Pacific Service Credit Union is offering a bonus of $400 for opening a new checking account and setting up a direct deposit of $500 or more. To be eligible, you need to live, work, attend school, or worship in specific California counties (Alameda, Contra Costa, Fresno, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo, Santa Clara, Solano, or Sonoma). You need to maintain a minimum balance of $50 until May 31st, 2015, to receive the bonus, which will be deposited by June 10th, 2015.

Here's the catch: the Relationship Checking account comes with a $10 monthly fee unless you maintain a whopping $25,000 in combined balances with the credit union! A free checking account is available, but if you close the account within 90 days, they might take back the bonus. Plus, keep in mind that bank bonuses are considered income, so you'll have to pay taxes on it.

The Doctor of Credit ultimately advises against this particular deal. The high balance requirement to waive the monthly fee isn't worth it for most people and it is old news from 2015! They suggest checking out other bank bonuses instead or browsing a list of currently available offers. This matters to you, awardtrail reader, because time is money! Don't waste effort on deals that aren't the best bang for your buck.