interest income.
• While they have a good health rating and offer competitive rates for a brick-and-mortar institution, you might find higher yields on savings at an online bank.
• If you're in New Hampshire, double-check the offer details on their local page, as terms can sometimes vary by region.

Bottom Line

• A $250 bonus is a strong offer for a simple checking account setup.
• Membership is restricted, so verify your eligibility before getting excited.
• The two-month, $1k-per-month direct deposit requirement is very manageable for many.
• Always factor in the tax implications of any bank bonus.

Common Questions