Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â IL, IN, KY, MI, MN & WI, In Branch Only
- Direct deposit required:Â No
- Additional requirements: See below
- Hard/soft pull:Â Soft
- ChexSystems:Â Unknown
- Credit card funding:Â Up to $500, can fund with American Express, Visa & Mastercard
- Monthly fees:Â None
- Early account termination fee:Â $25, 180 days
- Household limit:Â None
- Expiration date:Â 9/30/2025
Contents
The Offer
- Old National Bank is offering a $500 bonus when you open a new business checking account and complete the following requirements:
- Deposit a total of $7,000 or more within 30 days of account opening
- Maintain a minimum balance of $7,000 for days 31-90 of account opening
- Log in to Small Business Digital Banking within 30 days of account opening
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
Free business checking has no monthly fee to worry about (available in all states apart from Wisconsin). Essential business checking account is required in Wisconsin, not sure if this has a monthly fee or not.
Early Account Termination Fee
There is an early account termination fee of $25 if closed within 180 days.
Our Verdict
Seems much easier than previous business checking bonuses from Old National (here & here). Think it is worth doing but unfortunately needs to be opened in branch. Added to best business checking bonuses.
Hat tip to reader Mike
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
Went into the branch to apply. They took my business authorization certificate and my EIN form and said that the back office had to review it before they would open the account. Got a call back two days later saying they were declining to open the account but wouldn’t give me a specific reason.
I’m a current customer of the bank with a 12-year-old Sole Proprietorship. Went in with my 1040 Schedule C and 1099-K documentation. They wouldn’t open the account without an Assumed Name Certificate, which I don’t have since I simply use my legal name as the business entity.
I went into a branch in Chicago. Application denied due to chex.
Was your Chex unfrozen?
IL DP:
Was able to go right before work today and got my accounts opened with Chex frozen. No mention of Chex (no sign on the desk either).
Thanks everyone for the DPs!
I checked my Chex report and old national did not even try to attempt to pull it. Maybe it varies by branch for that too
Their system sure is screwy. Chex unfrozen? Ultra sensitive. Chex frozen? Welcome to Old National.
Counter DP: went into branch today with Chex frozen and was told she could not proceed with application without Chex being unfrozen. I told her based on what I saw from my message board, another person was approved in the branch with Chex frozen so she called her manager but was told that Chex needed to be unfrozen. Went home, unfroze Chex, went back to branch. Was promptly denied, auto denied. Based on another datapoint here I asked if the manager could override it and the banker said yes but the manager refused to override the decision.
That is unfortunate. I would re-freeze Chex and try again at a different branch if possible.
The branch manager was the first person to help me. When I told her others have been able to open with Chex frozen she called her supervisor from another location and asked what could be done. She had a screen she couldn’t get past. That’s when she told me I had to unfreeze, so I did after going home, then came back and finished up with a banker who got the denial from the system. She then asked the branch manager who i worked with earlier for an override amd she said no, her supervisor wouldn’t agree to that either. So because she called outside the branch, I am not inclined to try again unless someone in Minnesota has had success. But thanks.
Really naive, silly and unproductive to mention these message board posts when trying to convince a banker to do something. We work in the grey area here. What works for one person is not guaranteed to work for another.
Actually they prompted both actions for consideration… potentially moving forward with the application with Chex frozen and then later, the banker did seek an override as opposed to simply sending me on my way.
Hopefully the branch closest to me works. Branch hopping would suck lol
Does anyone know if our business need to be in these states or just our address? I have businesses now registered in a different state but have my summer address in one of these states.
Only 4 branches in KY: 3 in Louisville and one in Lexington.
wondering how chex sensitive this is. ik their personal accounts are super sensitive
Are they? I should’ve paid more attention, but if it’s helpful to anyone, I have opened a bunch of bank accounts in the last few years, or I guess what I would consider a bunch, probably 8-10, and successfully opened a personal account with old national online two weeks ago. I saw this post and was going to go in branch and try to open a business account in a few weeks
can confirm denied for a personal account myself, presumably for chex. I had applied for 8 bank accounts (got 6) in the 3mo leading up.
Freeze chex and go in person. Worked for me with personal account.
They didn’t mention Chex at all during the application? That’s a promising turn of events.
My online application did not go through. In branch, they said that I must have had it turned off, but they did not seem to care.
Nice! I might make a trip in-branch to try opening both the personal and business accounts.
Approved today in branch with chex frozen. I have an EIN and LLC articles. They said nothing about chex.
Hell yeah, great DP!
Did you try opening the personal account with Chex frozen? I got denied for Chex almost a year ago. If Chex frozen works, I’m gonna try it too
I plan on trying, just not sure when I’ll have time to make a branch visit.
Thank you for the DP! I was planning to go next week on my day off
Haha! Same but I’ve just opened the business account also with Chex frozen. She asked if my credit is frozen which it isn’t. Account opened seamlessly! I will try with personal soon.
Regular checking available in [IA, IL, IN, KY, MN, WI, TN & MI] Is Business different?