[CO, FL, MN, WI] MidWestOne Bank $225 Checking Bonus, Direct Deposit Not Required

Update 7/5/20: Deal is back, there is now a zip code checker so hopefully people will actually be approved now (update: Seems like the same issue is occurring). Hat tip to reader REJECTION. 

Update: Seems like everybody is being denied with the ‘Thank you for your interest in our Power Checking product. Unfortunately, you do not reside in our market and therefore are ineligible to participate.’ Because of this we won’t be adding this to our best bank bonus page.

Offer at a glance

• Maximum bonus amount: $225
• Availability: CO, FL, MN, WI
• Direct deposit required: Optional
• Additional requirements: eStatements & 15 debit card transactions
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: None
• Early account termination fee: Bonus forfeit if closed within six months
• Household limit: One
• Expiration date: None listed

The Offer

Direct link to offer

• MidWestOne Bank is offering a bonus of $225 when you open a new power checking account and qualify for power checking rewards in one of the first three power checking statement cycles:
  • Have at least one direct deposit, automatic debit from a third party, or Online Bill Pay post and clear.
  • Receive eStatements
  • Have at least 15 Debit Card purchases post and clear

The Fine Print

• Power Checking account must be opened online using URL: https://www.MidWestOne.bank/Power225 or redeemed in-person by presenting mailer at time of account opening.
• Limit one per household.
• You will receive the $225 deposit into your Power Checking account within 15 business days once you have qualified for Power Checking rewards in one of the first three Power Checking statement cycles after account opening.
• The “qualification cycle” is the same as the current statement cycle.
• The statement cycle ends on the fourth Wednesday of each month.
• $225 bonus will be forfeited if account is closed within 6 months of account opening.
• Bonus will be reported to the IRS as miscellaneous income.
• Not valid with any other checking account offer.
• You are not required to open a Power Savings account to qualify for $225 bonus.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fees to worry about

Early Account Termination Fee

Bonus will be forfeit if the account is closed within six months of account opening

Our Verdict

Seems like a relatively easy bonus to meet the requirements for, it seems that they don’t approve accounts automatically so there might be some manual approval involved. We will add this bonus to our best bank bonus page.

Hat tip to reader Chris W

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times