Deal apparently ending this Saturday (October 27th, 2018). Hat tip to reader Upstate
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:Â Seems to be in branch only. All branches are in NY [Branch locations]
- Direct deposit required:Â None
- Additional requirements:Â None
- Hard/soft pull:Â Soft pull
- ChexSystems: Unknown
- Credit card funding:Â Unknown, unlikely due to in branch requirement
- Monthly fees:Â None
- Early account termination fee:Â $25, six months
- Household limit:Â None listed
- Expiration date:Â None listed
Contents
The Offer
- Kinderhook Bank is offering a bonus of $500 when you open a new business checking account. There doesn’t seem to be any requirements for the bonus.
The Fine Print
- No monthly maintenance fee and 500 items allowed free per month including deposited/credited checks/debits paid and checks within a deposit.
- Additional items are $0.35 cents each.
- $100minimum deposit required to open.
- One special offer per individual/business and is available on Basic Business, Value Business, and Regular Business checking accounts to new customers only.
- Free starter kit includes 150 basic safety paper checks, 200 deposit slips, endorsement stamp, and binder with check register.
- Offer cannot be combined with any other promotion.
- Special offer may be discontinued or could change at any time.
- $500 Bonus is valid for any new business checking account opened and will be deposited into new business account within 30 days of account opening date.
- Penalty of $25.00 applies if account is closed within six months of account opening.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Basic business checking looks to be the easiest to keep fee free. The $10 monthly fee is waived with an average daily balance of $2,000 or more.
Early Account Termination Fee
$25 if closed within six months
Our Verdict
Previously they offered a $250 personal checking bonus. This $500 deal is insane, assuming it’s a soft pull to open. It’ll be interesting to see what sort of business documents they require to sign up (according to the reader who sent this in they do require a DBA certificate. You can get one at the Albancy County Court house for $25). If anybody goes for this deal, please share your experiences in the comments below. It will almost certainly be added to our best checking bonuses once we have more information.
Big thanks to reader, Kevin H who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
