Posted by William Charles on September 15, 2019
Bank Account Bonuses

Published on September 15th, 2019 | by William Charles

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[MN, In Branch only] Bank of Elk River $500 Business Checking Bonus

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

The Offer

Direct link to 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

Useful posts regarding bank bonuses:



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Joe
Joe

Excited for this one, let’s hope they don’t pull it early

projectx
projectx

I’m surprised this isn’t being added to the best bank bonus page. Even if it’s a hard pull, for $500 this is about as easy as it gets.

Joe
Joe

It’s just so specific that 99% of readers won’t be eligible

JT
JT

I opened this account today at the main branch. It doesn’t seem to be a hard pull.

wilsonhammer
wilsonhammer

What did they require for business documents? Was a sole prop and SSN good enough?

JT
JT

I opened as a sole prop with SSN. I also bring a DBA and she made a copy of that to use as a document but I don’t think it’s needed. I always do it because it helps add a sense of legitimacy.

Augustin
Augustin

I was told I did need a DBA when I opened my account. I was able to do it online in the branch during opening.

Matt K

They also ran same offer earlier this year. I opened 5/9. Emailed a business banker and opened it up over email. Ran $5×15 Verizon charges. Left $5k sitting in it. Finally had bonus posted yesterday. No hard pull. No cc funding.

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