Refer a Friend

The referred member simply needs to open a new checking account and enroll a new Digital Services account. During their first login, they’ll be asked to enter your referral code. After that, they just need to complete one of the following activities within 60 days of opening their new account:

Set up and receive direct deposits totaling $500 or more  -or-  Make 5 debit card transactions

Once all qualifying activity is complete, simply log back into Digital Services within the 60 days to initiate the $100 bonus!

Frequently Asked Questions:

• How many people can I refer?
  

  Referring members are limited to 5 payable referrals ($500) per calendar year, however there is no limit to the number of people you refer. The newly referred member will still be eligible to receive their $100 bonus after completing the qualifying activity. Please note: Both the Referring Member and Referred Member are responsible for any applicable taxes.

• How do I refer a friend?
  

  Members can refer their friends and family easily from Digital Services. Share your unique referral code via email, social, text and more with a few simple clicks!

• When will I receive the $100 bonus for referring someone?
  

  The referral bonus for referring members is dependent on the individual you are referring meeting the qualifying activity. Once they have met the criteria within 60 days, you will receive your funds via your checking account.

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Official Rules – Refer-A-Friend
Effective: 10/30/2025

Referring Member AND Referred (New) Member
Both referring member and new member must live, work, worship, or attend school within the Magnifi Financial field of membership (MN, ND, and WI counties) as specified at mymagnifi.org/membership. Members who have qualified for membership through a donation to our Foundation do not qualify for this program. All Magnifi account requirements must be met. This bonus only applies to current consumer checking account members and newly referred consumer checking account members. Health Savings Accounts (HSA) and business or commercial members do not qualify for a referring or new referral bonus. The current and newly referred accounts must be in good standing to receive either bonus; “good standing” is defined as having no negative balances on any share account or not having any delinquent loans while qualifications are being met . Referring Member and Referred Member are liable for all related taxes. Bonus funds may be forfeited if membership and/or checking account is closed within six months of its opening. 

Referring Member
Paid referral bonuses are limited to 5 ($500 total) in a calendar year.   To receive a bonus, the referring Member must have an open consumer checking share. The Referring Member may not refer themselves as the Referred Member.

Magnifi Financial employees may participate as the Referring Member. Referrals can only be made to individuals with whom they have an existing personal relationship unrelated to their employment at Magnifi Financial, prior to the referral. Employees can refer to internal documents for full details.

Referred (New) Member
The referred or new member must open a qualifying checking account and membership share. Within 60 days of opening the account, the following activities must be completed to receive your bonus: 1. Enroll a new Digital Banking account and enter referral code. 2. Set up and receive direct deposits totaling $500 or more -or- Make 5 debit card transactions. 3. Once all qualifying activity is complete, log back into Digital Banking within the 60-day period to initiate the $100 bonus.

The 5 qualifying debit card transactions do not include ATM transactions. The qualifying direct deposits totaling $500.00+ do not include transactions from money transfer applications, credit card transfers, or person-to-person transfer applications.


Program Suspension; Disqualifying Entries
Magnifi Financial reserves the right to, in its sole discretion, disqualify any entrant who has tampered with the operation of the Refer-A-Friend program or is acting in violation of these Official Rules. Magnifi Financial reserves the right to seek damages, including attorney’s fees, and all other available lawful remedies against any party or person who, using any manner or method, tampers with or attempts to tamper with, damage, or destroy the operation or administration of the Refer-A-Friend program. Magnifi reserves the right to disqualify any person determined to be abusing the program or promotion at any time for any reason. Magnifi reserves the right to limit the number of bonus payouts at any time or to any person determined to be abusing the program. You cannot refer other members of the same household. The bonus will not be paid if the referral code is retrieved by an unintended recipient or obtained from a deals website.
Magnifi Financial reserves the right to terminate the program at any time without notice. This credit union is federally insured by NCUA.