Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â IL
- Direct deposit required:Â Yes, three direct deposits of $300+ each
- Additional requirements:Â eStatements
- Hard/soft pull:Â Unknown
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None
- Expiration date:Â None listed
Contents
The Offer
- Northwest Bank of Rockford is offering a $300 checking bonus when you open a new checking account:
- have 3 direct ACH deposits of at least $300 each within 90 days of account opening
- Sign up for eStatements
The Fine Print
- This offer is for new consumer checking customers only.
- Existing Northwest Bank customers with only a loan, a savings account and/or business checking account are eligible for the offer.
- You are not eligible for this offer if: (1) You are a current Northwest Bank of Rockford customer and (2) you already have a consumer checking account with the bank (either in your own name or with multiple individuals).
- Minimum amount to open account may range from $25 to $100 depending on the account type.
- To receive a $300.00 bonus, you must have 3 direct ACH deposits made into this account and sign up for e-statements.
- Each direct deposit must be at least $300.00 or more posted to this account within 90 calendar days of account opening.
- A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your bank account. Confirm with your employer, agency or company making these payments that they use the ACH network. Transfers from one account to another, mobile deposits, Person to Person payments (such as Zelle®) or deposits made at a branch or ATM don’t qualify as a direct deposit.
- If 90th calendar day falls on a weekend or holiday, the following business day will be used to qualify for the promotion.
- If the account is closed by the customer or bank within 90 business days after opening, we may deduct any bonus earned and received at closing, and an account closing fee may be assessed. Closing the account will negate any unearned bonus.
- All bonus dollars will be paid in 30 days after the 90-day qualification requirements are met and will be deposited into the new checking account.
- The bonus will be paid on the account opened first if multiple consumer checking accounts are opened during the promotional period.
- An IRS 1099 form may be issued.
- You are responsible for any federal, state, or local taxes due on the bonus and will report income to the tax authorities if applicable. Consult your tax advisor. Additional Terms and Conditions:
- The offer may be discontinued or changed at any time without notice. Geographic restrictions 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
MyRewards checking account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Need to know more about this bank/bonus but might be worth doing if you live in the area. Not sure how strict they are on the direct deposit unfortunately.
Hat tip to Bockrr
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
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- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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Denial DP: Applied 9/17 and never received a call. Contacted bank 9/22 and was informed I was declined an account due to chex. I have about 10 new accounts in the past year so if you’re a hardcore churner this won’t be for you.
Hey this bank is 5 minutes away from me!
They are requiring the ID verification and first deposit occur in branch
In-state but not within footprint. Closest branch is just under 100 miles away. Completed application and final page said “thanks for submitting. a banker will contact you” or similar. i closed the tab already. will circle back with an update once/if i hear back
UPDATE: Got a call from a banker asking me to come in to sign and make initial deposit. They also mentioned they saw I had applied at other banks and asked if I was able to open accounts at them. Unless I’m in the area in the next few weeks I won’t be moving forward.
My goodness, I think I need move to IL. 80% banks on doctor of credit are in IL.
anyone applied before OOS?
Not this bank, but another. I was about 20 miles away in MO. Bank was in IL. I was in their “footprint”.
I applied on Wednesday just over the border in Wisconsin, about 35 minutes to nearest location. Haven’t heard back.
Stan F Carl J appears to be in-branch only, and possibly only if you live in their footprint: https://www.doctorofcredit.com/contact-us/#comment-1686510
If you haven’t heard back you were likely denied. I was denied for too many new accounts from chex and I never got a call.