Texas Residents: Grab a $200 Bonus for Opening This Credit Union Checking Account

Hey there, fellow Texan! If you're looking to pad your bank account with a little extra cash, there's a solid offer on the table right now from Prestige Community Credit Union. They're dangling a $200 carrot for opening a new checking account and setting up a direct deposit. It's a straightforward deal, but like all bank bonuses, you've got to dot your i's and cross your t's. Let's break down what you need to know to get that money in your pocket.

How to Pocket That $200

The process is pretty standard for these types of promotions, but paying attention to the specifics is key. First, you'll need to be a Texas resident. You'll open either a Rewards Checking or a Payback Checking account. Make sure you use the promo code CKDFF when you apply—this is how they track the offer.

Once your account is open, the clock starts ticking. You have 60 days to get a qualifying direct deposit of at least $400 posted to the account. This is the only real hurdle. After that, the bonus should find its way to you. It will be deposited into a Prestige savings account, so you'll need to open one of those as well if you don't already have it with them.

A Few Important Caveats to Keep in Mind

No bonus is ever completely free, and this one has a couple of small strings you should be aware of. The most practical one is the early closure fee. If you decide this account isn't for you and close it within the first six months (180 days), you'll be hit with a $25 fee. It's not huge, but it does eat into your profit, so plan to keep it open for at least that long.

Also, remember that this $200 will be considered taxable income. The credit union will likely send you a 1099-INT form at the end of the year, so you'll need to report it when you file your taxes. It's still free money, but just be prepared for that bit of paperwork.

Is This Offer Right For You?

This is a great offer if you live in Texas and can easily reroute a direct deposit. The $400 minimum is on the lower end, which is nice, and the lack of a monthly fee on the Payback Checking account means you won't get nickel-and-dimed while waiting for your bonus.

The main drawback is the geographic restriction. If you're not in Texas, you're out of luck. Also, while it's reported as a soft pull on your credit, the credit union may check ChexSystems (the banking version of a credit report for your deposit accounts). If you've had issues with bank accounts in the past, that could be a stumbling block.

Bottom Line

• A $200 bonus for a single direct deposit is an excellent rate of return.
• Mark your calendar for the 180-day mark to avoid the early closure fee.
• Set a reminder to reroute your direct deposit back after you meet the requirement if you don't plan to keep using the account.

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