Update 11/02/18: Bonus has expired. Click here for the best current checking bonuses.
Offer at a glance
- Maximum bonus amount: $1,250
- Availability: AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Yes (inquiry sensitive)
- Credit card funding: $500 max, Visa/MC only
- Monthly fees: $10, avoidable
- Early account termination fee: Unknown
- Household limit: One per mailing address
- Expiration date: November 2nd, 2018
Contents
The Offer
- Bank of The West is offering a bonus of up to $1,250 when you open a business checking account. Bonus is broken down as follows:
- Receive a $300 bonus when you open a new business checking account , maintain a $3k balance for 3 months, and add Merchant Services
- Receive a $500 savings on point of sale equipment for merchant services
- Receive a 60,000 rewards points ($450 value) when you sign up for a business rewards credit card
The Fine Print
- Requirements to Receive $300 Bonus:
- (1) Open a new business checking account (“Account”) at a branch between 09/15/18 and 11/02/18 with a minimum opening deposit of $100 in funds new to Bank of the West;
- (2) Maintain a $3,000 minimum daily balance in the Account for each of the first three full calendar months immediately following the month in which the opening deposit posts to the Account; and
- (3) Open a new Merchant Services account between 09/15/18 and 12/21/18 and have merchant funds of $50 or more deposited into the new Account no later than the last day of the third calendar month following the month when the Account is opened.
- There is a Monthly Service Charge ranging from $10 to $20 depending on which business checking account you open. Visit your local branch or bankofthewest.com for ways to waive the Monthly Service Charge. All Accounts subject to Bank’s standard terms and conditions and fee schedules.
- When Bonus Will Be Credited: Bonus will be credited to the open Account as follows: (1) for Accounts opened between 09/15/18 and 09/30/18, the above requirements must be met from 10/01/18 to 12/31/18, and the bonus will be credited by 01/31/19; (2) for Accounts opened between 10/01/18 and 10/31/18, the above requirements must be met from 11/01/18 to 01/31/19, and the bonus will be credited by 03/29/19; and (3) for Accounts opened between 11/01/08 and 11/02/18, the above requirements must be met from 12/01/18 to 02/28/19, and the bonus will be credited by 03/29/19.
- Bonus Limitations: To the extent required by law, the Bank will report total value of the offer to the IRS on Form 1099 for tax year 2019.
- Offer subject to approval and can be changed without notice and is not available to existing Bank customers with an open business checking account as of 09/14/18.
- Limit of one business checking bonus per business and per mailing address.
- Analyzed Business Checking excluded from this offer.
- If the business or other businesses located at the same address received any other business checking bonus from the Bank from 03/01/17 through 09/14/18, then no business at that address is eligible.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The easiest account to keep fee free is the classic business checking. This has a $10 monthly fee. This is waived if you do either of the following:
- a minimum daily balance of at least $3,000 in this account OR
- a combined average monthly balance of $6,000 in linked combined money market, savings or CD balances
Early Account Termination Fee
I’m not sure if there is any early account termination fee or not
Our Verdict
Ok, first thing is first. This bonus is NOT $1,250. The credit card bonus is always available and doesn’t require opening with the other products. The $500 bonus is actually $500 in savings for payment terminals. So really this is a $300 business checking bonus and that bonus requires merchant services. As we’ve said before, setting up merchant services is simply not worth it for these small bonuses. Normally I wouldn’t even post a crappy deal like this, but so many readers are getting caught by the $1,250 deal and wanting our opinion. Our opinion is that this deal sucks and you should avoid doing it. Because of that we won’t be adding it to the best business checking bonuses.
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
