First Merchants Bank $400 Checking Account Bonus (2026) - Review & Requirements
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Overview
First Merchants Bank is currently offering a $400 checking bonus. The core requirement is $500 in qualifying direct deposits within 90 days of opening. The account has a $10 monthly fee; review the waiver terms before applying.
Who This Checking Bonus Is Best For
Applicants who can safely route $500 in qualifying deposits without disrupting higher-value offers, and who meet every geographic and prior-customer restriction.
How to Maximize This Bonus
Route $500 in qualifying payroll or other bank-approved direct deposits inside the 90-day window. Allow approximately 180 days for the bonus to post after qualification. Keep the account open for at least 180 days.
Pros
Cons
How This Compares to Other Bonuses
First Merchants Bank's $400 offer is closest in headline value to PNC Bank's $400 checking bonus. Compare the direct-deposit requirement, geographic eligibility, fees, approval sensitivity, and payout timing, not only the advertised amount.
Frequently Asked Questions
What is the current First Merchants Bank checking bonus?
First Merchants Bank currently advertises $400. The principal requirement is $500 qualifying direct deposit within 90 days.
Does the First Merchants Bank bonus require direct deposit?
Yes. The catalog currently records $500 within 90 days. Confirm the bank's exact definition before applying.
When should the First Merchants Bank bonus post?
The tracked estimate is about 180 days after you satisfy the requirements.
Full Requirements
Must use promo code MIPROSPER when opening. Also available: $600 bonus with Prosper Plus requires $25k deposit within 7 days + maintain $25k daily balance for 90 days (balance-hold mechanic, not DD-driven).
Fees
Waived with one $500 DD per month OR $1,000 minimum combined balance OR student (under 25) or senior (62+)
ChexSystems & Credit Pull
ChexSystems pulled. Credit card funding allowed up to $1,000 (Visa/Mastercard).
Eligibility
New FMB personal checking customers only. Cannot have closed FMB checking account within 12 months (on or after 3/2/26). Primary residence must be in Michigan; P.O. boxes or properties in other states disqualify. One bonus per client. Offer valid 3/1/26 - 12/31/26.
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Fat Stacks Academy may earn a commission when you open an account through links on this page, at no additional cost to you. Commissions do not influence our reviews — we verify offer terms directly with each bank before publishing and do not accept paid placement in our rankings. Bonus offers, requirements, and fees are determined by each financial institution and may change at any time. Always verify the current terms directly with the bank before applying. This content is for informational purposes only and does not constitute financial advice.