Signal Financial FCU Offers Up To $400 In Bonuses

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Availability: Easy Membership Requirement through the Washington Area Bicyclist Association; residents of Washington, D.C. and portions of Prince George’s County, Maryland; 200+ SEGs.

Less than a month ago, I wrote about Signal Financial Federal Credit Union’s (Signal Financial) promotional rate on its 60-month Share Certificate (2.16% APY), which is slated to expire on September 30, 2016.

Signal Financial is also offering up to $400 in bonuses in conjunction with its Signal Connection Product Bundles. To be eligible for a bonus, you must be enrolled in either the Signal Connect (bonus of up to $350) or Signal Premium (bonus of up to $400) Bundle, and complete as many activities as you choose, earning $50 per complete activity. This promotion is also available now through September 30, 2016.

    Signal Connect
  • Open a checking account
  • Set up direct deposit
  • Use debit card at least 12 per month
  • VISA balance transfer ($2.5k min)
  • Auto refinance ($10k min w/direct debit)
  • GAP insurance
  • MMP Extended Warranty
  • No MMA option available
    Signal Premium
  • Open a checking account
  • Set up direct deposit
  • Use debit card at least 12 per month
  • VISA balance transfer ($2.5k min)
  • Auto refinance ($10k min w/direct debit)
  • GAP insurance
  • MMP Extended Warranty
  • High-Rate Money Market

Note: Fulfilling the first three activities (opening a new checking account, setting up direct deposit, debit card use) is probably the easiest way to take advantage of this bonus and earn $150 without jumping through too many hoops. Although it's not advertised as such, for most people it’s essentially a $150 checking account bonus.

The fine print spells out the details as follows:

    Account must be enrolled in a bundle account program for six consecutive months.

    Account must be in good standing at the time of the bonus credit.

    Direct deposit must be at least once a month (minimum $750), for at least four consecutive months during the 6-month qualification period.

    Debit card must be swiped at least 12 times monthly during the 6-month qualification period.

    Vehicle loan payments must be made using automatic transfer from member’s Signal Financial account.

    An aggregate bonus will be deposited in the Share Savings account within 45 days of the bonus requirements being met.

No Signal Financial member banks the same way, so we’re pleased to offer a
variety of product solutions to meet your specific banking needs. Customize
your banking by choosing only the products you want, or choose one of our
Signal Connection Product Bundles to take advantage of added savings and benefits.

Availability

Headquartered in Kensington, Maryland, Signal Financial Federal Credit Union offers membership to virtually anyone:

Easy Membership: Membership in the Washington Area Bicyclist Association (WABA) qualifies for Signal Financial membership. (Joining WABA prior to applying for Signal Financial membership is required.)

Residency: Individuals who live, work, worship, or attend school in Washington, D.C. or inside the Beltway in Prince George’s County (Maryland) are eligible to join.

Select Employee Groups: Any employee, pensioner, annuitant, or member of the 200+ Select Employee Groups (including Verizon, Verizon Wireless, and AT&T) is eligible.

Relationship: Family members related by blood, marriage, or other recognized family relationship (living in the same household or not) of any current Signal Financial member are eligible.

Joining Signal Financial and/or applying for the Product Bundle bonus can be done online or at any of eight branches located in Washington, D.C. (3), Northern Virginia (2), and Maryland (3), or by mail (all necessary paperwork can be requested by calling 301.933.9100, ext. 298).

Credit Union Overview

Signal Financial Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 8.97% (excellent) based on March 31, 2016 data. In the past year, Signal Financial has increased its total deposits by $6.16 million, an above average annual growth rate of 2.14%. Please refer to our financial overview of Signal Financial Federal Credit Union for more details.

In September 1947, the Washington Telephone Federal Credit Union (WTFCU) was officially chartered (NCUA Charter # 5571). In the past 69 years, the types of financial services offered changed, and the number of branch offices grew to keep pace with the ever-changing financial needs of the membership. In 2007, WTFCU became the Signal Financial Federal Credit Union during a field of membership expansion, which included more than 150 small to medium-sized businesses, in addition to the large telephone company groups. Signal Federal is currently Maryland’s 19th largest credit union, with over 24,000 members and assets in excess of $361 million.

Other Bank Promotions and Bonuses

Not eligible for Signal Financial’s bonuses? 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.

Comments
CapitalClimate
CapitalClimate   |     |   Comment #1
The fine print for Premium is pretty much a bonus killer:

Maintain a combined $25,000 average monthly balance in share accounts (excluding share certificates) and conduct 5 signature-based debit card transactions per month or have a mortgage with a starting balance of $250,000 or greater to avoid the $25 monthly maintenance fee.

Share savings rate is 0.15%.
Essentially, you can offset the bonus with 6 * $25 = $150 in fees or almost $125 in lost interest at 1%.

FWIW, CD rates except for 60-month promo are also mediocre.
Anonymous
Anonymous   |     |   Comment #6
Thank you for your comments; we would encourage you to read through the product features in addition to the fine print.  You will find that the Premium  eMoneyMarket rate is 1% for $25,000, and you can earn up to an additional $400 by having your banking relationship with the Credit Union.--Signal Financial FCU
Anonymous
Anonymous   |     |   Comment #2
This bonus offer requires establishing a real relationship in order to qualify, - unlike many of the "in-and-out" deals made available by other FI's.

Who do they think they are?

It's far too onerous for those of us only wanting the pay-off.
Anonymous
Anonymous   |     |   Comment #3
Thank you for the comments; this is exactly what we are trying to achieve for our Members: a long-standing relationship so that we can understand their requirements and develop products and services to specifically meet their needs. This the way we want to build loyalty with our Members. --Signal Financial FCU
Anonymous
Anonymous   |     |   Comment #4
Seems to me with such a big ensemble of tedious requirements this bonus offer won't attract many potentially new members who wouldn't otherwise want to do business with you.  Better I would think to take those "bonus funds" and distribute them among your already existing members who have been loyally with you for an extended period.  Reward THEM rather than those who still unproven.
Anonymous
Anonymous   |     |   Comment #5
Thank you for those comments; actually our loyal existing members can take advantage of this bonus offer.  We structured the offer taking into consideration our existing members, its  a very simple process for them to take advantage of it.    --Signal Financial FCU
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