Posted by William Charles on January 31, 2018
Bank Account Bonuses

Published on January 31st, 2018 | by William Charles

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[AZ, FL, IL, IN, KS, MO, MN and WI] BMO Harris $200/$500 Business Checking Bonus

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Must open in branch, all branches are located in AZ, FL, IL, IN, KS, MO, MN and WI. I imagine out of state applications will work in branch. [Branch locator]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: Cannot fund with a credit card
  • Monthly fees: $15-$20
  • Early account termination fee: $20 if closed within 90 days, bonus will post after 120 days
  • Household limit: None
  • Expiration date: October 31st, 2018 October 31st, 2019

The Offer

Direct link to offer

  • BMO Harris is offering two business checking bonuses. Both require opening an account in branch. They are as follows:
  • $200 Essential Business Checking bonus:
    • Open a new Essential Business Checking account between January 16, 2018 and October 31, 2018
    • Make a minimum opening deposit of $1,500 in funds not currently on deposit at BMO Harris Bank or its affiliates
    • Have a collected balance of at least $1,500 in the account at the end of 90 days following account opening
    • Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
  • $500  Business Advantage Checking bonus: 
    • Open a new Business Advantage Checking account between January 16, 2018 and October 31, 2018.
    • Make a minimum opening deposit of $5,000 in funds not currently on deposit at BMO Harris Bank or its affiliates.
    • Have a collected balance of at least $5,000 in the account at the end of 90 days following account opening.
    • Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.

The Fine Print

  • You can receive either the $200 checking bonus or the $500 checking bonus.
  • To receive a checking bonus, you must open the account in a BMO Harris branch and present the promo code email from BMO Harris.
  • Your account must be open and in good standing when the bonus is paid approximately 120 days after opening.
  • For Business Advantage Checking, the accrued interest will be increased by the amount of the bonus.
  • The accrued interest will be credited at the next scheduled interest payment, which may be after the 120 days.
  • Offers are not available to existing BMO Harris business checking customers or those who have closed a BMO Harris business checking account within the past 12 months.
  • Bonus is not considered part of the opening deposit and will be reported to the IRS for tax purposes.
  • You are responsible for any applicable taxes.
  • Offers are subject to change without notice, cannot be combined with any other offer and are limited to one per customer. The minimum deposit to open a small business checking account is $100, however to receive the bonus you must open the account with the minimum as stated below.
  • To receive the $200 checking bonus: 1) Open a new Essential Business Checking account between January 16, 2018 and October 31, 2018. 2) Make a minimum opening deposit of $1,500 in funds not currently on deposit at BMO Harris Bank or its affiliates. 3) Have a collected balance of at least $1,500 in the account at the end of 90 days following account opening. 4) Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
  • To receive the $500 checking bonus: 1) Open a new Business Advantage Checking account between January 16, 2018 and October 31, 2018. 2) Make a minimum opening deposit of $5,000 in funds not currently on deposit at BMO Harris Bank or its affiliates. 3) Have a collected balance of at least $5,000 in the account at the end of 90 days following account opening. 4) Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Both accounts have the first three months of fees waived. After that the fees are as follows:

  • Essential business checking ($200 bonus): $15 monthly maintenance fee. Waived with $1,500 average collected balance
  • Business Advantage checking ($500 bonus): $20 monthly maintenance fee. Waived with $5,000 average collected balance

Our Verdict

Seems like a great deal to me, the requirements should be fairly easy to meet for most people. What bonus you go for will likely depend on whether you can float $5,000 or not, the $500 deal is definitely better if you can. Either way both deals are a return of 10% over the course for 120 days or so (annualized return of 30%+). That’s the good news, the bad news is that BMO Harris is known for slow bonus posting and having to manually follow up to get your bonus. If you don’t believe me please read the comments on the personal bonus. Given that this has an in branch component and it’s for businesses, I’m hopeful that the bonus posting will be easier. Either way I’d get the contact details of your bank and a reference number for your application when signing up so you have a good point of contact if anything goes wrong.  I’ll be adding this to our best business checking bonuses for sure.

Also since I’m sure some people won’t read the fine print, yes you’ll be able to get this bonus even if you’ve received a bonus on the personal account and even if you still have that personal account.

Hat tip to abhirupduttamit

Useful posts regarding bank bonuses:



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I will go in branch for this bonus eventually.

Anyone know if the business checking will show up in your existing online profile for personal accounts or if it has to be separate?

Minimum opening deposit of $5000 sounds like a big hassle. Is that $5000 in cash or check to take in branch?

Can I just open with $5k, take it out after a few days and then put it back around the 90 day mark?

That is what it sounds like, would be great to confirm.

Maybe, but you’ll pay the $20 monthly service fee.

Yes, but only from month 4 onward, as the 1st 3 are fee free.

I don’t believe so.

3) Maintain a minimum daily balance of at least $5,000 in the account for 90 days following account opening.

Can someone clarify what it means to have a collected balance of X? Does that simply mean deposit X and spend away? Or does it mean have X at the end of 90 days?

I suspect it means that you should have X dollars collected across all your BMO Harris accounts, so it need not all be in this specific checking account.

Good business checking bonus. It is unfortunate that it is not available within California, come on BMO Harris Cali is just adjacent to Arizona.

Will:

Here’s the list of documents they want to open an account (varies based on type of business entity):

https://www.bmoharris.com/pdf/sb/sb-checklist.pdf

Its unclear to me. Do we need an assumed name to get the business account? What if the business is just under my name. What would I then need to register? When I look in MN for registering a business, the cheapest option they have is assumed name for $50. I am checking for my daughter, I have my own business for many years.

Your best bet might be to just stop by the branch and tell them you (or she) is a sole proprietor operating under your actual name and see if they will want additional information such as a business license, tax return (Schedule C) or some other document.

I’m just going to tell them I haven’t registered my business with the state yet.

Wife and I just opened our business accounts yesterday. Crp, I forgot to ask about the assumed name thing for my daughter. Both wife and I have had business for many years with an assumed name.

Anyone else have experience opening without assumed name?

Seems like the only branch in Florida is in Brandon, nothing near Miami =(

Hi Dave,
How did you find this out? When I search on Google, it seems like there might be a branch in Fort Lauderdale or Miami. Though, I find very little information about either one.

Chris, if you follow the link for the branch locator, a branch in Miami shows up. However, if you click through to that branch’s information, the hours of operation show “closed” for every day of the week. Guess that branch has closed. Bummer. I’m in Broward and looking to take advantage of this but it seems like a no-go.

Thank you Mrs. Gee. I saw that. They have a Wealth Management Branch in West Palm but turns out they don’t do regularly banking there. Definitely a bummer.

If CC funding is capped at $1,000 how do we meet an initial deposit of $1,500 or $5,000? Do we have a short window to deposit the rest or is funding with a Credit Card not an option?

You likely would need cash or ACH from an external account at time of opening. This is how it’s worked for me in the past.

Edit to the above: just called my local branch & was told opening deposit is cash or check only, no ACH.

This will be super easy for me to do, thanks!!

Would be interested to know what kind of questions are asked when opening the account, particularly if you are a sole prop. with a “business”.

I just tried BMO’s travel portal for their rewards program. Amazingly, it’s better than even the Chase Ultimate Rewards portal in my opinion. Great interface and more importantly, in the few searches I’ve done, more boutique hotels than either Chase’s or Citi’s portals. Really slick interface. You can pay with points and cash. Even US Bank’s portal won’t let you do that!

So if you have a sole-proprietorship business, will they deny you for a business checking account?

Do you need to have a business to open a business account?

I’ve met my 120 days but the bonus hasn’t posted. According to the fine print, it will post with the monthly interest payment which looks to be on the last day of the month, so my bonus may not post until 6/30.

Anyone have theirs show up earlier?

I had two personal BMO bonuses and I had to send messages to request the bonuses. They argued with me, but posted the bonuses in a couple of days after my messages.

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