Four Points Federal Credit Union Has $200 Checking Bonus

Now through June 30, 2021, Nebraska-based Four Points Federal Credit Union (Four Points FCU) is offering a $200 bonus to new members who open any Four Points FCU checking account and fulfill a series of requirements. According to the fine print on Rates & Promotions page,

Promotion open to new Four Points FCU members without a previous account relationship in the past 12 months.

$200 bonus is earned if the following occur within 90 days of a new member checking account being established:

• 1) Make an opening deposit of $100 or more;
• 2) Make two or more payroll direct deposit occur, totaling $1,000 or more;
• 3) Register for Online/Mobile Banking;
• 4) Opt into e-statements;
• 5) Make fifteen or more point of sale (POS) purchases with your debit card connected to the corresponding new checking account.

If all promotion criteria listed are met, $200 will be credited to the checking account within 60 days after the initial 90 day qualification period expires if account is still open and in good standing.

Four Points FCU currently has two checking accounts: the Interest Rewards Checking, which I discussed in detail in an earlier blog post, and the Purchase Rewards Checking, which is similar to a Kasasa Cash Back account.

The Purchase Rewards Checking account is not an interest-bearing account: you will earn 5¢ cash back for each purchase if you use the debit card at least 25 times per month. This is not a particularly lucrative account: 100 purchases in a month would only earn $5 in cash back.

Availability

Headquartered in Omaha, Nebraska, Four Points Federal Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school anywhere in Colorado, Iowa, Kansas, Missouri, Nebraska, South Dakota, or Wyoming, eligible to join.

Employees/members of more than 45 SEGs also qualify for membership. The largest of the SEGs include Ag Processing (AGP), Farm Credit, Farmer’s National Company, Producer’s Livestock, Nebraska Cooperatives, and South Dakota Wheat Growers.

Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild) of current Four Points FCU members and membership-eligible individuals are welcome to apply.

Joining Four Points FCU and/or opening an Interest Rewards Checking or Purchase Rewards Checking account can be done online, by phone (800.323.2786), or at the Omaha, Nebraska branch located on North 127^th Street.

A minimum $5 opening deposit in a Regular Share Savings account establishes a new membership at Four Points FCU.

Four Points FCU participates in the CO-OP ATM network, but not the Shared Branch network.

Credit Union Overview

Four Points Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.36% (excellent) based on December 31, 2020 data. In the past year, Four Points FCU has increased its total non-brokered deposits by $23.91 million, an excellent annual growth rate of 22.82%. Please refer to our financial overview of Four Points Federal Credit Union (NCUA Charter # 24753) for more details.

Four Points Federal Credit Union was originally known as the Farm Credit Administration Cooperative Credit Association (FCACCA). Established in 1934, FCACCA was one of the first twelve credit unions serving the employees of the Farm Credit System (FCS). (Established by Congress in 1916, FCS is a nationwide network of borrower-owned lending institutions and specialized service organizations.) In 2005, the Credit Union converted to a federal charter and re-branded as Four Points “in order to better reflect our new ability to serve members across all 50 states, in all directions.” Four Points FCU has partnered with the Nebraska Consumer Council to extend membership to the residents of seven Mid-Western and Mountain states.

Bottom Line

Although qualifying for the $200 bonus entails jumping through a number of transactional hoops, none of them are particularly burdensome. And I can’t think of any current offering that would return $200 on $1,100 ($100 opening deposit and $1,000 in direct deposits) in three months.

When interest rates are low, savings and checking bonuses have more of an impact. To earn $200 in a typical online savings account (with a 0.50% APY) would require a $40k balance for a year.

If you don’t qualify for the Four Points FCU Checking bonus, check out our full list of the best savings and checking account bonus offers.

The above information and rates are accurate as of 5/27/2021.