Illinois-based First American Bank is offering a $150 bonus (paid out in three $50 installments) when opening a new checking account. This limited time offer is available now through October 31, 2016.
How the $150 Bonus Works
- Open a new Free Checking, Personal Checking, Optimal Checking, or Advantage Checking account between September 1, 2016 and October 31, 2016.
- Have at least $500 in Direct Deposits from a paycheck, pension, or government benefit during the second, third, and fourth statement cycles (“Rewards Period”) to receive a $50 bonus installment for that period.
- Starting with the second statement cycle, $50 bonus installment will be credited to the account on the statement date.
- New checking customers only (no closed First American Bank checking account in the past 60 days).
- Limited to one bonus per household.
- First American Bank employees and members of their household are not eligible.
- $100 minimum opening deposit.
- Individual, joint and living trust accounts only.
- If the account is closed prior to or on the statement date for a Rewards Period, no Rewards will be paid for that Rewards Period.
- If the account is closed within six months of opening, any Rewards paid to the account will be debited from the account balance.
While the promotion page states,
For a limited time, receive up to $150 in cash rewards when you open a FREE Checking account!
the $150 Cash Promotion Addendum states in part,
Open a new Free Checking, Personal Checking, Optimal Checking, or Advantage
Checking account between September 1, 2016 and October 31, 2016 …
CSR confirmed that the $150 bonus is available for all four of the above mentioned checking accounts.
Many thanks to DA reader, miked, for his Forum post about this bonus.
Headquartered in Elk Grove Village, Illinois, First American Bank’s primary market area is Chicago metropolitan area (aka Chicagoland). Following the acquisition of the Bank of Coral Gables, the Bank has established its footprint in South Florida.
While First American Bank’s online banking platform will allow to manage your new checking account, applying for the $150 checking bonus must be done with an in-person visit to any of 50 Illinois branches, all located within approximately 60 miles of Chicago. The Florida branch is located on Galiano Street in Coral Gables.
First American Bank (FDIC Certificate # 3657) has an overall health grade of "B+" rating at DepositAccounts.com, with a Texas Ratio of 5.69% (excellent) based on June 30, 2016 data. First American Bank has an above average capitalization level (10.88%), the result of holding $3.47 billion in assets with $377.77 million in equity. Please refer to our financial overview of First American Bank for more details.
First American Bank is currently the 9th largest bank in Illinois, with over $3.4 billion in assets. The Bank was originally established in 1901 as The First National Bank of Dundee. From 1974 through 2014, the Bank acquired seven Illinois and one Florida banks, and changed its name four times.
How the Checking Bonus Compares
Assuming the $100 minimum opening deposit and three months Direct Deposit (minimum total of $500 each) in a Free Checking account are left undisturbed for six months to avoid the early closure penalty:
- $1,600 in a savings account earning 1.00% for six months = $7.99 interest
- $1,600 in an Essential Checking for six months = $100 bonus
Other Bank Promotions and Bonuses
Not eligible for First American Bank’s checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.