If you're looking for a straightforward way to pad your savings, Lake Michigan Credit Union just made it a whole lot sweeter. They've bumped their referral bonus from $100 to a cool $250. The best part? The requirements are pretty chill, and there's no early termination fee to worry about. Let's break down how you can snag that cash without jumping through hoops.
How the Referral Bonus Works
The deal is simple: you refer a friend to open an LMCU checking account, and once they meet the direct deposit requirement, you both get $250. The friend needs to set up two or more recurring direct deposits that total at least $500 over 60 days. That could be your paycheck, a government benefit, or even a regular transfer from another account (as long as it's recurring).
One thing to keep in mind: use a fresh email address when you sign up. Your referral link reveals the email you used, so it's smart to create a new one just for this. Don't use your usual email or the one tied to any bonus-chasing sites.
- Refer a friend – both of you earn $250
- Friend must complete two recurring direct deposits of $500+ total within 60 days
- No monthly fees, no early termination fee
- Soft pull on credit – no hard inquiry
Who Can Join and What to Watch For
Lake Michigan Credit Union is open to almost anyone. You just need to make a $5 donation to the ALS Association to become eligible. If you live outside Michigan, you'll need to schedule an appointment to open the account – but it's doable.
A few things to watch out for: ChexSystems reports are mixed. Some people get approved easily, others get denied. If you've had past banking issues, you might want to check your ChexSystems report first. Also, while the credit card funding limit is now $500 (down from $15,000), it's still a nice way to meet the initial deposit if needed.
- Join with a $5 ALS donation – no residency requirement
- Out-of-state applicants need an appointment
- ChexSystems: mixed results – check your report beforehand
- Credit card funding capped at $500
Bottom Line
- Earn $250 per referral with easy requirements
- No monthly fees or early termination fees
- Soft pull on credit – no hard inquiry
- Use a separate email for privacy
- Expires April 4, 2025 – act soon
Common Questions
Can I refer myself or use multiple accounts?
No, the bonus is for referring a friend. Each person can only earn one bonus per referral, and you can't refer yourself.
What counts as a recurring direct deposit?
Payroll deposits, government benefits, or regular transfers from another bank account that are set up as recurring. One-time transfers won't qualify.
Is there a minimum balance requirement?
No minimum balance is mentioned, but you'll need to fund the account initially. Credit card funding up to $500 is available.
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