[FL, In Branch only] MIDFLORIDA Credit Union $300 Business Checking Bonus

Update 4/19/25: Deal is back and valid until to mangorunner

Offer at a glance

• Maximum bonus amount: $500 ($300 without a loan)
• Availability: Must open in branch, all branches are in Florida [Branch locator]
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Unknown 
• ChexSystems: Unknown
• Credit card funding: Unknown 
• Monthly fees: $10, avoidable
• Early account termination fee: $5, six months
• Business limit: One per EIN
• Expiration date: None listed

The Offer

Direct link to offer

• MIDFLORIDA Credit Union are offering a sign up bonus of up to $500, broken down as follows:
  • $300 when you open a free business checking account (with a business savings bonus) and complete these requirements:
    • Make deposits totaling at least $5,000 in a calendar month for two of the first six months of account opening
    • You must complete five transactions (deposits, withdrawals, etc.) within the first 45 days
  • An additional $200 when you open a personal free checking account (with direct deposits of at least $500 cumulative within 45 days of account opening and approval on a loan or credit card)

The Fine Print

• Business Account Incentive
  • All owners of the business must establish a minimum $5 membership account.
  • A minimum $100 Business Savings account is required to open a Free Business Checking account.
  • Promotion applies to new Free Business Checking accounts.
  • No dividends are paid on Free Business Checking.
  • Annual Percentage Yield for Free Business Checking is 0.00%.
  • Any business EIN that has been paid a business checking incentive will not qualify for the $300 incentive.
  • In addition to opening a new Free Business Checking account, which includes accepting and opening online banking, eStatement, eNotice, and accepting a debit card, you must also make deposits totaling at least $5,000 in a calendar month for two of the first six months of account opening, and you must complete five transactions (deposits, withdrawals, etc.) within the first 45 days.
  • The $300 will be deposited to the new Free Business Checking account after the qualifications have been met, and will be reported to the IRS.
  • Minimum to open Free Business Checking is $100. 
• Personal Account Incentive
  • Promotion applies to new Free Checking accounts.
  •  Anyone who has held a checking account with MIDFLORIDA in the past year will not qualify for the $200 incentive.
  • In addition to opening a new Free Checking account, which includes accepting and opening online banking, online bill payment, eStatement, eNotice, direct deposit ($500 cumulative which must post within 45 days of account opening) and accepting a debit card, you must also apply and be approved for a consumer loan.
  • The $200 will be deposited to the new Free Checking account after the qualifications have been met, and will be reported to the IRS. Minimum to open Free Checking is $50. Other checking products may qualify with restrictions. See associate for details regarding terms and fees.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The checking account doesn’t have any monthly fees to worry about. The savings account has a monthly fee of $10 if the balance is under $100. There is no early account termination fee but you do need to keep your membership open for six months otherwise you will be charged a $5 fee.

Our Verdict

Only the business $300 bonus is really worth considering as the additional $200 for a personal account requires a loan or credit card and that would result in a hard pull. None of their credit cards are worth considering either. How good the business bonus is will likely depend on what the opening requirements are and how long it takes. If anybody has any experiences with this bank then please share them in the comments below.

For now we won’t be adding it to our list of the best business checking bonuses.

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

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• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
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