When I read that Technology Credit Union (Tech CU) had extended its Moveon $150 checking bonus promotion through August 17, 2017, I assumed (erroneously) that I would be just updating my earlier blog post. Tech CU has made enough changes in this checking bonus offering to merit a new blog post.
The biggest change is that Tech CU is limiting this offer to new members who are California residents; in the past, the $150 checking bonus was available to all new members, regardless of residency. I have bolded the changes in the Requirements and Limitations sections below.
Tech CU offers two checking accounts, both which qualify for the $150 bonus.
- Basic Checking - no balance minimum, no fees, no direct deposit requirement.
- Interest Checking - currently earns 0.05% APY, minimum balance of $1.5K, $6 monthly fee waivable, no direct deposit requirement.
$150 Bonus Requirements
- New membership and Tech CU checking account must be opened by August 17, 2017.
- Use promo code "moveon" when opening the account.
- $100 for establishing a recurring Direct Deposit (minimum $500 per month) to checking account within 90 days of account opening.
- $50 for a least three online bill payments within 90 days of account opening.
- Bonus(es) will be posted to the membership savings account at the end of the month in which the qualifying transaction occurs, “but will not be available for withdrawal until nine months after account opening.”
- Maximum bonus total of $150.
- Available only to new-to-Tech CU members who live in California “who have had no account relationship with Tech CU during the previous 12 months and who have never caused Tech CU a loss.”
- If the new checking account is closed with nine months of opening, the bonus(es) will be forfeited.
Complete details for the MoveOne $150 bonus are available on the Bank Happily Ever After page.
Note: As stated above, this promotion is offered “only to California resident new-to-Tech CU members ages 18 and up who have had no account relationship with Tech CU during the previous 12 months and who have never caused Tech CU a loss.”
Headquartered in San Jose, California, Technology Credit Union's field of membership is wide, with residency, employment, and organization membership serving as qualifying criteria.
Easy Membership: Individuals who join the Financial Fitness Association ($8 membership fee) qualify for Tech CU membership. Other qualifying large organizations include the San Jose State University Alumni Association and the Northern California Human Resource Association.
Residency: Individuals who live, work, worship, or attend school in the California counties of Alameda, Contra Costa, San Cruz, San Francisco, San Mateo, and Santa Clara are eligible to join.
Employment: Employees of Tech CU Member Companies, and public or private technology-based entities with a location in California, are eligible to join.
Relationship: Household and family members of current Tech CU members can join.
Joining Tech CU and applying for the $150 Moveon bonus can be done online, (using the promo code "moveon" on the first page of the online application) or at any of ten California branches located in Cupertino, Dublin, Fremont, Milpitas, Palo Alto, San Francisco, San Jose (3), and Sunnyvale.
Credit Union Overview
Technology Credit Union (NCUA Charter # 68383) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.04% (excellent), based on June 30, 2015 data. In the past year, Tech CU has increased its total deposits by $170.2 million, an excellent annual growth rate of 10.14%. Please refer to our financial overview of Technology Credit Union for more details.
Technology Credit Union was founded in 1960 by a group of employees at Fairchild Semiconductor (a pioneering technology company in Silicon Valley). As part of its expansion strategy, Tech CU developed a commercial real estate program in 2006 that has resulted in a $145+ million commercial loan portfolio consisting of CRE, construction, multifamily loans, and SBA loans. Tech CU is currently California’s 20th largest credit union, with more than 75,800 members and assets in excess of $2 billion.
How the MoveOn $150 Bonus Compares
The addition of the forfeiture clause (account open for nine months) has reduced the intrinsic value of the $150 bonus. I have chosen six $500 Direct Deposits for this comparison because the Direct Deposit could begin as late as the third month of the account opening and still qualify for the bonus.
Other Promotions and Bonuses
Not eligible for Technology Credit Union’s $150 checking 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.
The above rates are accurate as of 11/29/2016.