Digital Federal Credit Union (DCU) is a Massachusetts credit union with a well designed user interface for online banking. They offer accounts like a savings that has a 6.17% rate up to $1000 dollars and a free checking account. They are currently offering a $100 dollar bonus if you open an account and make 5 transactions. You can fulfill this requirement by making small Amazon transactions like buying small gift cards or just paying partial bills.

Most people will be eligible to join. If you live in their footprint (Chelmsford, Lowell, Tewksbury, Worcester) or are a member of the many organizations listed you can join without any cost, if you don’t qualify that way you can donate $10 to an organization called “Reach Out for Schools” to qualify. Info on eligibility. Full disclosure: I get $50 when you signup using my link.

TLDR Steps:

  1. Start your application using my referral link:
  2. Make sure you decline overdraft protection to avoid a potential hard credit pull.
  3. Make sure you add the checking account, it is required for the promotion.
  4. Make your 5 transactions in the same month. If you apply near the end of a month, don’t worry, just make your transactions at the start of the next. So long as they are all in the same month they will qualify.
  5. Read the full terms or the referral program here.

Detailed Steps:

  1. Start your application using my referral link:
  2. Click E-Sign Agreement, read the document, check the box and continue.
  3. Make sure you ADD for Free Checking and DCU Debit Card. The checking account is required to get the bonus. Primary Savings is automatically added. You can get the bonus by just doing bill pays but I found doing the debits easiest.
  4. IMPORTANT: Click “Decline Overdraft Payment Service” or you could get a hard pull on your credit. Not sure if you will with DCU but better safe than sorry.
  5. Enter your personal information and verify your phone number (cell or google voice will work).
  6. Pick the eligibility that applies to you. As stated earlier anyone can become eligible by selecting “I will become eligible by becoming a member of an organization DCU serves” and choose “Reach Out for Schools $10” – you will be charged $10 for this.
  7. Agree to all agreements and disclosures.
  8. Connect a bank account and fund your new accounts. $5 membership fee deposit to your Primary Savings is mandatory, and you’ll get it back when you close your account. I would add around $20 dollars so you can do bill pays larger than a dollar each. I’d recommend using $1.99 and up when doing transactions. I did a mix of amounts so the account wouldn’t get flagged or anything.
  9. Submit the app and wait for approval. They will send you instructions to access their online portal.
  10. Make at least 5 transactions (they must all be in the same month). If you don’t want to wait for the debit card you can pay 5 bills to satisfy the requirements. The types of transactions that count are Debits, Bill Pays and ACH (transferring funds to another bank). Full Terms are here.
  11. The $100 will be deposited within 30 days of satisfying the requirements.
  12. Once you have your account you can refer others for $50 each, they will each get $100 (or $90 if they are out of footprint).

By Pete

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