Posted by William Charles on April 6, 2019
Bank Account Bonuses

Published on April 6th, 2019 | by William Charles

26

[IL, IN, IA & In Branch only] First Midwest Bank $500 Business Checking Promotion

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: In branch only, branches are in IL, IN, IA
  • Direct deposit required: None
  • Additional requirements: 10 debit or credit card transactions
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Up to $2,500, no American Express (not sure if possible in branch) ACH or cash deposit only now
  • Monthly fees: $15, avoidable
  • Early account termination fee: $15, 12 months
  • Household limit: None listed
  • Expiration date: May 31st, 2019

The Offer

Direct link to offer

  • First Midwest Bank is offering a bonus of $500 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
    • Complete 10 debit or credit transactions within 60 days of account opening

The Fine Print

  • To receive the bonus, the new 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 close of business on 5/31/2019.
  • New money is defined as funds not on deposit at First Midwest Bank within the last 90 days. 2. complete 10 debit or credit transactions within 60 days of account opening.
  • Once all requirements have been met, $500 will be issued as a credit to the account within 10 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.
  • Offer is applicable once per client, only one bonus per account and is subject to change or may be withdrawn at any time without notice.
  • Bonus is not available to local, state or federal government entities or agencies.
  • Offer is not available online and account 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

Our Verdict

Previously they offered a bonus of $250 with very similar requirements. This $500 bonus is obviously much better, according to this comment it doesn’t look like they require onerous documents to open the account. Because of how easy the bonus requirements are, how big the bonus is and how easy it is to keep the account fee free I will be adding this to our list of the best bank bonuses.

Hat tip to reader mailordersausage

Useful posts regarding bank bonuses:



26
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Boo
Boo

ACH deposit only, no option for CC

Richard
Richard

This seems like a very good bonus; I called them regarding the $2,500 credit card funding and was told only cash or check – perhaps this is worth flagging as all the data points informing hte $2,500 credit card funding are from 2016 and someone wrote in Jan of this year their attempts at funding with a credit card were being denied?

fungo45
fungo45

Can anyone confirm what qualifies as a business? I’m in the area and want to take advantage of this, but have no business to speak of.

Celia
Celia

Opened one today. Needed my assumed business certificate only for sole prop. $1500 for Essential Business checking to avoid $15 monthly fee. 10 credit/debit transactions via business debit card during first 60 days. Account closing fee of $15 if closed within 12 months.

Churningaway
Churningaway

Opened as a sole prop didnt need any documentation as I said I operate under my own name. Seems like a very easy bonus. Will report back once I get set up online and complete the transactions

Miya
Miya

What branch did you go to? Both branches near me (IL suburbs) required Assumed Name documentation even operating under my own name.

Susanne Bengtsson
Susanne Bengtsson

I am also curious which location you visited as the ones I have contacted require DBA.

Luke
Luke

Might be location dependent. I know Cook and Dupage do not require any documents for assumed names (business name = full name), while Lake county does.

Celia
Celia

I’m in Cook and was required to have a certificate. If I didn’t have that, they would accept a copy of a 1099. That was on the list she had of approved forms.

churningaway
churningaway

dupage county

ORDChurner18
ORDChurner18

First time posting on DoC, but have been reading and doing bonuses for a while.

I opened the account as a Sole Prop at the Naperville Branch. I do have a business that has income paid to my name. Certificate of Assumed Name is only when you do business as a Sole Prop under a different name (aka Tasty Pizza is a sole prop business of John Smith. JS would need to register the Tasty Pizza for a Certificate of Assumed Name). They were a bit hesitant at first, but checked and successfully opened the account for me. Said the 10 credit or debit transactions can be any kind (ACH, via Debit Card, etc.)

Hope this helps!

Celia
Celia

In the Schaumburg branch, they stated that the 10 credit/debit transactions had to be via the debit card. They did require me to have a DBA. So if you don’t have a DBA certificate, I’d avoid that branch.

Bobby Cobby
Bobby Cobby

Also getting asked for the DBA when trying to open at the Wrigleyville branch.

Luke
Luke

Per information from Cook County’s website:

An assumed name is issued to any business entity that uses a name other than the name(s) of the individual(s) who own or operate the business. For example, a business called “John Jones, P.C.” (i.e. owner’s full name and title) does not have to file an assumed name, but “Jones Wrecking” does.

So if your name is your business name they shouldn’t require any other documents. https://www.cookcountyclerk.com/service/assumed-business-name-registration

J
J

Has anyone who resides and/or operates a business outside the service area (IL, IA, IN) opened or tried to open an account? I called to inquire about this and the banker said the business had to operate in one of those states, but he didn’t sound totally certain so I’m wondering if there are any DPs to the contrary.

Charles
Charles

I live in Missouri. I called a banker in IL and she said that it would be okay for me to open the account. I hope she is correct but difficult to know for sure!

churningaway
churningaway

Does anyone know if online (Amazon reloads) count towards the 10 debit card transactions?

Adam D
Adam D

Go to the gas station and make $1 buys on gas multiple times

Charles
Charles

That is my plan. Whenever I sign up for a checking account bonus that requires debit transactions, this is my preference.

Charles
Charles

Amazon reloads

Menachem M. Porush
Menachem M. Porush

Opened account in Zion, IL, I’m from Wisconsin, biz from Wisconsin, took 2 and 1/2 hours to open account, not one banker new how to open a business account and they rejected me at first after 2 hours left branch then got a call from manager asking me to come back to finish account opening process, haven’t received online login yet, was supposed to hear back from someone?

Celia
Celia

For me, I had to wait about 24 hours for them to fax the materials to whoever and my banker called me and said it was all verified and I could start using my debit card and set up online access. I did have to go back in to sign a W-9 to finish my documentation. Once I set up online access, I am now waiting for the verification email to log in with my credentials.

Not an easy process but I assume it’s because they must have a centralized business group and use personal bankers in the branch. Chase was much easier but they have business bankers in a lot of branches.

Menachem M. Porush
Menachem M. Porush

Received email confirming online banking access took 24 hrs. They also pull from chexsystems

Rep
Rep

Would a website counts as a business?

Andrew K
Andrew K

sure, but you’ll have to get a dba

Charles
Charles

Traveled from MO to IL and opened account.

Back to Top ↑