This bonus has expired and is no longer being offered. Click here to view the current best bank account bonuses.
Offer at a glance
- Maximum bonus amount:Â $100
- Availability:Â In branch only, all branches are in MO [Branch locator]
- Direct deposit required:Â Yes, no minimum specified
- Additional requirements:Â Opening deposit of $1,000+
- Hard/soft pull:Â Soft
- ChexSystems: Unknown
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â Unknown
- Household limit:Â None listed
- Expiration date:Â None listed
The Offer
- Midwest Regional Bank is offering a bonus of $100 when you open a new checking account and complete the following requirements:
- Open with at least $1,000
- Receive a qualifying monthly direct deposit
The Fine Print
- A qualifying direct deposit is an electronic credit of your salary, Social Security, pension or other regular monthly income deposited to your account by your employer or an outside agency
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The progress checking account does not have any monthly service fees to worry about. I wasn’t able to find any fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Not really worth considering for most people due to the small bonus, it requiring opening in branch and also a direct deposit. If anybody does go for it, please share your experiences and datapoints below. I won’t be adding this to the best checking bonuses.
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- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- 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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expired
just got back from opening my account – their branches are only open ’til 4:00pm MTWT, but 6:00pm on Fridays. Here’s the deal: it’s just as written, but once your DD hits, you gotta call them to alert them to the fact, then they’ll confirm it, and then they’ll give you the $100.
So, i wonder if any old ACH won’t work. I’m going to try Schwab Brokerage (the banker seemed to think that would be fine).
And they won’t turn on e-statements for you in-branch, you have to create an online profile to do it. If you don’t, it’s a $5/mo fee.
oh, also: no CC funding, soft pull, and no minimum DD amount. i don’t think there’s an early termination fee, but i didn’t explicitly ask.
one other thing: they mentioned that there’s a new branch opening in March 2018, and when that happens, there’s usually a promotional-APY CD offered. so, keep your account open ’til then, at least…
Thanks, updated post
got my first true DD from employer on 12-Jan-2018. Alerted a bank manager to the fact that day (a friday). He kicked it up to the “regional supervisor” who is the one who releases the money.
Bonus was deposited in my account in the afternoon of Friday 19-Jan-2018. So, it takes a week (4 business days, b/c of MLK)