$150 Checking Account Bonus at M&I Bank in Several States

POSTED ON BY

M&I Bank has a checking account promotion in which you can earn up to $150 without too much work. The required checking account does have potential monthly fees, so that's something to keep in mind. The promotion is described at mibank.com/cashback150, and it's scheduled to last until May 27, 2011. The $150 bonus requires opening a new M&I Cash Back Checking Account and completing the following within 60 days:

  • $50 for five qualifying check card purchases (signature-based)
  • $50 for two direct deposits (ACH)
  • $50 for three online bill payments

Potential Monthly Fees

The M&I Cash Back Checking Account has a $10 monthly maintenance fee unless you meet at least one of the following:

  • Making 10 transactions per statement cycle (deposits and/or withdrawals)
  • Maintaining $1,000 minimum daily balance in your account
  • If you're under 25 years of age

Cash-Back Features After the Promotion

The cash-back feature could be used to make an additional $4.25 per month without a large balance. This would require:

  • $0.05 for automatic payments deducted from your account (M&I Online Bill Payment, M&I loan payments and ACH debit) up to a maximum of $2 per statement cycle (40 payments)
  • $0.25 for a deposit up to a maximum of $2 per statement cycle (8 deposits)
  • $0.25 for each monthly Online Statement (a feature of M&I Online Banking)

There's also cash-back when you use the check card, but it's only 0.25% on the amount of each purchase. If the Fed implements the debit card interchange fee regulation in July, I would think M&I Bank would likely end this check card cash-back, and it could also impact the other cash-back features.

Where The Promotion is Available

The offer appears to only be available where M&I Bank has branches. You need to enter your zip code if you apply online, and it'll tell you if you're not in their market area. According to their branch locator, the states where they have branches include: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. Most of the branches are located in Wisconsin which is where their headquarters is located.

Offer's Small Print

The small print doesn't have any surprises. You have to keep the account open for at least 6 months to ensure they don't deduct the bonus.

Offer not available to households who already have an M&I Bank checking account or that have had a checking account within the last 60 days. Your account will be reviewed 60 days after opening. The cash award will be paid within 2 weeks of that review if the requirements have been met: $50 for 5 qualifying check card purchases; $50 for 2 ACH direct deposits; $50 for 3 online bill payments. Offer applies to new M&I Cash Back Checking accounts only, no exceptions. One award per household every 12 months. Cannot be combined with other offers. If the account is closed within 6 months of account opening, the bank reserves the right to deduct any cash award from the account. For account fee information, ask an M&I Personal Banker or call 1-800-642-2657 for details. $50 minimum opening deposit.

M&I Bank Overview

M&I is a large regional bank with $49 billion in assets. It has been a FDIC member since 1934 (FDIC Certificate # 1020).

Other Bank Bonuses

To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.

Comments
Anonymous
Anonymous   |     |   Comment #1
This is the bank that closed down because Wisconsin firefighters withdrew their funds because the executives and management of this bank heavily contributed to Governor Walker's campaign. It was reported that $600,000 was withdrawn that afternoon.
pNa
pNa (anonymous)   |     |   Comment #2
M&I/Harris are changing the requirements to avoid the monthly maintenance fees ($500 in total external deposits instead of 10 transactions) and killing the cash back bonus, starting with cycles beginning on or after February 3, 2012. Account closing time.
Money Market Promotion at M&I Bank in Several States - Local Only
M&I Bank has a money market promotion with a competitive rate of 1.50% APY. It's not a great deal compared to savings accounts available on the internet, but if you want a brick-and-mortar bank, this is an option. Note, there's no rate guarantee so this could be a teaser rate that may not stay competitive.

The offer is for the Premier Money Market Account which is a tiered rate account which requires a $25,000 balance to earn this top yield and to avoid a monthly fee.

The offer was advertised in today's...



Continue Reading
Rewarding Debit Card Use - M&I Bank's New Checking Account and Bonus

As I've been reporting, banks are trying new ways to encourage customers to use their debit cards with the credit (signature-based) option. High-yield reward checking is one way, and this mostly benefits those with larger balances ($25K or more). The larger banks have tried reward checking that rewards with cash back rather than high interest rates. M&I Bank is the latest example with their Cash Back Checking.

In addition to the cash-back features, M&I Bank is offering a $100 cash bonus for opening their Cash Back Checking Account. Offer is scheduled...

Continue Reading