[OH] First Merchants Bank $250 Checking Promotion

Update 1/29/25: Deal is back and valid until February 28 2025.

Update 7/1/24: Only the Ohio link works now.

Offer at a glance

• Maximum bonus amount: $250
• Availability: IL, IN, OH, MI
• Direct deposit required: Yes, $500+ for the first three months
• Additional requirements: Use promo code
• Hard/soft pull: Soft pull 
• ChexSystems: Yes
• Credit card funding: Yes, up to $1,000 with a Visa or Mastercard None
• Monthly fees: $5-$20, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: One
• Expiration date: December 31, 2024

The Offer

Direct link to offer

• First Merchants Bank is offering a $250 bonus when you open a new Advantage Checking Account and complete the following requirements:
  • Use promo code HELLO2024DIGITAL
  • Complete one Direct Deposit of $400 or more EACH month for the first 3 months AFTER the month of account opening;
  • complete 10 debit card transactions or payments (via ACH, bill pay, or check) of at least $10, EACH month for the first 3 months AFTER the month of account opening

The Fine Print

• You must be a new First Merchants personal checking account holder. Account holders with an existing personal checking account with First Merchants (either as the primary or secondary account holder) are not eligible.
• You must not have closed a personal checking account within the last 12 months of the promotion start date (on or after June 3, 2024).
• The primary account holder of the participating checking account must be 18 years old or older at the time of account opening.
• First Merchants employee accounts are not eligible for this promotion.
• Offer Information: Earn $250 for opening a new First Merchants Advantage Checking Account AND BY 1.) Completing 10 debit card transactions or payments (via ACH, bill pay, or check) of at least $10, EACH month for the first 3 months AFTER the month of account opening; and 2.) Complete one Direct Deposit** of $500 or more EACH month for the first 3 months AFTER the month of account opening.
• Offer valid for new First Merchants Advantage personal checking accounts opened from June 3, 2024 to December 31, 2024. Enrollment in the promotion is required. (See Account Opening & Enrollment Instructions below.)
• Reward Processing: After meeting the qualification requirements, the applicable reward will be credited to the new checking account in the month following the third qualification month.
• ‘New Checking Offer Reward’ will appear on the monthly checking statement when the reward is credited to the account holder’s checking account.
• The reward amount will be based on the type of checking account opened, and the account must be in the same product type when First Merchants verifies that all promotional offer qualifications have been completed, otherwise the promotion will not be paid.
• This promotion is only applicable once per client.
• First Merchants may report the value of any reward received through any offer to the Internal Revenue Service as required by law.
• Any applicable taxes are the responsibility of the recipient. In the event that we determine in our sole discretion that your account does not meet the eligibility criteria or the activity on your account does not qualify to meet the required conditions, we will not be obligated to credit your account with the reward payout.
• Account Closing Fee and Product Changes: If the checking account type is changed or is closed by the customer or First Merchants Bank within six months after opening, you will be charged up to the full amount of the bonus (up to $250) and the early close fee ($50).
• Other Terms: The offer is non-transferable and may not be combined with any other offers. This offer is subject to change and may be discontinued at any time.
• Direct Deposit: A qualifying Direct Deposit is an electronic credit to your account by your employer or an outside agency.
• Transfers from one account to another, or deposits made at a banking location or ATM, do not qualify as a Direct Deposit. Multiple deposits of less than required amount will not qualify for the incentive.
• Account Opening & Enrollment Instructions:
• Visit a First Merchants banking center to open your new First Merchants account and ask the First Merchants representative to enroll you in the “ATM250 Checking Offer.”
• Or open your First Merchants account online at www.FirstMerchants.com and enter the promo code “ATM250” in the promotion code box on your application.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $15 monthly fee, this is waived if you do any of the following:

• Make one direct deposit of at least $500 monthly, OR
• Make 15 debit card transactions per month, OR
• Maintain $1,500 minimum combined personal deposit balances OR
• Are 62 years or older

Early Account Termination Fee

Bonus forfeit if account is closed within 6 months.

Our Verdict

There was a recent $400 bonus, but that required an account that was much more difficult to keep fee free. The comparable bonus last time was only $150 so this is worth doing for a lot of people. We will add this to our list of the best bank account bonuses.

Hat tip to reader Brad

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?
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