I came across this deal while reviewing the Friday bank failure. First Midwest Bank was chosen by the FDIC to purchase Friday's failed bank. While looking on the bank's website for useful Q&As about this closure, I noticed that the bank is offering a nice checking account promotion. It's one of the few that has no direct deposit requirement. New checking account customers can earn $100 for opening any checking account by 8/31/2012 and for making 5 debit card purchases of at least $50 each within the first 30 days of account opening.
More details of this offer are listed at the bank's promotion page. Below is a copy of the offer's small print:
To qualify for the $100 cash back incentive, new Checking account must be opened on or before 8/31/12 and client must make five (5) MasterCard Debit Card purchases of at least $50 each within the first thirty (30) days of new account opening. This offer is open to new individual/consumer Checking and MasterCard Debit Card clients only. Current First Midwest Bank consumer Checking and Debit Card clients and those who have had a consumer Checking account and Debit Card with First Midwest Bank within the last ninety (90) days are not eligible for this offer. ATM transactions are not included. This offer cannot be combined with any other offer(s). Minimum deposit of $100 is required to open a new Checking account. $100 cash back incentive will be issued as a MasterCard Gift Card and may take up to ninety (90) days after the qualifying purchases are made to be fulfilled. $100 is subject to IRS reporting. Limit one (1) award per primary Checking client per household. Offer may be withdrawn at any time without notice.
The bank also has a refer-a-friend bonus. A checking account customer can get $50 when they tell a friend, and they open a new checking account and meet the above requirements for the $100 bonus. There's also a $25 savings account refer-a-friend bonus. Instructions for these refer-a-friend bonuses are listed at this bank page.
The bank does offer a free checking account. Its Simply Free checking has no monthly maintenance fee. Minimum initial deposit is $100. Once nice feature of this bank is that it belongs to the Allpoint network which gives its checking account customers access to a nationwide network of surcharge-free ATMs.
First Midwest Bank has an online application for the checking accounts. I called the bank this morning at 800-322-3623, and I was told that people in any state can apply online and qualify for this promotion. If you can't visit a branch, you will be required to mail in copies of your driver's license and utility bill. Please note that small banks will sometimes change eligibility requirements for its accounts. You might want to call before applying online.
First Midwest Bank may technically be considered small, but it's getting close to being a large bank with almost $8 billion in assets and 100 branches.
First Midwest Bank branches are located throughout Illinois. There are also a few in Indiana and Iowa.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas ratio of 19.81% (average) based on March 2012 data. Please refer to our financial overview of First Midwest Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 3709).
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.