Offer at a glance
- Maximum bonus amount:Â $250
- Availability:Â MA & NH
- Direct deposit required:Â No
- Additional requirements:Â See below
- Hard/soft pull:Â Soft
- ChexSystems:Â Unknown
- Credit card funding:Â None
- Monthly fees:Â None
- Early account termination fee:Â Six months, bonus forfeit
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- Stoneham Bank is offering a $500 referral bonus to both parties when a new business checking account is opened and the following requirements are met:
- Enroll in online banking
- Have a StonehamBank debit card
- Maintain a daily balance of $10,000 or more in the new checking account.
The Fine Print
- The referring customer must have an existing StonehamBank business checking account. For the referring business customer to receive the Refer a Business bonus, the newly referred business checking customer must meet all offer requirements.
- By participating in this
program, each party may be aware that the other is a StonehamBank business customer. - To qualify for the $500 Refer a Business Bonus: The newly referred business checking customer must open a StonehamBank Business Free or Optimum Advantage Business Checking account at a StonehamBank location or through video banking.
- Within 90 days of the account opening date, the newly referred business customer must: enroll in online banking, have a StonehamBank debit card, and maintain a daily balance of $10,000 or more in the new checking account.
- Transfers between StonehamBank accounts and accounts at other financial institutions or brokerages do not qualify.
- The referred customer must provide completed Refer a Business paperwork upon account opening and must not have any existing or prior business checking accounts with StonehamBank within the previous 12 months.
- Once the offer requirements are met, the $500 bonus will be credited into the new business checking account and the referring customer’s business checking account within 120 days from the new account opening date.
- Both accounts must remain open, active, and in good
standing to receive the bonus. - In the event of the checking account’s closure by the referrer, referee, or StonehamBank within 6 months of the account opening,
- StonehamBank reserves the right to deduct the bonus amount from any of the involved accounts upon closure.
- StonehamBank may issue an IRS Form 1099-INT or other appropriate forms reporting the value of the bonus. The offer is subject to change and may be withdrawn at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
This account has no monthly fees to worry about.
Early Account Termination Fee
Account must be kept open for six months or bonus is forfeit.
Our Verdict
You can share your referral details in the comments below. Great bonus, especially if you can refer some businesses as well.
Hat tip to snailrock
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Bank Bonus Posting Times
