Offer at a glance
- Maximum bonus amount: $300
- Availability: IL
- Direct deposit required: Yes, three direct deposits of $300+ each
- Additional requirements: eStatements
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: None listed
The Offer
- Northwest Bank of Rockford is offering a $300 checking bonus when you open a new checking account:
- have 3 direct ACH deposits of at least $300 each within 90 days of account opening
- Sign up for eStatements
The Fine Print
- This offer is for new consumer checking customers only.
- Existing Northwest Bank customers with only a loan, a savings account and/or business checking account are eligible for the offer.
- You are not eligible for this offer if: (1) You are a current Northwest Bank of Rockford customer and (2) you already have a consumer checking account with the bank (either in your own name or with multiple individuals).
- Minimum amount to open account may range from $25 to $100 depending on the account type.
- To receive a $300.00 bonus, you must have 3 direct ACH deposits made into this account and sign up for e-statements.
- Each direct deposit must be at least $300.00 or more posted to this account within 90 calendar days of account opening.
- A qualifying direct deposit is an ACH (Automated Clearing House) automatic electronic deposit of your salary, pension, Social Security, or other regular income into your bank account. Confirm with your employer, agency or company making these payments that they use the ACH network. Transfers from one account to another, mobile deposits, Person to Person payments (such as Zelle®) or deposits made at a branch or ATM don’t qualify as a direct deposit.
- If 90th calendar day falls on a weekend or holiday, the following business day will be used to qualify for the promotion.
- If the account is closed by the customer or bank within 90 business days after opening, we may deduct any bonus earned and received at closing, and an account closing fee may be assessed. Closing the account will negate any unearned bonus.
- All bonus dollars will be paid in 30 days after the 90-day qualification requirements are met and will be deposited into the new checking account.
- The bonus will be paid on the account opened first if multiple consumer checking accounts are opened during the promotional period.
- An IRS 1099 form may be issued.
- You are responsible for any federal, state, or local taxes due on the bonus and will report income to the tax authorities if applicable. Consult your tax advisor. Additional Terms and Conditions:
- The offer may be discontinued or changed at any time without notice. Geographic restrictions may apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
MyRewards checking account has no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF.
Our Verdict
Need to know more about this bank/bonus but might be worth doing if you live in the area. Not sure how strict they are on the direct deposit unfortunately.
Hat tip to Bockrr
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