[IN, OH, MI] First Merchants Bank $300/$500 Checking Promotion

Offer at a glance

• Maximum bonus amount: $300/$500
• Availability: Must reside in Indiana, Michigan, or Ohio
• Direct deposit required: Yes, $500-$1,000 per month for three months
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: Yes, up to $1,000 with a Visa or Mastercard
• Monthly fees: $5-$20, avoidable
• Early account termination fee: Six months, bonus forfeit
• Household limit: One
• Expiration date: None listed

The Offer

Direct link to offer

• First Merchants Bank is offering a $300/$500 bonus. Use promo code SOCIAL25.  Bonuses are as follows:
  • Earn a $300 bonus when you open a First Merchants Advantage Checking and complete the following requirements each month for three months after account opening:
    • Complete one payroll Direct Deposit** of $500 or more AND
    • Complete 15 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 AND
    • Maintain a $1,500 minimum balance
  • Earn a $500 bonus when you open a First Merchants Advantage Checking and complete the following requirements each month for three months after account opening:
    • Complete one payroll Direct Deposit** of $1,000 or more AND
    • Complete 5 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 AND
    • Maintain a $15,000 minimum balance.

The Fine Print

• Ask an FMB banker to enroll you in the “SOCIAL25 Checking Offer” when opening your account.
• You must be a new FMB personal checking account holder. Account holders with an existing personal checking account with FMB (either as the primary or secondary account holder) are not eligible.
• You must not have closed a personal checking account within the last 36 months of the promotion start date (on or after 5/1/25).
• The primary accountholder of the participating checking account must be at least 18 years old at the time of account opening and reside in Indiana, Michigan, or Ohio. FMB employee accounts are not eligible. Earn $300 for opening a new Advantage Checking Account between 5/1/25 to 12/31/25, and complete 15 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND Maintain a $1,500 minimum daily balance in the Advantage checking account EACH month for the first 3 months AFTER the month of account opening AND complete one qualifying payroll direct deposit** of $500 or more EACH month for the first 3 months AFTER the month of account opening. Earn $500 for opening a new Elite Checking Account between 5/1/25 to 12/31/25, and complete 5 debit card transactions or payments (via ACH, bill pay, or check) of at least $10 each, EACH month for the first 3 months AFTER the month of the account opening AND Maintain a $15,000 minimum daily balance in the Elite checking account EACH month for the first 3 months AFTER the month of account opening AND complete one qualifying payroll direct deposit** of $1,000 or more EACH month for the first 3 months AFTER the month of account opening. After meeting the offer 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 monthly checking statement when credited. This promotion is only applicable once per client. FMB may report the value of the reward received through any offer to the Internal Revenue Service as required by law. Any applicable taxes are the responsibility of the recipient. Reward will be at the sole discretion of the bank. If account is closed by customer or FMB within 6 months after opening, you will be charged up to the full amount of the bonus (up to $500) and the early closing fee ($50). This offer is subject to change and may be discontinued at any time. May not be combined with any other offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

• First Merchants Advantage Checking $300 bonus. This has a $15 monthly fee. Waived if any of the following requirements are met:
  • One $500 direct deposit² per month OR
  • 15 debit card transactions per month OR
  • Maintain at least $1,500 in minimum combined personal deposit balances, OR
  • You are a Senior (62 and over)
• First Merchants Elite Checking $500 bonus. This has a $20 monthly fee. Waived with $15,000 in minimum combined personal deposit balances

Early Account Termination Fee

Account needs to be kept open for six months otherwise bonus is forfeit.

Our Verdict

Difficult to keep the $500 bonus account fee free unfortunately. Still better than the previous promotion that was for up to $400. People will be better off doing the $300 bonus as you don’t need to tie up $15,000 for six months and if you put that $15,000 into an account earning 5% APY you’d earn $350 in interest. Will add this to our list of the best checking bonuses.

Hat tip to reader Woody

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