Published on April 6th, 2019 | by William Charles26
[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
- 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- Offer is applicable once per client, only one bonus per account and is subject to change or may be withdrawn at any time without notice.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
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
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:
- 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