Looking for an easy way to pad your savings? Labor Credit Union (the same one serving Department of Labor employees and their families) has a referral offer that's hard to beat. Refer a friend, and you both get $50. Refer up to 10 people, and you could pocket $500. Here's the full scoop.
How the Referral Bonus Works
It's pretty straightforward. You refer someone who's eligible to join Labor Credit Union. That person opens both a savings and a checking account, and then you both get $50 deposited into your savings accounts. The credit union even covers the $5 minimum opening balance for the new member, so there's no upfront cost for them.
You can refer up to 10 people, meaning you could earn up to $500 in total. Not bad for just spreading the word to friends or family.
- Refer a friend, family member, or colleague.
- They open a savings and checking account.
- You each get $50 in your savings account.
- Bonus deposited within 60 business days after the promo period.
What to Watch Out For
First, the person you refer must be eligible to join. Labor Credit Union serves Department of Labor employees and retirees, plus their families and other eligible groups. Check their membership page to be sure.
Also, you need to keep the savings account open to get the bonus. The savings APY is only 0.05%, but that's not the point here. And accounts must stay in good standing. If the referred person isn't eligible, no account gets opened and no bonus.
The offer is for a limited time and only for the original recipient, so don't forward the promo email. And remember, bonuses may be taxable, so keep that in mind come tax season.
Is It Worth It?
Absolutely, if you have friends or family who are eligible. No monthly fees, a soft credit pull (so no hit to your credit score), and the credit union covers the $5 opening deposit for the new member. It's a low-effort way to earn some extra cash.
Just make sure you and your referral meet the eligibility requirements and follow the fine print. If you do, it's a smooth $50 per person.
Bottom Line
- Refer up to 10 people and earn $50 each, for a max of $500.
- No monthly fees and a soft credit pull make it low risk.
- The credit union covers the $5 opening deposit for new members.
- Eligibility is key—check before referring.
Common Questions
How long does it take to get the bonus?
The bonus is deposited into your savings account within 60 business days after the promotional period ends.
Can I refer someone who lives outside the D.C. area?
Only if they are eligible to join and can open an account. The credit union primarily serves the D.C. area, but eligibility extends to certain groups. Check their membership page.
Is there a minimum deposit required for the new member?
The credit union covers the $5 minimum opening balance for the referred member, so no upfront cost.
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