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Offer at a glance
- Maximum bonus amount: $1,000
- Availability: PA, OH, MD, DC, VA, NC, SC, WV
- Direct deposit required: No
- Additional requirements: Unknown
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Up to $100, all payment networks are accepted.
- Monthly fees: None
- Early account termination fee: $50, 180 days
- Household limit: None
- Expiration date: December 15, 2023.
Contents
The Offer
- First National Bank is offering a bonus of $1,000 when you open a new Compak business checking account:
- Earn $600 by depositing a minimum of $15,000 within the first 30 days and maintain your balance for 60 days or earn $300 by depositing a minimum of $5,000 within the first 30 days and maintaining your balance for 60 days.
- Earn $200 by making 20 qualifying transactions within the first 90 days.
- Earn $200 by enrolling in Online Banking.
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has the monthly fee waived with a $1,500 min. daily balance.
Early Account Termination Fee
$50 fee if closed within 180 days of account opening
Our Verdict
Requirements seem easy to meet, although the deposit requirement is more of a savings bonus than a checking it does work out to be a heathy APY and better than stashing the funds in a high yield savings account. We will add this to our best bank bonuses.
Hat tip to reader edman
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
This bank refused to pay out the bonus despite meeting the requirements, as they deemed “my activity to undermine the intent behind the promotion.” A CFPB complaint resulted in nothing but a FU response.
I did notice they have a pretty heavy clause in a recent promo:
“In the event we determine that your account does not meet the eligibility criteria, that the activity in your account does not qualify to meet the required conditions, is not in good faith or otherwise undermines the spirit or intent of the promotion, we will not be obligated to credit your account with the reward payout.”
You definitely do not want to do the bare minimum with terms like that in the fine print. The E*TRADE/Morgan Stanley checking offer is pulling a similar stunt with not paying bonuses to many, and doesn’t even have this strong of language.
Subiemat
Do you mind giving examples of what your activity consisted of and what was the minimum to satisfy the offer so we know what kinds of things to avoid?
I did the bare minimum. I put money into the account. (I had a different offer via mailer than the one listed). Then I pulled money out because it didn’t say I had to have a minimum or anything. I had to use the debit card 15 times, which I did in one day at various $ amounts. And left the account sit with like $60 in it.
I honestly couldn’t tell you which or what they deemed not in good faith exactly… but they claimed it was because I pulled the money out in the letter they sent me.
I don’t have an issue if I didn’t follow the rules. But their bullshit way of getting out of paying and no accountability is what really pisses me off. Banks can’t get away with this crap.
Ok. Thanks for providing more detail. I am currently involved with an offer with them and will pick up my usage.
If I were to do it again, I would not take the money out, and I would space out the transactions. Essentially try to make the account look as normal as possible.
I’m actually doing the same offer. But that ship has sailed for me too, however, I am still within my 90 day window. My DD’s have been quite a bit more than needed, but I was pulling most of the funds. Now I will just start using bill pay and see what happens. I was already planning to continue the DD’s. Thanks for the heads up that they are being “sticklers”.
If it were me, I would spend $25-$50 on small claims court for the chance to get $1,000. Remember that, in most states, the bank is not allowed to have an attorney represent it in small claims court. They have to send some bozo middle manager. If you are prepared, do your research ahead of time based on the law of the state you are in, and are reasonably well-spoken, you can run circles around their representative.
Gadget - Bank Bonus Geek 🔗
I would love to do that, but I have no experience. Im not sure where I would even start?
Do you have any advice?
NC. I actually used ChatGPT to walk me through the process. But I didn’t find anything that stated they couldn’t have an attorney. I decided to send a demand letter before filing the complaint. So they have 14 days to respond.
@Unfortunately, NC is in the minority of states where parties can be represented by attorneys in small claims court (in most states lawyers are not allowed). So the bank may hire a lawyer to represent it — but I still think it’s worth trying for $1,000.
So, you need to research two areas: procedure (what to do) and substance (what to say).
Procedure:
Here are some guides on how to file a case in NC small claims court:
https://www.nccourts.gov/help-topics/lawsuits-and-small-claims/small-claims
https://legalaidnc.org/resource/a-guide-to-small-claims-court/
Substance:
You will need to do some research on NC contract law. You will need to answer three questions;
(i) what is the standard for finding that a contract clause is illusory under NC law?
(ii) in NC, if a contract clause is found to be illusory, is that clause severed and the rest of the contract enforced, or is the entire contract unenforceable?
(iii) in NC, if the entire contract is unenforceable because a clause is illusory, can the party that has performed under the contract (you) recover from the other party (the bank) based on either promissory estoppel or unjust enrichment?
I know this sounds scary and hypertechnical, but, in small claims court, the judge will give you a lot of leeway. Just explain that you did what you were supposed to under the contract, and the bank is trying to weasel out by relying on contract language that should not be enforced against you because it’s illusory.
If there is a law school nearby, see if they have a student clinic that might be able to help for free. Or a law student might be willing to help out to gain some experience.
Good luck!
I sent them a demand letter that I think was pretty well done, might I say so myself… and they told me to kick rocks. I will update if I decide to move forward.
Do they pull Chex if you already have a relationship with them?
They pulled my Chex again to add a savings account, yes. But, they were personal accounts. Not sure about biz.
SP
Thanks for answering. Do you know if business and personal checking account bonuses are considered in the same catefory? I meant to ask if someone churned business checking offer this year, can they be eligible to receive the personal checking offer too in the same calendar year? FNB mentions about only one bonus per calendar year.
Generally speaking, business and personal bonuses do not impact each other and you SHOULD be eligible. If you are uncertain, I’d ask the bank.
Thank you. I will check with my nearest branch.
I guess I should consider myself lucky that I got paid – here is my DP.
Business Checking offer:
08/2024: Opened the business checking account online.
8/27: Pushed $100 from Fidelity
8/29: Pushed another $100 from Fidelity
9/20: Pushed $9,800+ to reach $10K+ balance (per bonus requirements)
12/17: Pushed $1 from Fidelity
3/26/2025: $800 bonus posted
3/28: Withdrew almost everything (less a small balance to keep account open)
The account is still open. I will close it soon.
PS: I checked bonus terms and it also had the same strong language that allows them to refuse bonus.
There is a $800 bonus promotion ongoing:
https://www.fnb-online.com/business/checking-savings/business-checking/compak-business-checking
It requires you to deposit $10,000 within the first 30 days and maintain an average minimum balance of $10,000 at 6 months (180 days) after the initial 30 days.
I posted it in the Contact Us section the other day, but it went to moderation.
William Charles
If this comes back around again, I’d recommend just doing the POS debit card transactions. I messed this part of the bonus up by thinking check deposits and treasury direct deposits would count.
DP:
12/8 Account opened w/CC $100 funded
12/18 $15k deposited
2/2 POS debits 16x
3/13 $1k bonus posted
Came in late on this, missed out on the larger funding opportunity, such is life. Gonna stop by branch to downgrade and have myself a celebratory doughnut afterwards. Cha-ching!
Correction, 2/2 POS debit 21x.
Received a corrected 1099-MISC today for the $1,000 bonus.
Same here. I did both personal and business, and got a combined 1099-MISC today
On a side note: does anybody know how the IRS would react if somebody had already filled, and included a bonus interest, but then the bank issues 1099-MISC, or the other way round? Would you still need to amend, given that it wouldn’t change anything?
Successfully downgraded to free checking via chat. The rep did say that it will not show the free checking online but you will see it as free checking when the e-statement comes out.
Hey Missi, when was the account opened if you don’t mind me asking?
Early November.
Did anyone get a 1099 from this bank? I haven’t received anything.
they told me they’re not obligated to send a 1099-MISC since it’s under 600. I would’ve thought it would’ve been a 1099-INT, which is what I’ve received from other banks (e.g. Citizens and Fulton).
I did the 1,000 one that had a bonus in 3 tiers. I went in branch yesterday and they said no 1099. They call HQ and HQ confirmed no 1099.
That’s interesting. Not sure if you can rely upon that, though.
I had a case like that last year, with another bank. Bank initially told me no 1099.
Then, some time in summer or fall (long after tax season), I received a letter with a 1099, the letter explained that they had made a mistake and had just filed the 1099 to the IRS.
Fortunately, I had already included the amount in my tax return. Would have needed to amend the tax return if not.
Just got a corrected one for the full $1,000. It’s an 1099-MISC.
Does anyone have a screenshot of the offer? I thought I had one but can’t find it. Thanks.
Anyone closed this account without going to branch?
Any one received the Tax form from this bank?
Nope!