Several credit unions are making the most out of the movement behind Bank Transfer Day. They are giving more incentives for people to move their money from the megabanks. In addition to a free checking account with no debit card fees, credit unions are offering sign-up bonuses. One example is American Heritage Federal Credit Union which is offering a bonus of up to $130 for its Totally Free Checking. This promotion is scheduled to last through November 30, 2011. Details are listed in the credit union's what's new page. Below is the offer's small print:
New Accounts opened between October 14 and November 30, 2011 are eligible for: $50 Bill Payer award 30 days after your first bill is paid; $50 Checking with direct deposit (direct deposit must be received before cash is awarded); $25 Independence Check Card reward and $5 e-Statements reward. Cash rewards for new accounts will be deposited into your account 60 days after account opening/activity. Accounts must remain open and in good standing or cash rewards will be void.
They also have a refer-a-friend promotion in which members can receive $15 for each new member for up to $150.
The checking account is free (it's called Totally Free Checking) with no minimum balance requirement or monthly service fee. However, its bill pay service can cause you to be hit with monthly fees. According to the small print, "Bill payer is free only when you use the service. A monthly $5 service charge will be applied to your account if you are signed up for Bill Payer but do not use Bill Payer after 31 days."
The credit union also offers some competitive CD rates even though they have fallen since my August review.
American Heritage FCU membership is open to anyone who lives, works, worships or attends school in Philadelphia, Pennsylvania and certain other parts of the Metro area. You can also be eligible via Select Employer Groups and via immediate family. Please refer their how-to-join page for more details. Membership requires a $15 minimum deposit into a share savings account.
American Heritage Credit Union branches are located in Philadelphia, PA and in several of the suburban areas.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 9.14% (above average) based on June 2011 data. Please refer to our financial overview of American Heritage Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5621).
Other Credit Union and Bank Bonuses
We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.