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

Published on May 11th, 2019 | by William Charles

175

[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:



175
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
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.

slowbrake
slowbrake

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

Gadget

Applied Tuesday night, online, out-of-state. I missed my call yesterday, but got a VM. Called them back today.

Haven’t had this kind of application review in a long time – HSBC, BMO do this kind of interview sometimes, but not this in-depth. They basically quiz you over your entire application. Where did you hear about us? Name, Address, mother’s maiden, Phone, Funding Method Last 4 digits, bank of CC, name on card, primary or secondary, kind of transactions to expect, and direct deposit source. No questions on why I was opening the account, and wasn’t going to say I chase bonuses.

Per CSR, they soft-pull Equifax, and pull ChexSystems. My number of Chex inquiries – 68.

Then the fun one: Recent checking accounts you opened, first asking me to list them, and I only went back to the most recent one that I knew pulled Chex. I know the banking apps like Aspiration, Varo, and EWS banks won’t show on Chex. She gave up on me listing them when I started asking questions on how far she wanted me to go back, so she started reading them off. She went back 6 months (for me, that was 7 different banks/CU’s), and I said yes for each, and some I told her why – Certificate account, MMA, etc.

Toward the end of the call, she sounded positive that the account was approved, but the way she worded it was weird. “We will go ahead and leave the account open”… and expect to see my Debit card in 7-10 days…

So, not inquiry sensitive, but intrusive for verification that your Chex matches what you say.
Out-of-State apparently ok, VA resident, and did not require tall-tales or creativeness on my application or in the interview. Time will tell if the bonus pays out. FYI William Charles JuicyJosh missjenniferd1

Dan - Legal Bank Robber
Dan - Legal Bank Robber

HHAHAA

JuicyJosh
JuicyJosh

Pretty much ditto here. I applied yesterday AM, was emailed yesterday to call. I did so. Provided you can speak to your history on chex it was no big deal. Even though im in FL went with my company based in IL/chicago and i visit frequently. Not insta-approved online but was approved on call. You can log into app to get routing/account info when done. Funded $500 on CIP but hasnt posted yet. Did not lower CA line but not to worried about it for some reason.

I dont see this level of scrutiny not raising any flags for them when there is a huge influx of our type. Prob will die soon enough.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Declined due to identity verification I tried twice and no for a fact I answered all the questions correctly. Oh well

Gadget

Per my CSR, they get the info from Equihax. I know they went pretty deep in my KBA question lineup… going back to a card I opened in 2007. Maybe wait a couple weeks and try again.

IS250
IS250

I guess I’ll give this a go sometime soon. You have more total inquiries, but I have a lot more inquiries in a shorter period of time since I’m new to churning (10 months so far).

arizonapv
arizonapv

Yeah, I thought I had a lot of Chex inquiries (41), but compared to Gadget, I guess not!

JuicyJosh
JuicyJosh

Gadget is just really old. He showed DoC how to do his first bank bonus. DoC tried to explain it to Chuck but he needed a guide so Doc wrote a blog about it. And poof! Here we are today.

Gadget

I prefer experienced & distinguished… rather than old. Don’t you have a Serve card to go load instead of heckling my peeps?

Gadget

Every few months I review my Chex, and will submit complaints to Chex to get some duplicates removed.. 1. because if I only apply for one account, I should only have one inquiry. 2. If a bank denies me for being out of footprint, there was no reason (in my mind) that they needed my Chex info. But EO is the winner at 80. I bet Dan - Legal Bank Robber will be up there too, but not sure he has longevity that some of us have.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I am around 70-80 need to check may be higher at this point Gadget

Gadget

Yeah, being able to call multiple States home and traveling in between a couple times a year probably helps a lot. If your parents get a divorce, make sure one of them moves to Wisconsin. NY PA VA OH IN IL WI is the DoC underground bank bonus railroad. 🙂

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Check ur email Gadget

Mimi
Mimi

If I were you, I’d just jump in, nothing to lose, just might be denied approval; but you won’t know until you try. This bank’s application was quite easy and I find their website user friendly. Immediately after approval, I got the routing and account numbers to enroll for DD.

In the application, I took a screenshot of the part where I opted OUT of overdraft protection to make sure I’m not covered.

If this is like Elements that has been very useful for my MS activities, this bank will be a keeper for me.

IS250
IS250

Did they call you as well? Or instant approval?

Mimi
Mimi

I haven’t gotten the call yet, got instant approval yesterday funded with Miles card. I checked my voicemail in case I missed it and there’s none.

DP for those using Discover Miles ~ make sure your CA is at zero or really low amount before using it since I found out I had a high CA limit based on the their AVR prior to getting transferred to a CSR. The CSR was able to decrease my CA to zero instantly. IME, when a bank codes it as CA, it would be rejected if I have zero CA limit. My back up CC has been Chase which even if CA is not zero, they always posted as sale/purchase for bank accounts initial deposits I’ve made.

IS250 , I say GO FOR IT!

IS250
IS250

Just applied. Instant approval as well. Out of state. $500 funded with Chase Freedom Unlimited ($100 CA limit – seems like it went through as purchase so far). Set up my online login as well.

There was a promo code field during the application but looks like this bonus will apply automatically.

Will update to see if I get a call or not. Will be using real DD so not worried about that.

Gadget

You will get a call… even w/ auto approval. I assure you. 😉

IS250
IS250

Yeah was expecting a call. Hopefully I don’t get grilled too bad.

Gadget

They don’t grill you…they go over it. Like they are playing the “good cop” role. Let’s hope “bad cop” doesn’t come out at bonus payout time.

IS250
IS250

Got an email today to call and so I did. Nothing bad. Just wanted to confirm I am who I say I was (which is a good thing).

Wanted to know reason(s) for all the inquiries and went through the ones starting from the beginning of this year only.

Thanks for the heads up so I could jump on this.

Gadget

No problem… paying it forward. 🙂 Keep me in mind if you find a lead on something new.

BlueBuffalo
BlueBuffalo

How do you honestly explain the inquiries? I imagine that they would not take kindly to you saying “Well, I really opened those accounts just for the bonuses”, and something like “I like all of the features they collectively bring me” is a little hard to believe when you have 10+ inquiries in the last year…

arizonapv
arizonapv

I think they are not looking for explanations, just that it was you who initiated these accounts and that it wasn’t some stranger doing it. Just own up to it and you are ok. I should be getting my phone call today and I will report my experience.

Mimi
Mimi

I thought they forgot me but I got the call from Miss N last Friday, mostly just verified personal info and if I remember certain Chex entries. One of those she asked me was Republic Bank, I didn’t recall I got SUB for that so I’m glad I had my spreadsheet and showed it was Memory Bank. Final question was she asked the CC I used to fund and last 4 of card number. Overall, it wasn’t like the drill I experienced with BMO in the past.

BlueBuffalo
BlueBuffalo

Received the call today. While I was nervous calling, the rep (Miss R) was very laid back.

Questions:
1. Identity verification (name, address, employer)
2. How will I used the account (main/secondary account, source of deposits)
3. Previous bank accounts (what accounts have I opened recently, what for?)
4. last 4 of card used to fund account

when it got to 3, i honestly said it opened them for the bonuses, and she immediately understood and went forward with the next question, no penalization.

Jim
Jim

Thanks for sharing this great info. Alas, just discovered it’s already expired

Much appreciate if Gadget could tag me for future out-of-state bounties 🙂

J
J

Applied online out of state. Instant approval and no phone call. Funded $500 with WF Business Platinum, which looks like it will go through as a purchase.

Gadget

J Even with an instant approval, they call the next business day… and will leave a message if you don’t take the call. Willing to bet they shutdown accounts that don’t do the interview.

J
J

They ended up calling the next day, and I answered. Interview went as others have described. The rep went through my Chex beginning at Feb of this year, but all she asked was for me to confirm that each account was in fact mine (she went through roughly 10 inquiries). Safe to say that at least for the time being, they are not Chex sensitive.

Anon
Anon

Got the grill phone call today. I panicked and lied. I said my boyfriend added me as a secondary account holder on all his accounts. and she said “well there are 13 of them so many go talk to him” and gave me a call back number. I can’t find if my lie will get through? Anyone know if Secondary Account holders get a chex hit?
First 3 she said were First Tennessee (I did capital), Unify, and Citi for reference.

Pauline the Bean
Pauline the Bean

I know that co-applicants will have their credit reports pulled, so possibly this also applies to banks that pull Chex. I don’t have any co-applicants on any of my accounts. On my credit report it specifies if it is an individual or joint account. I don’t see this information reflected on my Chex report.

Back to Top ↑