Published on August 4th, 2019 | by William Charles7
[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
- 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
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
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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times