Southland Credit Union's $300 Checking Bonus: A Sweet Deal for California Residents

If you're in Southern California and looking to pad your wallet, Southland Credit Union is running a limited-time promotion that's worth a look. Open a new Enjoy! Rewards Checking account, set up qualifying direct deposits, and you can snag a $300 bonus. Let's break down what you need to know.

How to Score the $300 Bonus

The path to this bonus is straightforward. First, you'll need to open a new Enjoy! Rewards Checking account. Then, set up a qualifying direct deposit of at least $1,500 each month for three straight months, all within the first 90 days of opening the account. Once you've hit that mark, the bonus points (worth $300) will land in your account within 10 business days.

One thing to note: this offer is only available to folks who don't already have an Enjoy! Rewards Checking account. If you closed one within the past year, you're out of luck. Also, business accounts don't qualify, so this is strictly for personal use.

• Open a new Enjoy! Rewards Checking account.
• Receive $1,500+ per month in qualifying direct deposits for 3 consecutive months within 90 days.
• Bonus points credited within 10 business days after meeting requirements.

What Counts as a Qualifying Direct Deposit?

This is where you need to be careful. Southland Credit Union defines a qualifying direct deposit as an electronic deposit of payroll, pension, Social Security, or other recurring income from a third-party employer or government agency. So, transfers between your own accounts, person-to-person payments like Venmo, mobile deposits, ATM deposits, or branch deposits won't cut it.

Make sure your employer or benefits provider can send the deposit directly to your new checking account. If you're not sure, check with your HR department or the payer.

Watch Out for the Monthly Fee

The Enjoy! Rewards Checking account comes with a $5 monthly service fee, but you can dodge it easily. Just meet one of these each month: a direct deposit, one bill pay, or 10 debit card transactions. If you're already setting up direct deposit for the bonus, you'll likely qualify for the fee waiver automatically.

There's also a $5 paper statement fee, but that's waived if you opt for eStatements or if you're over 65. So, go paperless to save a few bucks.

Is This Offer Right for You?

If you live in the areas Southland serves—think Orange County, Long Beach, Los Angeles, and nearby cities—this could be a nice little windfall. The requirements are pretty standard, and the soft pull on your credit is a plus. Just be sure you can maintain the account in good standing until the bonus posts.

Also, consider the opportunity cost. While $300 is nothing to sneeze at, check out other bank bonuses in the area to see if you can do better. Some banks offer higher amounts, but they might have stricter requirements. Weigh the effort versus the reward.

Bottom Line

• Open a new Enjoy! Rewards Checking account and set up $1,500/month in qualifying direct deposits for 3 months to earn $300.
• Avoid the $5 monthly fee by meeting the waiver conditions (direct deposit, bill pay, or 10 debit transactions).
• This offer is limited to new members who haven't had an Enjoy! Rewards Checking in the past 12 months.

Common Questions