Posted by William Charles on February 23, 2019
Bank Account Bonuses

Published on February 23rd, 2019 | by William Charles

12

[LA, MS] First Bank & Trust $300 Checking Bonus

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: LA, MS (People with accounts in FL were closed last time, so I’ve removed FL as an option)
  • Direct deposit required: $500 per month, must be set up within 60 days and maintained for the first 180 days
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $12, avoidable
  • Early account termination fee: Bonus forfeit, 180 days
  • Household limit: One
  • Expiration date: None listed

The Offer

Direct link to offer

  • First Bank & Trust is offering a bonus of $300 when you open a new checking account and complete the following requirements:
    • Establish a maintain an eligible direct deposit of at least $500 per statement cycle within 60 days of account opening. Must keep doing this for 180 days after account opening

The Fine Print

  • To receive $300 Account Opening Bonus, Primary Signer must be a new checking account customer and (1) open the account with at least $100 of new money not currently on deposit with FBT; and (2) establish and maintain a direct deposit from an employer or the government in the form of an electronic (ACH), from a paycheck, pension, or government benefit of at least $500 per statement cycle within 60 days of opening.
  • Direct deposits do not include deposits or transfers made by an individual via online banking or payment provider.
  • Bonus will be paid by credit to the account after 90 days if direct deposit has been established and deposits have been made and verified.
  • One cash bonus per household.
  • If the account is closed or Direct Deposit is discontinued within the first six months (180 days), a $25 service charge plus the Bonus will be deducted at account closing. E-statements are required.
  • Bonus payment is considered interest and reported on IRS form 1099-INT.
  • Bonus will not be paid with any other special offer or promotion.

 

Avoiding Fees

Monthly Fees

This account has a $12 monthly fee. This is waived if you maintain an average daily balance of $1,500 or more.

Early Account Termination Fee

Account needs to be kept open and continue to receive a direct deposit for 180 days after account is opened otherwise bonus is forfeit.

Our Verdict

They last offered this bonus back in 2017. Really strong bonus, only issue is that you need to maintain that direct deposit for such a long time. Because of that I would really only recommend it if you can easily change your payroll, otherwise it might not be worth the risk/effort involved. I’ll be adding this to our list of the best bank bonuses.

Useful posts regarding bank bonuses:



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JuicyJosh
JuicyJosh

All/most FL accounts were closed immediately after online opening. Read DPs on old post. Outside LA, proceed with caution.
– FL account holder that was closed

Robert
Robert

Same boat. They told me the account was closed, but then proceeded to charge maintenance and overdraft fees without me knowing. Then they charged-off the account and reported it to the credit bureaus. Dropped my score 100+ points. Took me almost 2 months to fix it all. Horror story. DO NOT MESS WITH THIS BANK… THEY ARE A DISEASE.

newbie
newbie

+1

Natalia from New Orleans
Natalia from New Orleans

+1
totally different issues and problems.
but still a disease !

Jay
Jay

It seems you now can’t even apply unless you live in the most western part of the panhandle: Fort Walton Beach, Pensacola, Etc.

The Dabbler
The Dabbler

I opened this account (New Orleans native) last year and had to contact management to get the Bonus posted to my account manually. It did finally post. I used a real work DD for bonus. This time around, it seems like there isn’t any issue with doing it again but I don’t like the new terms they put in the offer this time around:

“If the account is closed or Direct Deposit is discontinued with the first 6 months (180 days), a $25 service charge plus the Bonus will be deducted at account closing.”

That leads me to believe you only need the $500 DD for 2 statement cycles but in actuality, the DD is required for the entire 6 months to keep the bonus. Very sneaky

Jeff
Jeff

Tried this bonus last year. Word of caution, you must have $500 average in DD for three months straight.

R2G2
R2G2

not all zip codes of FL are listed to apply

Robert
Robert

Seriously dude, if you’re a FL resident please stay away. You’ve been warned.

vince
vince

anyone have issues with selecting the green checking option in the online app? All I see are the marquis and first checking as options when it asks me to select accounts midway in.

Ben
Ben

I opened online but just received a call saying i was ineligible for the bonus due to receiving a bonus a couple years back.

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