Offer at a glance
- Maximum bonus amount: $500
- Availability: The business’s physical address must be located in the state of North Carolina
- Direct deposit required: None
- Additional requirements: $10,000 deposit for three full statement cycles
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $20, avoidable
- Early account termination fee: Account must be open with a minimum balance of $1,000+
- Household limit: None
- Expiration date: 6/30/2026
Contents
The Offer
- M&F Bank is offering a $500 business bonus when you open a new Performance Checking account and complete the following requirements within 90 days of account opening:
- Deposit $10,000+ within 14 days of account opening
- Maintain at least a $10,000 daily balance for the first 3 full statement cycles after account opening
The Fine Print
- Offer Information: Open a new Performance Checking account from 1/01/2026 through 6/30/2026, complete the following activities within 90 days of the account opening, and earn $500.
- Deposit at least $10,000 in new money within 14 days of account opening. Maintain at least a $10,000 daily balance for the first 3 full statement cycles after account opening.
- Reward Processing: The reward will be deposited into the new checking account within 4 weeks after the qualification requirements have been met and verified. The new checking account must be open and in good standing with a balance of at least $1,000.00 at the time of M&F verification and until the reward is deposited to receive the reward.
- Promotion is only applicable once per checking account and per business. M&F Bank may report the value of any offered reward received to the IRS as required by law.
- Any applicable taxes are the responsibility of the recipient.
- Reward Forfeiture: Reward forfeiture will occur if: (1) the checking account is changed to an account type not included in this client offer before qualification validation, (2) the checking account is closed prior to the reward being deposited, or (3) the new checking account has a balance that is less than $1,000 at the time of qualification validation.
- Offer Eligibility: You must be a new M&F Bank business checking client. To be considered a new business checking client, the business cannot have an existing M&F business checking account or have closed an M&F business checking account within 180 days of the promotion start date with the same Employer Identification Number (EIN) or Social Security Number.
- The business account holder must be 18 years or older at the time of account opening. The account holder must be a U.S. citizen.
- The business’s physical address must be located in the state of North Carolina. Existing customers and/or M&F Bank employees are not eligible for this offer.
- The offer is non-transferable, is subject to change, and may be discontinued at any time. M&F Bank reserves the right in our sole discretion to prohibit a reward payout to non-eligible businesses.
- All promotional payouts will be processed no later than 6/30/2026, at which point this promotion (and any related disbursements) will be considered final, and no further disbursements will be made.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Avoid the $20 monthly maintenance fees by maintaining a $10,000 minimum daily balance.
Early Account Termination Fee
The new checking account must be open and in good standing with a balance of at least $1,000.00 at the time of M&F verification and until the reward is deposited to receive the reward. Says it will be deposited within four weeks of account opening.
Our Verdict
Realistically going to need to tie up funds for ~4 months to trigger the bonus as you need three full statement cycles with $10,000 in there. I can’t find any interest rate for this account so I assume it’s 0%. You’re missing out on ~$133 in lost interest compared to an account that earns 5% APY. Still worth doing if you’re eligible, not sure what sort of business documents they will require.
Hat tip to reader snailrock
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
