Tower Federal Credit Union has long offered a $125 cash bonus for opening a new Regular Checking account and setting up a qualifying direct deposit. One advantage of this bonus compared to those offered by the big banks is that the Tower Regular Checking account is totally free with no monthly service fees or minimum balance requirements. Here's the link to the credit union's promotions page.
According to the small print "first direct deposit must post to account by 12/31/11 to be eligible for cash bonus." Some additional details about the direct deposit requirements from the small print are included below:
A qualified direct deposit is defined as a recurring direct deposit of a paycheck, Social Security or pension payment electronically deposited to a Regular Checking account. The minimum amount of any single direct deposit must be $100 to qualify for this promotion, and must occur a minimum of once per month for two consecutive months. Multiple deposits within the same month can not be combined to meet $100 minimum requirement.
Membership into Tower Federal Credit Union is primarily based on employment or membership in certain businesses and associations. Full details are listed in the credit union's Field of Membership page. One association that's listed is the National Cryptologic Museum Foundation. The credit union restricts members of this foundation to those residing in Maryland, DC, Virginia, and Pennsylvania. According to this Foundation's Join-Us page, individual membership costs $35.
Tower branches are located in the Maryland cities of Annapolis, Hanover, Clarksville, Columbia, Ellicott City, Gambrills, Laurel, Millersville, Annapolis Junction, Owings Mills and Pasadena
It's a large credit union with over $2 billion in assets. The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 4.43% (excellent) based on September 2010 data. Please refer to our financial overview of Tower Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 8333).
Other Bank Bonuses
To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.