Posted by William Charles on November 10, 2019
Bank Account Bonuses

Published on November 10th, 2019 | by William Charles

4

[Expired] [CA only] Farmers & Merchants Bank $500 Business Checking Bonus

Deal has now ended, view the best current business checking bonuses by clicking here

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: CA only
  • Direct deposit required: No
  • Additional requirements: Have $25,000 deposited for 150 days
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: $20, avoidable
  • Early account termination fee: $15, 90 days
  • Household limit: None
  • Expiration date: December 31st, 2019

The Offer

Direct link to offer

  • Farmers & Merchants Bank is offering a bonus of $500 when you open a new business checking account and complete the following requirements:
    • Maintain an average daily balance of at least $25,000 for 150 days beginning the first day of the month immediately following the month you opened the Business Checking Account.
    • Sign up for 4 of the following business products and services by the end of the 150 days beginning the first day of the month immediately following the month you opened the account.
      • Remote Deposit Capture
      • Merchant Services
      • Courier Services
      • Electronic Lockbox
      • Business Online and Mobile Banking2
      • eStatements & eNotices
      • Bill Pay
      • ACH
      • Business Credit Card
      • Business Market Rate Savings
      • Business Market Rate Money Market
      • CD
      • Additional Business Checking Account

The Fine Print

  • To receive $500, new F&M clients must: 1) Open a new Business Checking Account by December 31, 2019; 2) Maintain an Average Daily Balance of at least $25,000 for 150 days beginning the first day of the month immediately following the month in which you opened the Business Checking account. 3) Sign up for four (4) of the desired services listed above by the end of the 150 days beginning the first day of the month immediately following the month you opened the account. No product/service substitutions permitted. Offer expires December 31, 2019. F&M Bank reserves the right to end, extend or make changes to this promotion with or without notice.
  • After you have completed all of the above requirements, F&M Bank will deposit $500 into your Business Checking Account during the quarter immediately following the end of the 150-day period during which you must maintain an Average Daily Balance of at least $25,000 and have signed up for the 4 additional business products and services. “Business Bonus” will appear on the monthly checking account statement when the reward is credited to your Business Checking Account. This promotion is only applicable once per client. Cashback promotions are considered interest and will be reported on IRS Form 1099-INT. Any applicable taxes are the responsibility of the recipient.
  • 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 a $20 monthly fee if the balance in the account falls below $5,000 any day of the statement cycle.

Early Account Termination Fee

$15 if closed within 90 days of account opening

Our Verdict

Shouldn’t be too hard to do the 4 products/services, easiest ones are probably:

  • Business Online and Mobile Banking2
  • eStatements & eNotices
  • Bill Pay
  • ACH

The real requirement is the $25,000 that must be deposited for 150 days. This account doesn’t earn interest, so basically a return of $500 for $25,000 invested for 150 days. You’ll likely need the funds in there a bit longer to satisfy the $5,000 balance requirement in the first partial month and also give some time for the bonus to post. Let’s say you need the funds in there for half a year, works out to be an annualized return of roughly 4% APY. Pretty good if you have the funds to spare, but nothing too crazy. I’ll still likely add this to the list of the best savings account bonuses if it’s a soft pull to open.

Useful posts regarding bank bonuses:



4
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
RD
RD

Just applied. Seems to be a sort of an old fashioned bank where a business rep contacts you to set up an account once you provide basic details.

I’ll update if it works out. FWIW all most all branches are concentrated around the LA and the Central Valley area

James
James

Any hard pull?

RD
RD

They haven’t even asked for SSN yet

RD
RD

Update: they require you to come into physical bank to complete application. Given that the nearest one (Santa Barbara) is 300+ miles away, I passed.

There are “Farmers & Merchants Banks” in NorCal (Concord) but the rep claimed that those aren’t the same bank (the websites are different).

Back to Top ↑