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

Published on March 7th, 2017 | by William Charles


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

This bonus has expired and is no longer being offered. View the best current checking bonuses by clicking here.

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: September 30th, 2018

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

Useful posts regarding bank bonuses:

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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.

Good luck. Let us know your experience.
Some Banks in IL is asking for Assumed Business Name Registration with local county for sole proprietorship business

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.

This. No real questions asked.

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

Shivansh Chandnani
Shivansh Chandnani

Would like to know about this too

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.

Does anyone have any data points on this bonus?

Can someone please help me on their experience with this.

I called this bank and they are only located in Illnois!

MB Financial only allows account opening in branch.

When they say “4 signature based debit per statement ” is this the same than using cash app or square?

Link says offer expires 9/30/18

Arby the Churner
Arby the Churner

Opened account in branch with 5k cash. They didnt require any documentation, but it did take like 80-90 minutes to go through the whole process. Will update when I get debit card, make purchases, and get bonus.

I can’t find the early termination fee language in the offer. Could someone please link?

Can anyone confirm the early termination clawback of the bonus? I don’t see that language in the offer.

Hey Sarah, I also don’t see the early termination in the actual language of the offer. However, it does say that it will take 60 days (to complete requirements) plus 90 days after to acquire the bonus so it may take up to 150 days to get the $350 anyway, so you might as well just wait an additional 30 days imo

7/26 – Opened with $5k cash
over next 2 months – Did a bunch of Venmo cashouts (Counts as ACH Transaction)

10/31 – $350 bonus

I’m going to try and close out the account

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