[MI, IN, OH In Branch] Flagstar Bank $500 Business Checking Bonus

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

The Offer

Direct link to 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:
    William Charles
  • On November 11, 2019, 20:04

View Comments (16)

  • They closed my account randomly and said it was never supposed to be opened. Ive had issues with this bank in the past, nothing but trouble dealing with them. Avoid.

  • Had no problems opening in branch in MI. They wanted articles of organization for my LLC, and a copy of my EIN letter. They also asked a bunch of questions about whether I did international business or would make large cash deposits, etc. Similar to questions I get asked any time I open a business checking. No DP on bonus yet, just opened on 1/29/2021.

  • Was unable to open an account in Michigan. In person branch stated I was "flagged by their fraud team", which I can only presume means they are chex sensitive.

  • When following the link online and filling out their: "Get started online" info it directs to a "page not found" screen. Is this expired?

  • I signed up with just DBA, driver's license, and a credit card with my name on it. It took a lot longer time (30 minutes) sitting with the bank rep than what I would have preferred. The people in the branch were very nice and this account has no fees, so I think I'll stick with them unless they screw something up. I may actually move my main personal checking to these guys too.
    FWIW, this bank is certainly behind the times with their IT department. Guess a smaller bank just can't hire the necessary people like BofA and Chase do.

  • I recently completed the $250 personal bonus and today signed up for the $500 business bonus. Required standard info (articles of incorporation, income, gross, address, SSN, nature of business, employee count, etc). Flagstar is actually super easy to deal with. If they had more account bonus options (a la Chase) I’d use them more frequently. Nevertheless more than happy with the quick $750 from them.

    • Thanks for this info. I have received the personal $250 bonus too... theres no conflict here with the "cannot be combined with any other bonus offers" since they are both in my name? Thanks

  • Spoke to a banker in-person. They require a lot of documentation for a sole prop. Have to be registered with your respective state. DBA depending on the business name. Etc, etc. Other banks such as Chase and Huntington are much easier to work with -- just your SSN. If it wasn't for the paperwork hassle, it does seem like a pretty decent offer.

    • DBA alone is not "a lot of documentation". You can get one in like 30 minutes at your county clerk for ~$10, and use it for all biz apps in the future. Much more problematic are banks which want tax-returns/proof of legitimacy.

    • If the hurdles weren't so steep, I'd drive to their branch in Kenosha or Chesterton to open personal + business for $750 total bonuses.

      • I would also stop when returning from Chesterton at CIBC Little Village for their $400 personal bonus.

  • Is the deposit requirement cumulative: can I deposit $1,000 and then withdrawal and repeat 4x more times?

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