[IN] First Merchants Bank $250 Checking Promotion

Offer at a glance

• Maximum bonus amount: $250
• Availability: Indiana only
• Direct deposit required: Yes, $50+ 
• Additional requirements: Use promo code and make at least 40 debit card transactions
• Hard/soft pull: Soft pull 
• ChexSystems: Yes
• Credit card funding: Yes, up to $250 with a Visa or Mastercard
• Monthly fees: Avoidable
• Early account termination fee:  $50, 180 days (account must also be open when bonus is received)
• Household limit: One
• Expiration date: December 31st, 2018

The Offer

Direct link to offer

• First Merchants Bank is offering a bonus of $250 when you open a new checking account and complete the following requirements:
  • Use promo code 1809CKA250 and open an advantage checking account
  • Set up and have at least one direct deposit of $50 or more within the first 60 days of account opening
  • Have an FMB debit card and make at least 40 point of sale transactions that post to your acocunt within 60 days of account opening

The Fine Print

• Present the $250 promotional offer when opening a new First Merchants Advantage Checking Account.
• A $100 minimum deposit is required when opening an account.
• To receive the $250 Reward the following conditions must be satisfied: 1) set up and have at least one direct deposit of $50 or more within the first 60 days after account opening; and 2) must have an FMB debit card and make at least 40 point-of-sale transactions processed within 60 days after account openings; and 3) your account must remain open with a positive balance once the above conditions are satisfied.
• Then, your $250 Reward will be credited to this open account within 60 days of all conditions being met.
• Offer valid in Indiana only and for new Advantage checking accounts opened before 12/31/2018.
• Offer subject to change without prior notice and may be terminated or extended.
• Offer does not apply to multiple checking accounts. Existing FMB checking accounts or accounts converted to another personal checking account are NOT eligible for this offer.
• You can receive only one new checking account reward related offer per household per calendar year.
• Bank employees and members of their household are not eligible for this promotion.
• Checking accounts closed by customer within 180 days of opening are subject to a $50 account early closing fee.
• To the extent required by law, First Merchants will report the value of this reward to the IRS on Form 1099-INT. Any applicable taxes are the responsibility of the account holder.
• In the event that we determine in our sole discretion that your account does not meet the eligibility criteria or the activity on your account does not qualify to meet the required conditions, we will not be obligated to credit your account with the reward payout.
• Offer is non-transferable and may not be combined with any other offers.

Avoiding Fees

Monthly Fees

This account has a $15 monthly fee, this is waived if you do any of the following:

• Make one direct deposit of at least $500 monthly, OR
• Make 15 debit card transactions per month, OR
• Maintain $1,500 minimum combined personal deposit balances OR
• Are 62 years or older

Early Account Termination Fee

There is an early account termination fee of $50 if the account is closed within 180 days of account opening.

Our Verdict

Previously they offered a bonus of $200 that was briefly available nationwide. This one specifies Indiana only in the fine print. Having to do 40 debit card transactions is a bit extreme, you can read some tips on how to hit that many here. Still it’s a $250 bonus and worth doing if you’re eligible. I’ll be adding this to our best bank bonus page.

Hat tip to DDG

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• Introduction To ChexSystems
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