M&I Bank has a checking account promotion in which you can earn up to $150 without too much work. The required checking account does have potential monthly fees, so that's something to keep in mind. The promotion is described at mibank.com/cashback150, and it's scheduled to last until May 27, 2011. The $150 bonus requires opening a new M&I Cash Back Checking Account and completing the following within 60 days:
- $50 for five qualifying check card purchases (signature-based)
- $50 for two direct deposits (ACH)
- $50 for three online bill payments
Potential Monthly Fees
The M&I Cash Back Checking Account has a $10 monthly maintenance fee unless you meet at least one of the following:
- Making 10 transactions per statement cycle (deposits and/or withdrawals)
- Maintaining $1,000 minimum daily balance in your account
- If you're under 25 years of age
Cash-Back Features After the Promotion
The cash-back feature could be used to make an additional $4.25 per month without a large balance. This would require:
- $0.05 for automatic payments deducted from your account (M&I Online Bill Payment, M&I loan payments and ACH debit) up to a maximum of $2 per statement cycle (40 payments)
- $0.25 for a deposit up to a maximum of $2 per statement cycle (8 deposits)
- $0.25 for each monthly Online Statement (a feature of M&I Online Banking)
There's also cash-back when you use the check card, but it's only 0.25% on the amount of each purchase. If the Fed implements the debit card interchange fee regulation in July, I would think M&I Bank would likely end this check card cash-back, and it could also impact the other cash-back features.
Where The Promotion is Available
The offer appears to only be available where M&I Bank has branches. You need to enter your zip code if you apply online, and it'll tell you if you're not in their market area. According to their branch locator, the states where they have branches include: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. Most of the branches are located in Wisconsin which is where their headquarters is located.
Offer's Small Print
The small print doesn't have any surprises. You have to keep the account open for at least 6 months to ensure they don't deduct the bonus.
Offer not available to households who already have an M&I Bank checking account or that have had a checking account within the last 60 days. Your account will be reviewed 60 days after opening. The cash award will be paid within 2 weeks of that review if the requirements have been met: $50 for 5 qualifying check card purchases; $50 for 2 ACH direct deposits; $50 for 3 online bill payments. Offer applies to new M&I Cash Back Checking accounts only, no exceptions. One award per household every 12 months. Cannot be combined with other offers. If the account is closed within 6 months of account opening, the bank reserves the right to deduct any cash award from the account. For account fee information, ask an M&I Personal Banker or call 1-800-642-2657 for details. $50 minimum opening deposit.
M&I Bank Overview
M&I is a large regional bank with $49 billion in assets. It has been a FDIC member since 1934 (FDIC Certificate # 1020).
Other Bank Bonuses
To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.