[MI & OH] Monroe Bank & Trust $350 Business Checking Bonus + $250 Per Referral (These Stack)

Offer at a glance

  • Maximum bonus amount: $350 for new accounts and $250 for every account you refer
  • Availability: Michigan and Ohio only, you need to open the account in branch. Branches in Bedford, Carleton, Dundee, Erie, Flat Rock, Ida, Lambertville, Milan, Northville, Petersburg, Plymouth, South Rockwood, Taylor, Temperance, Tecumseh, Trenton, and Wyandotte
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • Credit card funding: Unknown
  • Monthly fees: None
  • Early account termination fee: 90 days, otherwise bonus is forfeit
  • Expiration date: None listed

The Offer

Direct link to offer

  • Open a new Monroe Bank & Trust business checking account and you’ll receive $250 when you activate eStatement, online bill payment, and eBusiness Access, you’ll receive an additional $100 if you activate one of the following services:

To open an account you need to call 1-800-321-0032 or visit any MBT branch.

Referral Bonus

  • If you’re an existing customer, you can also refer other businesses. You’ll receive $250 when they open a new business checking account and complete the requirements. They will also earn the above $350 bonus. To refer somebody you need to complete the following steps:

Feel free to share your contact details (e-mail address) if you want to refer other readers to this offer.

 

The Fine Print

  • Bonus will be deposited within 90 days after account opening ($100 bonus will be added within 90 days after activating the qualifying service)
  • Bonuses are available to new MBT customers only (apart from the referral bonus)
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Your best bet is to open the Basic Business Checking account, which has no monthly fees or minimums. There is no early account termination fee but you’re required to keep the account open for 90 days to receive the bonus in full.

Our Verdict

This is a great bonus, but keep in mind you’ll need to go into one of the branches to complete your application, the bonus is even better if you’re able to find somebody to refer you that’ll split the bonus (which would make it almost $500 in value). The big problem is we don’t know whether it’s a hard or soft pull to open, it should just be a soft pull because it’s a business checking account but no guarantees. You should be able to find this out before you apply in branch.

If you have any experience with this bonus or want to share your referral information in the comments then please do so below. As always I’d recommend having a look at our best bonus page first and of course we’ve added this bonus to our complete listing of checking promos.

Direct link to offer

Hat tip to Maximizing Money
    William Charles
  • On July 7, 2015, 12:45

View Comments (14)

    • Undoubtedly, the referral bonus is very large for almost no work. I would be happy to share a large portion of it with the individual doing the work of signing up their business.

      The main problem is that there is not a nice system in place to track referrals. So if you would like to split the referral side of the bonus, we’ll have to look at it as something of an experiment. We’ll probably need to exchange some documentation, and I may also need to query the bank for verification depending on the timing.

      If we can produce reasonable proof, I would be happy to share an additional $100. [$250 (Total) - $75 (for taxes) - $75 (for me) = $100 (for you)]

      Again this is somewhat experimental, I can’t guarantee everything will work out, but I’m happy to share the referral side of the bonus.

    • Some more info:

      I can confirm no hard credit inquiry (checked Credit Karma and FreeCreditScore.com).

      I walked through the additional services with the representative, couldn’t find anything worth activating (for a startup business) to earn the extra $100. Most services have at least $XXX startup costs, and the visa commercial card probably has a hard pull and a $10 yearly fee.

      But $250 is a nice bonus for a no fee business checking account with no requirements.

      • Looks like there is also a $100 MB&T personal checking account bonus mailer being sent out.

        Perhaps even below the borderline (with the $250 DD requirement), but perhaps a nice stack if already going into branch for the business account.

        I would post, but can't locate it online - it was a RedPlum mailer.

        • Sorry forgot to inquire [will start a checklist to remind myself]. A friend at work may be interested, hopefully he can get info.

          Will, on an unrelated note I never received an email with this comment, though nearly certain I'm signed to receive comments on this post. Guess not important unless others experiencing similar behavior.

  • Ah, I see you have already sent me an email, Corey. I just sent you a reply.

  • I could really use a referral for this bonus since it seems that is the only way to be eligible.

    • Corey, for a referral, please email me : judyshapiro AT yahoo DOT com

      Or, post your contact information here, and I will contact you.

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