Posted by William Charles on August 13, 2017
Bank Account Bonuses

Published on August 13th, 2017 | by William Charles

2

[IL, IN, KY, MO] Banterra $600 Business Banking Bonus ($200 Checking, $200 Money Market & $200 Treasury)

Offer at a glance

  • Maximum bonus amount: $600
  • Availability: In Branch only. Branches are in Illinois, Indiana, Kentucky and Missouri  [Branch locations]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Unknown 
  • Credit card funding: Unknown
  • Monthly fees: $7.5-$8.5
  • Early account termination fee: 90 days, bonus forfeit
  • Household limit: One per business entity
  • Expiration date: September 30th, 2017

The Offer

Direct link to offer

  • Open a Banterra Business checking account and receive a bonus of $200 when you complete the following requirements within 90 days:
    • Maintain an average daily ledger balance of $1,000 or more
    • Minimum of 25 transactions (excluding transfers)
  • You can also get another bonus of $200 for opening a Banterra  Preferred Money Market account and another $200 bonus for opening a Treasury Management product (you need to open the business checking account to be eligible for these)

The Fine Print

  • Promotional offer available June 1, 2017 – Sept. 30, 2017.
  • Your business must not currently have, nor have had, any business checking account with Banterra Bank in the last 12 months. Must be opened
    with new money not currently deposited in any business deposit account at Banterra Bank.
  • Open a new Banterra Business Checking Account before the expiration date, and keep it open for at least 90 days
    to receive promotional offer.
  • Business Free Checking and Pledge Checking is not eligible.
  • A new Banterra Business Checking Account must be opened in order to be eligible for the $200 Treasury Management Offer or $200 Banterra Preferred Money Market Offer.
  • To qualify for the bonus, within the first 90 days of Banterra Business Account opening, an average daily ledger balance of $1,000 or more must be maintained and a minimum of 25 transactions (excluding transfers) must occur.
  • Business checking account must be open and not have a negative balance to receive the cash bonuses at the time of fulfillment.
  • Bonuses will be credited to your account within 60 days of meeting promotion requirements.
  • Bonuses must be reported to the IRS as interest for the year in which it is received.
  • Limit of one checking cash bonus, one treasury management cash bonus and one money market cash bonus per business entity as identified by Taxpayer Identification Number (TIN).
  • Offer cannot be combined with any other cash offers outside of the $600 bonus promotional offer.
  • All account applications are subject to normal approval process.
  • Monthly fees apply to Banterra Business Checking Accounts, but can be avoided if minimum daily balance or average monthly balances are met. See branch for details.
  • Cash Management or Remote Deposit service must be set up with Banterra Bank and actively deployed within 90 days of Banterra Business Checking Account opening; it must also be linked to your Banterra Business Checking Account. F
  • ees apply to treasury management products; see your Banterra branch for details.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Checking Account

Free and Pledge checking accounts are not eligible for the bonus. I think the basic business checking account would be the easiest to keep fee free. It has a $7.50 monthly fee that is waived if you do either of the following:

  • $1,500 minimum daily balance
  •  $3,000 average monthly balance

Money Market Account

Basic money market account has a $8.50 monthly fee that is waived when you do either of the following:

  • $1,500 minimum daily balance
  • Minimum average daily balance of $2,500

Treasury Management

You can fund out more about their treasury management account here. Not sure what the fees are like.

Our Verdict

I suspect that the treasury management account won’t be worth doing but the money market and checking account seem like pretty easy bonuses to get. I suspect no hard pull due to it being a business account, but we don’t know that for sure. The real question will be what business documents they require (if any) and how long the process takes. If anybody decides to go for this one then as always please share your experiences in the comments below.

Hat tip to DDG

Useful posts regarding bank bonuses:



2 Responses to [IL, IN, KY, MO] Banterra $600 Business Banking Bonus ($200 Checking, $200 Money Market & $200 Treasury)

  1. Curmudgeon says:

    Under “The Offer” section, you wrote:

    “Minimum of 25 transactions (excluding transactions)”

    Should this be “excluding transfers”?

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