Posted by William Charles on March 7, 2017
Bank Account Bonuses

Published on March 7th, 2017 | by William Charles

11

[IL, IN, or PA only] MB Financial Bank $350 Business Checking Promotion

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: Must reside in Illinois, Lake County, Indiana, Philadelphia County, Pennsylvania
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: $15, waivable
  • Early account termination fee: 6 months, bonus forfeit
  • Household limit: None
  • Expiration date: None listed

The Offer

Direct link to offer

  • Open a new business checking account with MB Financial and receive a bonus of $350 when you complete the following requirements:
    • Maintain an average balance of $5,000 or more (until the time of payout)
    • Do one of the following within 90 days of account opening :
      • Complete a minimum of 15 electronic transactions in the account
      • Open a business money market or savings account with an average balance of $25,000 or more

business checking

The Fine Print

  • Account holder must reside in Illinois, Lake County, Indiana, Philadelphia County, Pennsylvania.
  • Customer must open and maintain a new MB Financial Bank, N.A. small business checking account and maintain a monthly average balance of $5,000 in the account to earn a credit of up to $350 by having the following activities post to the applicable account within the first 90 calendar days of its opening:
    • minimum of 15 electronic transactions within 90 calendar days. These include debit card transactions, ACH’s, bill payments, mobile remote deposits, and wire transfers or
    • Open and maintain a new MB Financial Bank, N.A. business money market, statement savings or passbook savings account and maintain a monthly average balance of $25,000 or more for at least 90 calendar days and at the time of payout.
  • Having completed either activity 1) or 2) within the first 90 calendar days after opening of the small business checking account will earn $350 contingent on the fact that the small business checking account maintains an average monthly balance of $5,000 at the time of payout.
  • Earned amounts will be paid by MB as a credit to the checking account within 60 calendar days of the transaction being verified, following the 90 calendar day period from opening.
  • Account must remain open at least six months after the account opening or the credit will be reversed. Minimum balance to open a checking or savings account is $100.
  • New money only; funds must not have been on deposit at MB for the past 90 calendar days. Account must be in good standing (open, with a positive balance) to receive payout.
  • One new checking related bonus per customer per 12 month period
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Service Fee $15

This account has a monthly service fee of $15, this is waived if you do any of the following:

  • You have 4 or more signature-based debit card transactions per statement cycle, or
  • You maintain at least a $5,000 average balance each statement cycle, or
  • Your account is linked to other qualified MB accounts that have a combined average balance of $15,000 or greater

Early Account Termination Fee

Account must be kept open for six months otherwise you’ll forfeit the bonus.

Our Verdict

They also have a $250 personal checking account bonus. This $350 bonus seems pretty good as long as you can meet the $5,000 requirement as completing 15 debit card transactions shouldn’t be too difficult. After the bonus posts you could just keep the $5,000 in the account until six months is over or switch to doing four debit card transactions monthly.

I will be adding this to our list of the best business checking bonuses, make sure you share your experiences in the comments below.

Hat tip to Maximizing Money

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11 Responses to [IL, IN, or PA only] MB Financial Bank $350 Business Checking Promotion

  1. MJG says:

    I may go for this one soon. I signed up and got a call. Looks like in IL at least you don’t need much documentation for a sole proprietorship. Just EIN and two forms of ID. If I go in to open this I will let everyone know how it goes.

  2. srjalan says:

    Just opened it today. Almost no document requirement for sole proprietorship other than you ID and a statement that the banker will prepare for you.

  3. Josh says:

    Do you have to open in branch? I live in IL, but I’m downstate. No branches anywhere near me.

  4. Scott says:

    Thanks Doc, can you clarify your comment in the verdict about either keeping 5k in the account or making 4 debit card transactions? I might be missing something, but I don’t see within your review where the 4 debit card transactions would negate the need for keeping at least 5k in the bank for 6 months without forfeiting the bonus.
    Thanks!

  5. Sara says:

    Does anyone have any data points on this bonus?

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