Deal Summary: $100 Bonus when opening a new checking account.
Although 2017 is about two months old, Gesa Credit Union (Gesa CU) is still offering a $100 checking bonus to “help you kick off 2017 the right way.” Checking account bonuses rarely have so few requirements and are rarely awarded so quickly. The details of the promotion are listed in this credit union page and are summarized below:
- Open a new Classic Checking or Colossal Checking account.
- Minimum $500 opening deposit required.
- May not have had a Gesa checking account within the past 90 days.
- $100 will be paid as a dividend upon account opening.
- Only one $100 bonus per member
- If checking account is closed within 180 days, a $20 early termination fee will apply.
The Classic Checking account has no minimum balance requirement or monthly fees, and has free e-Statements, Online Banking, and VISA Debit Card.
The Colossal Checking is a free reward checking account that earns 1.30% APY on qualifying balances up to $10k; qualifying balances over $10k and non-qualifying balances both earn 0.05% APY. Domestic ATM fees are reimbursed up to $4.99 per withdrawal. There are no monthly fees or minimum monthly balance requirements.
The monthly qualifying requirements are as follows:
- Have at least 18 Debit Card transactions.
- Have at least one Direct Deposit or ACH auto debit.
- Enroll in and receive e-Statements.
I first reported on the Colossal Checking account in 2008 when it paid over 6% apy. The rate has fallen, but the cap has remained at $10k. Even though the current rate is low compared to other reward checking accounts, it’s nice to see a reward checking account that has lasted so long.
Thanks to DA reader, stevel, for his Forum post about the $100 bonus.
Gesa CU is also offering several CD Specials, which are available through April 15, 2017. While the CDs may be promoted as Specials, unfortunately, the rates aren’t.
Headquartered in Richland, Washington, Gesa Credit Union offers membership to individuals who live, work, or worship, or attend school anywhere in Washington State.
"Close relatives" of individuals who qualify for membership are also eligible to join.
Joining Gesa CU and/or opening a CD can be done online or by visiting of any of 17 Washington branches located in East Wenatchee, Kennewick (2), Moses Lake, Pasco (2), Richland (4), Spokane, Walla Walla (2), Wenatchee, West Richland, and Yakima (2).
Credit Union Overview
Gesa Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.23% (excellent) based on September 30, 2016 data. In the past year, Gesa CU has increased its total non-brokered deposits by $161.15 million, an excellent annual growth rate of 12.02%. Please refer to our financial overview of Gesa Credit Union (NCUA Certificate # 68278) for more details.
In 1953, members of General Electric Supervisor's Association (G.E.S.A.) formed GESA Federal Credit Union (GESA FCU) to serve the exempt employees of General Electric. Like most fledgling credit unions, GESA FCU started "small" with the first account receipts held in a shoebox. Thirty years later, membership was opened to select employee groups who could not support a credit union of their own. Gesa CU converted from a federal to a state charter credit union in 1997, as a result of legislation which prevented Gesa CU (and other federal credit unions) from expanding beyond their core membership. Twenty years later, Gesa CU has a membership of over 143,300 and assets in excess of $1.7 billion.
Other Bank Promotions and Bonuses
Not eligible for Gesa Credit Union’s $100 bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.