[Expired] Chase Business Checking $500 Bonus, No Direct Deposit Required

One day left for this offer. Expires September 13, 2016.

There’s a banner link which is generating unique coupon codes to get a $500 bonus when opening a Chase business account. If you are considering doing the deal, grab a coupon using the direct link below. You don’t need to do the bonus now (you’ll have to go in-branch for that), just get hold of the coupon now while this lasts.

While you are in-branch, ask them if there are any targeted credit card offers under your name; these usually won’t have 5/24 limits to them. Many readers have gotten targeted offers for INK or other cards in-branch that weren’t affected by 5/24.

 

Offer at a glance

• Maximum bonus amount: $500
• Availability: Nationwide (must open account in branch)
• Direct deposit required: None
• Additional requirements: Deposit $500 in new to Chase funds and maintain that balance for 60 days
• Hard/soft pull: Soft
• Credit card funding: Not available when opening in branch
• Monthly fees: $20
• Early account termination fee: Bonus taken back if closed within six months
• Expiration date: June 10, 2016 September 13, 2016

The Offer

Direct Link (login to Chase account required)

• Get a $500 bonus when you open a Chase Performance Business checking account, deposit $500 in new funds, and maintain that balance for at least 60 days.

The system will prompt you to login to your Chase account, and the coupon will be displayed. Print out the coupon and bring it into a Chase branch to open up a business checking account and get this bonus.

You can use a personal Chase login or a business Chase login – both will work to generate the coupon. You can also generate more than one coupon (e.g. for a friend) by logging in a second time.

The Fine Print

• Offer not available to existing Chase business checking customers and those who have closed accounts within the past 90 days
• Bonus will post 10 days after all the requirements are met
• Account must stay open for six months, otherwise, bonus is forfeit
• Limit of one business checking bonus per calendar year (business and personal are separate so even if you got a personal Chase checking bonus, that shouldn’t affect your eligibility for the business bonus, or vice versa)
• All bank account bonuses are treated as interest, as such you must pay taxes on them
• The $500 deposit can not be funds currently held by Chase or its affiliates

Avoiding Fees

The Chase Performance Business Checking account has a monthly fee of $20. The only way to waive it is by maintaining qualifying business deposits of $50,000+.

Reports indicate that Chase usually waives the fee for the first couple months.

Early Account Termination Fee

Accounts need to be kept open for a minimum of six months; otherwise, the bonus will be forfeited.

Our Verdict

Chase products basically earn no interest and keeping $50,000 in the account in order to waive the monthly fee isn’t a good option (see options for high-interest savings accounts here).

The better route here is to just suck it up and pay the $20 monthly fee. Usually, the first two months is waived for most bank accounts so hopefully you’ll just end up paying for 4-5 months. All-in-all, you should still net around $400 after around $100 in fees – still a sweet deal. Bear in mind that you’ll have to pay taxes on the full $500 so the actual net is less.

Keep in mind that you need to have a balance of $500+ for the first sixty days, so you’ll want to add more than $500 to the account initially to avoid it falling below $500 in case a monthly fee hits within those 60 days.

Numerous data points suggest that you can also downgrade the account after the bonus hits and keep the bonus.  The fine print says that if the account is closed you’ll forfeit the bonus so downgrading should work. Verify with a banker if you’re concerned.

There are varying reports on Reddit as to how strict Chase is with verifying your business credentials; some bankers are willing to open an account for your business even if you don’t have the official DBA papers on hand while others are stricter. See the official Chase rules here.

We’ve added this bonus to our list of the best business bank bonuses currently available. Also, check out this post to learn more about Chase personal coupons of up to $500 as well.

HT: solersurfer7 on Reddit