Posted by William Charles on May 11, 2019
Bank Account Bonuses

Published on May 11th, 2019 | by William Charles

219

[Expired] [FL & IL only] First American Bank $250 Checking Bonus

Deal has expired, view more checking bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: all branches are in IL & FL [Branch locator] Update: Looks like you can open online as well
  • Direct deposit required: $500 in one of the first two statement cycles
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Up to $1,500
  • Monthly fees: None
  • Early account termination fee: Bonus forfeit if closed within six months
  • Household limit: One
  • Expiration date: July 31st, 2019

The Offer

Direct link to offer

  • First American Bank is offering a bonus of $250 when you open a new everyday rewards checking account and complete the following requirements:
    • Receive at least $500 in direct deposits during one of the first two statement periods

The Fine Print

  • Open a new checking account between May 1 and July 31, 2019 and meet the transaction requirement.
  • Account must have at least $500 in direct deposits from a paycheck, pension, or government benefit during one of the first two statement periods to receive a $250 cash bonus.
  • The bonus will be paid to the account on the statement date for the statement period in which the direct deposit first appears.
  • $100 minimum to open.
  • One per household.
  • Available to new checking account customers only.
  • Not available for existing checking account customers or customers whose checking account was closed in the past 6 months.
  • Limited to individual, joint, and trust accounts only.
  • Legal entity and public funds accounts are not eligible.
  • Bonus amount will be reported to the IRS as interest paid to you on IRS Form 1099-INT.
  • If your account is closed within the first 6 months of opening, the bonus amount paid to the account will be debited from the account balance.
  • See Schedule of Fees for Consumer Accounts for other account fees that may apply.
  • 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

Account needs to be kept open for six months otherwise the bonus will be debited

Our Verdict

Need to know if it’s a hard or soft pull to open an account, if it’s a soft pull then I think this bonus is worth doing. As you need to open in branch you should be able to ask if it’s a hard or soft pull before opening. If anybody goes for it then please share your experiences in the comments below.

Hat tip to alphadogiii

Useful posts regarding bank bonuses:



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Ausclaire
Ausclaire

Also guess you can’t do funding in branch?

Gadget

You might be able to, but expect it to count as CA. If you have a low CA limit, the transaction will get rejected and the banker will come back and tell you the card didn’t work.

DavidJ
DavidJ

Direct Link to Offer implies that deal is available via online application/approval.

dean
dean

Only two branches in the entire state of FL. Ft. Lauderdale and Miami (Coral Gables).

Matthew
Matthew

Maybe only one – Ft Lauderdale has an ATM but not a branch as far as I can tell.

Celia
Celia

I love those radio commercials with Dickie and Grandma 🙂

Wonder if I can get the spouse to divert a single DD for this. I have to pick my spots with that. Loves the extra money but doesn’t like the work.

Mike L
Mike L

There IS a monthly fee of $4.95 with this account if you don’t meet the monthly requirements. “A $4.95 monthly fee applies if requirement is not met. To receive the Rewards Annual Percentage Yield (APY) and refund of the monthly fee, the following must occur: Perform 15 qualifying payments during the monthly statement cycle. Qualifying Payments include Checks, online Bill Payments, ACH Debits, outgoing Wire Transfers and payments made with your First American Bank issued Mastercard Debit card and must post and appear on your account statement.”

Celia
Celia

The same deal is offered for the Optimal (For a limited time, when you open an Optimal Checking account with direct deposit, you can get a $250 cash bonus) that you can avoid the 4.95 fee with a minimum daily balance of $2500.

newbie
newbie

just open free checking account

https://www.firstambank.com/personalbanking/banking/checking/free-checking/

no need to open Everyday Rewards Checking

I dont see anywhere that says the account must be open in branch .Am i missing something?

EDUARDO BAEZ
EDUARDO BAEZ

As others have stated, Free Checking account is also eligible for the $250 bonus.

The web site also has an option to apply online.

Please see below Free Checking Account Disclosures and First American Bank Schedule of Fees for Consumer Accounts links.

https://www.firstambank.com/media/uploads/disclosures/FreeChecking.pdf

https://www.firstambank.com/media/uploads/disclosures/ScheduleOfFees.pdf

DavidJ
DavidJ

I have never funded a new checking account with a credit card. If I fund this with a new AMEX Blue Cash Preferred, will it code as a purchase or cash advance?

TatyG
TatyG

Only Visa/MC/Discover are accepted. $500 max.

newbie
newbie

soft pull

TatyG
TatyG

newbie yes, I didnt get a notification about hard pull, Im assuming its NOT a hard pull. I funded with visa, coded as purchase.

Mimi
Mimi

I funded with my new Miles card for $500, coded as purchase/sale. Score!

Miya
Miya

Any DP on Chex sensitivity? A comment in the biz offer DoC post that just expired said it’s Chex sensitive.

EO
EO

See my comment above. They definitely pull Chex as I had my entire report essentially read to me. But they still approved the account after all was said and done. I got the feeling it was definitely an individual person deciding whether to approve my account so it could very well depend who you happen to get on the phone.

Glenn
Glenn

Just applied and was approved. Closed a bunch of accounts around Dec/Jan but have only opened 3 accounts this year so far. it asked for a promo code but i didn’t have one so I didn’t put anything.

you should link to the Free Checking open page

DP: could only fund $500 with visa CC

Yati
Yati

which credit card specifically? and did it count as purchase or cash advance?
any news of it being a hard or soft pull?

newbie
newbie

soft pull??

ORDChurner18
ORDChurner18

18, Student, US Citizen. Was denied due to lack of information and will have to head in-branch to finish.

EO
EO

Applied online over the weekend. Got a call from them today verifying my info. Asked why I had 80 inquiries in last however many months (haha). Only thing to do was tell the truth: taking advantage of promotional offers. Rep had to speak to manager but account was approved. Confirmed that I was eligible for bonus even though I applied online.

Miya
Miya

80 Chex inquiries? Damn. Even in the past 1.5 years I’m probably only averaging 10-20 chex inquiries. Do they look further back?

Gadget

Miya Not OP, but Chex has 3 years of history… Most banks don’t care and only screening for derogatory info. Not sure if I have 80 or not, probably right around there though. I would have more than 90, but I disputed many of the duplicates.

missjenniferd1
missjenniferd1

outstanding EO i hope to one day have 80 inquiries too!!! tennessee doesnt get much though, you must live in a state with a lot of offers, lucky you!! anyway, i lol’d when i read 80… was that a typo, did you mean 8? if it’s 80 that is freaking awesome!!!

EO
EO

It was not a typo. She told me 80. But those were inquiries so I’m sure some were duplicates. But I’ve never bothered to try and dispute them. While I’ve certainly been rejected by my fair share of banks, I’ve found that I still get approved consistently.

missjenniferd1
missjenniferd1

so if i open this online, is it still restricted to those states? where does it say this? when i attempt to open it, i dont see that it says i have to be in those states. i want to apply but i dont want to if i’m just overlooking something.

if you apply online and you are out of the area of those 2 states, please comment back here. i wanna have a go at this one.

JuicyJosh
JuicyJosh

Just go for it. What do ya have to lose other than 30 minutes.

missjenniferd1
missjenniferd1

well, i wanted to, i dont mind being the dp i wanna see, but not if it ends up being a chex inq and a hard pull or something, so trying to see if anyone else posts something.

JuicyJosh
JuicyJosh

You’ve been at this a while now. Chex hits mean nothing. Let your hair down and go wild. Be free missjenniferd1 . All we know for sure if you won’t get the bonus if you don’t apply.

missjenniferd1
missjenniferd1

it’s certainly tempting but i’m gonna see who posts what tomorrow. i dont want it if its a hard pull, but i might still do it anyway, since i’m only working on 2 other bonuses right now… i just dont want a hard pull if i wont qualify… seems like it should say that before i put my ssn in, but it doesnt. im not sure where he got fl and il only, except if it was because at the start he thought it was in branch only, but after he put the update that you can do it online, it still says fl and il only, soooooooooo O_o O_o

EO
EO

I will say that when I received a call, she emphasized they only had branches in FL and IL, but because i lived in IL it made sense that I wanted to bank with them. Don’t know if there’s a hard and fast rule, but being out of state will definitely require an explanation.

missjenniferd1
missjenniferd1

you were right — JuicyJosh thanks for talking me into it!! i’m in!!!

missjenniferd1
missjenniferd1
missjenniferd1
missjenniferd1

im gonna try this from the state of tennessee and see what happens.

missjenniferd1
missjenniferd1

im pretty sure i was accepted to this bank. i never saw anything about i wasnt qualified, and actually during the application, it actually says “determing eligibility” and it put a check mark and proceeded to the next page, and then i had the identity questions, and they weren’t weird, so i know i passed, then i got this:

Congratulations!

Pending Review

Free Checking

Routing Number: 071922777

Initial Funding Amount: $100.00

We will review your application and contact you within 2-3 business days.

If you have any questions, please contact us at 847-586-2099 between 8:00 am to 5:00 pm Central Time Monday through Friday.

Gadget

Expect a call today…

missjenniferd1
missjenniferd1

i hope so!! if they ask why im opening the account, i’m just gonna say im moving to coral gables fl, (they have a branch there), but it certainly didnt exclude me from applying even though im not in the right states.

i applied because JuicyJosh talked me into it, so if i get approved, i’ll have to give him a rep point — 🙂

i was chicken, but im not really doing any offers right now, so i had to agree with him that i didnt have anything to lose, plus if i get the bonus from paypal or wherever, it will be a good datapoint for other folks.

im not even sure why i clicked on this post to begin with. i never click on posts that arent for my state, but if this one lets me, i’m going to start clicking on all the offers to see if it will let me anyway and see what happens.

i’m still half expecting to get rejected, but honestly, they dont know if i’m moving, and why not set up a bank before you get there? its a good idea to be honest…

slowbrake
slowbrake

Opened online 5/14 and accepted. Limited to $500 via Visa, MC, or discover.

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