Posted by William Charles on June 2, 2019
Bank Account Bonuses

Published on June 2nd, 2019 | by William Charles

31

[Expired] [IL & In Branch only] Byline Bank $1,200 Business Checking Bonus

Deal has expired, view more bank account bonuses by clicking here.

Offer at a glance

  • Maximum bonus amount: $1,200
  • Availability: In branch only [Branch locations]. Branches are all in Illinois
  • Direct deposit required: No
  • Additional requirements: Maintain a deposit of $10,000
  • Hard/soft pull:Soft pull
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Household limit: None
  • Expiration date: December 31st, 2019

The Offer

Direct link to offer

  • Byline Bank is offering a bonus of $1,200 when you open a new business checking account with them and complete the following requirements:
    • Deposit at least $2,500 at account opening
    • Maintain an average monthly ledger balance of $10,000 per statement cycle for six consecutive cycles ($200 bonus per cycle)

The Fine Print

  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Makers checking has no monthly fees to worry about

Early Account Termination Fee

I wasn’t able to find a fee schedule so not sure if there is an early account termination fee.

Our Verdict

Great return on your money. We don’t know if this is a hard or soft pull and what business documents are required but if you live near a branch and have $10,000 spare then a 12% return over a six month period is fantastic and worth doing. There is also a personal bonus for up to $450.

Useful posts regarding bank bonuses:



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Omer
Omer

Don’t see any branches in Indiana. Seems like all their branches are in Illinois

Celia
Celia

I think you misread the post. It’s Illinois only and in branch. In not IN.

lochquel
lochquel

Bank location locator shows 1 lone branch in Milwaukee as well.

ay
ay

I wonder if they allow out of state residents to sign up in bank? Might be worth taking a plane ride to open this and the checking+savings account.

Gibunono
Gibunono

Second.

ay
ay

Just called to about 5 different branches in the chicago area. You cannot open an account without a IL residence/address, no matter what.

Matt
Matt

I was able to open an account at one of their IL branches and get the bonus a year or two ago as a WI resident. May be because they appear to have a branch in WI, but they didn’t mention anything about residency. Wouldn’t hurt to call some other branches.

J
J

Is this for Business only? Or personal accounts as well?

J
J

Is this only for Business accounts? Or personal accounts as well?

Brandon
Brandon

I’ve never really opened in branch before. How do you typically fund the large amount in person? Is it expected to just write a $2,500 check I assume?

Adam d
Adam d

Yea, or there’s usually a grace period to send over an ACH from a dif bank

EO
EO

I’m heading over this morning and will report back as to my results. I only have a “business” so will see if they allow me to open with SSN and no other documentation.

EO
EO

Good news: opened the business account with no documentation as sole proprietor. Banker had to make a few phone calls to confirm. Overall process took 45 minutes. My guess is this could be dependent on which banker you happen to see. I opened in Libertyville. I don’t know if they run Chex, but if they do they are not inquiry sensitive.

Miya
Miya

Soft pull I assume?

EO
EO

Definitely no hard pull.

Miya
Miya

Nice, I’ll probably stop in a branch soon. Any reason you didn’t also do the personal offer?

EO
EO

I didn’t have time. Forgot to even ask if you could do both. But will probably stop in again to do it.

EO
EO

FYI, I opened the personal checking and savings account today. No issues.

Brandon
Brandon

Calls to who? The banker had to call internally during your app to get you processed? Or did he call someone to verify your “business”?

I don’t have a business but want to do this one lol. If they don’t ask for documentation can I just say i sell things on eBay and I’ll likely be good to get approved? I assume just my SSN and home address as a sole prop will be fine?

EO
EO

Calls to someone in HQ about how to process an application for sole proprietorship with no documentation. If you get the right banker, your plan should work. Obviously for $1200 it’s worth a shot, right?

Dan
Dan

any chance they took credit card funding?

Miya
Miya

In branch cc funding is always cash advance.

Miya
Miya

Which banker did you get? I called in to check if a banker can help out and a lady named Elva called me back to say she’ll have to look at it to determine whether a business account could be opened. Didn’t sound very promising.

Ryan
Ryan

Can confirm Chex sensitive. Denied due to too many recent accounts.

This is in spite of the fact that I opened an account with Byline about a year ago and had just as many (if not more) open accounts then.

EO
EO

Hmm..Given my data point above, maybe there is discretion on the part of the banker? I can’t believe they are always automatically chex sensitive as there’s no way I could have been approved if they are.

Ryan
Ryan

Look that way.

Like I said, I was approved the first time but denied the second.

Given the insane return on the biz account, I may try another branch to open it up.

Matt
Matt

It probably is a matter of banker discretion; when I opened an account with them a year or two ago, the banker had to call a manager over to approve the account due to the number of inquiries. Wouldn’t hurt to ask for a manager if your banker says they can’t approve you at first.

Dan
Dan

I heard from a banker that they’re ending the promo on Friday (Jun 21).

MJG
MJG

Can confirm. Just went in to do this and was surprised when I was told “today is the last day for that.” I successfully opened personal accounts and business with a sole prop. My only doc was an IRS EIN number declaration (which anyone can get for any reason in 5 minutes, haha). It took a while but they got it through. I was not even asked to estimate annual revenue or anything like that.

I also got some questions from my Chex report (I have tons of inquiries), but they basically just asked if I had other bank accounts. I said yes, and then they put it through. Seems like luck based on what banker your banker gets when they make the internal call to corporate to clear these sorts of things.

Fred
Fred

Yep tried to open this morning 6/22 for bonus and was denied. (That program ended yesterday.) Stinks b/c I attempted to open the accounts on Thursday 6/20 but the Downers Grove, IL branch was unexpectedly closed and crawling with police that day. Shucks!!

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