Posted by William Charles on October 6, 2017
Bank Account Bonuses

Published on October 6th, 2017 | by William Charles

55

PNC Up To $400 Business Checking Bonus [OH, MI, FL, AL, GA, MD, KY, IN, PA]

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: Offer only available in the PNC Bank branch locations in the Central Ohio, Detroit, Florida, Georgia-Alabama, Greater Maryland, Kentucky, Southern Indiana, Northern Ohio, and Southwest Pennsylvania markets
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Personal account is Up to $2,000 with Visa or Mastercard, not sure if business accounts allow it
  • Monthly fees: $12-$50, avoidable
  • Early account termination fee: $25, six months
  • Household limit: None listed ,
  • Expiration date: December 31st, 2017

The Offer

Direct link to offer

  • PNC is offering a bonus of up to $400 when you open a business checking account. Bonuses are as follows:
    • Earn $200 with a business checking account when you complete the following requirements:
      • Maintain the minimum average cycle balance of $1,500 for each of the first 3 statement cycles
      • Make at least 10 total qualifying PNC Bank Visa® Debit Card transactions and/or PNC Bank Mobile Check Deposits[3] within the first three statement cycles
    • Earn $300 with a business checking plus account when you complete the following requirements:
      • Maintain the minimum average cycle balance of $5,000 for each of the first 3 statement cycles
      • Make at least 10 total qualifying PNC Bank Visa® Debit Card transactions and/or PNC Bank Mobile Check Deposits[3] within the first three statement cycles
    • Earn $400 with a business checking preferred account when you complete the following requirements:
      • Maintain the minimum average cycle balance of $25,000 for each of the first 3 statement cycles
      • Make at least 10 total qualifying PNC Bank Visa® Debit Card transactions and/or PNC Bank Mobile Check Deposits[3] within the first three statement cycles

The Fine Print

  • Offer only available in the PNC Bank branch locations in the Central Ohio, Detroit, Florida, Georgia-Alabama, Greater Maryland, Kentucky, Southern Indiana, Northern Ohio, and Southwest Pennsylvania markets. Offer only available to businesses with an annual revenue less than $5 million.
  • You will only be considered for one reward amount, which is based on the product type you open. You may earn a $200 reward if you open a new PNC Business Checking account. You may earn a $300 reward if you open a new PNC Business Checking Plus account. You may earn a $400 reward if you open a new PNC Business Checking Preferred account.
  • A qualifying debit card transaction is defined as any debit card purchase made at point of sale using your signature or PIN; a purchase made electronically or online using your debit card number, including recurring payments; or the use of your debit card at an ATM to deposit a cash or check or to withdraw cash. A PNC Bank Mobile Check Deposit is defined as the deposit of a check made using your PNC Bank Mobile Banking app. Any combination ofqualifying PNC Bank Visa Debit card transactions and/or PNC Bank Mobile Check Deposits are acceptable but must equal 10 after the first three statement cycles end.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

All of the business checking accounts have the monthly waived for the first three months.

Business Checking ($200 Bonus)

This account has a monthly fee of $12 and is waived if you do ONE of the following:

  • Make $1,000 in business credit card purchases with a linked PNC credit card
  • Maintain an average minimum monthly collected balance of $1,500

Business Checking Plus ($300 Bonus)

This account has a monthly fee of $20 and is waived if you do ONE of the following:

  • Make $2,000 in business credit card purchases with a linked PNC credit card
  • Maintain an average minimum monthly collected balance of $5,000
  • Maintain average combined business loan balances of at least $40,000
  • Maintained an average combined collected balance in linked business checking and money market accounts of $20,000
  • Maintain a Visa Signature BusinessOptions credit card
  • Maintain any one of these additional PNC business services:
    • Deposit On-Site®
    • DepositNow®
    • PINACLE®
    • Cash Logistics
    • Remote Safe
    • Cash Flow Insight® Payables
    • Cash Flow Insight Receivables

Business Checking Preferred ($400 Bonus)

This account has a monthly fee of $50 and is waived if you do ONE of the following:

  • Make $1,000 in business credit card purchases with a linked PNC credit card
  • Maintain an average minimum monthly collected balance of $25,000
  • Maintain average combined business loan balances of at least $75,000
  • Maintain a Visa Signature BusinessOptions credit card
  • Maintained an average combined collected balance in linked business checking and money market accounts of $50,000
  • Maintain any one of these additional PNC business services:
    • Deposit On-Site®
    • DepositNow®
    • PINACLE®
    • Cash Logistics
    • Remote Safe
    • Cash Flow Insight® Payables
    • Cash Flow Insight Receivables

Our Verdict

The $400 bonus is definitely not worth considering due to the $25,000 deposit requirement (compared to only $5,000 for the $300 bonus), it’s also significantly more difficult to keep the $400 account fee free. I think the $300 is really the sweet spot, but if you don’t have much access to $5,000 then the $200 bonus still seems like good value. The difference is having to deposit $3,500 more for three months for an extra $100.

I think this bonus is definitely worth doing, as is the ever popular $300 personal bonus (some areas get $400 in branch). I’ll be adding this bonus to the best business checking bonuses list. As always share your experiences in the comments below.

Hat tip to reader Vijay

Useful posts regarding bank bonuses:



55 Responses to PNC Up To $400 Business Checking Bonus [OH, MI, FL, AL, GA, MD, KY, IN, PA]

  1. Joanne says:

    The $400 requires “Maintain an average minimum monthly collected balance of $2,500” same as $300 bonus offer? Did you mean to state $25K?

  2. titiex says:

    do business checking need an actual business or do these work same as CCs? could this be a problem with taxes when not an actual business? Thanks in advance!

  3. Ryan says:

    Any fine print say how long bonus may take to post after meeting the requirements for three cycles?

  4. Jeff says:

    Anyone know off you could downgrade these like with the virtual wallet accounts to get the $300 bonus then downgrade from the plus to the regular account for easier fee free status?

  5. 333Penelope says:

    Just an FYI for online apps – I’m not sure this can be approved online.
    After completing the info (and having a zip code in one of the qualifying areas) I got a submitted application notice which states:

    “A banking representative will contact you about your application status in one to two business days. To finish opening the account, you will need to visit a PNC branch and bring the following documentation:

    Government-issued ID (driver’s license, US passport or a state-issued ID)
    Existing bank account numbers to transfer funds to your new account
    Verification of your business registration. You selected Sole Proprietor.
    SSN or Business Tax ID
    Fictitious Name Certificate, also known as Trade Style/Certificate of Authority

    Please call us at 1-877-BUS-BNKG with any questions about your application”

  6. Chao says:

    Any DPs for people don’t live in those states can still open and get bonus?

    • Ben says:

      idk about the business account, but i was able to open a personal account and get a bonus with any out of state address by opening in branch while visiting chicago. So i assume accounts can be opened, but iirc you can’t open online or over the phone from out of state.

  7. Avi says:

    FYI, it took a few days between when I requested the coupon to open in branch and when I received it via email. Not sure if others had the same experience.

  8. Vijay says:

    Today I was able to open the account for $300 bonus successfully and the banker was very friendly. I opened with the ‘Small Business’ I’ve. Business Documents were requested and provided at the time of account opening. For some reason, the banker called the business CS and they spoke to me asking about the type of business I do and the type of transaction I foresee doing. Totally took about an hour but it was painless as I was working and attending my online meeting in parallel. Looks like Soft pull and no CC funding when applied at branch.

    • Peddi says:

      Vijay,
      Do you have a real business or used your SSN and name for business? What business documents did they ask apart from the drivers license?

      • Vijay says:

        Yes, I do have real small business which I’ve registered with my state as ‘Sole Proprietorship’ and I provided them with Fictitious Name Registration Document and a valid TIN, apart from my driving license. Matter of fact, they asked for my passport and Resident Alien card since I’m not a US citizen yet. But, if you can convince the banker as Sole Proprietorship, they might let you open the account just with your DL I believe. YMMV.

      • 333Penelope says:

        Info on what they require as per PNC in branch banking documents:

        To start the application you will need:
        • Your business’s Tax Identification Number
        • A valid e-mail address if applying online
        • Access to a printer if applying online (optional)

        What you need to take to the branch:
        • A government-issued photo ID and a secondary form of identification
        Primary ID: Driver’s license, passport, state-issued ID, resident alien ID,
        military ID, veteran’s healthcare ID, firearm ID or global entry card
        Secondary ID: Paystub, home rental agreement, utility bill, major
        debit/credit care or vehicle registration

        • Documents verifying your business registration and your authority to act on behalf of the business

        Choose your business entity type to determine which documents you may need to provide to verify your business registration and your authority to act on behalf of the business:

        Sole Proprietorship
        • SSN of owner who will sign on account
        • Fictitious Name Registration, also known as Trade Name Registration, Certificate of Assumed Name, Registration of Alternate Name, or Assumed Name Registration

        Partnership
        • SSN of partners who will sign on account
        • Partnership Agreement
        • Fictitious Name Registration, also known as Trade Name Registration, Certificate of Assumed Name, Registration of Alternate Name, or Assumed Name Registration

        Corporation
        • SSN of officers or directors who will sign on account • By-laws • Articles of Incorporation and any amendments
        • Certification of
        Formation/Organization
        • Board of directors meeting minutes
        • Fictitious Name Registration, also known as Trade Name Registration, Certificate of Assumed Name, Registration of Alternate Name, or Assumed Name Registration

        Unincorporated Association / Organization
        • SSN of officers or directors who will sign on account
        • By-laws
        • Certification of Formation/Organization
        • Board of directors meeting minutes
        • Authorization letter on company letterhead
        • Fictitious Name Registration, also known as Trade Name Registration, Certificate of Assumed Name, Registration of Alternate Name, or Assumed Name Registration

        LLC or LLP
        • SSN of members, managers or partners who will sign on account
        • Operating Agreement
        • Limited Partnership Agreement (LLP only)
        • Certification of Formation/Organization (LLC) or Certificate of Limited
        Partnership (LLP)
        • Fictitious Name Registration, also known as Trade Name Registration, Certificate of Assumed Name, Registration of Alternate Name, or Assumed Name Registration

        Non-Profit Organization
        • Review the entity type above associated with your Non-Profit Organization to determine which documents to provide (Partnership, LLC, Corporation)
        • A 501(c) tax form or state Non-Profit registration may be needed for certain product eligibility

    • Chris says:

      Hi Vijay,

      I just experienced the same: The banker called the Business CS and they talked about various services they provide and inquired about my business. The entire process took 2 hours in my case. I did ask some questions out of curiosity.

      Did you receive a print out confirming that you are enrolled in the promotion? I asked several times and called their Business line and no one is able to provide any form of electronic or paper confirmation that I am enrolled in the promotion.

      • Vijay says:

        No, I didn’t get any printout confirmation but save the promotion page as a pdf that way you’re covered. All you need to make sure is you used the email you registered, during the account opening process. We should be good.

        • Chris says:

          Thanks for letting me know Vijay. Yea, I saved the promotion page and I did make sure the banker inputted my email. It just concerned me that they didn’t provide any sort of print out confirming enrollment in the promotion.

          • Vijay says:

            we don’t need to worry as you would have received the PNC promotional auto generated email after you enroll to promotion. We can always file a consumer finance complaint if PNC don’t honor it but as far as I’ve seen PNC is a very genuine bank and if you didn’t get the bonus and if you take that email to nearby branch and show it to a manager they will get you the credit in your account. I’ve gone through this type of situation twice and they are very generous in honoring it. In my experience, only HSBC and BMO are the toughest banks to deal with.

          • FLL says:

            The banker told me the promo went by the email address that received the coupon.
            I did not print the full body of the email as the top part of the email is a picture ad that would take up lots of ink.
            But she had no problem inputting my email address once I wrote it down for her.

            There is no print out on the promotion – she said the email address is in the system but no way to print something out to confirm the promo – UNLIKE other banks such as Chase and Wells Fargo, they use a code and they do print out confirmation on the Promo.

            Opened the account this morning, though I have not received any email to confirm the new account, let alone enrolling the promotion as of now. I already set up online banking with the business account – I can see both our existing JT and the new business account under my own name. The account activity is screwy looking under the business account – very different from the personal account. This is yet another area that PNC online banking has quite a different set up versus Chase and Wells Fargo with the latter I have both personal and business checking.

  9. Vijay says:

    William,

    One thing I’m not sure is “Make at least 10 total qualifying PNC Bank Visa® Debit Card transactions and/or PNC Bank Mobile Check Deposits[3] within the first three statement cycles”…. so is it 10 debit card txns + 10 mobile check deposits OR either one of them? anyway, I am planning to check with my banker, but he has no clue about this bonus until I showed him. So, I’ll not be able to trust his words/explanation on this. Safer side, I’d better do both.

    Do you know by chance?

    • Vijay says:

      Disregard my query, found the answer from the footprint…looks like a combination of both will also be eligible…double sweet!

      A qualifying debit card transaction is defined as any debit card purchase made at point of sale using your signature or PIN; a purchase made electronically or online using your debit card number, including recurring payments; or the use of your debit card at an ATM to deposit a cash or check or to withdraw cash. A PNC Bank Mobile Check Deposit is defined as the deposit of a check made using your PNC Bank Mobile Banking app. Any combination ofqualifying PNC Bank Visa Debit card transactions and/or PNC Bank Mobile Check Deposits are acceptable but must equal 10 after the first three statement cycles end.

      • Pitter98 says:

        Amazon reloads for 50 cents using the debit card works for the personal accounts, so should work for the business too. Easy Peasy.

  10. Avi says:

    Opened business and personal checking accounts today in branch, was going for a $300 bonus for each of them using the coupons that were emailed to me via the website. I tried to open a PNC personal account online in July and was immediately rejected, so happy to be approved in person. Took just over an hour to open both. Not exactly easy money with all the hoops to jump through (high minimum balances, debit card transactions required and DD for the personal account), but I guess I’m just getting spoiled!

    • Chris says:

      Hi Avi. Thank you very much for all of the information. Did you open the Biz Account under a Sole Proprietorship? Did you simply open with your SSN? Thank you for the help.

      • Avi says:

        Sole proprietorship with a tax ID. I provided my business’s state trade name registration to have the account in my business’s name which is different from my own name.

      • joanne says:

        @Chris, I contacted the number on the automated email to secure a coupon and spoke to a business associate at PNC. I don’t have a business registered but you can use your name and consulting in title along with SSN as sole proprietor.

        • Chris says:

          Joanne, very helpful! much appreciated!

        • 333Penelope says:

          I think this is YMMV because I was not allowed to open without business registration.

        • Chris says:

          Hi Joanne,

          Did you receive a print out confirming that you are enrolled in the promotion? (other than the automated email instructing the banker to input your email address). I asked several times and called their Business line and no one is able to provide any form of electronic or paper confirmation that I am enrolled in the promotion.

          • joanne says:

            I concur with Vijay. I asked the same question you did and was told that the promo is automated and my email address is basically confirmation. It will be interesting to see how long it takes for the bonus to hit our accounts!! Stay tune and please let us know DP of receiving your bonus.

  11. Peddi says:

    This is what I got in the email when I requested coupon online.

    Offer ends December 31, 2017

    Instructions to Banker: Enter this email address exactly as it appears here into the customer profile at the time of account opening:

    Is that enough to open the account or anything else we need to do to get the coupon code?

    Thank you

  12. Juston says:

    Offer at a glance says EATF within 6 months, but is nowhere else to be found in the terms. Is this just a given with PNC?

    I had already typed the above before I decided to do a little reading. I opened the account a couple days ago and was looking through my documents. On “Business Checking Accounts and Related Charges”, I do see:
    Early Account Closure Fee…. $25 (fee assessed if the account is closed within 180 days of opening)

    Is this enforced because I didn’t find it on any other documents other than that fee schedule.

  13. Vijay says:

    Hi William,

    There’s an typo in the $300 bonus requirements you’ve mentioned above, it requires $5000 for 3 statement cycles, NOT $3000.

  14. joanne says:

    Anyone know the turnaround time in getting bonus on BUSINESS account once requirements are met?

  15. sara says:

    opening business account – started online, then told i’d be contacted by a business CS rep.
    talked to them today; took a total of 15 minutes – basic questions about the business (expected monthly balance, who i do business with, how i’m paid, length of time business has been open.)

    next stop is in-person appointment at local branch in two days.
    i’ll report in afterwards.

    • sara says:

      also:
      1. i’m applying for the $200 bonus, not the $300.

      2.i’m in southeastern PA, not southwestern, so i don’t know how tightly they’re holding the geographic requirements.

  16. WiscoGooch says:

    Just completed the middle offer ($300 for $5k parked there). I got the same message as everyone else. After going in and talking to a banker, it turn out that the online “application” is just an interest form and doesn’t actually mean anything. I didn’t wait for a call from the business relations person, just went right in. Applied with the branch manager, got the bonus (including a printout), and walked out with the debit card. They allowed me to fund my account in branch, ran my Visa CC for $2k, but I dont think it worked. The manager said they would run it but it usually codes as cash advance so I dont have my hopes up for it working, havent seen a pending charge on the card yet either.

    Overall it was really easy, all I needed was a drivers license and a CC (second form) to open it, took about 40 minutes from when I walked in to walked out, and didn’t need to do the online part, could have just walked in and done it all in branch.

  17. joanne says:

    Anyone get their bonus on the business checking yet? Just wondering if it will post prior to the 90 day mark.

    • FLL says:

      The offer has an early termination fee of $25. So your intention is to X the account before the 90 days and just pay the $25?

    • FLL says:

      PS

      Isn’t that you would still need to keep the required amount in the account the first 3 months PLUS doing the 10 debit card transactions in order to earn the bonus?

      Hence I dont see what the first 3 months fee waived makes any difference, because if your balance falls below the threshold any time in the first 3 months, you wont earn the bonus anyway. Keeping the balance at or above the threshold is the requirement and by it already would waive the monthly fee…

      Unless the DoC’s summary has some mistakes there, otherwise I cannot see any difference or advantage of the fee waived in the first 3 months.

  18. Ryan says:

    Is first three statement cycles actually the first 3, or the first 3 FULL statement cycles? my first statement was from Nov 24- 30, 6 days, and I was unable to set up my account and transfer money in time. Would seem a bit ridiculous if they were that stingy

  19. FLL says:

    Anyone who has done this know the 10 debit card transaction required is for each billing cycle or for the full period of 3 months?
    Just opened the account this morning but my banker wasn’t too sure about this. She “believed” it should be for the whole period of 3 months per the wordings. I feel like I may just do 10 debit card transactions each cycle to be on the safe side.

    Any DPs out there? Went over the posts but could not find definite answer on this.

    This thread seems to be much quieter than other bank bonus thread…

    Also the banker made a good reminder – to have some extra amount ABOVE the required deposit balance so not to go under the required deposit when you start using the debit card, to avoid voiding the bonus.
    Hence instead of transfer $5K from the existing JT checking I transferred $5050 instead. The $50 should be much more than enough for the needed debit card transactions since one can literally buy a single banana at a time… lol

    • Avi says:

      I was told it’s 10 transactions total, but in hindsight I probably should have done it each month. I opened the account 2 months ago, so still have at least a month and probably longer till I find out.

  20. FLL says:

    PS
    Opened as Sole Proprietor and asked to set up the account as a D/B/A in the same format as shown on my Chase business checking statement.
    But in reality it seems the account name is just my name, and the doc has “own” behind my name.

    My banker does not need any doc from me – not even a second “ID” (of which I have brought with me Chase business debit / credit cards). But that might due to I use the personal JT and visited the branch frequently and is addressed on first name base.
    She said the bonus normally posts the following month after the requirement is met, which needs the first 3 months, but she has seen it took a full 90 days after requirement being met. If it posts after the 4th month, then might as well keep the account open thru the 180 days mark.
    She did say that we could downgrade it to the $1,500 balance required checking after the first 3 months. Not matters much to me but this DP might help others who are thinking about downgrade / early termination.

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