Get $50 for Referring a Friend to Reading Cooperative Bank (MA Only)

If you live in Massachusetts and have a checking account with Reading Cooperative Bank, there's a simple way to pocket some extra cash. Just refer a friend or family member, and you'll both get $50. No direct deposit required, no complicated hoops to jump through.

How the Referral Bonus Works

The concept is straightforward. You tell someone about Reading Cooperative Bank (RCB) and how much you like being a customer. When they open a new personal checking account, they just need to mention your name during the sign-up process—either at a branch with a referral coupon or by filling in the "Referred By" field online.

Once their account is open and in good standing (meaning they maintain at least $50 in the account for 30 days), RCB will deposit $50 into your account and $50 into theirs. It typically takes up to 45 days for the bonus to hit.

There's no limit on how many people you can refer, but if your total referral rewards hit $600 or more in a year, the bank will report that to the IRS. So keep that in mind for tax season.

• Referrer must have an active RCB personal checking account in good standing.
• Referred friend must not have had an RCB checking account in the last 24 months.
• Student checking accounts are excluded from this offer.
• Accounts opened online require e-statements and enrollment in online banking.

Which Checking Accounts Qualify?

RCB offers several checking account options, and most of them are eligible for the referral bonus. You've got On-the-Go Checking, Green-On-The-Go Checking, Value Checking, Green Online Checking, Value Now Checking, and Honest Checking. Just make sure you're not opening a Student Checking account, as those don't qualify.

Each account has its own fee structure, so it's worth picking the one that fits your habits. For example, Value Checking and Green Online Checking have no monthly maintenance fee, while On-the-Go Checking charges $3.99 per month unless you keep at least $100 in the account. Value Now Checking has a $10 monthly fee unless you maintain a $500 balance or set up direct deposit. Honest Checking has a flat $5 monthly fee but no overdraft fees.

• Value Checking and Green Online Checking: $10 to open, no monthly fee.
• On-the-Go and Green-On-The-Go: $10 to open, $3.99 monthly fee waived with $100 minimum balance.
• Value Now Checking: $10 to open, $10 monthly fee waived with $500 balance or direct deposit.
• Honest Checking: $10 to open, $5 monthly fee, no overdraft charges.

Things to Watch Out For

Before you rush to refer everyone you know, there are a few details worth noting. First, the referred friend can't have had an RCB checking account in the past two years. So don't try to refer someone who already closed an account recently—it won't work.

Also, the bonus isn't instant. Your friend's account needs to stay open and in good standing for at least 30 days (with a $50 minimum balance) before you see the $50. And even then, it can take up to 45 days to hit your account.

One more thing: if you're an RCB employee, student intern, or immediate family member of one, you're not eligible. Same goes for anyone in the same household as an employee.

• Referred friend must be a new customer (no RCB checking in the last 24 months).
• Bonus deposits can take up to 45 days after conditions are met.
• Rewards over $600 are taxable and reported to the IRS.
• Offer may be withdrawn or changed at any time without notice.

Bottom Line

• Earn $50 per successful referral—no direct deposit required.
• Both you and your friend get $50 each.
• Offer valid through December 31, 2024, for Massachusetts residents only.
• Choose from multiple checking accounts, but avoid Student Checking.
• Keep an eye on fees and minimum balance requirements to avoid charges.

Common Questions