Old Plank Trail Community Bank: How to Snag Up to $500 in Bonus Cash

If you're in Illinois or Indiana and looking for a straightforward bank bonus, Old Plank Trail Community Bank has a deal worth a look. They're offering cash incentives for opening a checking account, with the potential to earn up to $500. It's not the most complex offer out there, but it does have some specific rules you'll want to understand before jumping in. Let's break down what's actually required and whether it might fit into your financial routine.

Two Tiers for One Bonus

The offer centers around their Total Access Checking account. You don't get to choose between two separate bonuses; rather, the amount you earn depends on how much you direct deposit each month.

For the $300 bonus, you need to set up monthly direct deposits of at least $500. If you can swing $2,000 or more in monthly deposits, you'll qualify for the full $500. The key is that these deposits must happen for two consecutive months after you open the account. This timeframe is your 'qualification period.'

It's also mandatory to sign up for online banking and opt for electronic statements during those same two months. The bonus should land in your account within 30 days after you successfully complete the requirements.

The Fine Print on 'Qualifying' Deposits

This is the most crucial part. The bank is very specific about what counts as a valid direct deposit. It must be an electronic payment from an outside entity like your employer or a government benefits program.

What won't work? Pretty much any transfer you initiate yourself. That includes mobile check deposits, wire transfers you send, moving money between your own accounts at the bank, or using peer-to-peer apps like Zelle or Venmo. If the money isn't being pushed to your account automatically by a company or agency, it likely doesn't qualify.

Before you rely on your payroll, double-check that your employer's payment method is classified as a direct deposit by the bank's strict definition.

Who Can (and Can't) Get This Bonus

Eligibility has clear boundaries. First, you must be a new customer to the Wintrust Financial family of banks, which includes Old Plank Trail. If you've had any checking or savings account with them or their subsidiaries before, you're out of luck.

It's also one bonus per person across the entire network. You can't open accounts at multiple Wintrust locations hoping to stack rewards. On the plus side, if you open this checking account, you might be able to combine it with a separate savings account promotion from the bank for even more bonus potential.

Is This Account Worth It Beyond the Bonus?

The Total Access Checking account itself has some decent perks if you need a basic, no-fee checking account. There's no monthly maintenance fee and no minimum balance requirement, which is great. They also offer nationwide ATM fee reimbursements, meaning you can use any ATM and they'll refund the surcharge.

They even have an 'early pay' feature that can make your direct deposit available up to two business days sooner. Just remember, the bonus is a one-time thing. Evaluate whether you'd be happy with the account's features and customer service once the extra cash hits your balance.

A Few Practical Tips Before You Apply

Timing matters. Make sure you can meet the direct deposit requirements within the correct two-month window after opening the account. Don't open it until your payroll or benefits deposit is ready to be switched over.

Keep records. Save documentation showing your direct deposits and your enrollment in online banking and e-statements. This can be helpful if there's any question about your eligibility later.

Plan for taxes. That bonus money isn't free from the IRS. The bank will send you a 1099-INT form, and you'll need to report it as interest income when you file your taxes next year. It's still found money, but just be aware it will affect your tax bill slightly.

Bottom Line

• The $500 bonus requires $2,000 in monthly direct deposits for two months; $300 requires $500 monthly.
• Only electronic deposits from employers or government agencies qualify—personal transfers do not.
• You must be a new customer to the Wintrust bank family to be eligible.
• The bonus is taxable income and will be reported on a 1099-INT form.

Common Questions