Bonus and Free Checking at Co-Op Services Credit Union in Michigan - Local Only
Co-Op Services Credit Union has received quite a bit of publicity in the last few weeks as one of the credit unions that is taking advantage of Bank of America's new debit card fees and the fees being added by the other large banks. It's hoping to win new members who are fed up with the large banks. The credit union's free checking account is a good alternative, and its $105 checking account bonus sweetens the deal. The credit union has set up its own microwebsite ShredMyCard.com which describes the promotion. According to the site, "Co-op Services will give you $105 when you shred your current bank debit card." As is typical for new-account bonuses, it also requires direct deposit. Below are the full details from the terms and conditions:
Shred My Card promotion is for new members ages 18 years or older who successfully open a new Checking Account with Direct Deposit, Debit Card, and e-Statements within the first six months of their credit union membership. Direct Deposits must be a minimum of $250, and must be deposited within 90 days of account opening. New Checking Account must remain open and in good standing for a minimum of six months, otherwise early cancellation penalty may apply. $100 will be deposited in the new members account within 30 days of Checking Account, Direct Deposit, Debit Card, and e-Statement enrollment verification by Co-op Services Credit Union. This offer may not be combined with any other checking offers.
The credit union does offer a free checking account with no monthly service fees or minimum balance requirements. The credit union is also part of the CO-OP ATM network which gives you access to fee-free ATMs around the nation. However, the checking account is not perfect. You have to worry about a monthly fee if you use the online bill pay service. According to the small print "A $5.25 monthly fee will apply to Bill Pay accounts with less than five transactions per month."
According to the credit union's membership page:
Anyone can join Co-op Services Credit Union. The first step is to print our membership application and bring it to any of our branch locations.
A simple $2 one-time membership fee to our sponsor, Cooperative Services, Inc., and $5.00 deposited into a regular share account will establish your membership in the credit union
Even though anyone can join, the page states that you are required to visit one of their branches to complete the application process. Please refer to the credit union membership page for the full details.
Co-Op Services Credit Union branches are located in Detroit and in the Detroit suburbs including the cities of Allen Park, Dearborn, Livonia and Pontiac.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 9.20% (above average) based on June 2011 data. Please refer to our financial overview of Co-Op Service Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 62426).
Other Bank Bonuses
We have a new bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.
Those of us who were paying attention to what was happening knew that this was coming and warned against it. Here is one of the things we wrote at the time: http://blog.unibulmerchantservices.com/banks-may-limit-debit-card-transaction-size-to-fight-fee-limit
What happened was that the government decided that a substantial portion of the banks' revenues would be collected by retailers. The banks then decided to make up for the shortfall by creating new revenue sources. Is that surprising?