Deal has expired, view the best current checking bonuses by clicking here.
Offer at a glance
- Maximum bonus amount:Â $300
- Availability:Â Must live, work or study in Northwestern Indiana or Southwestern Michigan
- Direct deposit required:Â Yes, $250+
- Additional requirements:Â None
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â None
- Monthly fees:Â $15, avoidable
- Early account termination fee:Â $25, 180 days
- Household limit:Â One
- Expiration date:Â December 31st, 2018
The Offer
- 1st Source Bank is offering a $300 Mastercard gift card. Requirements for the bonus are as follows:
- Open a new Easy Banking Club Checking account or a Cubs 1st checking account (either in branch or online). Minimum openng balance of $50
- Set up and receive a direct deposit of at least $250 within 65 days of account opening
The Fine Print
- The $300 Gift Card bonus offer is available, at the eligible locations, for new 1st Source Bank Cubs 1st Club or Easy Banking Club personal checking accounts opened by December 31, 2018.
- Required for gift card is a minimum opening balance of $50; and the setup and initial deposit of an ACH direct deposit of at least $250, each within 65 days of the account opening.
- The gift card will be mailed to the client at the address of record within 60 days of all requirements being met. 1st Source reserves the right to withdraw or modify this offer at any time.
- Offer may not be combined with any other offer, one offer per household.
- Account is subject to approval. Accounts titled as Irrevocable Trusts, Estate, Non-individual and HSAs are not eligible.
- The $300 Gift Card will be treated as interest earned and you may receive a 1099-MISC and be responsible for reporting this as income to the IRS.
- Employees of 1st Source are not eligible. 1st Source Bank – Member FDIC, Equal Housing Lender.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Easy Banking Club has a $15 monthly fee, this is waived An ongoing, monthly ACH direct deposit in the amount of at least $250 (must be paycheck, pension, Social Security or other government benefit). There is a $25 early account termination fee if the account is closed within 180 days of opening.
Our Verdict
It seems like the online account opening is still really in branch, I’d personally just open in branch directly as I think you will have a lot less issues that way. Overall a nice big bonus, although the monthly fee is annoying to avoid as it requires a direct deposit. I’ll add this to our list of the best checking bonuses once we can confirm it’s a soft pull.
Big thanks to reader, Credit Guy 1234 who let us know. Learn how to find bonuses and contribute to the site here.
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- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
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- Complete List Of Ways To Close Bank Accounts At Each Bank
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- Bank Bonus Posting Times
I had an account back in 2018. On 7/14/23 I received a letter stating my data may have been contained in a compromised file. Possible data includes name, ssn, drivers license number and DoB.
Indiana resident. Opened account on 11/23, Chase transfer on 12/4, Elements Financial transfer 12/7, employer DD 12/28 & 1/11. Still no GC.
This is good to know since there are no DPs listed on the Bank Bonus Posting Times page.
Looks like for you, a bare minimum of 6 weeks or so (counting from your 12/28 employer DD).
I opened account 1/4, employer DD 1/18. So about 4 weeks, nothing yet. I keep thinking I’ll mistake the envelope for junk mail and toss it.
GC received March 1!
Thanks for the update! I’ll look for mine within the next 2-4 weeks.
Did you ever receive your giftcard? I opened in December and my employer DD posted at the end of January which has been over 60 days ago. Still no GC. Will contact them if I don’t receive it soon.
Withdrew my balance, waited ~20 days. Noticed the account doesn’t even appear in my online profile anymore, but called in to close. The phone rep verified my identity and spoke to the back office and said they’ll process the closing right away, no need for anything written.
The same situation. After I cleared off my balance, the account on longer appeared in my profile either. But I could see it under one tab (can’t remember) one month ago. However, I couldn’t even log in to the account today. Probably it was closed already..
Anyone know how long after closing an account until you can open another? I just closed mine in November and don’t see anything about elapsed time in their disclosure.
data point on closing account following
Gadget tip to fax letter. was able to close with no balance. after about 2 weeks since fax sent. only had account open for 60 days.
How long to close after fax sent? Notarized? Did you send to the main number listed here that others did?
Any more updates on all of you who closed the account?
Theory, 
Gadget, 
JuicyJosh
Pretty sure they closed my account when it was zero balance for a couple days. I still faxed and mailed and notarized letter with all their BS requirements for C.Y.A. purposes. Didn’t want an account fee messing me up.
Thanks. Mine doesn’t close until early next month, but damn, sure sounds like it took you all some effort to close.
Faxed my non-notorized homemade closure request letter w/ front of d l. The next day I lost the ability to see my acct from my 1st Source online banking. I meant to call to verify, but been busy.
I zeroed out my account and after a few days it was no longer viewable in online banking…called up and CSR said it was placed in “temporary closure” status. If no activity for a month, it closes permanently. Verified that I will not be charged any fees, so I’m considering this one closed.
another data point for SCHWAB brokerage counting as DD.
I called to close this account, and they said I can’t do it over the phone. I either need to stop into a branch (out of state) or send mail to their corporate address requesting the account to be closed (including my account number, last four of my SSN, and what I’d like to be done with any remaining funds).
The address to send to is:
1st Source Bank
100 N Michigan St
South Bend, IN 46601
Well, that didn’t work. Apparently, I actually need to send the letter to the address of the branch I opened the account at, not the central address I was given. I ended up verifying that I could fax it, and was told I also needed to include my photo ID and my signature on the faxed letter. Yeesh.
Before opening this page, I called to close my account, and first they wanted me to go in branch, but I am out of state and opened online. So, they gave me a PO Box address to close the account.
1st Source Bank
PO Box 1602
South Bend IN 46634
Said letter needs to have name, address, acct number, and last 4 of SSN, where you want funds transferred to, and SHOULD be notarized. Nothing about a photo ID.
And I assumed since they wanted mine notarized, that fax is probably not accepted? I might call again and ask. Or maybe I will fax to the main fax number (574-239-4388) on the website and see if I catch a break. I already zeroed the account.
My account was also no longer available online the day after I faxed in my request.
I received the check in the mail today (1 week later) for my remaining balance of $500, except that there was a nondescript “fee” of $5 deducted so the check was for $495.
I’m debating whether to call about the $5 or just be done with it. I imagine it’s some kind of statement fee (though I didn’t receive a full statement with the check) though I could not find anything really applicable on their very brief fee schedule that I googled.
Very possible they are “cleaning up” after a bunch of us are at 180 day mark. I am going to wait a few more days to call if I don’t get something in writing to verify it is fully closed. Most banks mail a final statement, or a letter, but them closing out our account access doesn’t alleviate our responsibility for the account.
Some banks charge a fee to mail a check, but I couldn’t find it in writing anywhere for 1st Source. I think it’s no accident you got shortchanged… but it’s certainly not clear why. Mailed statement fee is $5, as is a “dormant account”, but usually that’s after a year of inactivity.
You could call, but probably a waste of time. Recommend zeroing the account after the most recent statement, next time….
Yep, I’ve decided not to call and accept the loss. My latest hunch is that since my balance was sent via “treasurer’s check”, which the rep said was required, and is why they needed for a photocopy of my ID, has a $5 fee attached to that kind of check.
I considered zeroing the account first, but was worried about it because I was on the $500 minimum average balance version, and I thought they charge a monthly fee for that last month (since they got squirrelly with fees when I switched my account type).
Onto the next one!
I’m rolling the dice as well and trying this number. I called and they said they’d send an email with the info and it said to fax the notarized letter to a different number. I’d like to avoid the notarized part so I copied you and we’ll see what happens. (I used a free trial from Ring Central as I don’t have a fax machine and it says it sent it but idk having never used this service before.)
Should be fine. Your account access will be gone by Friday. D/L online statements now if you care.
Darn, they might not accept this anymore. My account access is live and my Dec statement just closed (on the expected date, despite $0 balance). I’ll give it another day. The email I received with the other fax number said my letter MUST (caps theirs) be notarized. I’ll try sending this non-notarized id version to the other fax number and see if that’ll close it.
Did you include a copy of your driver’s license? I purposely pasted mine right next to my signature so they could see a match.
Yes I did. Same way.
Printed coupon from 1st source website and took in branch to open account. Opened 5/9/18 with $50 cash – no CC funding allowed at this branch. Also this branch said I needed 5 debits, which I did. First DD from my employer posted 6/1/18, and the DD have continued every 2 weeks. It has now been 96 days since first DD and no Gift Card. This is a local bank for me, and I followed all the requirements. After 81 days from Direct Deposit I tried a online chat and was told to go the branch where I opened it. They said no call marketing at corporate office. I called there and the person there was supposed to check on it and call me back. I called again today (1 week later) and left a voicemail saying it has now been more than 90 days since DD and still no card. My husband answered a phone call this evening 9/5/18 and it was the manager from the branch where we opened the account. She said corporate had decided to decline my bonus, and that she would call them and try to change their mind. I will give it a few days and call that manager back. I don’t see how they can legally deny me from this bonus.
I’d file a complaint with the CFPB
interesting…wife in a similar position.
Opened 5/23/18
1st employer DD done on 7/13/18
the terms only specify $50 at account opening, and “set up and make an ACH direct deposit of at least $250 from a paycheck, pension, government benefit, or 401k or IRA required distribution to the account, each within 65 days of account opening”
she only had 1 DD payment post, but that is still fulfilling the requirements, and 60 days from DD date is 9/11/18, so 2 days late already.
Given your DP also, i’m tempted to just wait another week for time to get the mail delivered then go CFPB directly and not screw around with phone tag/other BS
How are you avoiding the monthly fee if no direct deposit?
Corporate denied me because my name is on my mother’s account at this bank. I explained that is not my money, she is 83 years old and a widow so she wanted me to have access in case of an emergency. When I first went to open the account they told me this, but suggested I have my husband open the account in his name and filled out the paperwork in his name, which we did. The manager then said I could be added to his account. I questioned if this would stop the bonus and she said she called and asked and was told no. But corporate did block for that reason. The bank manager called corporate and explained the other account was not my money but they would not budge. She then went to her district manager and said he OK-ed it. I did get a gift card in the mail but I am wondering if the bank manager paid for it. It was hand written by her (address and note) and It is a vanilla Visa variable amount (up to $500) like I get at CVS. The bank info said it would be a MasterCard GC. So I am concerned that she may have paid for this out of her own pocket, which is not right. 1st Source Bank screws people over again.
Did anyone successfully get a second bonus for DW/DH/SO/P2?
Didn’t try. The opening process was enough for me to keep this P1 only along with DPs on out of state crackdown.
Gotcha
For those that do get the rewards card… reminder: a great way to get full function out the the card is to use it to pay cable/phone/cell… or maybe insurance. I know it’s not exciting… but that just saved your bill-pay bank account a $300 hit and didn’t spend a cent in fees (usually).