Snag a $300 Bonus from PFCU: Quick Cash for Michigan Residents

Looking for a quick cash boost? PFCU, a Michigan-based credit union, is offering a sweet $300 bonus for new checking account holders. It's a straightforward deal—open an account, set up direct deposit, and the money's yours. But act fast: this offer expires on March 31, 2025. Let's break down what you need to do.

How to Score That $300

First things first: you need to be a PFCU member. That means opening a Membership Savings Account with at least $5, plus a new checking account. The promo runs from January 6 to March 31, 2025, so you've got a few weeks left.

Once your account is open, you have 30 days to tick off three tasks. Enable online banking and switch to e-statements—that's easy. Then, set up a direct deposit of at least $100 per month. It doesn't have to be a huge paycheck; even a small recurring transfer from your employer counts. Finally, keep your account in good shape—no being 30 days or more past due when the bonus hits.

After you meet the requirements, PFCU deposits the $300 into your account within 10 business days of the month following your first 30-day period. So if you qualify in February, expect the cash by mid-March.

Who's Eligible?

This offer is for individuals who've never had a PFCU checking account before. You also need to be at least 18 and meet PFCU's membership criteria—generally, that means living, working, worshiping, or going to school in Michigan. Immediate family members of existing members also qualify.

One thing to watch: the bonus is taxable. PFCU will report it as interest income, so set aside some cash for Uncle Sam. And you can't combine this with any other account opening offer.

A Note on the Referral Bonus

PFCU also runs a referral program where you and a friend each get $100. It works similarly—your friend needs a new checking account, direct deposit, and online banking. But the $300 offer is the bigger prize here, so focus on that if you're new.

Things to Keep in Mind

No monthly fees on the basic checking account, which is nice. But if you opt for the interest-bearing Checking Plus account, you'll need to keep at least $1,000 in it to avoid a $5 fee. The $300 bonus is for the basic checking, so stick with that unless you really want interest.

Also, PFCU uses ChexSystems? Unknown. But they don't mention a hard pull on your credit report, so it's likely a soft inquiry. Still, it's worth asking when you apply.

Bottom Line

• Open a new PFCU checking account by 3/31/25 to qualify for the $300 bonus.
• Complete three steps within 30 days: online banking, e-statements, and a $100/month direct deposit.
• The bonus is taxable, so plan accordingly.
• No monthly fees on basic checking, but the Checking Plus account has a $1,000 minimum to avoid a $5 fee.

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