Posted by William Charles on December 1, 2018
Deals

Published on December 1st, 2018 | by William Charles

2

[IL, IN, IA & In Branch only] First Midwest Bank $250 Business Checking Promotion

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: In branch only, branches are in IL, IN, IA
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull:  Soft
  • ChexSystems: Unknown
  • Credit card funding: Up to $2,500, no American Express (not sure if possible in branch)
  • Monthly fees: $15, avoidable
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • First Midwest Bank is offering a bonus of $250 when you open a new business checking account and complete the following requirements:
    • Open any eligible business account (Essential, Essential Plus, or Essential Deluxe Business Checking) with $1,000 minimum deposit
    • Within 90 days complete 10 of the following transactions (can be any combination)
      • Online bill pay
      • Business mobile check deposit
      • Debit card transaction
      • Checks paid
      • Wire transfer
      • ACH credit or debit

The Fine Print

  • To receive the bonus, the client must: 1. Open any new Essential Business Checking Account (Essential, Essential Plus, or Essential Deluxe Business Checking) with a minimum of $1,000 in new money to the bank at time of account opening.
  • New money is defined as funds not on deposit at First Midwest Bank within the last 90 days. 2.
  • Within the first 90 calendar days after account opening, complete any combination of the 10 qualifying transactions: Qualifying transactions include: A) Online bill payment B) Business mobile check deposit C) Debit card transactions D) Checks paid E) Wire transfers F) ACH credit or debit.
  • Once all requirements have been met, $250 will be issued as a credit to the Essential Business Checking Account within 60 calendar days of the transactions being verified, following the 90 calendar day period from opening. 3.
  • Account must be open with a positive balance to receive payout.
  • Promotional credit may be subject to IRS 1099-INT Form reporting and may be considered taxable income to you.
  • This offer is applicable once per client and only one bonus per account.

Avoiding Fees

Monthly Fees

Essential business checking looks to be the easiest to keep fee free. This account has a $15 monthly fee and that is waived with $1,500 in average collected balances.

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.

Our Verdict

Seems like an easy bonus to meet the requirements for and to keep fee free. The big test will be what documents they require to open a business account and how long that process takes. I’m hesitant to add this to the best business checking bonuses until we know that.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Glenn Rehn
Glenn Rehn

This is what the email says we need:

A GOVERNMENT-ISSUED PHOTO ID
Example: Valid Driver’s License/State ID

SECONDARY FORM OF IDENTIFICATION
Example: Employer or Business Tax ID

DOCUMENTS VERIFYING YOUR BUSINESS ENTITY TYPE
Example: Sole Proprietor, Partnership, or LLC

BENEFICIAL OWNERSHIP DOCUMENTATION
If applicable, information regarding the individual Beneficial Owners of the business2

Trevor
Trevor

I have an account with them. I don’t recall exactly, but I’m pretty sure they DO require a business license in order to open a business checking account.

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