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:Â Soft
- ChexSystems: Unknown
- Credit card funding:Â Unknown
- Monthly fees: $15, waivable
- Early account termination fee: 6 months, bonus forfeit
- Household limit: None
- Expiration date: September 30th, 2018
Contents
The 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
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:
- A Beginners Guide To Bank Account Bonuses
- 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
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
MB is telling me that the account needed to be opened with a TIN. Did you use a TIN when opening yours?
nope
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
I can’t find the early termination fee language in the offer. Could someone please link?
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.
Link says offer expires 9/30/18
When they say “4 signature based debit per statement ” is this the same than using cash app or square?
MB Financial only allows account opening in branch.
I called this bank and they are only located in Illnois!
Can someone please help me on their experience with this.
Does anyone have any data points on this bonus?