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: $25 deposited to their primary savings account - New
Member: $25 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