Posted by William Charles on August 11, 2019
Bank Account Bonuses

Published on August 11th, 2019 | by William Charles

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[IL, IN, IA, WI only] First Midwest Bank $250 Checking Promotion – Direct Deposit Not Required

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Offer only available to residents of Illinois, Indiana, Iowa and Wisconsin
  • Direct deposit required: No
  • Additional requirements: eStatements, 10 debit card transactions & deposit $2,500
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: Up to $2,500, no American Express
  • Monthly fees: $7.49, avoidable
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: September 28th, 2019

The Offer

Direct link to offer

  • First Midwest is offering a bonus of $250 when you open a new  checking account and complete the following requirements within 60 days of account opening:
    • Make 10 debit card transactions
    • Make deposits totaling $2,500 or more
    • Enroll in online banking and e-statements

The Fine Print

  • To receive the $250 bonus, the new personal checking client must: 1) Open a new Easy, Midwest or Diamond Checking account with $100 minimum deposit by close of business on 9/28/2019.
  • 2) Make deposits totaling $2,500 or more within 60 days of account opening.
  • 3) Make 10 debit card transactions within 60 days of account opening.
  • 4) Enroll in mobile banking and e-statements within 60 days of account opening.
  • Once all requirements have been met, $250 bonus will be issued as a credit to the account within 30 calendar days of the transactions being verified, following the 90 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 as interest income to you.
  • Consult your tax advisor.
  • Limit of one bonus per client, regardless of the number of accounts opened.
  • Offer only available to residents of Illinois, Indiana, Iowa and Wisconsin.
  • Offer may be changed or withdrawn at any time without notice. Offer is not available to existing First Midwest Personal checking clients, accounts that have been closed within 90 days or First Midwest colleagues.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easy checking account is the easiest to keep fee free. There is a $7.49 monthly fee that is waived if you do any of the following:

  • Maintain $100 average daily balance in Checking OR
  • make qualifying deposits totalling $100 or more per statement period OR
  • be at least 65 years of age

Early Account Termination Fee

Previously account needed to be kept open for six months otherwise you’d forfeit the bonus, but that is no longer in the fine print.

Our Verdict

Previous best bonus for personal accounts was $100 and that required a direct deposit. This deal is significantly better and definitely worth doing, I’ll be adding this to our list of the best checking bonuses. There is also currently a $350 business checking bonus.

Hat tip to reader Luke

Useful posts regarding bank bonuses:



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E
E

U.S. citizenship is required to open a new account online.:(

Shaw
Shaw

You can go to the bank directly. The offer is honored there as well.

Josh
Josh

I posted in January on the old $100 bonus page that I couldn’t get CC funding to go through. Would like to hear if anyone else has since then.

Pahanin
Pahanin

Can cc funding be done online?

Harry
Harry

Can a previous resident of IL, with still IL Drivers License can open the account either online or in branch?

Celia
Celia

How do still have an IL license? You didn’t get a new one in your new state?

Matthew
Matthew

The two are not mutually exclusive.

Celia
Celia

I only asked because a drivers license has to have your permanent address on it. Every time I’ve moved states and got a new license the old one was canceled.

Pahanin
Pahanin

Using AA citibusiness platinum select MasterCard cc, it states “We were unable to verify the credit or debit card information you provided. Please select a different deposit type.”

Matthew
Matthew

Happened to me too just now with CFU.

John555
John555

Can’t get any credit card to work to fund

DP
DP

__

Tim
Tim

Funding the account for $2500 using a visa should satisfy the deposit requirement. Am I right?

Matthew
Matthew

Yes but we are all having issues with the cc working to fund.

Tim
Tim

Is Discover Card an option?

Tony
Tony

Can’t get any credit card funding to go through…

FindingMyPossible
FindingMyPossible

Neither could I

DP
DP

Called 8-12-19. Funding via credit card temporarily unavailable. Known issue. Tech support notified. Unknown fix date, but they are aware. External ACH works fine.

Josh
Josh

Hardly temporary, it hasn’t worked for the entire year based on DPs. So I wouldn’t expect any fix soon.

PD
PD

Their help page says this, for what little it’s worth:

How do I fund by credit card or debit card?
If your Visa or MasterCard was sent to your home address (P.O. boxes not permitted), you can open your new account and fund it using your credit or debit card. A purchase (not a cash advance) will appear on your account.

das1996
das1996

Mobile Banking required or just Estatements?? What if one doesn’t have a smart phone….?

Tim
Tim

The broad print does not mention mobile banking but the fine print says you have to enroll in mobile banking within 60 days.

adam d
adam d

There application page is down lol

“Thank you for your interest in opening a new account.

Unfortunately, we cannot process your application. For assistance, please navigate to our public website and choose the option to Contact us.”

Dayn_Perrys_Vape
Dayn_Perrys_Vape

“Thank you for your interest in opening a new First Midwest Bank account.

“Unfortunately, we cannot process your application, at this time, due to a problem with our automated funding system. A Banker will contact you shortly.”

That’s what I’m getting.

PD
PD

Fingers crossed they will get it fixed!

Tim
Tim

They may be doing maintenance to their site and fixing the cc funding. Keep bugg’n em!

brad
brad

does $2,500 deposits mean direct deposits, or do you think if you just move 2500 of ‘new money’ from another bank over via ACH that will satisfy the requirement?

Tim
Tim

Deposits and transfers may be considered two different things. Direct deposits are not mandatory for this offer however.

kraghav82
kraghav82

Visited Branch, they do have this flyer everywhere. Opened easy checking account with $2500 (check). She explained the rules 1) open account by 9/28 2) Deposit $2500 3) perform 10 debit card transactions 4) enroll in mobile banking and e statements. Also said I have completed 1 & 2. For 3 Debit card was activated and handed over to me immediately. For 4 she registered me for online banking and website mentioned will be activated in 3 business days.

She asked me how long will I keep the account, I gave a vague answer. She replied please keep the account open for a year else may claw back the bonus. I pointed it is not there in the flyer. In total, she was very nice so did not push her back.

Celia
Celia

They do have an ETF for closing within 12 months. I did the biz one in April and am just leaving the minimum to avoid fees until the 12 months are up. It’s only a $15 ETF but I’m not risking the $500 bonus getting clawed back. 🙂

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