Media City Credit Union $100 Referral Bonus: A Local Deal Worth Checking Out

If you live or work in Burbank, California, or know someone who does, there's a neat little referral bonus floating around from Media City Credit Union. It's a simple way to earn $100 for both you and a friend, provided you both meet some straightforward requirements. Let's break down what you need to know before you jump in.

How the Bonus Works

The deal is pretty straightforward. You need to be referred by an existing Media City CU member (or refer someone yourself). Once the new person opens a checking account and meets the requirements, both the referrer and the new member get $100.

The referring member gets their $100 as soon as the new member opens the account. The new member's bonus comes after 90 days, provided they've met all the conditions.

To qualify, the new account holder must set up a direct deposit of at least $500 per month from a payroll, pension, or government benefit. That direct deposit needs to start within 60 days of opening the account.

You also need to make at least 10 transactions each month. These can be debit card purchases (PIN or signature), ACH debits, or bill payments. And don't forget to enroll in e-statements—that's a must.

The account has to stay active for a minimum of 90 days. If you close it before that, you'll be hit with a $20 early membership closing fee, and you won't get the bonus.

Who Can Get In on This?

This isn't open to just anyone. You need to fit one of these categories:

Residents of Burbank or people employed in the city. Spouses, family members, or those living in the same household as an existing member. Members of the ChangeWorks! Foundation—this requires a one-time $25 tax-deductible donation.

If you're already a Media City CU member or have an existing loan with them, this campaign isn't for you. Also, you must be at least 18 years old, pass ChexSystems, and not have had a Media City CU checking account before.

One thing to note: there's no household limit listed, so multiple people in the same home could potentially each get the bonus, as long as they meet the eligibility criteria.

What About Fees and Fine Print?

The good news is that the free checking account has no monthly maintenance fees. That's a plus if you're planning to keep the account open for a while.

However, there's a $20 fee if you close your membership within the first 90 days. So it's wise to keep the account active for at least three months to avoid that charge and to receive your bonus.

Media City CU hasn't published a full fee schedule publicly, so it's unclear if there are other fees like an early account termination fee beyond the $20 membership closing fee. It's always a good idea to ask for the Schedule of Fees before you open an account.

Also, remember that the bonus is considered taxable income. The credit union will likely report it on a 1099-INT form, so be prepared to pay taxes on that $100.

Things to Watch Out For

The transaction requirement might be a bit more demanding than you think. Ten transactions per month means you need to use your debit card or set up automatic bill payments regularly. If you're not used to that, it could be easy to miss.

Make sure your direct deposit qualifies. It has to come from payroll, pension, or government benefits. Transfers from other accounts or person-to-person payments won't count.

Also, the credit union may do a hard pull on your credit report when you apply. It's not confirmed, but it's something to be aware of. If you're sensitive to credit inquiries, you might want to ask before applying.

Finally, the bonus is only paid if the account is in good standing at the time of qualification. So keep it open and active for the full 90 days.

Bottom Line

• Both referrer and new member earn $100, but the new member's bonus comes after 90 days of meeting requirements.
• You need a $500+ monthly direct deposit and 10 transactions per month, plus e-statements.
• No monthly fees, but there's a $20 fee if you close within 90 days.
• Eligibility is limited to Burbank residents/employees, family of existing members, or ChangeWorks! Foundation members.
• Always check the fine print and ask about potential credit pulls before applying.

Common Questions