(MI) First Merchants Bank $400/$600 Checking Bonus

Offer at a glance

• Maximum bonus amount: 600 dollars
• Availability: The recipient’s principal residence address must be in Michigan
• Direct deposit required: Yes, $500+ for $400 bonus
• Additional requirements: See below
• Hard/soft pull: Gentle pull
• ChexSystems: yes
• Credit card financing: Yes, up to $1,000 with a Visa or Mastercard
• Monthly fees: 10-25 dollars
• Early account closure fee: $50 + forfeit bonus if closed within six months
• Family boundary:
• Expiration date: 31.12.26

Offers

Direct link to the offer

• First Merchants Bank offers a bonus of up to $600.
  • Earn a $400 bonus when you open a First Traders Prosperity Check and meet the following requirements:
    • Use promo code MIPROSPER
    • Make a minimum direct deposit of $500 within 90 days to qualify for a $400 cash bonus
  • Earn a $600 bonus when you open a Prosper Plus First Trader Checkout and meet the following requirements:
    • Use promo code MIPROSPER
    • Make a minimum of $25,000 in total new deposits within 7 calendar days and maintain a minimum daily balance of $25,000 for 90 days to qualify for the $600 cash bonus

Fine Press

• To qualify, you must be a new FMB personal checking customer.
• Existing personal checking customers or those who have closed an FMB personal checking account (either as a primary or secondary account holder) within 12 months of the offer start date and the new account opening date. (on or after 3/2/26) are not eligible.
• The primary account holder must be at least 18 years old.
• The recipient’s principal residence address must be in Michigan. C
• customers who have PO boxes or own any other property in other states eligible for this offer are not eligible.
• FMB employees are not eligible. This offer is limited to one per customer and is not valid for public funds, estate accounts, US government entities, other banks or financial institutions.
• To qualify for this offer, you must ask an FMB banker to enroll you in the MIPROSPER Checking Offer, or enter the promo code when you open a new Prosper or Prosper Plus Checking account online between 3/1/26 and 12/31/26.
• You can get $600 when you open a Prosper Plus Checking account, deposit at least $25,000 within the first 7 calendar days of account opening AND maintain a minimum daily balance of $25,000 starting on the 8th calendar day through 90 calendar days of account opening. OR get $400 when you open a Prosper Checking account, make a direct deposit* of $500 or more within 90 days of opening a Prosper Checking account.
• *A qualified Direct Deposit is an electronic credit to your account from your employer or an outside agency. Internal or external transfers from one account to another, deposits made through Zelle®, or deposits made at a bank location or ATM, do not qualify.
• Multiple deposits of less than the required amount will not qualify.
• If all qualifications are met, the offer will be credited to the new account in the sixth month after account opening and will appear on your statement as “New Check Offer Reward”.
• This promotion applies only once per customer.
• FMB may report the award value to the IRS upon request, and any taxes are the recipient’s responsibility. Offer is given at FMB’s sole discretion.
• If the account is closed by you or FMB within 6 months of opening, you may be charged up to the full amount offered ($600 or $400) and a $50 early closing fee.
• If a customer applies for two offers, First Merchants will select the incentive offer that is paid. This offer may change or be discontinued at any time.
• All bank account bonuses are treated as income/interest and as such you must pay tax on them

Avoidance of fees

Monthly fees

• Prosper Check has a monthly fee of $10. Opt out if you do any of the following:
  • A direct deposit of $500² per month OR
    Maintain at least $1,000 in minimum combined personal deposit balances,OR
    You are a student (under 25) or a senior (62+)
• Prosper Plus Check has a monthly fee of $25. Opt out if you do any of the following:
  • a direct deposit of $1,500 per month OR
  • Maintain at least $20,000 in minimum combined personal deposit balances

Early account termination fee

Bonus forfeiture and $50 fee charged if closed within six months

Our verdict

Better than the $300/$500 bonuses usually available, but they are also available in OH & MI. You’d make $312 if you put $25,000 into an account that earns 5% APY, so just think it’s worth considering if you can’t make the direct deposit request. It will be added to our best bank account bonuses.

Hat tip to the reader Brad

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