Deal has expired, view the best current checking bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $200
- Availability:Â Must open in branch, all branches are in WI [Branch locations]
- Direct deposit required:Â Yes, no minimum specified
- Additional requirements:Â None
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â $10, avoidable
- Early account termination fee:Â 12 months, bonus forfeit
- Household limit:Â One
- Expiration date:Â December 31st, 2018
Contents
The Offer
- McFarland State Bank is offering a bonus of $200 when you open a new checking account and complete the following requirements:
- Receive a monthly direct deposit (payroll, pension, Social Security or other government benefit) within 60 days of account opening
The Fine Print
- Paid at time of account opening.
- Must have no current checking account relationship by any member of household.
- Limit one offer per household. Minimum opening deposit requirement: $100.
- Within 60 days of account opening, you must initiate a monthly direct deposit which includes payroll, pension, Social Security or other government benefits.
- Bonuses will be reported on IRS Form 1099-INT.
- Must present letter to receive offer. Mobile phone message and data rates may apply.
- If account is closed by the customer or McFarland State Bank within twelve months after opening, we will deduct the bonus amount related to that account at closing.
- Certain restrictions and other limitations may apply. Switching banks can be inconvenient, but we hope this offer will help you decide to give us a try!
- Offer expires 12/31/18.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The easiest account to keep fee free is the select checking account. This has a $10 monthly fee, this waived if you do any of the following:
- to maintain a balance of $10,000 or more in one or more McFarland State Bank deposit account(s) under the same account ownership OR
- 5 additional Account Enhancement Options
- Ownership in any McFarland State Bank account type as listed: Savings ; Money Market; Demand Deposit Loan (Overdraft protection line of credit) ; Certificate of Deposit ; Safe Deposit Box; Consumer Loan ( Mortgage , Home Equity , Auto, Personal)
- Debit card (Minimum of 20 transactions per statement cycle)Â
- Direct Deposit (Minimum of one per statement cycle)Â
- eStatements
- $500 minimum daily balance
- Age 60 years or better
- Mobile banking user
- Bill Pay (Minimum of 1 bill payment per statement cycle)
- Round Up Savings
Early Account Termination Fee
The account needs to be kept open for 12 months, otherwise they will withdraw the bonus when closing the account.
Our Verdict
Requirements to keep the account fee free are way to hard to meet, especially considering the account needs to be kept open for 12 months to avoid the bonus being clawed back. Because of that I don’t think this bonus is worth considering (do you really want to be doing direct deposit, 20 debit card transactions and more every month for 12 months). I won’t be adding this to the list of the best bank account bonuses because of that.
Big thanks to reader, ChurnAddict who let us know. Learn how to find bonuses and contribute to the site here.
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