[MI, OH, In Branch only] Independent Bank $500 Business Checking Bonus

Offer at a glance

• Maximum bonus amount: $500
• Availability: MI, OH
• Direct deposit required: No
• Additional requirements: See below 
• Hard/soft pull: Soft pull
• ChexSystems: Unknown, sensitive
• Credit card funding: Up to $1,000
• Monthly fees: None 
• Early account termination fee: $10, 60 days
• Household limit: None listed 
• Expiration date: None listed 

The Offer

Direct link to offer

• Independent Bank is offering a $500 bonus when you open a new Eagle Advantage business Checking account and complete the following requirements: 
  • Earn $250 when you deposit $3,000 in new money within 30 calendar days of account opening and maintain that $3,000 as a minimum balance for a minimum 90 calendar days.
  • Earn $250 when you swipe your new debit card 20 times within the first 90 calendar days of opening your account.

The Fine Print

• Subject to 1099-INT reporting.
• Offer paid out within 120 calendar days of qualification for each individual bonus.
• Valid for new checking account customers only.
• Cannot be combined with any other offer.
• Account must be in good standing to receive the bonus. Offer Begins February 20, 2025 and is subject to change or termination 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 a $15 monthly fee. It can be offset with earnings credits, but I don’t see how these are actually earned. 

Early Account Termination Fee

$10 if closed within 60 calendar days.

Our Verdict

I suspect they will be strict with what businesses qualify, but I might be wrong. There is also a $200 personal checking bonus. 

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