[Expired] [Targeted, IN only] First Merchants Bank $250 Checking Promotion

Deal has expired, view more bank account bonuses by clicking here

Offer at a glance

• Maximum bonus amount: $400
• Availability: Indiana only, must also have received targeted mailer.
• Direct deposit required: Yes, $500+
• Additional requirements: Use promo code
• Hard/soft pull: Soft pull 
• ChexSystems: Yes
• Credit card funding: Yes, up to $250 with a Visa or Mastercard
• Monthly fees: $5-$20, avoidable
• Early account termination fee: $50, 180 days
• Household limit: One
• Expiration date: March 31st, 2019

The Offer

Direct link to offer

• First Merchants Bank is offering a bonus of up to $400 when you open a new checking account account. The bonus you receive depends on the account you open, but for all accounts you need to complete the following requirements:
  • Use promo code 1901CKCASH
  • Make a direct deposit of at least $500 within 60 days of account opening
• Bonuses are as follows:
  • Earn $100 for opening a new Carefree Checking Account
  • Earn $200 for opening a new Advantage Checking Account
  • Earn $400 for opening a new Elite Checking Account

The Fine Print

• TO BE ELIGIBLE TO PARTICIPATE IN THE PROMOTION: You must be a new First Merchants personal checking client. Clients with an existing personal checking account with First Merchants (either as the primary or secondary account holder) are not eligible. You must not have closed a personal checking account within 180 days of the promotion start date (on or after January 15, 2019). The primary account holder of the participating checking account must be 18 years old or older at the time of account opening. First Merchants employee accounts are not eligible for this promotion.
• OFFER INFORMATION: Get up to $400 for opening a new First Merchants checking account. Earn $100 for opening a new Carefree Checking Account, earn $200 for opening a new Advantage Checking Account, or earn $400 for opening a new Elite Checking Account AND by 1) Depositing at least $100 at account opening and 2) Making at least one $500 Direct Deposit within 60 days of account opening.[3] Offer valid for new First Merchants personal checking accounts opened from January 15, 2019, through March 30, 2019. Enrollment in the promotion is required. (See Account Opening & Enrollment Instructions below.)
• REWARD PROCESSING: After meeting the qualification requirements, the applicable reward will be credited to the new checking account up to 8 weeks after all qualifications are met. “Branch Checking Offer Reward” will appear on the monthly checking statement when the reward is credited to the account holder’s checking account. The reward amount will be based on the type of checking account open when First Merchants verifies that all promotional offer qualifications have been completed. Checking accounts closed within 180 days of account opening will be charged a $50 fee. This promotion is only applicable once per client. First Merchants may report the value of any reward received through any offer to the Internal Revenue Service as required by law. Any applicable taxes are the responsibility of the recipient.
• Offer available only to the addressee of the mailer, who must have a valid U.S. taxpayer identification number.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Elite Checking ($400 Bonus) – $20 Monthly Fee

This account has a $20 monthly fee, this is waived if you have $15,000 in combined personal deposit balances.

Advantage Checking ($200 Bonus) – $15 Monthly Fee

This account has a $15 monthly fee, this is waived if you do any of the following:

• Make one direct deposit of at least $500 monthly, OR
• Make 15 debit card transactions per month, OR
• Maintain $1,500 minimum combined personal deposit balances OR
• Are 62 years or older

Carefree Checking ($100 Bonus) – $5 Monthly Fee

This account has a $5 monthly fee. This is waived if you:

• Are under 25 years of age
• Make one customer-initiated transaction per month
• Maintain $100 minimum combined personal deposit balances

Early Account Termination Fee

There is an early account termination fee of $50 if the account is closed within 180 days of account opening.

Our Verdict

Shame this is targeted as it’s a fairly easy bonus to do, the previous best they offered publicly was $250 and that didn’t require a direct deposit but did require 40 debit card transactions. This has a higher $400 bonus but that account is much more difficult to keep fee free. That being said if you were targeted then you could consider that bonus a $200 checking/$200 savings bonus and that makes it much more attractive although you would need to keep the account open for 180 days to avoid the early account termination fee. I won’t add this to the best bank bonuses purely because it’s targeted.

Big thanks to reader, Michael C who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

• 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
• 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?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times