Posted by William Charles on April 29, 2017
Bank Account Bonuses

Published on April 29th, 2017 | by William Charles


[IN, MI] 1st Source Bank $100 Giftcard Checking Bonus

Offer at a glance

  • Maximum bonus amount: $100 gift card
  • Availability:   IN, MI only, in branch [Branch locator]
  • Direct deposit required: Yes, $250+
  • Additional requirements: Five debit card transactions
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown 
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: One
  • Expiration date: June 30th, 2017 December 31st, 2017

The Offer

Direct link to offer

  • Open a new eligible checking account with 1st Source Bank and receive a $100 Mastercard gift card when you meet the following requirements:
    • Open with minimum deposit of $50
    • Use your Resource Plus debit card five times
    • Set up and maintain a monthly direct deposit of your paycheck, pension, social security or other government benefit of at least $250

The Fine Print

  • Requirements for gift card must be completed within 65 days of the account opening.

    Your gift card will be mailed to you at your address of record within 60 days of all requirements being met.

    We reserve the right to withdraw this offer at any time.

    Offer may not be combined with any other offer.

    One offer per household.

    Account is subject to approval.

    E-student and HSA accounts, as well as accounts titled as Irrevocable Trusts, Estate or Non-individual are not eligible.

    The $100 Mastercard® Gift Card will be treated as income earned and you may receive a 1099-MISC and be responsible for reporting this as income to the IRS.

    Employees of 1st Source are not eligible.

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The account required has no monthly fee to worry about. I wasn’t able to find any mention of any early account termination fee in the fee schedule.

Our Verdict

They seem to have a $200 bonus that is still valid as well, so signing up for that makes more sense then this offer. It would be nice if we knew if it was a hard/soft pull but unfortunately we don’t so won’t be adding either offer to our list of the best bonuses.

Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.

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