First Merchants Bank Business Checking: Up to $750 for Michigan Entrepreneurs

If you run a small business in Michigan and you're thinking about switching banks, First Merchants Bank is making it worth your while. They're offering a cash bonus of up to $750 when you open a new Basic Business Checking account. The deal is straightforward: deposit a chunk of cash within the first week, and the bonus lands in your account a few months later. But as always, the fine print matters. Let's break down what you need to know to pocket that bonus without any surprises.

How the Bonus Tiers Work

First Merchants is offering two bonus levels based on how much new money you bring in. If you deposit $15,000 or more within the first seven days of opening your account, you'll get $750. If you can only swing $5,000, you'll still earn $300. Not bad for a week's work, right?

Just remember, this needs to be new money—not funds already sitting at First Merchants. And you have to ask the banker to enroll you in the "MICH-BUS Checking Offer" when you open the account. Don't skip that step or you won't get the bonus.

Who Can Get This Offer?

This is for new business checking customers only. If you've had a First Merchants business checking account in the past, you're out of luck—especially if you closed one within 12 months before the offer started on March 1, 2026. Also, you need to be at least 18, and FMB employees can't participate.

The offer is limited to one per customer, and it doesn't apply to certain account types like public funds, estates, or government entities. So if you're a standard small business owner, you're good.

Watch Out for Fees

The Basic Business Checking account has a $20 monthly maintenance fee, but you can avoid it by keeping an average monthly collected balance of at least $5,000. That's pretty easy if you're going for the $750 bonus, but if you're only depositing $5,000 and then withdrawing, you might get hit with that fee.

Also, if you close the account within six months, you'll lose the bonus and get charged a $50 early closing fee. So plan to keep the account open for at least six months to keep all your earnings.

When Does the Bonus Arrive?

The bonus isn't instant. First Merchants says it will be credited to your account in the sixth month after opening, and it'll show up on your statement as "New Checking Offer Reward." So be patient—it takes a while.

And yes, the bonus is taxable. First Merchants may report it to the IRS, so set aside some of that cash for tax time.

Perks Beyond the Bonus

The Basic Business Checking account comes with some useful features. You get 300 free transactions per month, unlimited ACH credits and debits, and free eStatements with check images. There's also a Business Debit Mastercard with ID theft protection. Not bad for an account that can be fee-free with a reasonable balance.

Bottom Line

• Deposit $15,000 within 7 days to earn $750, or $5,000 for $300.
• You must ask the banker to enroll you in the 'MICH-BUS Checking Offer' at account opening.
• Avoid the $20 monthly fee by keeping a $5,000 average balance.
• Keep the account open at least 6 months to avoid losing the bonus and paying a $50 fee.
• Offer valid only for new business checking customers in Michigan through 12/31/26.

Common Questions