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PenFed $200 Bonus for opening America’s checking account

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PenFed is offering a $200 bonus for opening a America's Checking Account. Here are the requirements:

- Deposit $1200 within 90 days
- Make 5 debit card purchases within 90 days
- Keep $500 or more in the account to avoid fees

Bonus will post within 90 days of meeting the requirements.

https://www.penfed.org/offer/d/checkingpromo?
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Last Edited by ubiquitous May 12, 2020 at 12:01 PM
Some people are reporting hard pull (credit check), soft pull if already a member of Penfed

Checking Account
Deposit $1200
$500 Balance in there to avoid fees.


Savings Account needs to be opened as well as part of the process
$5 Balance in there for membership
Should be recovered if closing account later.


This is what I found. (Please correct me if I am wrong)
"PenFed is a Credit Union and requires you to become a member before you obtain any products. Please review the membership eligibility options below and determine which best fits your situation. You will need to maintain a $5 Savings/Share Account as part of your PenFed membership"

Do not need to be Military

Offer valid from 5/4/2020 − 6/14/2020

yes, dont forget the 5 debit transactions within 90 days

Called - rep said there are no longer membership requirements. Said anyone can be a member.

Quote :

1Offer valid from 5/4/2020 − 6/14/2020. Must receive at least $1200 in deposits in your checking account within 90 days of account opening and make 5 debit card purchases in the first 90 days. Only available to new personal checking members who do not have an existing checking account and qualify for an Access America Account. Once the criteria is met, the bonus will be credited to the new personal checking account no later than 120 days from account opening. Account must remain open, active and in good standing (no negative balance) at time bonus is distributed. PenFed will issue an IRS form 1099 reporting the value of the bonus. One bonus per member.

2Account is a variable rate account. APY (Annual Percentage Yield) of .50% applies to accounts with a daily balance of $20,000-$50,000 and a monthly direct deposit of $500 or more. APY of .20% applies to accounts with a daily balance less than $20,000 and a monthly directly deposit of $500 or more. APYs are valid as of last dividend declaration date of May 8, 2020 and are subject to change at any time. Fees may reduce earnings on account. Minimum deposit of $25 required to open account.

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HIDDEN
05-04-2020 at 04:28 PM
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#4
What's precluding you from doing both? This isn't exactly "hard" terms to fulfill with no DD requirement.
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#5
Quote from jneset
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Way easier to do Slickdeals HSBC $125 offer with $1 deposit & close acct in 6 months.
HSBC is a pain in the ass for sign-on bonuses.
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#6
Soft pull?
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#7
Quote from GuanabanaPR
:
Soft pull?

Likely a Soft pull, but it's the Chexsystems Enquiry that can become the problem if you have opened to many Checking/Savings accounts the last few years. My rule of thumb, open no more than one a year. This is a great bonus though.


https://www.doctorofcredit.com/ba...sensitive/


****EDIT**** Looks like they do indeed do a Hard Pull. Post from a recent Credit Dr thread.-

"Penfed hard inquiry to open savings acct

I called penfed today and asked about the signup process and if it was a hard or soft pull. the CSR assured me multiple times that opening up a share savings only results in a SP. after getting multiple confirmations, i decided to open a savings account and join. a few minutes later, i had to call back in because some of my account info was incorrect in my online account. the new CSR confirmed there was a hard pull (equifax)! i called equifax and they also confirmed a HP."
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Last edited by XBeatzX May 4, 2020 at 06:02 PM.
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#8
Did this in the morning. Already a PenFed Member. So far, looks like a soft pull! Funded $500 to the new account using a credit card!
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#9
Wow just $1200. It's literally for the stimulus check. I've never heard of PenFed though.
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#10
Quote from orangejuice57
:
Wow just $1200. It's literally for the stimulus check. I've never heard of PenFed though.
One of Penfed's claim to fame is their auto loan rates. If you are lucky enough (and have the right auto credit) you can get auto loans at 0.99%. I know of some people who got that. Crazy!
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Quote from PaulPats
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What's precluding you from doing both? This isn't exactly "hard" terms to fulfill with no DD requirement.
The fine print on the website says
Account is a variable rate account. APY (Annual Percentage Yield) of .50% applies to accounts with a daily balance of $20,000-$50,000 and a monthly direct deposit of $500 or more. APY of .20% applies to accounts with a daily balance less than $20,000 and a monthly directly deposit of $500 or more. APYs are valid as of last dividend declaration date of May 1, 2020 and are subject to change at any time. Fees may reduce earnings on account. Minimum deposit of $25 required to open account.

So is Direct Deposit required to get the bonus?
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#12
i think the bonus is within 120 days
"Once the criteria is met, the bonus will be credited to the new personal checking account no later than 120 days from account opening"


Question:
i rarely use debit for purchases...

does a debit card purchase online count towards the 5?
or does it have to be at a physical store?

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#13
Quote from nysailor
:
The fine print on the website says
Account is a variable rate account. APY (Annual Percentage Yield) of .50% applies to accounts with a daily balance of $20,000-$50,000 and a monthly direct deposit of $500 or more. APY of .20% applies to accounts with a daily balance less than $20,000 and a monthly directly deposit of $500 or more. APYs are valid as of last dividend declaration date of May 1, 2020 and are subject to change at any time. Fees may reduce earnings on account. Minimum deposit of $25 required to open account.

So is Direct Deposit required to get the bonus?
because this is an interest checking account...
how i read that is the interest you will earn on your money if you hit those benchmarks. otherwise you get 0%.
i don't think you need DD to get qualify for offer, just the interest %



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#14
Quote from nysailor
:
The fine print on the website says
Account is a variable rate account. APY (Annual Percentage Yield) of .50% applies to accounts with a daily balance of $20,000-$50,000 and a monthly direct deposit of $500 or more. APY of .20% applies to accounts with a daily balance less than $20,000 and a monthly directly deposit of $500 or more. APYs are valid as of last dividend declaration date of May 1, 2020 and are subject to change at any time. Fees may reduce earnings on account. Minimum deposit of $25 required to open account.

So is Direct Deposit required to get the bonus?
Isn't this talking about apy?
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#15
Quote from swimsnoon
:
Did this in the morning. Already a PenFed Member. So far, looks like a soft pull! Funded $500 to the new account using a credit card!
Yup just did the same thing. Would have been nice if I was also trying to meet minimum spend on a card but I'll take it regardless.

Edit: oh great, apparently Chase declined the charge. Well just transfer over more from my other account I guess.
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Last edited by midnightblade May 4, 2020 at 05:32 PM.
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