$160 Checking Bonus at First American Bank in IL and Parts of WI and IN

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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.

Availability

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.

Bank Overview

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).

Other Bank and Credit Union Bonuses

You can view my latest bank bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the bank deals forum.

Comments
Competitive Reward Checking Account Available Nationwide at First American Bank

First American Bank has a reward checking account called Everyday Rewards Checking. According to a bank’s CSR, people from any state can apply for this account online or by phone. Thus, I’m labeling this account "nationally available". This isn’t a hot deal so new applications shouldn’t flood the bank. Hopefully it will remain nationally available. Thanks to the DA reader who emailed me news of this account.

The current rate and balance cap are respectable, but there are some nationally available reward checking accounts with higher rates and balance caps. Another...

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