Posted by William Charles on April 18, 2019
Bank Account Bonuses

Published on April 18th, 2019 | by William Charles

31

[OH, IN, MI] Farmers & Merchants State Bank $200 Checking Bonus, Must Be 25 Years Or Younger – No Direct Deposit Required

Update 4/18/19: Confirmed to be a soft pull, keep in mind they are ChexSystems sensitive.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Must be 25 years of age or younger and have residency in Ohio, Indiana or Michigan
  • Direct deposit required: None
  • Additional requirements: 8 debit card transactions
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown, sensitive
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • Farmers & merchants state bank is offering a bonus of $200 when you open a new smart 25 checking account. This is only available if you’re under 25 years of age. Bonus is broken down as follows:
    • $100 bonus will be deposited within 10 days of account opening
    • Addtional $100 bonus will be deposited within 90 days as long as you have 8 point of sale debit card purchases post and settle to the account

The Fine Print

  • Minimum to open a Smart 25 Checking account is $50.00. A $200.00 account opening bonus will be paid on this account as follows: 1) $100.00 within 10 days of account opening; and 2) $100.00 within 90 days of account opening if eight (8) Point-of-Sale (POS) purchases have posted and settled to this account.
  • Account opening bonus paid will be treated as interest for IRS (Form 1099-INT) reporting.
  • 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 no monthly fees as long as you have paperless statements

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not

Our Verdict

Shame that you need to be 25 or younger to do this bonus, because it’s definitely worth doing as it’s a soft pull. Keep in mind they are ChexSystems sensitive so most people won’t be eligible. I’ll still be adding this to our list of the best checking bonuses. Please share your experiences with this bank in the comments below.

Useful posts regarding bank bonuses:



31
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Information Booth
Information Booth

The “offer at a glance” says you must be under the age of 20… the rest says under 25. Just letting you know…John 3:16

Matt
Matt

Do you think someone 16 years old could apply for this ? Could be a nice bump for my daughter’s savings.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No, you would need to be primary signer on it and you are not under 25

Ven
Ven

Applied with 25 years old and went pending. Will update once I hear back.

Ven
Ven

William Charles ChexSystems sensitive, denied. I was at 6 accounts/ 6 months.

Andrew Donshik
Andrew Donshik
Dan - Legal Bank Robber
Dan - Legal Bank Robber

Love to see bonuses like this 🙂

Andrew Donshik
Andrew Donshik

“notice of adverse action mailed to you”

Chex not mentioned in the email but 99% sure that’s a chex denial

Jeff
Jeff

Just applied. No option for credit card funding. Said I’d be contacted in 1-2 business days to give them any further documentation and finish opening the account.

Jeff
Jeff

Didn’t get any follow up email, but received a letter today stating Chex as a denial.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I was denied due to Chex.

Nate
Nate

just applied and went to pending. I am 25 and this is my first bank bonus. will update once i hear back

Jordan - Frugal Hoosier
Jordan - Frugal Hoosier

Any update on this?

Nate
Nate

Im the same guy, not sure if it will show that. I was waiting to update to give my full DP but here is what I have.

Approved 4/10/19
Deposited $51 on 4/11/19 with bank transfer
1st account bonus posted 4/17/19
completed 8 transactions with card on 4/29/19
as of 5/17/19 I still pend 2nd $100 bonus

Hope that helps

Dylan
Dylan

They denied me. Have opened 20+ accounts in the past 12 months.

Greg
Greg

Put in my application yesterday using a family members address in the area. They reached back out to me asking for a DL and Phone Bill.. gonna see if we can weasel through this.

E
E

ChexSystems sensitive. I was denied.

Meep
Meep

Got my packet: no hard pull, debit card on it’s way, fee schedule doesn’t mention anything about an early close fee. FWIW I declined overdraft protection.

AkJohnny
AkJohnny

now this is age discrimination if I’ve ever heard of age discrimination… BOOO!

OH Teach
OH Teach

I didn’t apply, but they have been my bank since I was 16. They have several new offers lately, but this one makes the most sense if you qualify and don’t mind the eight debit transactions. For my Kasasa account the debit transactions have to use a PIN. I run several single items every time I grocery shop. Also, you have to be 17.

Back to Top ↑