Posted by Chuck on September 12, 2016
Business Checking Account Bonuses

Published on September 12th, 2016 | by Chuck

172

[Expired] Chase Business Checking $500 Bonus, No Direct Deposit Required

One day left for this offer. Expires September 13, 2016.

There’s a banner link which is generating unique coupon codes to get a $500 bonus when opening a Chase business account. If you are considering doing the deal, grab a coupon using the direct link below. You don’t need to do the bonus now (you’ll have to go in-branch for that), just get hold of the coupon now while this lasts.

While you are in-branch, ask them if there are any targeted credit card offers under your name; these usually won’t have 5/24 limits to them. Many readers have gotten targeted offers for INK or other cards in-branch that weren’t affected by 5/24.

 

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide (must open account in branch)
  • Direct deposit required: None
  • Additional requirements: Deposit $500 in new to Chase funds and maintain that balance for 60 days
  • Hard/soft pull: Soft
  • Credit card funding: Not available when opening in branch
  • Monthly fees: $20
  • Early account termination fee: Bonus taken back if closed within six months
  • Expiration date: June 10, 2016 September 13, 2016

The Offer

Direct Link (login to Chase account required)

  • Get a $500 bonus when you open a Chase Performance Business checking account, deposit $500 in new funds, and maintain that balance for at least 60 days.

The system will prompt you to login to your Chase account, and the coupon will be displayed. Print out the coupon and bring it into a Chase branch to open up a business checking account and get this bonus.

You can use a personal Chase login or a business Chase login – both will work to generate the coupon. You can also generate more than one coupon (e.g. for a friend) by logging in a second time.

chase business checking

The Fine Print

  • Offer not available to existing Chase business checking customers and those who have closed accounts within the past 90 days
  • Bonus will post 10 days after all the requirements are met
  • Account must stay open for six months, otherwise, bonus is forfeit
  • Limit of one business checking bonus per calendar year (business and personal are separate so even if you got a personal Chase checking bonus, that shouldn’t affect your eligibility for the business bonus, or vice versa)
  • All bank account bonuses are treated as interest, as such you must pay taxes on them
  • The $500 deposit can not be funds currently held by Chase or its affiliates

Avoiding Fees

The Chase Performance Business Checking account has a monthly fee of $20. The only way to waive it is by maintaining qualifying business deposits of $50,000+.

Reports indicate that Chase usually waives the fee for the first couple months.

Early Account Termination Fee

Accounts need to be kept open for a minimum of six months; otherwise, the bonus will be forfeited.

Our Verdict

Chase products basically earn no interest and keeping $50,000 in the account in order to waive the monthly fee isn’t a good option (see options for high-interest savings accounts here).

The better route here is to just suck it up and pay the $20 monthly fee. Usually, the first two months is waived for most bank accounts so hopefully you’ll just end up paying for 4-5 months. All-in-all, you should still net around $400 after around $100 in fees – still a sweet deal. Bear in mind that you’ll have to pay taxes on the full $500 so the actual net is less.

Keep in mind that you need to have a balance of $500+ for the first sixty days, so you’ll want to add more than $500 to the account initially to avoid it falling below $500 in case a monthly fee hits within those 60 days.

Numerous data points suggest that you can also downgrade the account after the bonus hits and keep the bonus.  The fine print says that if the account is closed you’ll forfeit the bonus so downgrading should work. Verify with a banker if you’re concerned.

There are varying reports on Reddit as to how strict Chase is with verifying your business credentials; some bankers are willing to open an account for your business even if you don’t have the official DBA papers on hand while others are stricter. See the official Chase rules here.

We’ve added this bonus to our list of the best business bank bonuses currently available. Also, check out this post to learn more about Chase personal coupons of up to $500 as well.

HT: solersurfer7 on Reddit



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Jackalope
Jackalope

Anybody know if the bonus is at risk if you downgrade the checking account after you get the bonus but before the six months is completed? Chase has a more palatable business checking, where a balance of $1,500 keeps it feet free.

Fiby

I like where your head is at!

It’d be nice if somebody knows the answer to this. But considering this is the first time I’ve seen a business checking offer from Chase, I’m not counting on it.

William Charles

I remember Travel With Grant was told that downgrading was allowed by a banker, but not sure if that actually holds true. I’ll ask him to comment here.

Fiby

Keep in mind guys that you have to maintain $500 for 60 days, and Chase may start charging their $20 monthly fee on the first month – so don’t just put in $500 and then forget about it!

William Charles

Added this into the post.

luke
luke

Actually no need to worry. The document states that monthly fee will be waived for first three statements.
I have one question actually, don’t close in six months. How does Chase count “six months”? Six statements or six calender months?

Rob
Rob
Rob
Rob

Update:
You can downgrade the account to a total business checking after the bonus post.
Then the fees will be waived for military for the Total Business Banking.

Mark O
Mark O

I went in to sign up a few weeks ago and they wanted me registered with the state which would need and EIN etc. Wasn’t going to go through the hassle for a rental house so walked away from it.

DSP
DSP

This happened to me. I politely told the lady I would go get the paperwork then drove 0.5 miles down the road to another Chase. The guy at the 2nd location gladly opened the account for me with no paperwork.

ES
ES

I hit your link a second time while still logged into my Chase acct and it generated a second code. Ditto when I did it a third time. So just log into a Chase acct,, print the coupon, close the window without logging out, hit Chuck’s link again, etc. for as many codes as you need.

Samuel Lee
Samuel Lee

ES, do you have a code you can share with me? I was not able to generate the code on time.

Kris
Kris

“Checking offer is not available to existing Chase business checking clients”

Damn I opened a Total Biz Checking in Feb which makes me unqualified.

William Charles

Can always give your banker a call and see if they will match. If you do, let us know how it goes.

Lela
Lela

Can I do this twice for 2 separate businesses with EIN’s?

Adam

This sounds like a good bonus. Gonna try my luck & see how nice/lenient my chase bankers are w a business acct!

Sam
Sam

Are all you guys have businesses? Other than occasional selling books online or on CL, I don’t have any business. I did get targeted for $300 bonus offer though. Can I still apply?

susa
susa

I used this offer to open business account. For the first 3 statements there is no fee charged. so at the most we are looking at 80$ in fees. Still ahead by 420$. Sweet deal.
Thanks DOC for the offer.

susa
susa

oops wrong calculation. fee would 60$ for 3 months so 440$ bonus

Rome
Rome

How do you get them to waive the fee for the first 1-2 month? Do you just ask for it? I opened one asked and the banker who helped me didn’t even mention or offered it.

William Charles

It’s usually just standard business practice to get the first one or two months waived, gives the customer a chance to meet the requirements to keep it fee free. Not 100% sure if Chase does it for business customers or not.

gabe
gabe

I have a friend who tried to open the account in texas but the banker told him that this business account offer cannot be redeemed for Texas resident. He tried another branch and got the same answer. Did anyone here run into the same issue? In the terms and conditions it doesn’t mention anything about it.

William Charles

Was he using somebody else’s code? Might work better if he generates one himself. If that doesn’t work I’d tell the banker that you received the coupon online and it was targeted by Chase when you logged into the account and ask why you were targeted for an offer you can’t complete.

JT
JT

I just opened this account with the promo code and I live in Texas.

Molllypants
Molllypants

I’m sorry

gabe
gabe

Yes he was using someone else’s code. I would ask him to try and report back here.

slomichael
slomichael

Open Performance Business Checking account today. Banker said 2 months free and after 60 days and the $500 bonus posted, to come back and down grade to Total Business Checking. Total Business Checking with no minimum and is free because I have Premier Platinum Checking.

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