Metro Credit Union's $400 Checking Bonus: A Solid Deal for Massachusetts Residents

If you're in Massachusetts and looking for a straightforward checking account bonus, Metro Credit Union has a tempting offer on the table. Right now, they're dangling a $400 cash incentive for new members who open a specific checking account. It's a decent chunk of change for what seems like a relatively simple set of requirements. Let's break down exactly what you need to do to pocket that bonus, and more importantly, what you should watch out for before you apply.

What You Need to Do to Get the $400

The core requirements are pretty clear. First, you need to be a new customer opening a Metro Checking account. Once it's open, the clock starts ticking. You have 60 days to set up two things: a single monthly recurring direct deposit into the account, and you must sign up for electronic statements (e-Statements).

After that, you just need to keep the account active and in good standing for a full 90 days. If you meet all the criteria, the $400 will be deposited into your checking account sometime between 60 and 90 days after you first opened it. The credit union states they'll review your account once during that 60-90 day window to confirm you qualify.

The Fine Print You Really Should Read

This is where the practical advice comes in. The offer is straightforward, but there are a few potential tripwires.

First, that 90-day requirement is crucial. If you decide to close the account before those three months are up, Metro Credit Union will charge you a $15 early termination fee. So, you need to be sure you can keep it open that long, even after you get the bonus.

Second, pay close attention to the direct deposit requirement. The official terms specify a "monthly recurring direct deposit." While some banks are lenient with what counts as a direct deposit (like certain transfers from payment apps), credit unions can be stricter. It's safest to use a payroll deposit from your employer or a regular government benefit payment.

Finally, remember this is a promotional offer. The credit union explicitly states they can cancel it at any time without notice. It's always wise to take a screenshot of the offer terms when you apply, just in case.

Is This Account Worth Keeping Beyond the Bonus?

A good bonus offer is even better if the underlying account is useful. The Metro Checking account has some attractive features that might make it worth holding onto. There's no monthly fee and no minimum balance requirement, which is a great foundation.

They also offer unlimited ATM fee reimbursements, but there's a catch. To get those refunds, you need to meet three out of five criteria each month. One of those is having a direct deposit of at least $500, which you'll already be doing for the bonus. The others involve debit card purchases, having another Metro loan, or maintaining a $5,000 average balance. It's a decent perk if you can consistently hit the targets.

For Massachusetts residents who can easily visit one of their branches, it could be a solid primary or secondary checking account. If you're outside their service area, it might be less convenient once you've collected your $400.

Bottom Line

• A $400 bonus is a strong incentive for a checking account with no monthly fee.
• The 90-day minimum holding period is non-negotiable; close early and you'll pay a $15 fee.
• Clarify what qualifies as a "monthly recurring direct deposit" to ensure you meet the requirement.
• The account itself has good features, especially if you can qualify for the ATM fee rebates.

Common Questions