Mountain America Credit Union's $150 Checking Bonus: What You Need to Know

If you live in the Mountain West, there's a new checking bonus on the table from Mountain America Credit Union. They're offering $150 to new customers who open a MyStyle Checking account and set up a direct deposit. It's a decent chunk of change, especially if you've already tapped out the bigger national bonuses. But there are a few hoops to jump through, and some details you'll want to nail down before you commit.

What You Get and What You Need to Do

Mountain America Credit Union is dangling $150 in front of new checking customers. To snag it, you'll need to open a MyStyle Checking account and complete a couple of simple tasks. First, enroll in eStatements. Second, initiate a monthly direct deposit within 60 days of opening the account. The direct deposit can be payroll, pension, unemployment, Social Security, or other government benefits. There's no minimum deposit amount specified, which is nice.

Once you've done those things, the bonus should land in your account within 30 business days. Just remember, it's limited to one per person, and you can't combine it with other offers. Also, the reward is considered interest, so you'll get a 1099-INT at tax time.

• Open a new MyStyle Checking account
• Enroll in eStatements
• Initiate a monthly direct deposit within 60 days
• Bonus paid within 30 business days after requirements met
• One bonus per person

The Catch: Hard Pull and Geofencing

Before you rush to apply, know that Mountain America pulls your credit with a hard inquiry via Experian. That's a real consideration if you're protective of your credit score or planning to apply for other credit soon. There are also reports of soft pulls, but the hard pull is the one to watch.

Availability is another moving target. The offer was previously open to residents of Utah, Idaho, Nevada, New Mexico, Montana, and Arizona. However, recent reports suggest it might be geofenced to the Salt Lake City area. If you're outside those states or not near SLC, you might not be able to open the account online. Your best bet is to check the official offer page or call a branch to confirm eligibility.

• Hard credit pull via Experian
• May be limited to SLC, UT area
• Previously available in UT, ID, NV, NM, MT, AZ

Avoiding the $7 Monthly Fee

The MyStyle Checking account comes with a $7 monthly fee, but you can dodge it in a few ways. The easiest is to make 20 or more debit or credit card transactions each month. Alternatively, if you're 24 or younger or 60 or older, the fee is waived. The third option is maintaining an average daily balance of $10,000, which isn't practical for most people, especially since the account earns 0% APY.

There's also the question of an early account termination fee. Previously, you had to keep the account open for six months, but that requirement seems to have disappeared. Still, it's worth confirming with the credit union before you close the account, just to avoid any surprise fees.

• Make 20+ debit/credit transactions per month
• Be age 24 or younger, or 60 or older
• Maintain $10,000 average daily balance (not recommended)
• Early termination fee: unknown, but six-month requirement may no longer apply

Is This Bonus Worth Your Time?

A $150 bonus is nothing to sneeze at, but it's on the lower end compared to some of the bigger national offers out there. If you've already exhausted those, this could be a nice little addition to your bank bonus portfolio. The requirements are straightforward, and the direct deposit can be any recurring payment, which adds flexibility.

Just be mindful of the hard pull and the potential geographic restrictions. If you're in an eligible area and don't mind the credit inquiry, it's a solid pickup. But if you're outside the target region or wary of the hard pull, you might want to pass.

• Good for those who've done larger bonuses
• Simple requirements: eStatements and direct deposit
• Consider the hard pull and geofencing before applying

Bottom Line

• Mountain America Credit Union offers $150 for new MyStyle Checking with eStatements and a direct deposit within 60 days.
• Hard credit pull via Experian may be a dealbreaker for some.
• Availability may be limited to the Salt Lake City area despite previous multi-state eligibility.
• $7 monthly fee can be avoided with 20+ transactions or by age (24 or younger, 60 or older).
• Bonus is taxed as interest and reported on a 1099-INT.

Common Questions