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Offer at a glance
- Maximum bonus amount: $300
- Availability: Business mailing address must be in Kentucky. Looks like you need to open in branch [Branch locator]
- Direct deposit required: No
- Additional requirements: Make cumulative deposits of $1,500 within 30 days of account opening
- Hard/soft pull: Hard pull
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $25, avoidable
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: March 31st, 2019
Contents
The Offer
- Members Choice Credit Union is offering a bonus of $300 when you open a new Simple business checking account and complete the following requirements:
- Make cumulative deposits of at least $1,500 within the first 30 days
The Fine Print
- You must be a new Members Choice Credit Union business checking member. To be considered a new business checking member, the business cannot have an existing Members Choice Credit Union business checking account with the with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN), prior to promotion start. Existing business checking members are not eligible for this offer. Public Fund and IOLTA accounts are not eligible for this promotion. The business member cannot have closed a business checking account within 180 days of the promotion start date (on or after 1.10.2018). The business account holder must be 18 years or older at time of account opening. The account holder cannot be a non-resident alien. Employee-designated accounts are not eligible for this promotion.
- The new business checking account must remain open and in good standing with a
minimum balance of $0.01 until the reward is processed in order to receive the reward. - The business must be registered within the U.S. with the account’s mailing address in Kentucky and have a valid U.S. TIN or EIN.
- Qualifying deposits for new business checking accounts exclude debit card (credit) transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The simple business checking account has a $25 monthly fee if the average daily balance is $250 or less.
Early Account Termination Fee
I wasn’t able to find a fee schedule, so I’m unsure if there is any early account termination fee or not.
Our Verdict
Seems like a fantastic bonus, the requirements are easy to meet and even though the monthly fee is $25 it’s exceptionally easy to avoid that fee. If it’s a soft pull and you have a business in KY near a branch then I’d say this is definitely worth doing. As always if you have any personal experiences with this bank then please share them in the comments below.
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