[Expired] [FL & IL only] First American Bank $250 Checking Bonus

Deal has expired, view more checking bonuses by clicking here

Offer at a glance

• Maximum bonus amount: $250
• Availability: all branches are in IL & FL [Branch locator] Update: Looks like you can open online as well
• Direct deposit required: $500 in one of the first two statement cycles
• Additional requirements: None
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Up to $1,500
• Monthly fees: None
• Early account termination fee: Bonus forfeit if closed within six months
• Household limit: One
• Expiration date: July 31st, 2019

The Offer

Direct link to offer

• First American Bank is offering a bonus of $250 when you open a new everyday rewards checking account and complete the following requirements:
  • Receive at least $500 in direct deposits during one of the first two statement periods

The Fine Print

• Open a new checking account between May 1 and July 31, 2019 and meet the transaction requirement.
• Account must have at least $500 in direct deposits from a paycheck, pension, or government benefit during one of the first two statement periods to receive a $250 cash bonus.
• The bonus will be paid to the account on the statement date for the statement period in which the direct deposit first appears.
• $100 minimum to open.
• One per household.
• Available to new checking account customers only.
• Not available for existing checking account customers or customers whose checking account was closed in the past 6 months.
• Limited to individual, joint, and trust accounts only.
• Legal entity and public funds accounts are not eligible.
• Bonus amount will be reported to the IRS as interest paid to you on IRS Form 1099-INT.
• If your account is closed within the first 6 months of opening, the bonus amount paid to the account will be debited from the account balance.
• See Schedule of Fees for Consumer Accounts for other account fees that may apply.
• 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 to worry about

Early Account Termination Fee

Account needs to be kept open for six months otherwise the bonus will be debited

Our Verdict

Need to know if it’s a hard or soft pull to open an account, if it’s a soft pull then I think this bonus is worth doing. As you need to open in branch you should be able to ask if it’s a hard or soft pull before opening. If anybody goes for it then please share your experiences in the comments below.

Hat tip to alphadogiii

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