First United Bank's $250 and $300 Bonuses: A Texas and Oklahoma Exclusive

Hey there! If you're in Texas or Oklahoma and have been thinking about switching banks or opening a new account for your small business, First United Bank has some timely offers you might want to consider. They're running two separate promotions right now—one for personal checking and one for business checking—with some decent cash incentives. Let's break them down so you can see if either fits your situation.

The Personal Checking Deal: $250 for a Simple Switch

This one's pretty straightforward. You open their Basic Checking account and arrange for at least $1,000 in direct deposits to hit the account during a single statement period within your first 90 days. That's the main hurdle.

The account itself has a small $3.50 monthly fee, but you can dodge it a few ways, like signing up for e-statements or keeping a combined balance of $10,000 across your accounts with them. They also let you fund the initial deposit with a credit card for up to $200, which is a nice perk if you're chasing a sign-up bonus elsewhere.

Just remember, this is for new customers only. If you've had a checking account with them in the last 180 days, or if you're a current customer, you won't qualify.

The Business Checking Offer: $300 for a Bit More Effort

For entrepreneurs and small business owners, the $300 bonus requires a few more steps but no direct deposit. You need to open a United Business Free Checking account, which thankfully has no monthly fee.

To snag the bonus, you'll need to complete three tasks within the first 30 days: make at least 10 debit card purchases (ATM withdrawals don't count), sign up for e-statements, and maintain an average daily balance of $1,500 through the offer period ending September 30th.

The 10 debit card transactions are the trickiest part for some businesses. Think about whether you can naturally put that many expenses on the card in a month, like for supplies, fuel, or software subscriptions.

Key Details You Don't Want to Miss

Both offers have some important fine print. First, geography matters—you must be physically located in Texas or Oklahoma. The bank will check your address.

Timing is also crucial. For the personal bonus, your $1,000+ in direct deposits must land in one specific statement cycle, not just cumulatively over 90 days. A single large deposit works, or several smaller ones that add up within that one monthly period.

The bank says all bonuses will be paid by January 17, 2025, so don't expect the cash immediately after meeting the requirements. Plan for it to arrive in early 2025.

Also, remember the 'one bonus every two years' rule per household. If you got a bonus from them in 2023, you're likely out of luck until 2025.

Practical Advice Before You Apply

Here's my two cents if you're considering either offer. For the personal account, confirm what your payroll provider or other income source uses for direct deposit. Some banks are picky, but typically, an ACH transfer from an employer, pension, or government benefits should work.

For the business account, map out those 10 debit card purchases ahead of time. Set a calendar reminder for the e-statement enrollment too—it's an easy step to forget.

Always open these accounts with the understanding you'll keep them open for a while. The personal account has a $10 early closure fee if you shut it down within 60 days. For the business bonus, your account must be open when the bonus is paid, which could be months from now.

Finally, be aware that these bonuses are considered taxable income. The bank will likely send you a 1099 form, so you should account for that come tax time.

Bottom Line

• The $250 personal bonus is a solid offer for a simple direct deposit switch, but act before October 18th.
• The $300 business bonus requires more active management (10+ debit purchases, $1,500 balance) and ends sooner on September 30th.
• Both are strictly for Texas and Oklahoma residents and have a two-year waiting period between bonuses.
• Plan for the bonus payout in early 2025 and remember it's taxable income.

Common Questions