Posted by William Charles on November 9, 2019
Bank Account Bonuses

Published on November 9th, 2019 | by William Charles

58

[Expired] [In Branch Only, Some States Excluded] Wells Fargo $500 Business Checking Bonus

Both offers have now ended. For the best current business checking bonuses click here.

Update 11/9/19: There is another link that is available until December 31st, 2019. Hat tip to reader Robert B

Update 10/8/19: Deal is back and valid until November 15th, 2019.  Hat tip to DDG

Offer at a glance

  • Maximum bonus amount: $500
  • Offer excluded in the following states: Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont, and West Virginia. Account must be opened in branch. [Branch locator]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Mixed reports
  • Credit card funding: None available in branch
  • Monthly fees: $14, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: August 30th, 2019 November 15th, 2019

The Offer

Direct link to offer

  • Wells Fargo is offering a bonus of $500 when you open a new Business checking account and complete the following requirements:
      • E-mail yourself coupon and use that to open account in branch with at least $25
      • Have a $15,000 minimum balance in your account on Day 30 & 90, and
      • Make 5 or more qualifying transactions that have posted to the new business checking account by Day 90.

 

The Fine Print

  • Eligibility:

    • Unique bonus offer code can only be used once.
    • Provide one-time-use, unique bonus offer code to banker at account opening.
    • Offer excluded in the following states: Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Indiana, Ohio, Oklahoma, Rhode Island, Vermont, and West Virginia.
  • You cannot be:

    • A current owner of a Wells Fargo business checking account.
    • A Wells Fargo team member.
    • The recipient of a business checking cash bonus offer in the past 12 months.
  • Bonus Qualifications:

    • Open a new eligible business checking account in a Wells Fargo branch by August 30, 2019.
    • Fund the new business checking account with a minimum opening deposit of $25.
    • Have a $15,000 minimum balance in your new business checking account on Day 30 and on Day 90 of account opening, and
    • Have 5 or more posted qualifying transactions to the same account by Day 90:
      • Debit card purchases or payments of bills*
      • ACH (Automated Clearing House) credits and debits
      • Checks paid from your new account (deposited and cashed)
      • Mobile deposits**
      • Wires (credits and debits)
      • Wells Fargo Business Bill Pay
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Business choice checking is the easiest account to keep fee free. It has a $14 monthly fee that is waived if you do one of the following each fee period:

  • Maintain a $7,500 average ledger balance OR
  • $10,000 in combined balances (business checking, savings, CDs and credit) or
  • 10 or more posted business debit card purchases

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

We saw a similar $500 offer last year, but the account was much easier to keep fee free and it only required a deposit of $2,000 instead of $15,000. There is also currently a $1,000 offer, that requires $25,000 in funds though. Unfortunately most branches are saying that offer is no longer available. Because of that this is your best option, but it is frustrating for people who missed out on the better deal. I’ll still be adding this to the best checking bonuses page but not as high as normally would be due to that $1,000 offer.

Useful posts regarding bank bonuses:



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Ben
Ben

In the post it says day 30 and 60 for the 15k balance but the offer seems to say 30 and 90.

SeanK
SeanK

This feels like a mini version of the $1000 bonus, but it’s interesting that you generate your own code and bring it in.

BTW the post mentions “Within 10 days of opening your account, deposit $15,000 or more into the new business checking account” but I don’t think I’m seeing that in the offer in the link. I think $15,000 just needs to be in by Day 30?

Alexander
Alexander

It seems that “within 10 days” is wrong. William – can you confirm it?

A M
A M

William Charles , Post says in one place “Within 10 days of opening your account, deposit $15,000 or more into the new business checking account, and…” But the offer I had emailed to myself and used doesn’t mention this requirement anywhere. Remove?

Mike Willard
Mike Willard

I did a smaller $300 business account bonus that requires:

“$1,000 minimum balance in your new business checking account on Day 10 and Day 60 of account opening”

Does this Mean maintain that balance from day 10 through 60 – or must be available balance on each specified day?

A M
A M

Mike Willard It means you must have that balance on those two specific days. In between, the balance can be whatever.

Mike Willard
Mike Willard

Thanks

Lauren
Lauren

Additional datapoint. While opening the account today I was told I was preapproved for the Business Platinum card for $500 after $3000 in spend. Preapproval is valid until 9/24 but it has to be opened in branch.

A M
A M

I read somewhere that the only way to get that card is if you have a WF business account for year already, or if you open at the same time as opening a business account in branch. Your pre-approval seems to jibe with that

Andrew D
Andrew D

Any WF account for 1 year+ should be sufficient to allow you to apply for the biz CC. I’m pretty sure it doesn’t have to be a biz checking. Preapproval when opening biz checking is a valid alternative option (as Lauren proved).

beat2def
beat2def

I opened a biz account last year and within 2 weeks was offered the pre-approval biz plat card. We approved and received the bonus. Actually, the bonus turns out to be about $600 with 1.5% back feature. I ended up making $1000 off Wells. 🙂

Radster
Radster

Ditto. Was preapproved through the “Special Offers” or similar, section after logging in for the bus. checking account. Approved. Bonus now pending (they pay CC CB quarterly).

Mike
Mike

For “you cannot be a recipient of a bonus in the past 12 months,” that is based on when you received the bonus, not when you closed the account, correct?

mike
mike

Same question- opened one in august of last yr and i might be able to squeeze this in before 12/31. I am guessing my bonus posted in december…

13 f ny
13 f ny

is this strictly for Well Fargo business accounts? or ANY business bank accounts (i.e Chase). Just trying to clarify because it’s not specific.

NBG
NBG

Can i open with a EIN even though i have an active business account as a sole prop using SSN?. ONe of the banker was interpreting the terms as i can’t open.

CericRushmore
CericRushmore

I don’t think so.

eclipsor
eclipsor

anyone know if the 15k balance is on hold, would it still count? not sure if it said it had to be an available balance.

Doc_Liker
Doc_Liker

New $500 Buzz bonus until EOY.

https://bonusoffer.wf.com/bizchknative

Ash
Ash

Is it easy to open the account as a SP? I opened chase business account and it was very easy . No questions asked

escot
escot

To those who go for this and try to avoid the monthly fees, there’s some serious “gotchas” at work: “10 or more posted business debit card purchases”

First, those transactions must POST by the end of the month. (Nope, won’t count if you plainly initiate the transaction on the last day. Must POST by that last day — and the process is entirely capricious. Some transactions will post same day, some next day, some several days later….. Annoying — in spades. WF blames it on “processing times” different for different banks….. Well, duh. So let’s keep it as arbitrary as possible. (unlike competitors like Suntrust who count transactions by date they were initiated.) Bottom line, the Wells Fargo MBA who came up with this policy, says, “gotcha!”)

Second, that last day of the month must be a BUSINESS day…. And unlike Wells Fargo personal checking or most competitors, the computer is hard-wired not to post your transactions over the weekend. (Remember bankers’ hours mentality?)

I’ve initiated debit card transactions on a Thursday — but then the “We’ll Go Far with your Money” computer actually records the transaction (as of Friday) as for Monday — IF — that Monday happens to be the first day of the next month. (I show them my receipts, and the reps don’t give a damn…. they can’t over-ride the computer rules)

Gotcha!

(I really loathe doing business with Wells Fargo…. Have one last family account that’s been there for decades — about to be closed….. with gotcha “stuff” much like this on our closure letter.)

In the future, sure, we’ll go for the WF opening bonuses…. but nope, no loyalty. Closure asap. Then we can say,

“Got ’em!”

Panda
Panda

The link you posted [https://bonusoffer.wf.com/500WFOffer] has a mid-Nov expiration. This one [https://bonusoffer.wf.com/bizchknative] expires end of year.

Ash
Ash

If u sign up as a SP, can u get both business and personal account bonus?

fST
fST

Yes

Ash
Ash

I asked the banker that can I receive two bonus using my social if I open personal and business account and he said no. I’m not convinced. Can anyone please suggest? I opened personal account yesterday and plan to open the business as a sole proprietor shortly William Charles

Ash
Ash

Waiting for a DP . If anyone can confirm

Dinarte
Dinarte

You should be good

PCED
PCED

I can confirm. Received personal checking bonus on 8/14 and today (10/24) business checking bonus. I also received their business credit card bonus deposited into business checking. Waiting on personal savings bonus next month. Overall, Wells Fargo has been very nice to me this year.

CericRushmore
CericRushmore

Also good, I got personal checking, personal savings, and business checking all in one morning.

SeanK
SeanK

Yup, I got both. Not a problem as long as you meet the requirements for both

SB
SB

Can i open this and the wells fargo checking for 400$ bonus and be eligible for both? Never opened business accounts before so not sure if it’s one or the other? Thanks!

Abe
Abe

SB I opened a Wells fargo checking March 2019 for the $400 bonus. Then I opened the Wells Fargo Business Checking one month later in April for the $1000 bonus. $400 posted in May and $1000 posted last month in October.

This is great because Chase refused to do this last month only allowing the $600 personal checking/savings bonus but not the $500 business checking opened 3 weeks later.

SB
SB

Oh wow did the banker say no to the bonus when you went there? Or was it chase through secure message who denied it when you asked for it? I am thinking of opening chase business in branch and then savings checking combo online later..

SB
SB

Abe Oh wow did the banker say no to the bonus when you went there? Or was it chase through secure message who denied it when you asked for it? I am thinking of opening chase business in branch and then savings checking combo online later..

Abe
Abe

SB The banker took the business checking coupon code that I showed him in my email supposedly he input the bonus on the application and said nothing was wrong but at the end when all was opened a bonus confirmation sheet did not print. I pressed him on printing the sheet but when he went to put the coupon code back it showed an error that I had already a bonus with my SS number attached to it. So business checking opening was a waste of time for me.

Sb
Sb

Abe so do you think it’s better to open the business checking account in branch first and then go for the checking/savings online later? I know you can’t say for certain but just brainstorming..

Betelgeuse ㊙️

SB Did you open both? Which one did you open first?

eclipsor
eclipsor

DP on this, if the balance is not available, ie because you just deposited it as a check and its all on hold, it will still count. got the bonus a few days after the 90th day passed. also did amazon reloads to meet the 5 transactions

Jo
Jo

Does the 15k have to be new money? I have a savings account. Can I just transfer 15k from the savings to this biz account right before day 30 and day 90? I searched in the term but didn’t find anything against it.

ChurnNBurn
ChurnNBurn

Yes, needs to be new money.

ChurnNBurn
ChurnNBurn

DP: Opened 8/27, met deposit requirements 9/10. Bonus posted 11/27. Used 5x $1 Amazon reloads as well as 5x ~$1 gas purchases as transactions.

Ash
Ash

Do u get a document about the promotion applied with all others papers? Like with chase, u get a seperate paper which has the promotion listed but when I opened it today, there’s no document which shows the promotion has been applied.

CericRushmore
CericRushmore

On one of the forms, the code should be listed. However, there is no document that outlines the terms like Chase.

Ash
Ash

P2 can write a check to me and I can deposit that to meet the requirements right ?

wilsonhammer
wilsonhammer

We’re sorry, the offer you are looking for has expired or is no longer available.

David
David

I was able to get a code sent to me, although it hasn’t arrived instantly by e-mail it did show up on the screen.

Ash
Ash

So the 15k balance just needs to be available for day 30 and 90 right. In between, I can transfer out the money ?

Ash
Ash

Can anyone confirm this?

mothman69
mothman69

I cannot confirm, but I and everyone else interpret it that way. I plan on ensuring that the funds are in the account for day 29, 30, 31, 89, 90, and 91 just to be safe. Also be sure to take into consideration that your day 30 and 90 might fall on a weekend or holiday.

Ash
Ash

Ok thank you but how do u plan to avoid the monthly fee? By making 10 debit transactions?

mothman69
mothman69

Yes

David
David

Just looked at my terms online. It says another way to keep the account fee free is to have one direct deposit a month. That would seem to be the easiest way to meet that requirement.

mothman69
mothman69

The Account Fee and Information Schedule I received with my Business Choice Checking does not state anything about a monthly direct deposit to waive the service fee.

Avoid the fee with one of the following each fee period:
• Maintain a $7,500 average ledger balance
• $10,000 in combined business balances (checking, savings, time accounts and credit; see page 10 for details)
• 10 or more posted debit card transactions (any combination of posted debit card purchases or posted debit card payments of bills) from this checking account
• Linked to a Direct Pay service through Wells Fargo Business Online®
• Qualifying transaction from a linked Wells Fargo Merchant Services account

mothman69
mothman69

12/10 – opened account in-branch
12/23 – 10x $0.50 Amazon reloads with debit card
1/7 – $15k deposit to meet Day 30 (1/9) balance requirement
1/13 – withdrew $15k
1/23 – 10x $0.50 Amazon reloads with debit card
2/24 – 10x $0.50 Amazon reloads with debit card
3/5 – $15k deposit to meet Day 90 (3/9) balance requirement
3/9 – $500 bonus posted (exactly 90 days from opening)

I will empty account and immediately close to start 12 month timer.

David
David

Great data points. I’m doing the same thing and I’m about 3 weeks behind you. I’m just allowing a slightly larger window for my 15K deposits just to avoid any funny business.

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