Posted by William Charles on August 4, 2019
Bank Account Bonuses

Published on August 4th, 2019 | by William Charles

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[Expired] [IL, IN, IA & In Branch only] First Midwest Bank $350 Business Checking Promotion

Deal has expired, view more checking bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: In branch only, branches are in IL, IN, IA
  • Direct deposit required: None
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding:  ACH or cash deposit only
  • Monthly fees: $15, avoidable
  • Early account termination fee: $15, 12 months
  • Household limit: None listed
  • Expiration date: September 30th, 2019

The Offer

Direct link to offer

  • First Midwest Bank is offering a bonus of $350 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 $100 minimum deposit
    • Enroll in business express online banking within the first 60 days
    • Complete 15 debit or credit transactions within the first three statement cycles
    • Maintain a $1,500 average collected balance for the first 3 statement periods

The Fine Print

  • To receive the bonus, the new to business checking client must: 1. Open a new Essential, Essential Plus, or Essential Deluxe Business Checking Account with $100 minimum deposit in new money to the bank by September 30, 2019. New money is defined as funds not on deposit at First Midwest Bank within the last 90 days. 2. Enroll in Business Express online banking within the first 60 days. 3. Complete 15 debit or credit transactions within the first three statement cycles. 4. Maintain a $1,500 average collected balance for the first 3 statement periods.
  • Once all requirements have been met, $350 will be issued as a credit to the account within 30 calendar days of the transactions being verified, following the 90 calendar day period from opening.
  • The 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, regardless of the number of accounts opened. Proper identification and verification of business status is required. This offer is subject to change and may be discontinued at any time. Bonus is not available to local, state or federal government entities or agencies. Offer available to businesses within Illinois, Indiana, Iowa and Wisconsin and must be opened inside the branch only.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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

There is an early account termination fee of $15 if closed within 12 months of account opening

Early Account Termination Fee

Our Verdict

Earlier this year First Midwest Bank offered a bonus of $500 with less requirements. Because of that I would recommend waiting for a bigger bonus to come along again and I won’t be adding this to our list of the best business checking bonuses.

Useful posts regarding bank bonuses:



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JT
JT

Be aware if this is like the previous bonus, you will need either a DBA cert at sign-up or they will ask for a Schedule C before posting the bonus. If you don’t provide either, they will close your account. ….Also, they called DoC a loser blogger, which just seems mean spirited

.https://www.reddit.com/r/churning/comments/bohgwz/bank_account_bonus_week_of_may_14_2019/enh4xgb/?context=3

ORDChurner18
ORDChurner18

Worth it to mention that First Midwest does not welcome any sort of sole prop accounts. They expect hard core evidence or a DBA that shows you have a real business or real sole-prop income. Online interface is also not so great. Bonus posts exactly 90 days after account opening, following 15 transactions in first 60 days.

Celia
Celia

You will need a DBA or Schedule C for this bank for a business account. There were reports of accounts being opened fine without them but closed before the bonus posted. It took a full 90 days after I met the debit transaction requirements to post bonus.

adam d
adam d

bonus clawback prior to 12 months?

Celia
Celia

no idea. I’ve kept it open, leaving the minimum to avoid a monthly charge. Going to wait until 12 months to close just in case they try to claw back the bonus. It was $500 so not chancing it.

kraghav82
kraghav82

There is a personal checking account version for $250. Don’t know how to attach flyer.

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