A Double Bonus Deal: Get $100 for You and a Friend at Credit Union of Denver

Hey there! If you're in Colorado and have been thinking about switching banks or know someone who is, there's a pretty sweet deal on the table right now. Credit Union of Denver is running a promotion that's all about sharing the wealth—literally. For a limited time, you can score $100 just for referring a friend or family member, and they'll get $100 too when they open a new checking account. It's a win-win, but like any bank bonus, the devil is in the details. Let's break down exactly what you need to do to get that cash and what you should watch out for.

How the "Friends and Family" Bonus Works

This isn't your typical referral where only you get a reward. Here, both parties walk away with cash. As the existing member, you need to refer someone. That person then has to open a specific type of account—a Rewards Checking Account—before the clock runs out on July 31st.

But opening the account is just step one. To unlock the $100 for each of you, the new member has some homework to do, and it all needs to be wrapped up before September 30th.

• The new account must be opened by July 31, 2024.
• The new member must sign up for electronic statements (eStatements).
• They need to set up a direct deposit or an automatic credit of at least $1 into the new account.
• They must make at least 15 debit card purchases (either online or in-store) within a single calendar month.

Timing is Everything: Don't Miss These Deadlines

This offer has a couple of key dates that are easy to miss if you're not paying attention. The first is the account opening deadline of July 31st. That's your absolute last chance to get the application submitted.

However, the work to earn the bonus can continue into September. The new member has until September 30th to complete all the activity requirements (the eStatements, the $1 deposit, and the 15 transactions). They just need to do it all within one calendar month. So, if they open the account in late July, they could use all of August to knock out the tasks.

Practical Advice and Points to Ponder

A hundred bucks is a nice chunk of change, but it's always smart to look before you leap with any new financial account.

First, this is a credit union, which means membership is required. You typically need to live, work, worship, or attend school in certain Colorado counties to join. Always double-check your eligibility on their official site before getting your heart set on the bonus.

Second, while the requirements seem straightforward, plan for them. The 15 debit card transactions in a month might be normal for some, but for others, it could require a slight shift in spending habits. Think about using the debit card for small, routine purchases like coffee or groceries to hit the target without overspending.

A major question mark in the source material was about the credit check. Will applying for this account result in a 'hard pull' on your credit report, which can temporarily ding your score? The information wasn't clear. It's always a good practice to ask the credit union directly before applying if this is a concern for you.

Finally, remember the tax man. That $100 bonus is considered interest income, so you will receive a 1099-INT form for it. Plan to report it on your taxes next year.

Bottom Line

• This is a true mutual benefit: both you and your referral get $100.
• Mark your calendar for two dates: July 31st to open the account and September 30th to complete all bonus requirements.
• The 15 monthly debit transactions require a bit of planning—use it for small, budgeted purchases.
• Always confirm membership eligibility and ask about the type of credit inquiry before applying.

Common Questions