Published on February 16th, 2019 | by William Charles0
[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
- 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.
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.
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. .
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