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Home » Chief Financial Credit Union Member Referral Bonus Program: Official Rules

Chief Financial Credit Union Member Referral Bonus Program: Official Rules

PROGRAM SPONSOR AND OVERVIEW

This Member Referral Bonus Program (“Program”) is sponsored by Chief Financial Credit Union (“Credit Union” or “Sponsor”). By participating in the Program, each participant agrees to these Official Rules, including all eligibility requirements, and understands that all determinations made by the Credit Union are final. The Program is subject to all applicable federal, state, and local laws and regulations.

ELIGIBILITY

Referring Member Requirements:

  • Must be a current member in good standing of Chief Financial Credit Union
  • Account must be open for a minimum of 30 days prior to making referral
  • Member must be 18 years of age or older
  • Must be a U.S. resident where not prohibited by law

New Member (Referee) Requirements:

  • Must be eligible for Credit Union membership under the Credit Union’s field of membership
  • Must be 18 years of age or older
  • Must not have been a member of Chief Financial Credit Union within the previous 12 months
  • Must be a U.S. resident where not prohibited by law

QUALIFYING ACCOUNT REQUIREMENTS

New Account Definition:

  • Must be a new primary membership account opened by an eligible individual
  • Adding a joint owner, beneficiary, or authorized user to an existing account does NOT qualify
  • Converting an existing account type does NOT qualify
  • Only the primary account holder’s new membership qualifies for the bonus

Minimum Balance Requirements:

The new member must maintain one of the following minimum balances for 90 consecutive days from account opening:

  • Savings or Checking Account: $150 minimum balance
  • Money Market or Certificate of Deposit: $500 minimum balance

BONUS AMOUNTS AND PAYMENT

  • Referring Member: $50 deposited to their primary savings account
  • New Member: $50 deposited to their primary savings account
  • Bonuses will be automatically deposited within 10 business days after the 90-day qualifying period is satisfied

PROGRAM LIMITATIONS

General Limitations:

  • New members may only receive one referral bonus per lifetime
  • Bonuses are non-transferable and have no cash value

Account Status Requirements:

  • Both accounts must remain open and in good standing throughout the 90-day qualifying period
  • Accounts that are closed, suspended, or have negative balances during the qualifying period will not receive bonuses
  • If the new member’s account falls below the minimum balance requirement at any time during the 90-day period, the qualifying period resets

REFERRAL TRACKING

  • Referrals must be properly documented at the time of new account opening
  • The new member must identify the referring member by name and member number
  • Credit Union staff will verify the referring member’s eligibility at the time of referral
  • Retroactive referral credits will not be granted

TAX IMPLICATIONS

Referral bonuses may be considered taxable income. Recipients are responsible for reporting any tax liability associated with bonus payments. The Credit Union will issue appropriate tax documentation as required by law.

PROGRAM MODIFICATIONS AND TERMINATION

The Credit Union reserves the right to:

  • Modify, suspend, or terminate this Program at any time without notice
  • Limit participation if fraudulent activity is suspected
  • Verify eligibility and account status before bonus payment
  • Determine qualification disputes at its sole discretion

INDEMNIFICATION & LIMITATION OF LIABILITY

By participating in this Program, each participant agrees to indemnify, release, and hold harmless the Credit Union, its affiliates, and their respective officers, directors, employees, and agents from any and all liability, injury, loss, or damage of any kind arising from participation in the Program.

PRIVACY

Information collected through this Program will be used in accordance with the Credit Union’s Privacy Policy and solely for Program administration and member services.

ADDITIONAL TERMS

  • This Program may not be combined with other promotional offers unless specifically stated
  • Bonuses earned through fraudulent means will be reversed and may result in account closure
  • The Credit Union’s decision on all matters relating to this Program is final
  • This Program is void where prohibited by law