[MI Only] Macatawa Bank $150 Personal Or Business Checking Bonus + $100 For Referring – Direct Deposit Not Required


Update 9/21/21: Deal is valid until October 31, 2021. Bonus is $150 for new members and $100. Hat tip to knuds1b

Update 1/2/20: Deal has been extended until December 31st, 2021.

Update 1/11/20: Deal has been extended until December 31st, 2020.

Update 8/3/18: Bonus is the same for new member, but they increased the bonus for the referrer up to $100 for August and September (thanks to reader Steadycash).

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: MI only
  • Direct deposit required: No
  • Additional requirements: 10 debit card transactions
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: At least $900
  • Monthly fees: $0-$5, avoidable
  • Early account termination fee: $50, 90 days
  • Household limit: One per person
  • Expiration date: December 31st, 2018 December 31st, 2018 December 31st, 2021

The Offer

Direct link to offer

  • Macatawa Bank is offering a referral bonus of $150 for new members that are referred by an existing member. The existing member will also receive a $100 bonus. Bonus is broken down as follows:
    • $25 for opening a new checking account (personal or business). Minimum opening balance is $25 for personal accounts and $50 for business
    • $75 for requesting a debit card and making at least $10 debit card transactions within 60 days of account opening

The Fine Print

$50 referral bonus

  • Cannot be combined with any other offer.
  • Referrer must have a Macatawa Bank checking account to participate.
  • If you do not have a Macatawa Bank checking account, you must open one to participate and receive the $50 Refer a friend bonus.
  • Individuals can earn up to $590 per year for referrals.
  • Bonus may be subject to IRS tax reporting. $50 bonus payment will be deposited within 90 days of your referral opening their qualified account (Rebound Checking is not eligible).
  • Macatawa Bank reserves the right to disqualify any referrals in circumstances where we reasonably believe they were not sent to us in good faith. Macatawa Bank may discontinue this offer at any time.
  • See Bank for complete details. By participating in the Refer a friend program you recognize that whomever you refer or whoever referred you will have knowledge that you have an account with Macatawa Bank.
  • Program ends December 31, 2018.

$100 new user bonus

  •  Offer valid on new personal or business checking accounts (Rebound Checking is not eligible for bonus) opened January 1, 2018 – December 31, 2018. $25 (personal) or $50 (business) account minimum opening balance requirement must be met at the time of account opening.
  • Cannot be combined with any other offer. To be eligible for a bonus payment, account must be opened with funds not currently on deposit with Macatawa Bank and account holder must not have been a signer on a checking account with Macatawa Bank during the past 90 days.
  • $25 bonus payment will be deposited within the first 90 days of account opening.
  • $75 debit card use bonus will be credited to the new checking account after the 3rd statement cycle
  • . Bonus payments will only be paid to accounts that are in good standing with the bank. Account openings are subject to normal approvals.
  • Must present coupon/code at time of opening.
  • Value of bonus will be added as interest on your year-end statement of earnings.
  • By participating in the Refer a friend program you recognize that whoever gave you this /code will have knowledge that you have opened an account at Macatawa Bank. Limit one offer per household/business. Member FDIC.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

$50 Early Account Termination Fee

There is a $50 early account termination fee if you closed the account within 90 days according to their fee schedule.

Rewards Checking $5 Monthly Fee

The easiest personal account to keep fee free is their rewards checking account. The $5 monthly fee is waived if:

  • $500 daily balance or $2,500 relationship balance or
  • eStatement enrollment or
  • Age 23 or younger (Young Adults) or age 60 or better (Seniors)

Business Basic Checking $0 Monthly Fee

This is the easiest business account to keep fee free as it has no monthly fees to worry about.

Our Verdict

Update: Looks like it’s not available nationwide sadly. That being said now that we know it’s a soft pull I do think it’s worth doing if you live in the eligible area. The bonus requirements are easy to meet, it’s easy to keep fee free and you can possible get some extra money from doing referrals as well. Feel free to share your referral codes in the comments but please make sure you also share your experience with this bank. I’ll be adding best checking bonuses.

Hat tip to Maximizing Money

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