TruMark Financial CU (PA) Offers Up to $150 New Checking Bonuses

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Availability: Residents of the Southeastern Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia

For a limited time, TruMark Financial Credit Union (TruMark Financial) is offering up to $150 in bonuses when opening a new checking account and completing any or all of the following actions within 90 days of account opening,

    Direct Deposit of at least $300 per month - $50

    10 signature-based debit card transactions - $50

    Make one mobile deposit with TruMark Financial's mobile app - $20

    Pay one bill using online Bill Payer - $10

    Sign up for TruMark Financial's Text Club - $10

    Sign up for Alerts - $10

Limitations

  • Cannot be combined with any other offers.
  • May not have closed a TruMark Financial checking account within the past 12 months.*
  • Bonus(es) will be credited with 120 days of account opening.
  • Only available to primary account holders, based on Social Security number.

*I found what seemed to be two contradictory statements on the promo page (I have bolded the text in question):

Open your first-ever checking account and do any of the following within 90 days to earn up to $150*

Offer does not apply to persons who closed a TruMark Financial checking account within the last 12 months.

CSR stated in Live Chat, “As long as you haven't had an open TruMark checking account within the last 12 months you will qualify.”

TruMark Financial has four checking accounts (Basic, Plus, Premium, and Smart Start), all of which qualify for the bonus(es).

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.15%--TruMark Financial Credit UnionPremium Checking
0.15%--TruMark Financial Credit UnionSmart Start Checking
0.10%--TruMark Financial Credit UnionPlus Checking
Accounts mentioned in this post. Rates as of December 2, 2016.

48-month Bump Up CD

TruMark Financial recently raised the rate on its 48-month Bump Up CD (1.85% APY), which was added to the product line about three months ago. The “Bump Up” feature allows for two rate increases during the term of the CD. The minimum deposit is $500, with a stated balance cap of $250k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.85%$500-TruMark Financial Credit Union48 Month Bump-Up CD
Accounts mentioned in this post. Rates as of December 2, 2016.

I mention this CD because it’s more competitive than most nationally available “bump-up” type CDs, such as Ally’s Raise Your Rate CD (1.40% APY).

As stated in TruMark Financial’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:

The amount of penalty is as follows: terms greater than 12 months - 180 days of interest.

Availability

Headquartered in Fort Washington, Pennsylvania, TruMark Financial Credit Union’s field of membership is residency based, with individuals who live, work, worship, volunteer, or attend school in the Southeastern Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia eligible to join.

Joining TruMark Financial and/or applying for the $150 bonus can be done online or at any of 15 Pennsylvania branches located in Conshohocken, Fort Washington, Jenkintown, Levittown, North Wales, Philadelphia (4), Richboro, Springfield, Trooper, Upper Darby, Warrington, and Wayne.

Credit Union Overview

TruMark Financial Credit Union (NCUA Charter # 66158) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.60% (excellent) based on June 30, 2016 data. In the past year, TruMark Financial has increased its total deposits by $193.65 million, an excellent annual growth rate of 14.32%. Please refer to our financial overview of TruMark Financial Credit Union for more details.

Chartered in 1939 as the Philadelphia Telco Credit Union, its stated mission was "To help members reach their financial well-being" and "To be the first place our members turn for all their financial needs." After 64 years of serving the employees of Bell Telephone Company of Pennsylvania, changing to a community charter expanded the field of membership. As a result of that charter change, the Philadelphia Telco Credit Union became TruMark Financial Credit Union in 2003. From the original handful of founding members, today’s credit union members number more than 127,000 and holds assets in excess of $1.8 billion.

How the $150 Bonus Compares

Since most of the various components of the $150 Bonus are based on actions, rather than financial investment, comparing a “captive” deposit resulting in a bonus to a similar amount in a 1% savings account, isn’t particularly apt. Although, getting $50 for a total of $1,200 in direct deposits is certainly a better payout than the approximately $4 that would be earned in a 1% savings account.

Other Bank Promotions and Bonuses

Not eligible for TruMark Financial 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 11/22/2016.

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