Snag a $200 Bonus from This Texas Credit Union (But Read This First)

Hey there! If you're in Texas and looking for a straightforward bank bonus, you might have stumbled across the Public Employees Credit Union (PECU) offer. A cool $200 for opening a couple of accounts? That's not chump change. But before you jump in, let's walk through exactly what it takes to get that cash, who's eligible, and a few potential hiccups to watch for. Credit unions are a bit different from big banks, so the rules matter.

Who Can Actually Join PECU?

This is the most important step. Unlike a national bank, you can't just sign up from anywhere. PECU membership has specific eligibility criteria. According to their official details, you generally need a connection to Central Texas.

Think about things like your home address, workplace, place of worship, or if you're a student. The credit union serves people within a defined area around its branches. Your best bet is to double-check your eligibility directly with them before you get your heart set on the bonus. Give them a call or visit their main website to confirm you're in their field of membership.

The Step-by-Step to Grab Your $200

Okay, assuming you're eligible, here's your game plan straight from the credit union's promotion form. You need to complete all of these steps.

• Fill out the official promotion form (that's the link above).
• Open a PECU savings account. You can do this online or at a branch. You'll need a minimum of $10 to open it ($5 for a membership share, plus a $5 membership fee).
• Open any PECU checking account. Within 60 days of opening it, you must make a single deposit of $50 or more.
• Complete five separate debit card transactions. This is the trickiest part. Each must be for at least $10, and they must be 'signature-based' purchases (meaning you sign for them, like at a restaurant or retail store, not a PIN transaction). You have the same 60-day window to get these done.
• Register for PECU's online banking service.

The Fine Print You Really Need to Know

The requirements are clear, but the devil's in the details. Here are the crucial caveats that could cost you the bonus or create headaches.

• This offer is for brand-new members only. If you already have any account with PECU, you don't qualify. (Existing members can refer friends, but they can't be the ones getting this $200).
• You must keep the checking account open for at least 180 days. If you close it earlier, they will take the $200 bonus back.
• They will screen your new account application through ChexSystems. If you have a history of mishandling bank accounts, you might be denied.
• The bonus itself isn't instant. Plan on it showing up in your account within 60 days after you've ticked all the boxes.
• Remember, that $200 is considered taxable interest income. You'll get a 1099-INT form for it, so budget for that come tax time.

Is This Bonus a Good Fit For You?

A $200 bonus for a $50 deposit and some shopping is a great return. But it's not for everyone.

This offer shines if you're already in Central Texas and qualify for membership. The requirements are very specific but not overly burdensome—just plan those five $10+ purchases. It's also nice that there's no direct deposit requirement, which is a hurdle for many other bank bonuses.

Think twice if you're not sure about your eligibility, if you hate the idea of keeping an account open for six months, or if you rarely use a debit card. Also, if you're chasing multiple bank bonuses at once, be aware that the ChexSystems inquiry will happen.

My practical advice? Call PECU first to confirm your membership eligibility. Then, mark your calendar for the 60-day deadline for the deposit and transactions. Set reminders! Maybe plan to use the debit card for a few grocery store trips or gas fill-ups where you can sign instead of using a PIN. Just stay organized, and that $200 should be yours.

Bottom Line

• Confirm your geographic/affiliation eligibility for PECU membership before applying.
• The five $10+ signature-based debit card transactions are the core requirement—plan for them.
• You must keep the account open for a full 180 days to keep the bonus.
• The bonus is taxable income, so you'll receive a 1099-INT form.

Common Questions