Offer at a glance
- Maximum bonus amount: $400
- Availability: Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia
- Direct deposit required: Yes, $1,500-$20,000
- Additional requirements: Yes, see below
- Hard/soft pull: Soft
- Credit card funding: Personal accounts can be funded up to $1,000, presumably business accounts are the same
- Monthly fees:
- Early account termination fee: 20 weeks otherwise bonus is forfeit
- Expiration date:Â March 30th, 2017
The Offer
- SunTrust are offering up to $400 when you open a new business checking account and complete a deposit requirement. The bonus you receive depends on the account you open:
- Receive $200 when you open a primary business checking account with $1,500 in qualifying deposits
- Receive $300 when you open a total business banking checking account with $5,000 in qualifying deposits
- Receive $400 when you open a SunTrust Business Advantage Plus Checking account with $20,000 in qualifying deposits
The Fine Print
- To be eligible to participate in the promotion: You must be a new business checking client. Existing business checking clients are not eligible. To be considered a new business checking client, the business cannot have an existing SunTrust business checking account with the same TIN (Taxpayer Identification Number) or EIN (Employer Identification Number)
- The business client cannot have closed a business checking account within 180 days of the promotion start date (on or after July 13, 2016). The business account holder must be 18 years or older at time of account opening. The account holder cannot be a non-resident alien. Employee-designated accounts are not eligible for this promotion. The business must be registered within the U.S. with the account’s mailing address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia or the District of Columbia.
- Make cumulative qualifying deposits, as detailed above. Qualifying deposits exclude debit card (credit) transactions, and NSF fee refunds. Deposits can be made on a one-time basis or cumulative over the 60 days.
- After meeting the qualification requirements, the cash reward will be deposited into the new business checking account in up to 8 weeks after all qualifications are met
- If the NEW business checking account is closed by the client or SunTrust within 180 days after opening, SunTrust reserves the right to deduct the reward amount from the account at the time of closing. Must also be open at time of closing
Avoiding Fees
Bonus is forfeit if the account is closed within 180 days, account must also be open at the time of posting as well.
The monthly maintenance fees are waived on all three accounts for the first two months and then you’re charged the following fees:
- Primary Business Checking – $200 Bonus – $12 monthly fee: waived with an average balance of $1,500
- Total Business Banking – $300 Bonus – $20 monthly fee: waived with an average balance of $5,000 or more is maintained or $10,000 minimum balance when combined with a Money Market Account
- SunTrust Business Advantage Plus – $400 Bonus – $25 monthly fee: waived with an daily collected balance combined with two other SunTrust Business Advantage Plus accounts is equal to $20,000 or more
Our Verdict
They’ve offered the same bonus previously but it also required activating online cash manager. This bonus does not require that. You’re going to need to keep the account open for at least six months (remember though the first two months are free). If you have the funds you’re better off putting them into the account to avoid the monthly fee than putting them into a 1% savings account, but anything over that and you’ll probably be better off just paying the fee.
This is actually a pretty good bonus and it’s nice that it’s accessible for people with different amount of funds. If I had a business in the eligible area I’d sign up for this bonus. Because of that I’m adding it to our list of the best business checking bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
