Indiana Members Credit Union: A $200 Welcome for Your Checking Account

Hey there! If you're in Indiana and looking to pad your wallet a bit, there's a straightforward checking account bonus worth considering. Indiana Members Credit Union (IMCU) is dangling a nice $200 carrot for new checking customers, and the requirements are pretty clear-cut. Let's walk through what it takes to grab this cash and whether it makes sense for your situation.

How to Pocket That $200

The process is designed to be simple, but you need to follow the steps exactly. First, you'll need to open either a Regular or Preferred Checking account. The key is using the promo code 'IMCU200' during the application, whether you apply online or stop by a branch.

Once your account is open, the real work begins: getting your paycheck routed there. You need to set up a direct deposit from your employer. After two separate payroll deposits (each at least $400) land in the account, the credit union will automatically drop the $200 bonus into your new checking account.

The Fine Print You Really Need to Read

This is where people often get tripped up. The bonus comes with strings attached, and ignoring them could cost you.

The most important rule is the one-year commitment. You must keep this checking account open for a full 12 months. If you close it sooner, IMCU will take the $200 bonus back. It's a clawback provision, and it's non-negotiable.

Also, note that the direct deposit must be new. You can't just redirect an existing deposit you already had going to another IMCU account. It needs to be a fresh direct deposit arrangement into this new account. The official terms specify a 'new net direct deposit.'

Is This Offer a Good Fit For You?

A $200 bonus is solid for a checking account, especially with no monthly fee. But it's not for everyone.

First, you need to be eligible for membership. IMCU primarily serves people who live, work, worship, or attend school in many Indiana counties. Always double-check their membership eligibility page to be sure you qualify before you apply.

Second, consider your banking habits. If you're someone who likes to chase the highest savings rates or switch accounts frequently, this might tie you down. You're locking yourself in for a year. Also, while the checking is free, their savings and CD rates might not be the most competitive if you're looking to grow your savings aggressively.

This offer shines for someone in Indiana who needs a reliable, free checking account anyway and doesn't mind setting up direct deposit. The bonus is a great perk on top of a functional account.

A Few Practical Tips Before You Apply

A little planning can make this process smooth. Here's what I'd recommend.

• Mark your calendar. Note the date you open the account and plan to keep it open for at least a year and a day to be safe.
• Confirm the deposit. When you switch your direct deposit, give it a full cycle or two to make sure it's posting correctly. Don't assume it's set up until you see the money in the account.
• Keep an eye on the promo code. The application process online should have a field for it. If you don't see it, don't proceed—call member services to ensure you're enrolled in the offer correctly.
• Read all communications. Once you open the account, save any welcome emails or paperwork that mention the bonus offer. It's good to have for your records.

Bottom Line

• A $200 bonus is a strong incentive for a free checking account, but the 1-year minimum holding period is a serious commitment.
• The requirement for two direct deposits of at least $400 each is very specific; ensure your payroll meets this.
• Always verify your membership eligibility with the credit union before starting an application.

Common Questions