[Expired] [IL, IN, IA, WI & In Branch only] First Midwest Bank $500 Business Checking Promotion

Deal has ended, view more bank account bonuses by clicking here.

Update 11/14/21: Deal is back and valid until November 30, 2021. Can’t have had an account within 24 months or received a bonus within 24 months (previously it was 12/24). Hat tip to Burnout1749

Offer at a glance

• Maximum bonus amount: $500
• Availability: In branch only, branches are in IL, IN, IA, WI
• Direct deposit required: None
• Additional requirements: 10 debit or credit card transactions
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Up to $2,500, no American Express (not sure if possible in branch) ACH or cash deposit only now
• Monthly fees: $15, avoidable
• Early account termination fee: $15, 12 months
• Household limit: None listed
• Expiration date: May 31st, 2019 December 18, 2020

The Offer

Direct link to offer

• First Midwest Bank is offering a bonus of $500 when you open a new business checking account and complete the following requirements:
  • Open any eligible business account (Essential, Essential Plus, or Essential Deluxe Business Checking) with $100 minimum deposit
  • Maintain a $2,500 average collected balance for the first three statement periods
  • Complete 15 debit or credit transactions within 60 days of account opening

 

The Fine Print

• To receive the bonus, the new to business checking client must: 1. Open and fund a new Essential, Essential Plus, or Essential Deluxe Business Checking Account with $100 minimum deposit in new money to the bank by December 18, 2020. New money is defined as funds not on deposit at First Midwest Bank within the last 90 days. Account opening subject to First Midwest Bank approval in its sole discretion. Proper identification and verification of business status is required. 2. Enroll and log into in Business Express online banking within the first 60 days. 3. Complete 15 debit or credit transactions within the first three statement periods. ATM transactions do not qualify. 4. Maintain a $2,500 average collected balance for the first three statement periods.
• Once all requirements have been met, $500 credit will be issued as a credit to the account approximately 120 calendar days after account opening. The account must be open with a balance greater than zero on the day of bonus processing to receive the $500 credit. Promotional credit may be subject to IRS 1099-INT form reporting and may be considered taxable as interest income to you. Consult your tax advisor.
• Limit of one bonus per client, regardless of the number of accounts and includes all entities owned by or associated with client. Thus even if client has multiple accounts or has ownership in one or more entities, only one bonus will be paid to all of these collectively. If multiple accounts are opened with the same signers, only one account will be eligible for the premium.
• Limit of one bonus per mailing address.
• Offer is not available to existing First Midwest Business checking clients (including authorized signers on multiple accounts), accounts that have been closed within the past 12 months, business clients who received a promotional bonus in the last 24 months or First Midwest colleagues.
• This offer is subject to change and may be discontinued at any time. Bonus is not available to local, state, or federal government entities or agencies.
• Offer available to businesses located within Illinois, Indiana, Iowa, and Wisconsin and must be opened inside the branch only.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Essential business checking looks to be the easiest to keep fee free. This account has a $15 monthly fee and that is waived with $1,500 in average collected balances.

Early Account Termination Fee

There is an early account termination fee of $15 if closed within 12 months of account opening

Our Verdict

Previously they offered a bonus of $250 with very similar requirements. This $500 bonus is obviously much better, according to this comment it doesn’t look like they require onerous documents to open the account. Because of how easy the bonus requirements are, how big the bonus is and how easy it is to keep the account fee free I will be adding this to our list of the best bank bonuses.

Hat tip to reader mailordersausage

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