[YMMV] First Merchants Bank $200 Checking Promotion [IL, IN, OH]

Offer at a glance

• Maximum bonus amount: $200
• Availability:  Used to be nationwide, now restricted to Illinois, Indiana and Ohio
• Direct deposit required: Yes, $50+ 
• Additional requirements: Six non pin based 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)
• Expiration date: March 31st, 2017 
• Household limit: One per household per year

The Offer

No direct link to offer, has been sent out via mail but has a generic code. YMMV as always with this type of thing. Bank website here.

• Open a new First Merchants checking account and receive a bonus of $200 when you complete the following:
  • Present the flyer in branch or use the promotional code CK200 online (or call toll-free at 1.800.205.3464)
  • Receive at least one direct of at least $50 within 60 days of account opening
  • Receive FMB debit card and make at least six non-pin based transactions that are processed within 60 days of account opening
  • Account must be in good standing when the above conidtions are met

The Fine Print

• Bonus will be credited within two statement cycles of requirements being met
• Valid until March 31st, 2017
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is an early account termination fee of $50 if the account is closed within 180 days of account opening. The easiest account to keep fee free is the eChecking account. This has no fee when you enroll in eStatements. Make sure you keep some money in the account otherwise it’ll be closed.

Our Verdict

I’d jump on this offer if there was an online landing page, but unfortunately there isn’t. I’m not that confident that everybody will end up getting their bonus even though the code is generic, I imagine they only sent these codes out to those in select areas of Illinois, Indiana and Ohio so they might try to restrict it based on that (note, you have to be in one of those states now so that’s less of an issue). With that being said I am always risk adverse when it comes to these types of promotions (especially since I want to make readers fully aware of the risk of not getting any bonus). Because of this I haven’t added it to the list of the best checking bonuses.

Big thanks to reader y3ll0wsubmarine who let us know. Please consider sharing bank bonuses with this site so we can make it even better.

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