Score a Quick $100 with LorMet Community Federal Credit Union's Checking Bonus

If you're in Ohio and looking for a straightforward way to pad your wallet, LorMet Community Federal Credit Union has a deal that's hard to ignore. They're offering a $100 bonus just for opening a new Everywhere Checking account and setting up direct deposit. No tricks, no gimmicks—just a simple path to some extra cash. Let's break down what you need to know.

Who Can Join LorMet?

Before you get too excited, make sure you're eligible to become a member. LorMet serves anyone who lives, works, worships, or attends school in Lorain County, or the cities of Rocky River, Bay Village, or Westlake. Immediate family members of current members can also join. So if you're in that area, you're good to go.

How the Bonus Works

It's refreshingly simple. Open a new Everywhere Checking account with at least $50. Then, within the first 60 days, set up recurring monthly direct deposits totaling $500 or more. These can be from your paycheck, pension, or government benefits like Social Security. Once that's done, LorMet will drop $100 into your account within 10 business days. No hoops, no hidden steps.

Avoiding That Monthly Fee

The Everywhere Checking account normally has a $6.95 monthly fee, but you can skip it entirely by making 15 debit card purchases each month. That's about one purchase every other day—coffee, gas, groceries. Just make sure they're purchases, not ATM withdrawals. If you forget, the fee is still pretty low compared to some big banks, but why pay it if you don't have to?

What to Watch Out For

A couple of things to keep in mind. First, this offer isn't available if you already have a LorMet checking account or if you've closed one in the last 90 days. Also, if you close your account within six months, you'll lose the bonus and get hit with a $25 early closure fee. So plan to keep the account open for at least half a year. And remember, the $100 bonus is taxable income—you'll get a 1099-INT from the credit union.

Bottom Line

• Open an Everywhere Checking account with $50.
• Set up $500+ in monthly direct deposits within 60 days.
• Earn $100 bonus within 10 business days after meeting requirements.
• Avoid the $6.95 monthly fee by making 15 debit card purchases per month.
• Keep the account open for at least 6 months to avoid fees and bonus clawback.

Common Questions