Available to Michigan residents only with the ability to open online, First Merchants Bank is offering a $400 bonus when you open a new Prosper Checking account and connect your direct deposit.
The timing here is worth noting: the bonus isn't paid until the sixth month after opening, so factor that into your plans. There's also an early closing fee of up to the full bonus amount plus $50 if you close within six months — so don't open this one if you're not committed to keeping it.
How To Earn The Bonus
The First Merchants Bank Prosper Checking promotion requires you to set up eligible direct deposits in order to earn the $400 bonus (step-by-step breakdown is listed above!).
As with any offer, don't forget to read the fine print before opening your new account. It's where the bank will clearly state who is eligible for the deal along with any nuances you'll want to be aware of.
The fine print
- A qualifying Direct Deposit is an electronic credit to your account by your employer or an outside agency. Internal or External transfers from one account to another, deposits made through Zelle®, or deposits made at a banking location or ATM, do not qualify. Multiple deposits of less than required amount will not qualify.
Open a Prosper Checking account before the bonus expires
How does this personal checking offer from First Merchants Bank compare?
To help you determine how this bonus stacks against the rest, here are some of the most popular offers available right now:
PNC
Virtual Wallet® with Performance Select
- Bonus
- $400
- Account Type
- Personal Checking
- Expires In
- 2 days
- Requires
- Qualifying Direct Deposit
BMO
Personal Checking
- Bonus
- $400 Cash Bonus*
- Account Type
- Personal Checking
- Expires In
- 105 days
- Requires
- Direct Deposit
Bank of America
Advantage Banking Account
- Bonus
- up to $500
- Account Type
- Personal Checking
- Expires In
- 5 days
- Requires
- Direct Deposit
Why First Merchants Bank?
Prosper Checking
Prosper Checking is First Merchants mid-level checking account, offering interest on your deposit balance, 50% discount on personal checks, free official checks and money orders, and a monthly fee waiver for a linked MMA. This is in addition to their basic checking features like free overdraft protection, mobile and online banking including compatibility with Samsung and Apple Pay, Zelle payments, Bill Pay, and a 0.25% discount on loans.
First Merchants doesn't offer a dedicated student or seniors checking account, and instead offers this one as totally free for students and seniors over the age of 62. For seniors, the account also gives free paper statements, which is normally a $3 fee.
Fees
Prosper Checking does charge a monthly maintenance fee of $15, but there are ways to get this waived:
- Make one direct deposit of $500 monthly.
- OR, make 15 debit card transactions per month.
- OR, maintain $1,500 minimum combined personal deposit balances.
- OR, be a senior over the age of 62.
Apply now for a Prosper Checking account to earn the $400 bonus offer
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