Offer at a glance
- Maximum bonus amount: $500
- Availability: MI, IN, OH In Branch
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: None
- Expiration date: None
Contents
The Offer
- Flagstar Bank is offering a bonus of $500 when you open a new business checking bonus and complete the following requirements:
- Have at least $5,000 in deposits within the first 90 days
- Have 10 qualified transactions within the first 90 days
The Fine Print
- Must be a new business checking customer of Flagstar Bank.
- Minimum $100 deposit to open business checking account.
- New business checking account must remain open for at least 90 days, have deposits of at least $5,000 in the first 90 days, and have at least 10 qualified transactions within the 90 day period (qualified transactions are debits, paid items, credits, and deposited items).
- If these conditions are met, a $500 bonus will be deposited into the qualifying business checking account 91-100 days from account opening and will be labeled “Descriptive Deposit Promotional Credit.”
- The new business checking account must remain open for a minimum of 180 days or an early account closing fee will be assessed along with the $500 repayment.
- This offer is limited to one bonus per customer.
- This offer cannot be combined with any other bonus offers.
- Personal Flagstar checking accounts do not qualify.
- Flagstar Bank employees are not eligible for this offer.
- For tax purposes, the customer will receive an IRS form from Flagstar.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Standard business checking has no monthly fees to worry about
Early Account Termination Fee
Account must be kept open for 180 days otherwise an early account termination fee will be charged and bonus must be repaid.
Our Verdict
There is also a $250 personal checking bonus that is available. Definitely think this $500 business bonus is worth doing, but currently don’t know what business documents are required. If anybody goes for this bonus then please share your experiences in the comments below.
Hat tip to reader Tracy
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
