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ZZ
ZZ

I only opened with $1,000 up front and then got money in to get it above $5,000. Do you think that will be a problem with the avg balance being below $5,000 after 3 months?

IS250

Bonus paid out much earlier than expected.

5/22/21 – Applied online as a sole prop with no DBA using my SSN. No documents requested.
5/25/21 – Account opened after Docusign submitted with an initial deposit of 5K
5/27/21 – Initial deposit clears and posts
6/30/21 – $100 bonus

Davis
Davis

William Charles there are new terms for the offer: The average daily balance of the account must be at least $5,000 in the first three months after account opening, in order to qualify for the $100 bonus. Bonus will be deposited into your new account within 5 business days of your third statement cycle date. Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds to receive bonus credit. Terms and conditions subject to change without notice. Bonus may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year. NOTE: “New Funds” is defined as funds that did not originate from another Axos Bank brand account.

Davis
Davis

There’s also a promo to open an essential checking offer.

https://www.axosbank.com/Business/Small-Business-Banking/Essential-Checking-Offer

Joe
Joe

Can a sole prop open the business checking account with SSN# only?
Thanks.

Sexy_kitten7
Sexy_kitten7

I thought sole props were okay last time, no? I did it last year.

JLC
JLC

I cannot emphasize this enough, do not do business w/ Axos. They treat you horribly.

Jeremy
Jeremy

NEW TERM:
The average daily balance of the account must be at least $5,000 in the first three months after account opening

wilsonhammer
wilsonhammer

This. $5k held for 3 months for $100 makes this DOA for me

Bertrand
Bertrand

That’s an 8% return. People were falling all over themselves to do the Marcus bonus which was half that. If anything is at all a hassle (application process, etc.) I agree, probably not worth doing, but if you’d otherwise be putting that $5k in a savings account, this is a decent option.

Bertrand
Bertrand

Just realized that Axos pulls Chex. At least they do for personal checking. There are scattered DPs of Chex sensitivity, but in general they appear not to be. Still, this may not be worth it considering the Chex pull and slight chance of denial. Will have to think it over and/or wait for DPs.

wilsonhammer
wilsonhammer

Fair points, but the low dollar value of the deal (and possible high overhead of the application, etc) makes this less lucrative. The nice thing about the Marcus was that it was where I already had my EF and had the nice loophole of moving money out first before signing up for the bonus. If you have no other options, this might be worth it, but I’ll roll the dice with BoA’s biz checking.

Jordan
Jordan

Another difference is that Marcus is actually worth keeping open long term for repeat bonuses.

john m
john m

Have to keep it there for 6 months or there’s a $50 fee.

john m
john m

Actually 6 months or there’s a $50 penalty.

Burnout1749
Burnout1749

No. That’s just how long the account needs to be left open. There is no minimum balance, so you can drain it to zero after the requirements are met.

Marc
Marc

Also worth noting their business app is completely unusable. It’s unable to actually deposit checks, so your only alternative option to deposit a check is to mail it to a PO box.

My debit card number was also stolen within 24 hours of activating it, and I hadn’t used it anywhere.

Would not recommend. I’ll be finding a new bank.