[YMMV] First Merchants Bank $200 Checking Promotion [IL, IN, OH]

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Used to be nationwide, now restricted to Illinois, Indiana and Ohio
  • Direct deposit required: Yes, $50+
  • Additional requirements: Six non pin based debit card transactions
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: Yes, up to $250 with a Visa or Mastercard
  • Monthly fees: Avoidable
  • Early account termination fee: $50, 180 days (account must also be open when bonus is received)
  • Expiration date: March 31st, 2017
  • Household limit: One per household per year

The Offer

No direct link to offer, has been sent out via mail but has a generic code. YMMV as always with this type of thing. Bank website here.

  • Open a new First Merchants checking account and receive a bonus of $200 when you complete the following:
    • Present the flyer in branch or use the promotional code CK200 online (or call toll-free at 1.800.205.3464)
    • Receive at least one direct of at least $50 within 60 days of account opening
    • Receive FMB debit card and make at least six non-pin based transactions that are processed within 60 days of account opening
    • Account must be in good standing when the above conidtions are met

The Fine Print

  • Bonus will be credited within two statement cycles of requirements being met
  • Valid until March 31st, 2017
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is an early account termination fee of $50 if the account is closed within 180 days of account opening. The easiest account to keep fee free is the eChecking account. This has no fee when you enroll in eStatements. Make sure you keep some money in the account otherwise it’ll be closed.

Our Verdict

I’d jump on this offer if there was an online landing page, but unfortunately there isn’t. I’m not that confident that everybody will end up getting their bonus even though the code is generic, I imagine they only sent these codes out to those in select areas of Illinois, Indiana and Ohio so they might try to restrict it based on that (note, you have to be in one of those states now so that’s less of an issue). With that being said I am always risk adverse when it comes to these types of promotions (especially since I want to make readers fully aware of the risk of not getting any bonus). Because of this I haven’t added it to the list of the best checking bonuses.

Big thanks to reader y3ll0wsubmarine who let us know. Please consider sharing bank bonuses with this site so we can make it even better.

Useful posts regarding bank bonuses:
    William Charles
  • On February 2, 2017, 20:58

View Comments (112)

  • How is everyone closing their account? They will not allow me to close over secure message. Have given up a couple of times after holding 45+ on the phone for customer service. No local branch within 30 miles.

  • Bonus posted. Almost positive it was the Cap One deposit that triggered the bonus since it posted as "CAPITAL ONE N.A./CAPITALONE". Discover says P2P. The bonus posted 64 days after opening the account and 35 days after completing all the requirements.

  • Update: They told me my bonus would post by 4/22, but my account was closed today for being at a zero balance for 45 days. Partially my own fault for not keeping $5-$10 in it, but they are not really working with me to get the bonus paid out even though I have met all requirements.

    As upset as I am about this, I'm letting others know as more of a way to say once your bonus posts you can zero out the account and they will probably close it for you way before the 6 months is up.

      • Final update on the off chance anyone is in the same situation as me:

        I contacted them via email stating I met the terms and would like the account re-opened and/or my bonus paid or I'd have to consider a CFPB complaint. They agreed to mail a check and keep the account closed. I have received the $200 bonus and don't have to wait the 6 months to close. I'd call it a win-win

  • Update: My bonus posted today. After my previous comment about bank to bank transactions and my student loan disbursement not counting, I changed my employer DD to the account. However, my paycheck didn't come until after the 60 day time requirement (based on day I opened the account- it just came through last Wednesday).Today bonus has posted. So not sure if the CSR before was wrong or they decided to count my (late) paycheck, but it worked!

  • Finally got the bonus here in April (had opened in Feb). Used Amazon reloads for debit transactions and ALly ACH for DD. This is just one that takes a long time to post.

  • Anyone who didn't get this account opened file a complaint with ChexSystems to get the inquiry removed. I filed and ChexSystems removed the inquiry with the reason "ChexSystems has been unable to verify the accuracy of the disputed information submitted by First Merchants Corporation within the timeframe required by FFCRA...therefore it has been removed from your consumer fie."

  • I just chatted with the bank online. I was told that I had met all the requirements and that I should receive my bonus within two statement cycles or 60 days. My deposit went through on 2/13, so I suppose that means I should be receiving it soon.

    I used my Goldman Sachs savings account to meet the direct deposit requirement. As an aside, I highly recommend a GS account for bank bonus purposes. I have not seen it mentioned on this site before, but it has triggered every direct deposit requirement that I have thrown at it. There are some negatives to it (you are limited to 6 withdrawals and can only have 4 external accounts setup at any one time), but even with those, it has been quite good to me. The interest rate (1.05%) also compares well with other similar accounts.

    • That GS savings account is a great datapoint EO. Can you list the banks in which GS triggers the DD requirement? I already have a GS savings account and would love to use it where applicable.

      • I list below all the places GS savings has worked. I would note, however, that it almost always gets entered as "Payment" rather than "P2P." Thus, even if I don't have something listed here, I would still recommend attempting GS as a way of triggering direct deposit. I am batting 1000 with it.

        Fifth Third Bank, Santander, My Banking Direct, PNC, Elements Financial, Popular Community Bank, First Merchants Bank

        I am currently pending bonuses from the following where I used GS: Quorum Federal Credit Union, First State Bank (IL), Regions, BMO Harris, Key Bank. I will update when I receive the bonuses from these banks.

  • DP: CapOne360 worked as a DD.

    Word of caution, though. I had a long and arduous chat where I basically cornered a customer service rep into admitting that I had met the requirements and the bonus showed up the next day. It's possible that is simply a coincidence but given the timing, I think it might be worth doing a chat yourself if you're not sure. I simply said "the CapOne is a DD and I made the 6 debits payments, so I met the requirements, right?"

    Either way, another easy $200. Thanks, DoC!

  • Same here. to me they said April 15 is the date i should get my bonus and I have met all the requirements. I think its Federal Refund triggered the DD requirement.

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