Terms state ‘Offer only available to intended recipient and non-transferable’ so probably targeted.
Offer at a glance
- Maximum bonus amount: $300-$800
- Availability:
- OK, IL, KS & MO only, If you don’t live within 50 miles of a branch you won’t be eligible for the offer (it’ll let you sign up and then they will later close your account) [Branch locator]
- Direct deposit required: Yes, two direct deposits or more totaling $800-$10,000
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Can fund up to $1,000 with a credit card. Mastercard & Visa are accepted
- Monthly fees: $5, avoidable
- Early account termination fee: Unknown
- Household limit: One
- Expiration date: December 31, 2025
Contents
The Offer
- Central Bank is offering a bonus of $300-$800 when you open a new checking account (except free checking) with promo code STEP
- A $50 minimum balance and two or more direct deposits 90 days after account opening totaling:
- $800 to $9,999.99 to earn the $300
- or $10,000 or more to earn the $800 bonus.
- A $50 minimum balance and two or more direct deposits 90 days after account opening totaling:
The Fine Print
- To receive a bonus, you must: (1) open and maintain any personal checking account except Free Checking. (2) Deposit $50 or more at account opening, and (3) have at least two or more direct deposits within 90 days of account opening that total; $800 to $9,999.99 to earn the $300 bonus or $10,000 or more to earn the $800 bonus.
- Minimum balance of $50 required 90 days after account opening to receive bonus.
- Qualifying types of Direct Deposits include any direct deposit from Payroll, Pension or Government Benefit. Bonuses are reported to the IRS as interest.
- Bonuses will be deposited into the checking account within 15 business days after account(s) 1) meets all requirements AND 2) has been open for 90 days
- . Available to new checking account customers only.
- Offer is not available to those whose accounts have been closed with a negative balance within the last 2 years.
- You will receive only one new checking account opening related bonus every two years from the last date incentive was paid.
- Only one bonus per household.
- Customer must bring in mailer or use offer code to receive incentive.
- Offer may only be redeemed by the intended recipient and is nontransferable.
- Eligibility for this offer will be verified prior to providing the bonus.
- The new checking account must be open and in good standing on the date any earned bonus is paid.
- We reserve the right not to open accounts for customers outside our market area. Please contact us for further details. Promotion ends 12/31/2025.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
MyChoice checking has a $5 monthly fee. To avoid the monthly fee – you must receive electronic statements and one of the following:
- Maintain a minimum daily balance of $2500.00 per statement cycle; or
- Maintain a recurring cumulative direct deposit of $500.00 per statement cycle; or
- Use your debit card at least 20 times for a point of sale (POS) transaction (transaction only counts if it has posted to the account during the monthly cycle; or
- The primary account holder is under the age of 25.
- Requirements to avoid the monthly maintenance fee will be effective the statement cycle following the primary account holder’s 25th birthday.
You can also waive your monthly maintenance fee by maintaining $25,000.00 average daily balance in all deposit accounts with the same primary account holder (Checking, Savings, Money Market, or Certificate of Deposit) for the statement cycle.
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is an early account termination fee.
Our Verdict
If you’re doing the $300 offer, you’re better off with the old offer as the free checking account is eligible. Obviously the $800 offer is much much better if you can meet the direct deposit requirement and we will add this to our best checking bonus page.
Hat tip to reader JD
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
I’m in the middle of doing the previous $300 offer and that still hasn’t paid out (but should soon). Anyone think I can close this account and open a checking for this $800 bonus and get that? from the terms I should still be eligible, I didn’t see any excluding terms as far as last open checking account.
Technically yes. Will it work? Unknown.
Just be prepared to explain why you’re opening a new account so soon after closing the prior account.
Just curious, would you try it if it were you? You seem to do more bonuses than I do.
Personally, no I would stick with what you originally signed up for. There hasn’t been any evidence yet as to whether the $800 offer is actually targeted or not (although I think it isn’t). So you would be forgoing a sure $300 for a potential $0. Even if the $800 offer ends up not being targeted, there’s plenty of uncertainty if Central Bank would even pay out if they see you’ve closed an account recently.
Fair enough, thanks for the feedback. I’ll stick to the old bonus.
OOS with chex frozen got declined：
We regret we cannot open your account and/or add your name as an owner/signer on an account.
We also obtained your Chexsystems score and used it in making our credit decision. Your Chexsystems score is a number that reflects the information available in your Chexsystems report related to past debit performance.
Your score may change depending on how the information in your Chexsystems report changes.
Your Chexsystems Score: 0000
Scores range from a low of 100 to a high of 899
Your Debit Bureau Reference number is
Chexsystems did not make the decision to deny your account application and is unable to provide you with specific reasons why the decision was made.
Forget about Out of State situation. Which is clearly No with this Bank! But even in the state they operate, they only allow you to open the account in certain counties within that State!
Not worth even trying!
Are you within 50 miles from a branch? Were you targeted for this offer?
I’m in KS, about 20 miles from several branch offices. I didn’t receive an email or mailer, and the Terms aren’t exactly clear on whether or not one will qualify by just applying the code online.
I had a Checking account with Central Bank from 2022 to 2023 and got the bonus in June 2022. After I posted my referral link in DoC and provided my info to several people who wanted to use it, Central shut down my account.No appeal process. Not sure if they’ll let me open an account again.
Below is an email I sent to a forum member who had used my referral code:
“Today (3/6/2023) I received a letter from Central Bank that simply said “In accordance with our Understanding Your Deposit Accounts agreement, we have elected to close your deposit account with Central Bank of the Midwest”. No further explanation/information was provided. My account is in good standing and has plenty of money in it. Based on posts in DoC from other posters who had their accounts closed suddenly, it has to do with posting their referral links in DoC. I didn’t know Central Bank doesn’t allow that. I just wanted to let you know in case they decided to close your account also. Sorry it didn’t work out for both of us”.
Has anyone had success doing relay or another small biz deposit instead of payroll?
I see an oos data point for in branch. Would it work online?
No
It worked for me, you need to give some good reasons when they call you
Edit: delete this comment
Was able to open OOS in branch last year with no problem. Tried to use Fidelity CMA, but they actually called and told me that doesn’t count so I did two real DD. Bonus posted right at 90 days later.
“Offer only available to intended recipient and non-transferable.” Sounds questionable.
I’m really struggling with the terms too. I want the $800 bonus. Had an account previously. $300 bonus paid June 2023. Per Doc’s hold guidance, closed Dec 2023.
Offer is not available to those whose accounts have been closed with a negative balance within the last 2 years.
> Account closed < 2 years ago and definitely not a negative balance. Do I still assume qualifying?
You will receive only one new checking account opening related bonus every two years from the last date incentive was paid.
>Last incentive was paid June 9, 2023
Only one bonus per household. Customer must bring in mailer or use offer code to receive incentive. Offer may only be redeemed by the intended recipient and is nontransferable.
>No mailer. Offer code on a public page on your website. Who’s the unspecified intended recipient if offer is published online with access to all?
And only one bonus per household, does that mean for this bonus or any personal checking bonus? P2 has never received one but I did last year.
In my experience with Central Bank, it is one bonus per household per offer. You should be fine to open under P2’s name.
I’m not interpreting the terms as targeted either. They sound like standard boilerplate to me.
I agree with you here. This doesn’t seem targeted, since they say you need to bring a mailer or use the code they provided. Did you apply?
Yes I did.