American Bank & Trust's $500 Checking Bonus: A Solid Deal for Midwest Residents

If you live in South Dakota or Minnesota and don't mind visiting a branch, there's a pretty straightforward $500 bonus waiting for you. American Bank & Trust, a regional institution with deep community roots, is running a promotion that pays you to switch your everyday banking to them. The requirements are clear, the timeline is reasonable, and the payout is substantial for a checking account bonus. Let's break down whether this offer makes sense for your situation.

What You Need to Do to Get the $500

This isn't a 'set it and forget it' bonus. You'll need to complete a specific checklist within your first 90 days as a customer. The good news? None of the tasks are particularly difficult if this becomes your primary checking account.

First, you must open the account in person at one of their branches. No online applications for this one. Once your account is active, the clock starts ticking.

• Receive at least two direct deposits that total $500 or more.
• Sign up for electronic statements (eStatements).
• Make 20 separate debit card purchases or payments.

Understanding the Fine Print

The devil, as they say, is in the details. While the main requirements seem simple, a few specifics could trip you up if you're not careful.

Pay close attention to what counts as a 'direct deposit.' The bank explicitly states that person-to-person payments (like Zelle) or standard ACH transfers from another bank of yours do NOT qualify. You'll need deposits from an employer, benefits provider, or another entity that uses the proper direct deposit coding. If you're unsure, it's worth asking a banker when you open the account.

Also, be prepared to keep the account open. If you close it within the first 90 days, you'll be hit with a $25 early closure fee on your way out.

Is This Bonus Right for You?

A $500 return for moving your direct deposit is compelling, but it's not for everyone. Here's my practical take.

This offer shines if you already live or work near an American Bank & Trust branch in South Dakota or Minnesota. The in-person requirement adds a hurdle for anyone outside those areas. It's also ideal if your employer's payroll can easily be redirected and you regularly use a debit card anyway.

Think twice if you're a strict credit card user who never swipes a debit card, or if your income is irregular. Hitting that 20-transaction mark might feel forced. Also, remember the bonus is considered interest income, so you'll get a 1099-INT form for tax season.

A Few Pro Tips Before You Apply

If you've decided to go for it, here's how to make the process smooth and ensure you get your money.

• Call ahead to the branch. Confirm they are opening new accounts for this promotion and ask if you need to bring any specific documents beyond the usual ID and Social Security number.
• Set reminders. Mark your calendar for 80 days after opening to check that you've hit all the requirements. Don't rely on the bank to notify you.
• Use your debit card for small, routine purchases. Think coffee, gas, or streaming subscriptions. Just make 20 separate swipes or online payments—bulk transactions won't count multiple times.
• Keep records. Save the offer terms page and any confirmation you get at the branch. Note the date you completed the requirements.

Bottom Line

• A strong $500 incentive, but geographic and in-person requirements limit its audience.
• Requirements are activity-based (direct deposits, debit card use) rather than requiring a large balance.
• Success depends on understanding what the bank classifies as a qualifying direct deposit.

Common Questions