MB Financial Bank is offering a checking account bonus in which you can earn up to $200. You do have to be careful to avoid monthly fees on the checking accounts. Three checking accounts qualify for the bonus, and they all have monthly service fees. However, there are several ways to avoid the fees. In addition, one of the checking accounts is a reward checking account (MB Red Checking).
Details of the checking promotion is listed at MBchecking.com. It's scheduled to expire on January 31, 2012. Here are the details from the site:
Qualifying for your anniversary gift is as easy as it gets. Simply open a new MB Classic, MB Signature or MB Red Checking account and do the following within the first 90 days the account is opened:
$100 – For $100 account credit, set up a monthly recurring direct deposit of at least $500;
$50 – For $50 account credit, arrange for recurring automatic transfer of $50 or more per month from MB checking to an MB personal money market or personal savings account;
$25 – For a $25 account credit, pay at least one bill of $25 or more to non-individuals via bill pay at ibankmb.com;
$25 – For $25 account credit, enroll in e-statements.
Total account credits of up to $200 will be made within 30 calendar days after the account is open 90 calendar days and the transactions are verified.
Visit an MB banking center, call 1.888.ibankmb (1.888.422.6562) or apply online.
Below is the offer's small print:
Total account credits up to a maximum of $200 are subject to IRS Form 1099-INT reporting. Minimum balance to open an MB checking, savings or money market account is $50. New checking customers only; account must be opened with money not previously on deposit at MB. Personal accounts only; limit one offer per household; cannot be combined with any other offer; only available in MB’s IL, IN or PA service areas. Account must remain open for a minimum of six months or the $100 account credit will be reversed. We reserve the sole discretionary right to refuse to open an account or close an existing account for any reason. MB Checking accounts eligible for this offer have monthly service charges that range from $9.95 - $19.95; there are ways to avoid these fees. Other fees and restrictions may apply; fees could reduce balance in account. Please see a banker for details. Offer expires January 31, 2012.
As mentioned in the small print, the offer is only available in MB's service areas in Illinois, Indiana and Pennsylvania. The vast majority of MB Financial branches are located in the Chicago metro area. There's just one branch in Indiana (northwest in the state) and one branch in Philadelphia.
MB Red Checking and Other Qualifying Checking Accounts
As I mentioned above, one of the three checking accounts that qualify for this promotion is the MB Red Checking. This is a reward checking account, but it's not one powered by BancVue, and it has several features not seen on most reward checking accounts. The worst feature is a potential monthly fee if you don't maintain an average monthly balance of $2,000. The account used to have a 4.00% APY for balances up to $10K, but this recently fell to 2.00% APY. For more details please refer to my MB Red Checking review.
MB Financial Overview
The bank has an overall health score at DepositAccounts.com of 2 stars (out of 5) with a Texas Ratio of 43.09% (below average) based on June 2011 data. Please refer to our financial overview of MB Financial Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 3628).
Other Bank Bonuses
We have a new 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.