Posted by William Charles on October 7, 2018
Bank Account Bonuses

Published on October 7th, 2018 | by William Charles

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[Expired][Targeted] Commerce Bank $300 Checking Bonus – Direct Deposit Optional [MO, KS, IL, OK & CO]

This deal has expired, view more Commerce Bank deals by clicking here.

Update 10/7/18: Offer has been extended through October 25th. Updated the link below. (HT reader fastlanesimmons). Keep in mind this time it doesn’t show a promo code and says you need to use the one from the mailer you received, so likely targeted.

Warning: People with a lot of ChexSystems inquiries have previously been approved and then had their accounts closed at a later date. Read previous posts for more data points. This deal is public whereas older deals have been targeted so it’s possible things have changed

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Missouri, Kansas, Illinois, Oklahoma and Colorado
  • Direct deposit required: Optional
  • Additional requirements: Direct deposit or 10 debit purchases
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes, sensitive
  • Credit card funding: None
  • Monthly fees: $20, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: September 15th, 2018 October 25, 2018

The Offer

Direct link to offer

  • Commerce Bank is offering a bonus of $300 when you open a new checking account and complete the following requirements:
    • Use promo code DIGITAL300 (? – new link doesn’t show any promo code, here’s the old link for comparison)
    • Do one of the following:
      • Have at least two direct deposits of any any combination of a paycheck, pension payment, Social Security payment, or other government benefits payment of $300 or more within 90 days of account opening
      • Use your debit card to make 10 purchases within 90 days of account opening
    • You must have a minimum balance of $100 on December 14th, 2018

The Fine Print

  • There are 2 options to qualify for the $300 incentive: 1) have at least two direct deposits of any combination of a paycheck, pension payment, Social Security payment, or other government benefits payment of $300 or more, each electronically deposited into your new CommerceRelationship Checking account from an employer or outside agency within 90 days of account opening. We reserve the right to verify documentation that the direct deposits qualify. 2) Use your debit card to make 10 purchases from your new CommerceRelationship Checking account within 90 days of account opening.
  • Additional requirements to qualify for the incentive: 1) Your CommerceRelationship Checking account must be opened by September 15, 2018; 2) The account must have a minimum balance of $100 on December 14, 2018; 3) You must provide the promo code from this offer at the time of account opening. 4) You must be a new customer: one who has not owned a Commerce Bank deposit account in the 90 days prior to account opening.
  • We will determine whether all requirements for the incentive have been met as of December 14, 2018, and any incentive earned will be paid January 2, 2019, by crediting your CommerceRelationship Checking account. Maximum total incentive $300.
  • The incentive will be reported as interest to the IRS. Commerce Bank reserves the right to determine eligibility for offer, and offer may be revoked, restricted, or changed at any time at Commerce Bank’s sole discretion.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

The $20 monthly fee on this account is waived if  you have:

  • $5,000 average daily balance in this account OR
  • $15,000 in combined deposit balances

Early Account Termination Fee

According to this comment no early termination fee is charged. Keep in mind the account needs to be kept open until December 14th and have a balance of at least $100 at that stage.

Our Verdict

Previous offers didn’t have a public promo code, in addition this has been advertised on Facebook so it should definitely be publicly available. This is obviously a great bonus, nice and big with no direct deposit required. Keeping the account fee free is a bit of a pain as it does required a $5,000 average daily balance but if you can float the funds then it is worth doing. Just keep in mind that they might be ChexSystems sensitive (and close accounts after a few days). This will be getting added to our list of the best checking bonuses.

Big thanks to reader, adp5x7 who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Dan - Legal Bank Robber
Dan - Legal Bank Robber

Confirmed they do pull chex, you don’t need to put unknown.

Toad
Toad

Also, as a warning to all who apply. Any failed opening will result in a hard Chex inquiry. It took me 4 tries to get this open and I have confirmed 4 Chex inquiries on my report (2x ID verification fail, 1x server error timeout when tried to fund, 1x went in branch to finally get it open). Several people seem to be having difficulty opening it online…I was unable to open online ~1.5 months ago and it looks like whatever the issues are have not been fixed.

steven
steven

Define “a lot”

john m
john m

$300 is nice don’t get me wrong. Not being paid out ’til Jan. 2019 hurts a little. HAPPY NEW YEAR!

MFT
MFT

At least you don’t need to pay the taxes until April 2020…

ngochienbo
ngochienbo

Is this offer really state restricted though? I do not see it mentioned anywhere.

Mr. PTM

FWIW, the form doesn’t play well with Safari on iOS. Got to the identity verification questions, but nothing loaded except for the “Verify” button. Clicking that resulted in an error page. Yay.

Still going to try to apply even though prior DPs would suggest I don’t stand a chance (and I received the bonus previously but only after my first and only experience submitting a CFPB complaint).

BYODP, ya know? 😉

Matt D
Matt D

Just went through funding part of app and got an error page and it kicked me out on Chrome said system was down, don’t know if I should start over or if this is a sign…

Matt D
Matt D

Same thing happened second time around, verified my identity put in funding info and got –

We’re sorry!
Our systems aren’t available right now. Please try again later, and thanks for your patience.

Try again later I guess smh!

Matt D
Matt D

Looks like they funded the account twice and the money is coming out of my credit union, don’t know if I should call and cancel the charge or call Commerce Bank as I must have put in two apps not a good start!

ngochienbo
ngochienbo

Same thing happened to me, retried the app on a different browser the second time, now seeing 2 charges being processed in my account.

Matt D
Matt D

OK called Commerce and she could only see one account, but that I did have an account number so it looks like I was accepted, but the funding hasn’t gone through so basically have to wait a few days and wait to hear from them. They should probably fix their application process!

ngochienbo
ngochienbo

Hi so did you end up with an account open despite the error at the end of the application? Are you in an area with a local branch?

The reason I’m asking is because I just called in and they told me that there’s no sign of an application and that they are trying to block people from states with no physical branch to open an account. From my double failed applications the deposit charge for 1 fell off but there is still one being stuck at processing.

Matt
Matt

Basically, sounds like I have to wait for the signature card and account number in the mail before I can login, going to have to call back again to make sure, both charges are still pending from other account. Looks like this one is going to take some work 🙁

stingerzing
stingerzing

Rejected due to Chex. I’m 30+ over the last two years.

amz
amz

Opened account online last night, went all the way though to the initial deposit page, submitted and got an error after that. Called the bank in the morning, they told me account was opened, but I need to stop by a branch to sign some paperwok. Likely I have one nearby. Planning to do that some time this week and also deposit the rest of the money. They also told me there is some slack time they give you to fund the account before they start charging $20 monthly fee.

Steven
Steven

Chex denied for First Bank, made it through here so far. Nothing like the 17/24 Chex folks who were denied, so here’s hopin!

John
John

Denied due to Chex. Not even a large bank account churner – 3 in the past 9 months and 8 in the past 21 months.

Bikini Patrol
Bikini Patrol

There is one comment about someone not being able to open the account online. Has anyone been successful in doing this?

nonimmigranth1b
nonimmigranth1b

I could not do it online. it failed at the stage of verifying the identity.

EWayfarer
EWayfarer

Thanks for posting this! Just applied and got approved.

FYI – In order to fund the account initially, only VISA debit cards are accepted. Your other option is mailing in a check/money order.

Charles Mann
Charles Mann

I opened an account with Commerce last year and they did all they could to avoid paying the bonus. After I filed a complaint with the CFPB they finally paid. This is NOT a quality banking institution, be forewarned!

el_pistolero
el_pistolero

their app page is a joke…went all the way to the end and gave an error that system not available

Sara
Sara

I did two application last night..one for myself and one for my Spouse. The one for myself went through with no problems (actually easy process) The one for my spouse on the other hand was a pain! I got to the verify identity and then it said system error, try again later. I am assuming it didn’t open the account since it couldn’t finish. Anyway….tried it 2 more times….system error….then on the 3rd try, it said we cannot verify your identity online, please call. What has been your experience with calling these people after system errors? Is it easy to wrap up the process over the phone and get the account opened?

hailstate
hailstate

Hey Sara, I had the same issue. At the “verify identity” stage, there were no questions displayed, just a button that said “Verify.” I waited about a minute for something else to pop in and it never did. I clicked the “Verify” button and it immediately brought me to the please call screen.
When I called she basically went through the entire process again, it wasn’t just a quick follow up. She then said I had to go into a branch to complete the application with two forms of ID.
My guess is that there is a technical issue with their system interfacing with the identity verification system. Frustrating to have to go into a branch because of an error on their side. If you don’t ask me any questions, how am I supposed to verify my identity?!

Sara
Sara

We haven’t called yet, Hailstate, but we can’t go to a branch because there is not one around here. So, if they don’t do it on the phone, not sure what we are supposed to do! I also don’t know why it worked for me and not my spouse.

Sara
Sara

Doc…as far as this verify identity….if there is not a branch near by, do they just delete the application?

Sara
Sara

After applying 3 times and getting system errors for 2 and cannot verify identity, I called. They said they have no record of the application. They told me if I apply too many times, the system locks out. They said to wait 24 hours.
Anyone have this problem and was successful after waiting 24 hours?

Rick
Rick

im trying to top up my account to a 5k balance via external transfer but its not letting me transfer more than like $500 from my linked external checking account. i have tried 4k, 1k, and both times it gives me a “exceeds Standard Service Limit”. never seen this before for any other bank..anyone know what the deal is with this?

Matt
Matt

Not sure as I don’t have access to my account yet, but you could always push the money from your other bank instead of pulling it in from Commerce.

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