Posted by William Charles on October 17, 2018
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Published on October 17th, 2018 | by William Charles


[In-Branch only] Wells Fargo Business Checking $1,000

Update 10/17/18: Reposting as the $500 bonus has been pulled early. I’d get this $1,000 bonus done sooner rather than later if you’re interested in it.

Offer at a glance

  • Maximum bonus amount: $1,000
  • Availability: Account must be opened in branch. [Branch locator]
  • Direct deposit required: None
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Mixed reports
  • Credit card funding: None available in branch
  • Monthly fees: $40, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: December 31st, 2018

The Offer

No direct link to offer, in branch only

  • Wells Fargo is offering a bonus of $1,000 when you open a new platinum business or analyzed business checking account and complete the following requirements:
    • Deposit $25,000 or more into the new business checking account within 10 days after account opening
    • Have a $25,000 minimum balance in your new business checking account on day 180 after account opening
    • Make 10 or more qualifying transactions by Day 180 (see below)

The Fine Print

  • Eligibility: Unique bonus offer code can only be used once.
  • You cannot be:
    • A current owner of a Wells Fargo business checking account.
    •  A Wells Fargo team member.
    •  The recipient of a business checking bonus in the past 12 months.
  • Bonus Qualifications:
    • Open a new Wells Fargo Platinum Business Checking or Analyzed Checking Account in a branch by December 31, 2018.
    • Fund the new business checking account with a minimum opening deposit of $25.
    • Within 10 days of opening your account, deposit $25,000 or more into the new business checking account, and
    • Have a $25,000 minimum balance in your account on Day 180, and
    • Make 10 or more qualifying transactions that have posted to the new business checking account by Day 180:
      • Debit card purchases/payments*
      • ACH – Automated Clearing House (credits and debits)
      • Checks paid from your new account (deposited and cashed)
      • Mobile deposits**
      •  Wires (credits and debits)
      • Wells Fargo Business Bill Pay or Direct Pay
  • Bonus Payment:
    • We will deposit the bonus into your new business checking account within 30 days after meeting all offer eligibility and requirements.
    • Business checking account must remain open to receive the bonus amount.
    • You are responsible for any federal, state, or local taxes due on your bonus, and we will report the bonus amount as income to the applicable tax authorities as required by law. Consult your tax advisor.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

They don’t list the fees for the Analyzed account, so I assume the Platinum account is your best option. This has a $40 monthly fee that is waived if you do either of the following

  • $25,000 average balance, OR
  • $40,000 in combined balances (business checking, savings, CDs, and credit)

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

Best previous offer has been $500 and that is still available. That bonus is easier to meet the requirements for and easier to keep the account fee free. That being said, this is an extra $500. For this bonus you are realistically going to need the $25,000 deposited for 210 days (180 for the requirements and further 30 for the bonus to post). Still a great return if you have a spare $25,000. We will be adding this to our list of the best checking bonuses.

Big thanks to reader, NIL who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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Based on my experience, you need to open through a Business Specialist in the branch. Best to make an appointment in advance. Also: For single member LLCs, they want something to prove 100% ownership by you. I created a LLC operating agreement (didn’t have/need one previously), they accepted that.

Am i right in saying this looks to be a 6-7 percent APR for keeping 25K for 7 months?. Not that great when one can split that 25K across multiple banks offering bonus for keeping lower threshold of money. Works for those that have spare cash after doing all other banks.

NBG this is far simpler (10 total mobile check deposits or debits and maybe 45 min in branch -i agree about scheduling appt. Multiple banks = multiple possoble EWS/Chex’s – I didn’t see either for the acct I opened this past spring an checking bonus was paid quickly (CC is a different bonus timing posted 4X a year) . This is a no brainer wish I was’nt barred by 12 month language.

It actually sounds as though you could pull the $25k out so long as it’s back in by day 180. Even with a 2% account, you’d be earning more per month than the $40 fee (and they will likely forgive that the first month or 2). I’m torn between this and the $500 offer.

This is good for someone/ a business with excess cash lying around or someone who wants to take a break for the next 6-7 months while still earning a good rate. For the rest of us, I think the $500 bonus for 2k over 3 months is a better deal

If it weren’t Wells Fargo I’d consider it. I have my SEP contribution sitting in my business MM, don’t need it until April 15 at latest.

If there are no specific reasons other than ethics to avoid them, I would suggest to consider it as business and put your money to work for the time being. Just make sure your account is completely closed at the end. I used to be a Chase super fan until I called to speak to a CSR for an account issue & despite my long years banking with them, I was coldly told their decision was nothing personal, just business. Since then, I have stopped caring too much about these banks & just go ahead & get what is available for me so long as it is legal.

Do you actually need to leave the 25k in there the full 6 months? Or can you just put it in, move it out, and move it back in a few days before the 180 mark?

You need it there in order to waive the $40 monthly fee.

But I assume it would still qualify for the bonus, if you are willing to eat the fee. The language used in the T&C make that quite clear. Hancock Whitney bonuses (used to) operate in a similar fashion.

Bodiddely However, assuming that the first month’s fee is waived, you’d then be eating 5x$40 = $200 in fees if you put the $25k back in on Day 179. Considering that the entire $1000 bonus is taxable income (and it would be difficult to argue that the $200 in fees is an expense that can be written off), if you were to eat the fees, you’d end up with just a little more profit than you’d get from the $500 bonus (which is fee-free w/ $500 monthly balance), depending on your tax bracket. Not to mention that the $500 bonus is 60 days vs. this offer’s 180 days.

I guess it would indeed still be worth it to do this though, if you can find a productive way to use that $25k during those 176 days (accounting for some ACH processing time). In practice, it’s probably more effort than it’s worth.

It’s an extra $300 for some extra work. True, it depends on your brackets and how much you value your time, but I actually think this method (eating $200 in fees) is more worthwhile for many people.

In practice, I seem to remember that they don’t charge for the first 60 days, so it’s actually only $120 in fees anyway, which further tilts the equation

Hmmm I tried to open a biz checking last week for the $500 bonus, but there was a problem with the signatures so I didn’t get the account open. The banker was going to try to open it for me, but it’s still not open. I’ll have to call the banker tomorrow. Should I try it again with a new app for this $1000 bonus?

Why would it be difficult to argue the $200 is an expense that should be written off? I didn’t need to Google the following, as I considered it common sense. However this is so obvious, I figured a simple citation would be easy to find.

Now the difference from the cited situation would likely be that you aren’t actually using the account for your business, you are using this account for your “Hobby business” of signing up of checking account bonuses. In that case it would be a misc deduction that you could only claim subject to the 2% thresh-hold and only if you are itemizing. But this is really all moot if you have a real business. I don’t see trying out an account for 180 days to see if you like it unreasonable to any accountant or IRS auditor. (Not to be interpreted as legal advice.)

Personally I would just leave the 25K in the account, but not everyone has that liquidity. I agree that the $500 is certainly the better bonus regarding use of funds..

“Charges imposed by banks for business accounts are tax-deductible expenses.”

While I do have a real business, there’s no way in hell I’d switch over a significant chunk of the connections on my current business account to this new WF account, especially not if I intend to continue churning WF biz checking bonuses in the future. Sure I guess I could pretend like I’m trying it out by using the debit card for actual business expenses and ACHs a couple times, but it won’t be fun to explain in the case of an audit considering that I don’t pay any fees on my (far superior) existing business account. The risk isn’t worth the money saved for me.

On a different note, your fine print says “Eligibility: Unique bonus offer code can only be used once” but there isn’t a direct link to the offer page that can generate this offer code, unlike with other recent in-branch WF offers.

Where would we be able to obtain these unique offer codes, or must we trust the banker to be able to do this for us in-branch? (In that case, calling ahead to confirm would probably be a good idea.)

In my case, I saw the banker generate the code and then apply it to my application.

Can you send me that banker’s info? My banker says he can’t do it.

When I applied for ein, the form they sent says
Your Name Here – SOLE MBR
Business Name Here

That, and the Certificate of Formation is all I ever need.

Glad I jumped on the $500 bonus, 2k vs 25k is a big diff

$500 bonus is still available, thru Nov 15, like Doc mentions in the post.

Are we sure it’s still available?

What is MBR?

do you need special bussines documents to open a wells fargo business account? also my chase bonus posted and i pulled out all the money and then chase closed me down 30 days later before the 6 months passed in order to kepp the bonus is there a chance i would get reported to chex systems?

What do you mean keep the bonus ? Bonus clawed back ?

For comparison, the opportunity cost $25k for 210/365 day at 1.85% APY is $266. The opportunity cost at 2.20% APY is about $315.

Do I need to have a real business or anyone can apply? What kind of documentation do we need?

WF business documents requirements:

I opened a business account for the $300 bonus and needed no documentation. Sole proprietorship in my own name in NY.

Editing from an incorrect thread post earlier.

I feel like I missed out when I did the $300 business checking from earlier in the year.

Agree this is not the best ROI, but look at the amount of cash you get for the deposit.

Some of the comparable options are below, but this one of the largest in term of absolute bonus value.

Wells Fargo $500 Business Checking for depositing $2K for 3 months
Huntington $750 Business Checking for depositing $25K
Huntington $400 Business Checking for depositing $5K

Capital One 360 $500 MM Savings for depositing $50K
Chase $300 Savings for depositing $25K for 3 months
HSBC $750 Checking for depositing $100K for 3 months
HSBC $350 Checking for depositing $10K for 3 months

On a side note, untapped opportunity

Having $25k in a Biz DDA for six months makes you a Bankable Business entity – if you do this it’s worth taking the other steps to truly establish business credit that doesn’t require a PG.

What exactly does it mean to be a bankable business entity? Is this a WF thing only? What are the other steps to truly establish business credit? What are the advantages? I assume PG means personal guarantee?

What do you mean by a bankable business entity?

I went to two different WellsFargo branches in the bay area (Northern Cali) and all the bankers there couldn’t find this offer. They said the only offers available are via direct marketing with codes. I guess I’ll have to do the $500 offer instead. Is there another way to pull up this offer that the reps are unaware of?

Bankers should have printed offer codes (at least my branch in North Carolina had them). They weren’t “generated” online within a Wells Fargo system. It seriously was a yellow folder with “personal / confidential” on the outside of the folder. When the banker opened it up there were 5 total offer codes (which is supposedly how many each location received).

Can’t help but think about the “good leads” from Glengarry Glen Ross.

My Wells Fargo branch said this is targeted and I would have to bring in a promo code for them to make this offer available to me.

And your state is?

Called 5 different Manhattan branches (NY) they all said, all promos are online OR direct email OR mail. Sometimes they have in-branch offers but very few. They don’t have any ongoing business promo for now in-branch.

My banker couldn’t generate the bonus code, said it was a targeted thing within an email. She even opened the checking account for me but could not complete the bonus offer of $1000. Disappointing, wish the statement that suggested that the codes could be generated “in Branch” had been left out and the mention that one had to receive a targeted email was highlighted. What a waste of time for both my banker and me.

what state are you in? Yeah, business managers/business specialist said they cannot generate anything… only sometimes when it’s real ongoing branch promotion they may generate the code.

Pennsylvania, sigh….

Do churches qualify for a business bank account?

Am i disqualified from this if i have a Personal acct with WF? My biz is a sole proprietorship in my name.

You should be eligible. The documentation I received noted that you cannot be the owner of a WF Business Checking Account. I’m a sole proprietor operating in my name.

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