If you weren't able to take advantage of the $200 and $300 checking account bonuses that Northwest Federal Credit Union (NWFCU) was offering last year, you might be interested in this new $100 bonus. This does require more work, and the payoff is less. To earn the first $50 requires three consecutive payroll direct deposits of at least $500 each to the new checking account that are received by 5/20/13. An additional $50 bonus will be mailed to you on 7/10/13 in the form of a check to be deposited through Mobile Deposit if the account remains active and a minimum of two consecutive direct deposits of at least $500 have been received between 5/21/13 and 6/30/13.
Full details of the promotion are described at this NWFCU promotions page. The new checking account must be opened by 3/30/2013.
Below is a copy of the small print for this offer:
Qualifications for checking account apply. To earn $100 bonus; must be your first checking account with NWFCU and opened between 2/01/13 – 3/30/13. Must sign up for free eStatements and Online Banking. Closed accounts reopened during the promotion period are not eligible. Three consecutive payroll direct deposits of at least $500 each to the new checking account must be received by NWFCU between 2/01/13 – 5/20/13. $50 Bonus will be credited to member’s NWFCU checking account on the business day following the third qualifying direct deposit. Additional $50 bonus will be mailed to you on 7/10/13 in the form of a check to be deposited through Mobile Deposit® if the account remains active and a minimum of two consecutive direct deposits of at least $500 have been received between 5/21/13 and 6/30/13. Offer cannot be combined with other direct deposit offers. Must have compatible mobile device to use Mobile Banking and Mobile Deposit®. See www.nwfcu.org/mobilebanking for details.
There's also a sweepstakes for a smartphone when you add direct deposit and successfully login to Mobile Banking.
NWFCU Checking Accounts
Anytime there's a checking account promotion, you have to be careful about the qualifying checking account. Often there are fees that can eliminate the benefit of the bonus. That's not the case with NWFCU which has a free checking account called Basic Checking with no minimum balance requirements or monthly service fees.
NWFCU has other services that make it easier to manage a checking account. First, NWFCU is part of ATM networks which give members free access to ATMs around the nation. NWFCU members with checking accounts have free access to CO-OP and Alliance One ATMs.
Second, NWFCU is part of the shared branch network which allows members to conduct most account transactions at 4,500+ locations nationwide, including credit union branches and CU Family Service Centers.
NWFCU also shows itself to be tech savvy, and it's using this promotion to highlight this with its Mobile Banking Bundle. This includes its Mobile Banking App which offers mobile check deposit. And it also includes My Virtual Strongbox which I reviewed last year.
NWFCU has an online membership application, and on the first page of the application it lists several options to qualify for membership including joining the Financial Awareness Network (FAN). This makes it easy for anyone to join with a $10 one-time fee. More details about the field of membership are listed in the credit union's Membership Eligibility page. You can also join by mail or at a branch. Details are described in NWFCU's Join Now page.
NWFCU CD Deals
Many readers joined NWFCU when they used to offer competitive CD rates. Unfortunately, NWFCU's CD rates are not as competitive as they used to be, but there are a few noteworthy ones. The best are NWFCU's Jumbo 2-year and 3-year CD rates. These rates become much more competitive (with rate bonuses of up to 0.25%) for members who are Premier Checking members and Heritage Club members.
Northwest Federal Credit Union Overview
Northwest Federal Credit Union branches are located in the Virginia cities of Manassas, Chantilly, Herndon and Vienna. You can also use shared branches for making deposits, withdrawals and for other common banking transactions.
It's a large credit union with over $2 billion in deposits. The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 3.58% (excellent) based on September 2012 data. Please refer to our financial overview of NWFCU for more details. NWFCU is federally insured by the NCUA (Charter # 5500).
Other Credit Union and Bank Bonuses
We have a 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.