Posted by William Charles on September 9, 2019
Bank Account Bonuses

Published on September 9th, 2019 | by William Charles

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[IL, IN, KY, MI, MN & WI] Old National Bank $1,100 Business Checking Bonus

Offer at a glance

  • Maximum bonus amount: $1,100
  • Availability:  IL, IN, KY, MI, WI, MN
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Up to $500, can fund with American Express, Visa & Mastercard
  • Monthly fees: None
  • Early account termination fee: $25, 180 days
  • Household limit: None
  • Expiration date: November 30th, 2019

The Offer

Direct link to offer

  • Old National Bank is offering a bonus of up to $1,100 when you open a new business checking account. Bonus is as follows:
    • Deposit and maintain the balance for 60 days:
      • Deposit $5,000 and earn $300
      • Deposit $15,000 and earn $500
      • Deposit $25,000 and earn $700
    • You can also earn $100 for each of these services you add:
      • ONB Express Deposit
      • Check Positive Pay
      • Merchant Services
      • Business Credit Card

The Fine Print

  • From August 26, 2019–November 30, 2019 open a Free Business Checking (not available in WI), Essential Business Checking (only available in WI), or Business Partner Checking with a minimum deposit of $50.
    • To earn the $300 bonus: Account Current Balance of $5,000 on day 30 AND maintain that balance for an additional 60 days (days 31-90)
    • To earn the $500 bonus:Account Current Balance of $15,000 on day 30 AND maintain that balance for an additional 60 days (days 31-90)
    • To earn the $700 bonus: Account Current Balance of $25,000 or more on day 30 AND maintain that balance for an additional 60 days (days 31-90)
  • Current Balance will be based on the end of the 30th calendar day the account is open; and for the next 60 calendar days (days 31-90); and will be determined using Old National’s Funds Availability Policy.
  • To qualify for additional $100 Cash Bonuses (up to an additional $400), client must (1) meet all requirements for checking cash bonus AND (2) within 90 days of account opening, enroll and complete one ONB Express Deposit transaction into the business checking account, execute a signed service agreement for Check Positive Pay and/or Merchant Services, and/or be approved for a new Small Business or Commercial Credit Card.
  • If client does not qualify for checking cash bonus, they will not be eligible for additional cash bonuses. Purchase of remote check scanner required for Express Deposit; additional restrictions apply.
  • Monthly and transaction fees for Merchant Services apply; credit- and debit-card acceptance service is subject to credit approval by Elavon, a third-party service provider.
  • Small Business and Commercial credit cards, subject to credit approval, are issued by First Bankcard®, a division of First National Bank of Omaha, pursuant to a license from Visa U.S.A., Inc. VISA is a registered trademark of Visa International Service Association and used under license.
  • New credit card owners Tax Identification Number (TIN) must match TIN/SSN on new checking account to qualify.
  • Offer is not available for clients with an existing Old National business checking account or business checking accounts closed on or after January 1, 2019; additional bonuses available for new services and cards only.
  • Other restrictions may apply, see bank for details.
  • Limit one bonus per TIN/SSN.
  • Account must be open and in good standing at the time the incentive is paid.
  • The qualifying bonus(es) will be credited to your Old National business checking account within 45 days from the end of the month in which you complete all offer requirements
  • . Bonus may be reported on IRS Form 1099-INT. Old National reserves the right to discontinue offer at any time. Not valid with any other Old National offer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Free business checking has no monthly fee to worry about (available in all states apart from Wisconsin). Essential business checking account is required in Wisconsin, not sure if this has a monthly fee or not.

Early Account Termination Fee

There is an early account termination fee of $25 if closed within 180 days.

Our Verdict

Definitely worth doing, although I don’t think the additional $100 bonuses are worth it (credit card will be a hard pull, merchant services are never worth doing. Other two might be worth it). I’ll be adding this to our list of the best business checking bonuses.

Useful posts regarding bank bonuses:



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ay
ay

Damnit… Illinois really gets the best bank bonuses…

Shane
Shane

I’m missing something critical here but how does one open the account? I assume if there is CC funding there is online opening available but I don’t see a link.

Dom
Dom

Looks to me like you have to call or go in branch

MickeyMouse
MickeyMouse

So do you need to have the 5k in the account the whole time? It seems like the wording says you could take the money out and put it back in on the 29th day. Even if that’s true what about days 31-90?

PD
PD

I interpret it as the $5K/etc has to be in from day 30-90 and days 1-29 don’t matter either way, excepting making an initial opening deposit.

MickeyMouse
MickeyMouse

Thanks

Tony
Tony

Based on the link, you’ll have to deposit the money by day 30 and maintain that balance for days 31-90.

evilmonkey
evilmonkey

Kind of a dumb question probably, but does anybody know if you can sign up for these bonuses if you live in another state but go to the state that has a branch to sign up? I don’t live in MN, but get there every couple of months, so was kind of wondering if it would work

Peek

I have thought about this when traveling but always assumed that they would expect your license to be in the target state. Maybe if you told them you were moving there they would let it go? I’d be curios to know if anyone has ever done this.

AD
AD

I’ve definitely done that for other banks and it’s worked. But each one is different. Would love to know about this one!

FindingMyPossible
FindingMyPossible

Should title also include WI?

Chris H
Chris H

Do they have a history of pulling offers early or rewarding early?
– Of course all offers have generic fine print that they may pull early. Regardless of history I suppose an offer this good always carries a high risk.

—-
I am looking at some fairly negative tax consequences if this hits this year. It looks like anytime after Oct 3 that the earliest I could get the bonus would be Jan. (The desirable outcome.)

adam d
adam d

I did their personal bonus last year, no problem getting the bonus. These additional $100 arent worth it “Purchase of remote check scanner required for Express Deposit; additional restrictions apply.'” what is check positive pay?

David Ann Arbor
David Ann Arbor

OMG! There’s three bank branches in Ann Arbor!

Thom
Thom

user name checks out

were you able to open one? if so, did you go to a branch or did you find a way to do it online? thanks.

Ryan
Ryan

Not Chex sensitive. I have 20+ new accounts in the last year and was approved.

Almost did the biz credit card for the extra $100 but was told that could take a while to do.

It’s basically 11% interest if the money is in the account for 90 days, which is a great return.

bax
bax

Do they accept applicants from outside their footprint states?

Ryan
Ryan

Can’t say. From IL. Applied in WI.

Thom
Thom

In branch or online?

Ryan
Ryan

Branch.

wendy
wendy

Stoped by a branch in Minnesota metro area, and was told I need documents to show that I have a business even though MN doesn’t require any paper work for sole proprietorship and I do have a business under my own name. Anybody else successfully opened an account as sole proprietorship?

bax
bax

Opened in Indianapolis as sole prop with out-of-state ID and no biz docs. Took a while since the banker needed to create three profiles.

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