Yesterday I reviewed the reward checking account at First American Bank. The bank has another checking account deal. This one is a checking account bonus that pays up to $160. The reward checking account doesn’t qualify. You have to open either its Optimal Checking or its Free Checking account. The promotion is scheduled to end on March 3, 2014. It does require quite a bit of work and time. The details are listed at this bank’s promotion page. Below is a summary of what’s required:
To earn the full $160, you’ll have to complete specific banking transactions for four statement cycles. For each statement cycle, you can earn up to $40 by performing the following transactions:
- $25 for completing 5 transactions which can include bill payments and debit card purchases. They do NOT include transfers made between deposit accounts at First American Bank, ATM withdrawal transactions, and service fees.
- $7.50 for completing 4 bill payments
- $7.50 for completing 6 debit card purchases
The Free checking account has no monthly service fees if you choose e-statements. Paper statements cost $3.95. There’s also an account closure fee of $25 if closed within 6 months of account opening.
Unlike the reward checking account, this promotion is limited to Illinois and parts of Wisconsin and Indiana. The small print states the following:
Limited to residents of Illinois; Kenosha, Racine & Walworth counties in Wisconsin; and Lake & Porter counties in Indiana.
If you live in one of these areas, you can apply online, by phone or at one of the bank’s branches.
First American is an Illinois-chartered, privately held bank with nearly 50 Chicago area locations and $2.89 billion in assets.
The bank has an overall health grade at DepositAccounts.com of a B+ with a Texas ratio of 15.19% (above average) based on September 2013 data. Please refer to our financial overview of First American Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 3657).