Proponent FCU's $150 Referral Bonus: Get Paid to Bring a Friend

Here's a win-win situation you don't see every day: a bank bonus where both the person making the referral and the new member get paid. Proponent Federal Credit Union is running a promotion that puts cash in both pockets, but it comes with some specific eligibility rules and steps you need to follow precisely. Let's break down whether this $150-for-both deal makes sense for you and how to navigate the fine print.

How This "Double Bonus" Actually Works

The core idea is simple: if you're already a member, you refer someone. If they join and meet the requirements, you each get $150. But the path to that cash involves a few specific steps.

First, the person you're referring cannot have any prior relationship with the credit union. They're starting fresh. To join, they must open a basic Membership Savings account with a minimum $5 deposit. That account alone, however, won't trigger the bonus.

• The new member must also open a second product within 60 days of joining. This can be a checking account, a regular savings account (with a $250 monthly direct deposit), a Share Certificate (their term for a CD), or a loan.
• If you go the checking/savings route, setting up that $250 direct deposit is key. Mark your calendar for that 60-day window.
• Once all conditions are met, the credit union will deposit $150 into your account and $150 into the new member's account about 90 days after they opened their membership.
• Don't forget the promo code 'Refer2026' during the process. Missing it could mean missing the bonus.

The Big Catch: Who Can Even Join?

This is the most crucial part. Proponent FCU is a credit union, not a bank open to the general public. Membership is based on your employer or affiliation.

You must work for, be retired from, or be part of a 'Select Employee Group' (SEG). The credit union serves over 550 such groups, including some large companies like Roche and LabCorp. If your employer isn't on the list, you're out of luck. This also applies to the person you're referring—they need to be eligible too.

Always verify eligibility directly with the credit union before you get your heart set on this offer. Geography also plays a role, as you or the new member likely need to live, work, worship, or attend school in New Jersey or North Carolina, though the specific SEG rules are the primary gatekeeper.

Smart Moves and Potential Pitfalls

A free $150 is great, but it's not without considerations. Here's what to keep in mind to ensure a smooth experience.

• **Read the Terms Together:** Go over the requirements with the person you're referring. Make sure they understand the 60-day deadline for the second account and the direct deposit requirement if applicable. Your bonus depends on their follow-through.
• **Account Checks:** While the offer details don't specify, it's wise to assume the credit union will check your banking history (likely via ChexSystems) when opening new accounts. A problematic report could lead to a denial.
• **Taxes Are Real:** That $150 will be considered interest income. Come tax time, you'll receive a 1099-INT form. Plan to report it, especially if you score multiple successful referrals.
• **Don't Rush a Loan:** One qualifying option is opening a loan product. Unless you were already planning to take out a loan with them, this is probably not the most cost-effective way to get a $150 bonus due to potential interest costs. Stick to a savings or checking account.
• **Keep Accounts in Good Standing:** The bonus pays out only if all accounts are 'in good standing.' That means no overdrafts, fees, or closures before the 90-day waiting period is up.

Bottom Line

• This is a true mutual benefit: both you and your referral get $150, but success depends heavily on the new member completing all steps.
• Eligibility is the biggest hurdle—both parties must qualify through an employer or affiliated group.
• Organization is key. Track the 60-day deadline for the new member's second account and the 90-day wait for the bonus payout.

Common Questions