This bonus has expired and is no longer active. You can view the best checking promotions by clicking here.
Offer at a glance
- Maximum bonus amount: $150
- Availability: Must open in branch, all branches are in IL & FL [Branch locator]
- Direct deposit required: $500 per month
- Additional requirements: None
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding:Up to $1,500
- Monthly fees: None
- Early account termination fee: $25 fee and bonus forfeit if closed within 6 months
- Expiration date: October 31st, 2016
The Offer
- Open a new checking account with First American Bank and receive a $150 bonus when you:
- Open account in branch
- Receive at least $500 in direct deposits from a paycheck, pension or government during each reward period (second, third and fourth statement cycles. You receive a $50 bonus per reward period)
The Fine Print
- Open a new Free Checking, Personal Checking, Optimal Checking, or Advantage Checking account between September 1, 2016 and October 31, 2016 and meet the transaction requirement during the second, third and fourth statement cycles (each being a “Rewards Period”).
- Beginning with your second statement cycle, Rewards in the amount of $50.00 will be credited to your account on the statement date for each Rewards Period.
- Available to new checking account customers only. Not available for existing checking account customers or customers whose checking account was closed in the past 60 days. One per household. Excludes First American Bank employees and members of their household.
- A statement cycle starts on the day after your previous statement date, and ends on the last bank processing day before your current statement date. For example, if your current statement date is a Saturday, Sunday, or a Monday holiday, your statement will include transactions from the day after your previous statement date through the Friday immediately preceding your current statement date. Transactions performed on that Saturday, Sunday and Monday holiday will not be included.
- If your account is closed within the first 6 months of opening, any Rewards paid to the account will be debited from the account balance. This is in addition to other standard fees that apply. See Schedule of Fees for additional details.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Best account to open is their free checking account, this has no monthly fees to worry about. You do need to keep the account open for six months otherwise you’ll be charged an early account termination fee of $25 and forfeit the bonus.
Our Verdict
Really hard to judge this bonus without knowing if it’s a soft or hard pull, I’m sure you can find out if you go in branch though. Probably too much effort (three months of direct deposits and in branch opening) for most to consider it worth it – especially with so many good bonuses currently available. If you do decide to go for it, then please share your data points in the comments below.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
