Posted by William Charles on March 20, 2018
Bank Account Bonuses

Published on March 20th, 2018 | by William Charles


[IN, MI] 1st Source Bank $300 Mastercard Checking Bonus

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Must live, work or study in Northwestern Indiana or Southwestern Michigan
  • Direct deposit required: Yes, $250+
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $15, avoidable
  • Early account termination fee: $25, 180 days
  • Household limit: One
  • Expiration date: December 31st, 2018

The Offer

Direct link to offer

  • 1st Source Bank is offering a $300 Mastercard gift card. Requirements for the bonus are as follows:
    • Open a new Easy Banking Club Checking account or a Cubs 1st checking account (either in branch or online). Minimum openng balance of $50
    • Set up and receive a direct deposit of at least $250 within 65 days of account opening

The Fine Print

  • The $300 Gift Card bonus offer is available, at the eligible locations, for new 1st Source Bank Cubs 1st Club or Easy Banking Club personal checking accounts opened by December 31, 2018.
  • Required for gift card is a minimum opening balance of $50; and the setup and initial deposit of an ACH direct deposit of at least $250, each within 65 days of the account opening.
  • The gift card will be mailed to the client at the address of record within 60 days of all requirements being met. 1st Source reserves the right to withdraw or modify this offer at any time.
  • Offer may not be combined with any other offer, one offer per household.
  • Account is subject to approval. Accounts titled as Irrevocable Trusts, Estate, Non-individual and HSAs are not eligible.
  • The $300 Gift Card will be treated as interest earned and you may receive a 1099-MISC and be responsible for reporting this as income to the IRS.
  • Employees of 1st Source are not eligible. 1st Source Bank – Member FDIC, Equal Housing Lender.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Easy Banking Club has a $15 monthly fee, this is waived An ongoing, monthly ACH direct deposit in the amount of at least $250 (must be paycheck, pension, Social Security or other government benefit). There is a $25 early account termination fee if the account is closed within 180 days of opening.

Our Verdict

It seems like the online account opening is still really in branch, I’d personally just open in branch directly as I think you will have a lot less issues that way. Overall a nice big bonus, although the monthly fee is annoying to avoid as it requires a direct deposit.  I’ll add this to our list of the best checking bonuses once we can confirm it’s a soft pull.

Big thanks to reader, Credit Guy 1234 who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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You must live in the targeted area. I was denied an account a few months ago and I live in central Michigan

ouch…is there a set of targeted zip codes or something?

Was that before or after you applied?

I left this bank due to very low interest rate. They are a reliable bank, been around many years, but interest rate stinks. I might just sign up and get the bonus and then close it again. I just chatted with them online they said the current rate is 0.04% for easy checking.

I took a screenshot but I do not see anywhere to add that to the comments.

Hey, we’re actually in the targeted area! Unfortunately, the online account application form seems broken, I can get to the last page but it does not load some of the required verification modules (gives an error that I didn’t complete them, but they are nowhere to be seen). Same result in Safari, Chrome, and Firefox, adblockers disabled, etc. Will probably try to apply in-branch with the promo code received by email (same as the screenshot above).

I do not live in the targeted area, but I’m going to be driving through there later this week. Hopefully I make some good time and can try this one in-branch.

I was able to open an account in branch with am out of state address today. Everyone was helpful and friendly. Took maybe 15 minutes.

One thing to note is that the account type used for the promo will continually require a direct deposit each calendar month to avoid a $15 monthly fee. You can later switch to another account type that doesn’t require this, but instead requires a $500 minimum balance to avoid a $6 fee.

Just did this today. No hard pull. Yes to ChexSystem. No to credit card funding.
Very easy process.

Does “Yes to ChexSystem” mean they are sensitive to large number of non-negative inquiries? Or just that they pull it, but only look for negative marks?

My Chicago zipcode qualifies, but my parents’ Chicago suburban zipcode does not.

I live far outside the targeted area, yet I was able to open an account online using my home zip code. I received an offer code via email (from the DoC direct link), with a link to open an account at a URL specific to my offer code. Upon entering my zip code, 1st Source asks your connection to their service area, with the following choices:
Moving to the area
Student in the area
Previous resident
Family in the area
Frequent traveler to area
Employer banks with 1st Source
Sarasota Florida Office
No Connection

[I am a previous resident, have family in the area, and travel there regularly.]

— The only selection that precludes you from proceeding is “No Connection.” All other choices allow you to proceed with some version of this message:

“We are sorry that life has taken you elsewhere but appreciate that you thought of us for your banking needs. With our online/mobile/voice technologies, the Accel ATM Network, our extended-hours Customer Service Call Center and our Virtual Branch, we are confident that we will be able provide you with the personal service and convenience you seek. Please note that you will need to have a PDF viewer to read our disclosures and submit this application (CLICK HERE). Assuming that is agreeable with you, please proceed with your application.”

After account approval, I received an SM with forms to sign and return via mail (signature card, overdraft opt-out, privacy notice, etc.). The online application has an option to fund from an other bank, but it looks like I’ll need to send a check.

More DPs to follow …

Thanks for the datapoint.

I tried this from California, and elected to select Sarasota Office, since I have family… well, at least within a hundred miles of there. Not sure how this is going to stand up to human scrutiny, which apparently they are going to give that.

Also a little concerned the Disclosure states 1st Source Bank only accepts applications from clients in markets served by a 1st Source Banking Center.

We’ll see when they e-mail me back about the app or call me, I guess. Not intending to really BS it.

Will also provide DP.

It looks like this is going to be opened for me. They have been nice to work with so far, did ask questions, but were willing to accept that I am looking to do my banking online.

Notarized signature cards by snail mail and a min $50 deposit, for what that’s worth as to opening details, not sure if thats specific to it being opened out of state.

EDIT: Believe I’m about 15/24 Chex. Really 15/18.

My account is officially opened. Snail mailed a notarized signature card and $50 check. I received an email encouraging me to visit a branch to open, but they happily let me open online.

I am in New Mexico. And I’m at 16/12 Chex.

From the FAQs:

“Will 1st Source check my credit when I apply for an account?
No. To process an account application, we use CheckSystems Inc., a consumer-reporting agency, to determine your eligibility. This will have no effect on your credit report or score.”

They must not be Chex sensitive, since I was approved quickly and I’ve opened more than a dozen checking accounts in the past 12 months.

Thanks for the heads up Nate . Application submitted. No ID questions. No CC funding.


DP- Wife did the online app, then had to go in branch to drop off opening deposit and get ID copied. Live 2 miles from a branch. With the Easy Banking Club, there is a $15 monthly fee waived by a Direct Deposit. Soft Pull, no CC funding.

Opened account- 3/21
Payroll DD- 3/28
$300 GC arrived 4/2

I just went this week in branch to open. Hoping to bypass the”1 per household” in the Terms and Conditions. In branch took like 30 mins, real painless. No questions about having like 30 accounts in the last 2 years. She looked at the bonus for like 2 seconds, seemed aware of it, hopefully she applied it correctly to the account. But, Banker did mentioned if GC does not arrive to call her and she will push it through manually. I would suggest just going in branch.

Can you tell us about the giftcard you received? Was it in a hand written envelope as if it were fulfilled at the bank or more system generated from 3rd party? Seem like you received it pretty quickly after open. I cant imagine it was manual review. Any other insight?

did you bypass the household limit? get two bonuses?

so one per household limit enforced?

CreditGuy1234 Did you get the 2nd gift card?

No, I got a hand letter card from the banker I opened the account with stating, one account at my address already got the bonus and I was ineligible. Crap. Cancelled account right away

CreditGuy1234 Thank you for the reply. Others have asked on this thread.

**Out of State applicaiton, I live in FL**
This bank is stuck in the days before the internet. For $300 Ill mail a letter and send some emails for a few minutes. Hell, its way above my $200 bank bonus minimum threshold so here we go.

3/28/18 – Applied online (im sure im related to someone wherever this bank is)
3/29/18 – Traded emails with CSR, received signature card and disclosures
3/30/18 – Mailed SC back and opening check deposit of $50 (no ach or cc funding)
4/4/18 – CSR confirmed docs received and account opened.

Now that it matters… Who has DD’d this bank before? Hit me with some DPs I will spam the account with the usual DD suspects. Please, please, please be a fast bonus poster..

I’ll be hitting this bank with 2 or 3 DDs early next week. DPs to follow.

JJ, You forgot the notary requirement on the signature card. -1 point.

Oh, and BTW, I encountered an issue with Andigo. They decided to deny my SO so I couldn’t get a referral. I waiting about a week and had her apply so we could cash in on the referral system. They cited her denial reason as Chex, but that’s BS, because her Chex is way cleaner than mine. My account is still up and running there though, so there is still potential to get more referrals.

Follow up on above:
4/3/18 – $50 Initial deposit posted
4/10/18 – $300 Ally ACH
4/13/18 – $300 CO360 ACH
5/3/18 – $300 giftcard bonus received in mail

JuicyJosh What did you put in for “What’s your connection to Northern Indiana, Southwest Michigan or 1st Source? *”

DoC, article needs an update. Per the Truth in Savings document at

Closing of Checking or Savings Accounts is $25.00
(within 180 days of opening)

Trying this from VA – used the “I’m considering moving to the area” excuse. Had to print and get a signature card notarized, and had to mail that along with my opening deposit check before they would open the account. So far my account is established, online access setup, got MC debit card, and did a Schwab “DD”. Posted as Schwab Brokerage Moneylink, no DD or ACH designation.

When signing up, I did accidently pick the more feature packed of the two checking accounts, so now I am stuck doing a DD per month. I will probably ask to downgrade later, after I get the bonus. They sent a checkbook with literally 5 checks in it – that was a first time I have seen a book with so few. Recommend those signing up be more careful than me to pick the right link on the promotion e-mail they send you.

Also, if you sign-up for a Savings and deposit $500, and keep the funds in place for 3 months, you can get a teddy bear mailed to you. You can get up to 3 bears if you deposit $500 again and again. File that under: ShittyBankChurning. They reserve the right to charge you the cost for it if you don’t make good with the terms. I would hate to get a teddy bear repossessed.

Out-of-state DP (WI):

Opened account in branch (I happened to be in the area): 23 March
Employer direct deposit of $250: 1 April
Received $300 gift card in the mail: 20 April

The card is a “RewardCard” Visa debit, managed with prepaidcardstatus dot com, and expires in June 2019.

3/24 Applied from VA
4/03 Acct Open
4/05 $500 Schwab Moneylink ACH
4/20 $300 RewardCard Visa Debit arrives.

I am not an MS person and don’t know much about prepaid cards. I found it odd that when registering this card it was made out to a generic name, First Name Thank, Last Name You, and the banks address, so it appears to me anyone who opened the envelope could have registered it online and used it. Card is issued by “The Bancorp Bank”.

Tried to empty it to Serve – that failed. (I never have successfully used Serve, but I got one) So, probably going to just use it to pay my cable bill this Summer. Expiration is 06/19 so I have plenty of time, but I prefer to get rid of these things ASAP because you never know if a fraudster has the number.

Wth Gadget. No card received for me yet. Hit em with Ally and CO360. Setup real DD to hit on my ~55 day so I can open a legit dispute if needed. Did your GC appear autogenerated or sent manually?

Automated. I didn’t keep the envelope, but I have the letter the card was attached to. Just like every debit or credit card, it was glued to the page, and the top fold was pre-printed with my name and address. The card itself first and last name was Thank You, printed (not stamped or raised) on the card and activation website has “Thank You” name, which I found odd. It allows you to set a PIN, but says you can’t use it for ATM/cash access.

Letter doesn’t have a phone number, but debit card says:

Anybody know if the household limit is enforced? Anybody get two bonuses for spouse and someone else in same household?

No, I got a hand letter card from the banker I opened the account with stating, one account at my address already got the bonus and I was ineligible. Crap. Cancelled account right away

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