Posted by William Charles on May 2, 2017
Bank Account Bonuses

Published on May 2nd, 2017 | by William Charles

138

[Expired][OH, MI, IN, PA, KY, WV, IL & WI] Huntington Bank $500 Fast Track Business Checking Bonus, In Branch

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Ohio, Michigan, Indiana, Pennsylvania, Kentucky, Illinois & Wisconsin and West Virginia. Must open in branch [Branch locator here]
  • Direct deposit required: None
  • Additional requirements: Deposit at least $5,000
  • Hard/soft pull: Soft
  • ChexSystems: No
  • Credit card funding: None
  • Monthly fees: $20, waivable
  • Early account termination fee: Bonus forfeit, six months
  • Expiration dateDecember 31st, 2016 January 15th, 2017 March 31st, 2017 June 30th, 2017

The Offer

Direct link to offer

  • Open a new Huntington Fast Track Business Checking account by June 30th, 2017 and make deposits of at least $5,000 within 60 days of account opening and receive a bonus of $500

huntington bank

 

The Fine Print

  • Your $500 bonus will be deposited into your new business checking account within 14 days of meeting the above requirements.
  • Unfortunately, this offer is not available to existing checking customers, including fiduciaries, or those with checking accounts closed within the last six months.
  • Bank reserves the right to limit each customer to one new account related gift incentive per calendar year.
  • Checking account must remain open for a minimum of six months or an Early Account Closing Fee will apply.
  • Remember, for tax purposes you will receive a Form 1099-INT from us for your cash bonus.
  • his offer is only available to applicants residing in Ohio, Michigan, Indiana, Pennsylvania, Kentucky and West Virginia.

Avoiding Fees

$20 Monthly Fee

This account comes with a monthly fee of $20, this is waived if you have an average collected balance of $5,000 for the monthly statement period or $30,000 in Total Relationship balances.

Early Account Termination Fee

This account needs to be kept open for a minimum of six months, otherwise you will forfeit the bonus.

Our Verdict

This is a pretty good bonus (as is the $200 personal checking bonus they offer). You’d need to tie up $5,000 for six months to get the bonus and avoid the monthly fees, or you could just deposit $5,000 and withdraw it and pay the $20 monthly fee (you’d be paying around $120 in fees that way). This is definitely one of the best business checking bonuses currently available. The biggest downside to this bonus is that you need to open it in branch. Please share your experiences in the comments, you can view what business documentation is required here.

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NoonRadar

Fine print doesn’t specify the stated limitations are only for business checking accounts, so even if you didn’t have a business checking with Huntington in 2016, they’re covered to deny the bonus based on the fine print.

Peter
Peter

Yeah I’m a bit unsure of how to interpret the “including fiduciaries” part. “this offer is not available to existing checking customers, including fiduciaries”. I’m assuming that as a manger of the organization’s money, I’m its fiduciary and hence ineligible. So if I’m one of 5 officers of an organization, we open an account with another officer (not a current Huntington customer) as the primary signer, and I (a current Huntington customer) sign as the secondary signer. Would they deny the bonus then since one of the signers is a customer? To be safe maybe I should have two of the other officers sign and stay off the paperwork?

NoonRadar

Most important thing here is whether or not their computers are coded to exclude bonuses for SSNs that had ANY checking account with Huntington in the past 6 months or had ANY checking-related bonus in 2016. If they are not, the bonus will post and the judgment of Huntington bankers is pretty much irrelevant.

Their bonuses post automatically without issues if the account is coded to receive one, and 14 days is not a long time to wait. If someone decides to try we’ll find out soon. I’m holding off trying because I’ve had too many Chexsystem inquiries this year (north of 20 prob). Otherwise I would have taken the plunge sooner rather than later, risking a Chex inquiry for $500 to make sure Huntington doesn’t adjust the bonus terms later on if a bunch of people do this.

Peter
Peter

Ok interesting. So if it’s based on SSN, then there shouldn’t be an issue provided you have a unique EIN for your business. I looked at signing documents for a different business account I opened earlier, and the SSNs for the signers aren’t recorded, only the business EIN. So as long as you have a unique EIN you should be in the clear. Will try next week. Thanks!

NoonRadar

I’m just making an educated guess, I don’t know this for a fact, but I’m thinking that since the SSN is a unique variable it might be what banks tie the bonuses to in these scenarios.

Technically speaking, they can code their computers to look for SSN alone, or SSN + type (business vs personal) checking account, or any other combinations.

Mark
Mark

I have a personal checking account with them, but no business account. Am I qualified for this offer? Thanks.

Ken
Ken

“Unfortunately, this offer is not available to existing checking customers, including fiduciaries, or those with checking accounts closed within the last six months.”
Does this mean that if I already have a personal checking account, I will not be qualified for this offer?

Rog
Rog

What is it you don’t understand? You say you “already have a personal checking account.” The offer is “not available to existing checking accounts.”

Rog
Rog

Presumably….an existing account with the same Bank.

bob
bob

can i close my current checking account i have with them, and then reopen business account before Dec 31st and be eligible for the bonus?

Will
Will

Hi! I am new to this. Do you need to be a business owner to open this account? What if I don’t have a business?

Don L

I’ll give it a try and report back.

Shivansh Chandnani
Shivansh Chandnani

How did it go?

Walter T.
Walter T.

Opened an account in branch today. Already have a personal checking (opened recently with $200 bonus) and another business checking account opened 2+ years ago. Could not get a definitive answer from branch rep (with 28 years of experience) on whether I qualify for the bonus or not. So, the 14 day clock starts now…

Corey
Corey

Please report back, hopefully you’re the DP we all want to see.

Alex
Alex

Did you need any documents to proving business registration when opening?

peter
peter

see this page for requirements by business type. easiest way is to set up as a sole proprietership – looks like you should be able to get by without any specific business docs, but they could question it. https://www.huntington.com/landing/business-account-checklist/

Walter T.
Walter T.

I can’t tell you what their requirements are. I always bring my articles of incorporation and proof of my federal tax ID along with personal ID so there is no question about the validity of my identity or ownership of the business. I have real, operating, profitable businesses to open these accounts for.

Walter T.
Walter T.

Called and got online access for my new account established today and found that the $500 bonus was paid on 10/18/16, just 4 days after establishing the account in-branch and writing them a check from a business account at another bank. I find that to be consistent with their rapid pace of bonus payment on the personal account opened earlier this year. So, the question of whether or not having an existing personal or business account for a different business with a different Federal Tax ID matters is answered.

Walter T.
Walter T.

To be clear about my circumstances. I have a personal checking with Huntington that I opened earlier this year and got a bonus on. I have an LLC with a Federal Tax ID that established a checking account with Huntington 2 years ago or so and that account remains open. (I actually use it.)

On the 14th I opened a new business checking account for my S-Corp that has a different Federal Tax ID from my LLC (obviously, but it merits stating for those unfamiliar).

For business accounts banks typically do take the SSN of the person opening the account. Huntington could very easily use the fiduciary clause in their bonus terms to deny the bonus based on having given me a bonus earlier this year on a personal checking account. Wisely, they’ve not restricted the bonus in that way in practice.

So, if you have separate Tax IDs, have at it. They’re handing out candy over there.

Steve
Steve

Thanks for the full report! I’m going to head there tomorrow to do the bonus too.

Dan T
Dan T

Thanks. I suppose question remains if a sole proprietorship (tax ID=SSN) would get the bonus with a personal checking account already opened under the same SSN?

stacker
stacker

I also would like to know this.

fritzkib
fritzkib

I got the bonus almost immediately upon $5000 deposit and had cancelled a personal checking account last year under the same ss#. I used the same s# for a sole proprietorship for the business checking.

Steve
Steve

DP:
10/25/16 Opened and funded with $5k
11/1/16: Bonus Posted!

Have an LLC and brought in IRS letter showing EIN and an additional State document. Easy process overall. Now I just have to wait the 6 months and close it out.

leely
leely

Any update on this, especially if you have had a checking account with Huntington before, can you use the same SSN to open up the business account and get the bonus?

DL
DL

I opened an account today as a sole proprietor under my personal SSN, and I have an existing personal checking account with Huntington under the same SSN. The banker claims to have researched this and that I would still be eligible for the bonus because it is my first business checking account with them. I will report back hopefully next week if I see the bonus. Looks like the latest offer goes until Jan 15, 2017 so still plenty of time to sign up.

leely
leely

Thanks! Look forward to hearing about your DP.

DL
DL

Bonus posted on 12/29

J
J

What kind of info did they ask for? Revenue, type of business etc?

DL
DL

Yes they asked about the nature of my business, revenue, etc. Note that my ‘business’ is essentially just some consulting I rarely do outside my W2 job and doesn’t amount to much. But before anyone thinks the ‘i sell things on ebay’ reasoning will work like with getting business credit cards, in my case they wanted to see last year’s Schedule C from my tax return proving I had business income. Fortunately I had that.

Tim
Tim

1/4/17 – $5000 ACH transfer from Chase checking account
1/10/17 – $500 bonus posted

Easy money.

J
J

Did they ask for Schedule C or anything?

J
J

How did you access the account online? It’s telling me to go back into the bank…

Chris

DP – Opened in branch as a Huntington customer already, told them I sell stuff online / flea markets / shows etc, and that was enough to get approved.

AND was able to use my Huntington HELOC special rate checks to fund the $5K. I know that will cost me about 10.39 $ a month… NOT sure if the ‘HELOC’ Account counts towards the $30,000 in Total Relationship balances… be sweet if it did, ill move money out after one or two months to test it.

Corey S
Corey S

Are you allowed to change the checking account to a Community Checking account after the bonus posts, but before six months are up to avoid the 5,000 minimum balance requirement to avoid monthly fees? Or will the bonus be revoked if you do this?

Gene
Gene

good idea!
did it work for you?

J. Sarayda Shapiro
J. Sarayda Shapiro

I just checked the offer page, and it says this deal is now available until March 31, 2017. Very helpful to people who closed a Huntington account a little less than six months ago!

Bodiddely
Bodiddely

If you don’t live in one of the states where they have branches but you visit a branch, can you still open account and get the bonus?

Peter
Peter

Not unless you can provide an address in one of the states. “This offer is only available to new business checking customers residing in Ohio, Michigan, Indiana, Pennsylvania, Kentucky and West Virginia.”

lumangoy
lumangoy

I think huntington has black listed me on personal accounts.

When I tried to reopen an account online it was immediately closed.

Anyone know if I will be able to open a business account?

NoonRadar

My guess is depends on the reason of why they blacklisted you. Let’s see if others have similar precedents with Huntington, or even other banks.

lumangoy
lumangoy

When I was hammering the WF CC, I don’t think they liked that I immediately transferrerd the MOs I deposited! I’ve learned since then 🙂

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