Posted by William Charles on November 10, 2018
Bank Account Bonuses no image

Published on November 10th, 2018 | by William Charles

28

[IN] First Merchants Bank $250 Checking Promotion

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Indiana only
  • Direct deposit required: Yes, $50+ 
  • Additional requirements: Use promo code and make at least 40 debit card transactions
  • Hard/soft pull: Soft pull 
  • ChexSystems: Yes
  • Credit card funding: Yes, up to $250 with a Visa or Mastercard
  • Monthly fees: Avoidable
  • Early account termination fee:  $50, 180 days (account must also be open when bonus is received)
  • Household limit: One
  • Expiration date: December 31st, 2018

The Offer

Direct link to offer

  • First Merchants Bank is offering a bonus of $250 when you open a new checking account and complete the following requirements:
    • Use promo code 1809CKA250 and open an advantage checking account
    • Set up and have at least one direct deposit of $50 or more within the first 60 days of account opening
    • Have an FMB debit card and make at least 40 point of sale transactions that post to your acocunt within 60 days of account opening

The Fine Print

  • Present the $250 promotional offer when opening a new First Merchants Advantage Checking Account.
  • A $100 minimum deposit is required when opening an account.
  • To receive the $250 Reward the following conditions must be satisfied: 1) set up and have at least one direct deposit of $50 or more within the first 60 days after account opening; and 2) must have an FMB debit card and make at least 40 point-of-sale transactions processed within 60 days after account openings; and 3) your account must remain open with a positive balance once the above conditions are satisfied.
  • Then, your $250 Reward will be credited to this open account within 60 days of all conditions being met.
  • Offer valid in Indiana only and for new Advantage checking accounts opened before 12/31/2018.
  • Offer subject to change without prior notice and may be terminated or extended.
  • Offer does not apply to multiple checking accounts. Existing FMB checking accounts or accounts converted to another personal checking account are NOT eligible for this offer.
  • You can receive only one new checking account reward related offer per household per calendar year.
  • Bank employees and members of their household are not eligible for this promotion.
  • Checking accounts closed by customer within 180 days of opening are subject to a $50 account early closing fee.
  • To the extent required by law, First Merchants will report the value of this reward to the IRS on Form 1099-INT. Any applicable taxes are the responsibility of the account holder.
  • 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.
  • Offer is non-transferable and may not be combined with any other offers.

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

There is an early account termination fee of $50 if the account is closed within 180 days of account opening.

Our Verdict

Previously they offered a bonus of $200 that was briefly available nationwide. This one specifies Indiana only in the fine print. Having to do 40 debit card transactions is a bit extreme, you can read some tips on how to hit that many here. Still it’s a $250 bonus and worth doing if you’re eligible. I’ll be adding this to our best bank bonus page.

Hat tip to DDG

Useful posts regarding bank bonuses:



28
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Dan - Legal Bank Robber
Dan - Legal Bank Robber

Very important to note you have to fund with a minimum of $100.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Well, I do not live in IN and I was approved. It gave the option of living in Illinois, Ohio, or Indiana. I currently reside in Ohio for college and used that addy. It let me put promo code in no indication of whether it accepted or not. Lengthier application with verification questions. Allowed up to $250 CC funding Visa or Mastercard only. They can’t be Chex Sensitive. Instant account number given and with that I was able to enroll in online banking. I did get this message however
“Thank You for Enrolling!
We hope you enjoy the many features and benefits of First Merchants Online.
Please allow us 1 to 3 business days to process your enrollment.

Should you have any questions, please contact us at 1.800.205.3464.”

I am shocked I was approved and hope they payout the bonus to me. William Charles

SW
SW

I also got an instant account # but it also told me my account was pending review; similar to the wording for enrolling in online banking.

Mimi
Mimi

>>Have an FMB debit card and make at least 40 point of sale transactions that post to your acocunt within 60 days of account opening.>>

Gasp! 40 POS transactions which means amzn reloads won’t work? WM SCO to the rescue but that’s still too many for me.

rick
rick

would $0.50 amazon reload or comcast online payments trigger the 40 debit transactions?

Chex Party Mix
Chex Party Mix

No experience with this bank, but this works for 99% of all the banks that require debit transactions

Ryan
Ryan

Works in IL and OH.

J
J

What is considered a “point-of-sale transaction” and why would Amazon reloads not work for that? Another option I can think of is splitting filling up a tank of gas into 5-10 transactions. Does that count as point of sale?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Yes, they most likely work. However, if they went to manual review they most likely wouldn’t work.

Mimi
Mimi

afaik, POS means swiping or inserting chip card at a B&M store. Amzn reloads does not qualify. Filling at the gas pump should qualify since one swipes their card to pay.

Ryan
Ryan

Chex sensitive now.

taro
taro

applied on 11/10 and still no email notifications or updatse that account has been approved..

SW
SW

11/11 and same. Applied for online banking same day and got this email on 11/16 (only communication from them thus far):
“We’ve received your enrollment request for First Merchants Online Banking. Unfortunately, the information you entered does not match the information we have on file for you, so we were unable to successfully validate your request.”

My experience with this bank in the past has been piss poor, so this is par for the course for them. Applied for online banking again, if it doesn’t go through again I’ll call them.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Same applied 11/10

taro
taro

emailed them for an update and they said im denied. told me to visit a branch with 2 forms of ID. im from IL so i guess technically out of state, but IL was a valid option during signup. these idiots werent even gonna give me an email update even though the app email says ‘will contact you within 24-48 hours’. it had already been ove ra week and i had to reach out to them for them to confirm i am denied. what a joke

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No update yet but I just received a debit card in the mail wtf is going on?

Lee
Lee

Opened the account online, deposited $150 and received my debit card in the mail a bit over a week later. Went to enroll in online banking but need my account #. Called the bank, they stated it would be sent on my first statement. First statement received in the mail a few days later and only the last 4 of the account # is listed. Called Bank back and they said there was no way to mail/email or give my account # over the phone.

I asked the rep if everyone was required to stop by the branch to enroll in online banking. She said ‘no’ so I asked how come this was so hard to do on my account. Eventually she ‘figured out’ she could enable it on her end. Am finally allowed to bank online lol. Staff was super nice & friendly but enrolling in online banking was a joke.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Did you get your bonus yet?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Has anyone received their bonus yet, mine is due Feb 4th and I even used a legit DD.

Lee
Lee

Mine has not posted. Opening deposit hit 11/15, I completed 40+ transactions (mostly Amazon GC purchases) and an employer DD by 12/14. I have continued the transactions and employer deposits since then but with no luck.

M
M

Did either of you receive your bonus? I’ve completed the requirements but it hasn’t yet been 60 days. Wondering what I have in store once the 60 day mark comes.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Funny, I just got off the phone with them, denied bonus due to Indiana only.

M
M

Thanks. That’s unfortunate. I’m in Indiana so hopefully it won’t be a painful process with them.

Casey
Casey

Finally received my $250 today. Opened 12/3 and used paycheck dd. Most of my 40 transactions were $1 charges to my cricket and AEP bill. 5 were amazon gift cards.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

After CFPB complaint and being told it was IN only by a rep I was randomly credited the $250 today. Dan is a very happy man today.

Back to Top ↑