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Offer at a glance
- Maximum bonus amount: $500
- Availability: In branch only, all branches are in MN [Branch locator]
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: $8, avoidable
- Early account termination fee: Unknown
- Household limit: None listed
- Expiration date: December 31st, 2019
Contents
The Offer
- Bank of Elk River is offering a bonus of $500 when you open a new business or commercial checking account and complete the following requirements:
- Open with a minimum opening deposit of $1,000
- Maintain an average ledger balance of $5,000 for 90 days
- Sign up for online banking & eStatements
- Complete 15 transactions with the account within 90 days of account opening
- You can also get a smaller $250 bonus if you maintain an average ledger balance of $2,500 for 90 days
The Fine Print
- To qualify for the $500 bonus, you must open a new Bank of Elk River “Business Checking Account,” “Commercial Checking Account,” or “Commercial Checking Account with Interest” with a minimum opening deposit of $1,000 (not including the $500 bonus) by December 31, 2019 and maintain an average ledger balance of $5,000 for 90 days.
- To qualify for the $250 bonus, you must open a new Bank of Elk River “Business Checking Account,” “Commercial Checking Account,” or “Commercial Checking Account with Interest” with a minimum opening deposit of $1,000 (not including the $250 bonus) by December 31, 2019 and maintain an average ledger balance of $2,500 for 90 days.
- In addition to the conditions listed above, you must also sign up for Online Banking, eStatements and complete 15 transactions with the account within 90 days of account opening to receive the $500 or $250 bonus.
- Bonus will be deposited on or before April 3, 2020 upon meeting requirements.
- Offers are subject to change without notice and cannot be combined with any other offer. Limit one $500 or one $250 bonus per business.
- Customer will be sent a 1099 for appropriate bonus amount at year-end. Offer valid through December 31, 2019.
Avoiding Fees
Monthly Fees
The business checking account has a $8 monthly fee, this is waived if you have a $1,000 minimum balance.
Early Account Termination Fee
I wasn’t able to find a fee schedule so I’m unsure if there is any early account termination fee or not.
Our Verdict
Still need to find out if this is a hard or soft pull to open. There is also a $100 personal checking account bonus that you could do at the same time. If anybody goes for this bonus then please share your experiences in the comments below. For now we won’t be adding it to the best bank account bonus pages.
Hat tip to reader EW
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- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
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- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
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- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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