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$250 Checking Account Bonus at a Michigan CU (Consumers)

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Consumers CU (MI)

Consumers Credit Union is having checking account special in which you can earn up to $250. This requires an initial deposit of $5,500 in their Interest Checking Account. The account must stay open and active for six months or the cash incentive will be reversed. The bonus will be credited within 60 days of account opening. Smaller bonuses can be earned for smaller initial deposits: $100 for $2,500 and $175 for $3,500. Interest Checking has a $10 monthly fee for balances under $1,000. It pays 1.11% APY on balances under $10K.

This special is mentioned on their home page in a rotating image, but I can't find any details on their website. It was advertised in today's Holland Sentinel. The ad describes the above details and is available online here.

The special doesn't seem to require you keep the initial deposit for 6 months to prevent a reversal of the bonus. You just have to keep it active and maintain at least $1,000 balance to avoid the $10 monthly fees. This will reduce the loss of interest that could have been earned in a higher interest account.

I last reported on this credit union in January when it was offering 5.21% special CDs.

Membership is open to anyone who lives, works, worships or attends school in any one of 12 counties in Michigan. Please refer to the credit union's membership page for the full details. Membership requires a minimum deposit of $25 into your share savings account.

Branches are located in Kalamazoo, Portage, South Haven, Holland, Lawton and Coldwater. The credit union is federally insured by the NCUA (Charter # 62172). It has $233.4 million in assets and 29,297 members.

  Tags: Michigan, checking account, Consumers CU (MI)

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
"Membership is open to anyone who lives, works, worships or attends school in any one of 12 counties in Michigan"

How would they verify if somebody claims that he/she worships in the specific locations? Does this mean that membership is open to all regardless of where they live?

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
They may require a branch visit to open accounts. So that may make it pretty much of a local deal. About the worship option, I've heard about some credit unions enforcing this by requiring you to present a church bulletin as proof. I think most credit unions probably don't require proof.

1