Posted by William Charles on October 23, 2019
Bank Account Bonuses

Published on October 23rd, 2019 | by William Charles

43

[In Branch only] HSBC $350 Business Checking Bonus

Offer at a glance

  • Maximum bonus amount: $350
  • Availability: In branch only [Branch locator]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $30, avoidable
  • Early account termination fee: $25, 180 days
  • Household limit: None listed
  • Expiration date: December 15th, 2019

The Offer

No direct link to offer, being offered in branch only

  • HSBS is offering a bonus of $350 when you open a new business checking account in branch and complete the following requirements:
    • Deposit a minimum of $5,000 within 30 days of account opening
    • Register and log onto HSBCnet within 30 days of account opening
    • Maintain at least the minimum qualifying balance(s) in your eligible business checking account for 120 calendars from the date you deposit the minimum qualifying balance

The Fine Print

  • This offer is available only in a U.S. HSBC branch
  • Customers who held any HSBC business account (including but not limited to loans and credit cards) from January 31st, 2019 through and including September 7th, 2019 are not eligible for this bonus
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Fusion First checking account is the easiest to keep fee free it as a $30 monthly fee that is waived with a $5,000 balance (commercial non-credit balance)

Early Account Termination Fee

$25 fee if closed within 180 days

Our Verdict

Not sure what sort of business documents HSBC require when opening a new account. HSBC also offer a personal bonus of $350-$750 and it looks like there is no issue doing both of these offers so that’s good. I’ll almost certainly be adding this to our list of the best business checking account bonuses, but please share your experiences in the comments.

Hat tip to reader Victor S

Useful posts regarding bank bonuses:



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Duke I.
Duke I.

I’ll make this one the last for 2019. Only one branch near me.

Matt
Matt

You have to hold it for 120 days. Are they “business” friendly?

IS250
IS250

Ugh no. The APY for 4 months would be roughly 20%…

Steve

Was the “Ugh no” responding to bad math (that he later edited to remove)? Or are you saying 20% isn’t good enough for a bank bonus?

IS250
IS250

Bad math that was edited

Duke I.
Duke I.

That’s why I’m making this my last. I won’t be eligible for most of the popular checking deals in 2020. So tying up $5000 won’t be a problem. I’m not sure if they are business friendly. I only have a credit card with them. I’m trying to find out what documents are needed for Sole Prop.

Theory
Theory

They were for me last year. With my “business” as a sole prop, they needed no additional documents aside from drivers license. I chatted generally about it during the sign up process in-branch.

Nicole
Nicole

Any idea if they will honor the bonus for a sole prop “business” using SSN if you previously received bonus opening a standard checking account?

Chuckee
Chuckee

Haha, yeah, since it takes over an hour in person just to open their personal accts with the rep asking 50 questions, I’m sure opening a “business” acct will be a real breeze.

KLUE
KLUE

My personal Wells $400 is ending soon. This might be one I’ll try and report back on.

Duke I.
Duke I.

I’m currently doing the personal WF $400 deal. All my transfers from USAA, Ally and Schwab coded as Direct Deposit. I wasn’t trying to use USAA as a DD. I was transferring funds from USAA to WF to Suntrust to satisfy the DD for Suntrust.

Roger
Roger

Do they check any docs for open a Sole Prop business acct?

Duke I.
Duke I.

There is a personal advance checking account with $350 bonus. Must deposit $5000 within 30 days and maintain for 90 days. Also must have a monthly DD, no amount specified.

Customers who had an account from July 31, 2016 through and including July 31, 2019 are not eligible for this offer

https://www.us.hsbc.com/checking-accounts/campaigns/offers/#advance-checking-details

Brian C

Currently listed as the best personal checking bonus on the list

https://www.doctorofcredit.com/hsbc-350-750-checking-bonus-direct-deposit-is-required/

Duke I.
Duke I.

I must have missed it. I just sent myself a link to remember to open in December.

bax
bax

Branch manager wouldn’t open the account for a sole proprietorship without proof of registration with the state, even though agreeing the secretary of the state doesn’t require such registration for sole prop. and after messaging with his internal “buddy”. Claims HSBC is relatively new to the small business banking world, which shows, because that requirement is utterly ridiculous.

I’m going to write a scathing email to their corporate about this nonsense.

bax
bax

They still want tax return(s) with Schedule C in the absence of DBA. **** that.

AD
AD

Yeah, I showed the guy at the branch in CA that CA doesn’t require that and he insisted “yes, were regulated at the federal level.” Huh?

Joe
Joe

“Register and log onto HSBCnet within 30 days of account opening”
Is HSBCnet free to use?
Anyone use it before?
Thanks.

bax
bax

I was told it’s free, but it requires a hardware token as part of logging on.

Avi
Avi

The teller described it to me as the business version of their online banking. It requires a physical key generator that comes with the account.

Avi
Avi

This was relatively quick to open as business accounts go. Took about 30 minutes, and the only document they required from my sole proprietorship was my state DBA registration because the account will be in my business’s name and not my own. I was told the account will take a couple days to actually open, at which point they’ll deposit the check I left with the banker. The fine print on the promo card I received differs from the text you have above in that it states, “Customers who held any HSBC business account (including but not limited to loans and credit cards) from January 31st, 2018 through and including September 7th, 2019 are not eligible for this bonus.” Note that you can’t receive the bonus if you had a business account from January 31, 2018 and not 2019.

Avi
Avi

The banker called me two business days after applying to let me know my account is now open and the check has been deposited.

IS250
IS250

1. Chex/EWS – Unsure
2. Applied in branch with just my SSN as a sole prop. Didn’t need any documents. Your account is not opened right away. You apply, it gets processed, and then you’ll know whether your account is approved or not a couple business days later. Because of this, no opening deposit required. If your account is approved, then you have 30 days to fund the account.
3. They are a bit intrusive about your “business” but nothing you can’t handle if you know what you’re doing.
4. ETF – $25 180 days
5. The terms state the bonus will be paid “approximately eight weeks after completing all qualifying activities.” It does NOT say “within eight weeks.” So it makes me believe this will take a full 6 months to get the bonus but that times well with the 6 month ETF.
6. Debit card will be mailed.
7. HSBCnet is just their online account management for business accounts. There’s no fee. The only difference is that they’ll give you a RSA token for logins.

Roger
Roger

IS250 can you please let us know what branch this is ?

RY
RY

Similar DP: I applied in SoCal and they told me initially they only want business owners that have a DBA and company documents on hand. All I had was an EIN but they eventually said they will try to apply for me anyway.

Took about 20 minutes and they submitted the application for me. I should know within a week if I’m approved. They said I may need to submit docs to prove my business is legit.

AD
AD

In LA? Mind sharing which branch?

CW
CW

IS250 Any update on the application status?

IS250
IS250

Update: My account was approved and opened 3 business days after applying. This means they are not Chex or EWS sensitive (if they pull either/both).

roger
roger

My Fusion bus acct was approved and opened 3 business days after applying, in N Virginia. I applied as Sole Prop, they only checked my DL as I had no other docs :-). You’re basically keeping $5k for 6 mths, 14% return on your money!

Jim
Jim

Just applied in branch as sole prop. Same experience as IS250

Electronic copy of the promotion flyer notes 12 weeks —

https://i.imgur.com/SBVAEIc.jpg
https://i.imgur.com/EQP2j6C.jpg

Jim
Jim

Sorry, typo — I meant 120 days, not 12 weeks

Jim
Jim

10/25 applied
10/29 approved

My banker noted I’d have to wait for my HSBCnet security token before getting online access, which may take 1-2 weeks. For now, I’m going to establish ACH with phone representatives for the trial deposit and make the $5k ACH push.

Reading the terms/disclosures, the Fusion First does have the same $25 ETF as their personal accounts William Charles

https://www.business.us.hsbc.com/-/media/library/markets-selective/usa/pdfs/hsbc-fusion-first-06-2018.pdf

roger
roger

Jim can you please indicate which state and was your acct Sole prop?

Jim
Jim

I’m in northern California.

Chris
Chris

Take note that this Bank has an incoming ACH charge of $15 when depositing into the business fusion checking account.

Diego Dogs
Diego Dogs

My rate sheet says:
Funds Transfer-In $15
Funds Transfer-Out-HSBCnet $15
Funds Transfer Out-Branch $30
Originated ACH – HSBC Account $.10 each
Originated ACH – Non HSBC Account $.15 each

What is the difference between a Funds Transfer and an ACH?

AD
AD

Wow, that’s steep. How do you plan to fund?

Avi
Avi

I funded with a good old-fashioned check, for which there was no fee.

AD
AD

Ok, cool, at least they don’t have some crazy restriction on that. Never heard of individual ACH fees being that high.

bax
bax

Well, they have to finance the hefty fines they had to pay somehow.

AD
AD

just applied. rep said that fee page needs updating… Those fees are for international, domestic is free.

IS250
IS250

If you’re still waiting for your security token like me (been 2 weeks for me), they said they have a backlog and I’m still in queue to get it. I’ve received everything else already including my login credentials but you can’t register without the security token.

They said it will take another 1-2 weeks. I’m wondering if they’re “delaying” this since one of the requirements to get the bonus is that you have to register for HSBCnet within 30 days of account opening.

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