Posted by William Charles on February 16, 2019
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Published on February 16th, 2019 | by William Charles

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[PA, In Branch only] Penn Community Bank $300 Business Checking & Savings Bonus

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: In branch only, all branches are in PA [branch locations]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Unknown
  • ChexSystems: Yes
  • Credit card funding: Unknown
  • Monthly fees: Avoidable
  • Early account termination fee: $50, six months
  • Household limit: None listed
  • Expiration date: June 30th, 2019

The Offer

Direct link to offer

  • Penn Community Bank is offering a bonus of up to $300 for new business accounts. Bonuses are as follows:
    • $100 when you open a new professional business checking account. Must maintain a $2,500 minimum daily balance or $5,000 combined daily balance for three full statement cycles after account is opened.
    • $100 when you open a professional business savings account. Must maintain a $2,500 minimum daily balance or $5,000 combined daily balance for three full statement cycles after account is opened.
    • $100 when you use your professional business debit to make at least 12 debit card transactions of $25 or more

The Fine Print

  • To qualify for each bonus amount, the new checking and savings account must be opened between 1/15/19 and 6/30/19 and the following conditions must be met:
    • (a) We will credit one $100 bonus to your new Penn Community Bank Professional Business Checking Account if the $2500 minimum daily balance or $5000 combined daily balance is maintained for three full statement cycles after the account is opened.
    • (b) We will credit one $100 bonus to your new Penn Community Bank Professional Business Checking Account when you open a new Professional Business Savings Account and maintain a $2500 minimum daily balance or $5000 combined daily balance for three full statement cycles after the account is opened.
    • (c) We will credit one $100 bonus to your new Penn Community Bank Professional Business Checking Account when you perform at least 12 debit card transactions of $25 or more from your Professional Business Savings Account by the end of the third full statement cycle.
  • If the conditions are met and the account remains open, the bonuses will be credited to the account within 45 days after the end of the third full statement cycle.
  • The total bonus amount will be reported to the IRS as interest for the year.
  • To be eligible for this offer the customer must not currently have a business checking or savings account in the previous 12 months with Penn Community Bank.
  • If multiple checking accounts are opened, only one account will be eligible for the bonus.
  • One bonus per customer. Offer expires June 30, 2019.

Avoiding Fees

Monthly Fees

Not clear what the monthly fee is for the checking & savings accounts, but this fee is waived with a $2,500 daily balance or $5,000 combined balance and that is required for the bonus anyway.

Early Account Termination Fee

According to this fee schedule there is an early account termination fee of $50 if closed within six months of account opening.

Our Verdict

Account earns 0.25% and looks like you’ll need to have $5,000 between the accounts for six months to keep them fee free, that’s basically a $56 opportunity cost vs putting that into a high yield savings account earning 2.5% APY. The debit card requirement is a bit annoying as well as there is a $25 minimum per transaction, all that being said I do think this bonus is worth doing if you live near a branch and it turns out to be a soft pull. As always please share your experiences with this bank if you decide to go for this deal. They also offer a $200 personal checking account. .

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