DOC Compass — Offers, decoded

Offer at a glance

Maximum bonus amount: $600
Availability: Recipient’s primary residence address must be in Michigan
Direct deposit required: Yes, $500+ for $400 bonus
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Yes, up to $1,000 with a Visa or Mastercard
Monthly fees: $10-$25
Early account termination fee: $50 + bonus forfeit if closed within six months
Household limit:
Expiration date: 12/31/26

The Offer

Direct link to offer

First Merchants Bank is offering a bonus of up to $600.
- Earn a $400 bonus when you open a First Merchants Prosper Checking and complete the following requirements:
  - Use promo code MIPROSPER
  - Make a minimum direct deposit of $500 within 90 days to qualify for $400 bonus cash
- Earn a $600 bonus when you open a First Merchants Prosper Plus Checking and complete the following requirements:
  - Use promo code MIPROSPER
  - Make a minimum of $25,000 in total new deposits within 7 calendar days and maintain a minimum daily balance of $25,000 for 90 days to qualify for $600 bonus cash

The Fine Print

To qualify, you must be a new FMB personal checking customer.
Existing personal checking customers or those who have closed an FMB personal checking account (either as the primary or secondary account holder) within 12 months of the offer start date and the opening date of the new account. (on or after 3/2/26) are not eligible.
The primary account holder must be at least 18 years old.
Recipient’s primary residence address must be in Michigan. C
ustomers who have P.O. boxes or own any other properties in otherwise eligible states for this offer are not eligible.
FMB employees are not eligible. This offer is limited to one per client and is not valid for Public Funds, Estate accounts, U.S. Government entities, other banks, or financial institutions.
To earn this offer you must ask an FMB banker to enroll you in the “MIPROSPER Checking Offer”, or enter the promo code when opening online, when opening a new Prosper or Prosper Plus Checking account between 3/1/26, and 12/31/26.
You can get $600 when you open a Prosper Plus Checking account, deposit at least $25,000 within the first 7 calendar days of account opening AND maintain a minimum daily balance of $25,000 beginning the 8th calendar day through 90 day calendar days of account opening. OR get $400 when you open a Prosper Checking account, establish a direct deposit* of $500 or more within 90 days of opening a Prosper Checking account.
*A qualifying Direct Deposit is an electronic credit to your account by your employer or an outside agency. Internal or External transfers from one account to another, deposits made through Zelle®, or deposits made at a banking location or ATM, do not qualify.
Multiple deposits of less than required amount will not qualify.
If all qualifications are met, the offer will be credited to the new account in the sixth month following account opening and will appear on your statement as “New Checking Offer Reward.”
This promotion is only applicable once per client.
FMB may report the reward value to the IRS as required, and any taxes are the recipient’s responsibility. Offer is awarded at FMB’s sole discretion.
If the account is closed by you or FMB within 6 months of opening, you may be charged up to the full offer amount ($600 or $400) and a $50 early closing fee.
If a customer applies for two offers, First Merchants will choose the incentive offer that is paid. This offer may change or be discontinued at any time.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Prosper checking has a $10 monthly fee. Waived if you do any of the following:
- One $500 direct deposit² per month OR
  Maintain at least $1,000 in minimum combined personal deposit balances,OR
  You are a Student (under 25) or a Senior (62+)
Prosper Plus checking has a $25 monthly fee. Waived if you do any of the following:
- one $1,500 direct deposit per month OR
- Maintain at least $20,000 in minimum combined personal deposit balances

Early Account Termination Fee

Bonus forfeit and $50 fee is charged if closed within six months

Our Verdict

Better than the $300/$500 bonuses normally available, but those are also available in OH & MI. You’d earn $312 if you put the $25,000 into an account earning 5% APY, so only really think it’s worth considering if you can’t do the direct deposit requirement. Will be added to our best bank account bonuses.

Hat tip to reader Brad

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