Posted by William Charles on November 10, 2019
Bank Account Bonuses

Published on November 10th, 2019 | by William Charles

78

[Select Areas In IL, MI, FL only] Fifth Third $500 Business Checking Bonus

Update 11/10/19: Deal has been extended until December 31st, 2019.

Offer at a glance

  • Maximum bonus amount:
  • Availability: Valid in Chicago, IL, Grand Rapids, MI, Detroit, MI, Tampa, FL, or Orlando, FL
  • Direct deposit required: No
  • Additional requirements: Deposit $1,000 and maintain it for 60 days
  • Hard/soft pull:  Soft
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $11, avoidable
  • Early account termination fee: $25 to close account
  • Household limit: None
  • Expiration date: October 31st, 2019 December 31st, 2019

The Offer

Direct link to offer

  • Fifth Third is offering a bonus of $500 when you open a new business checking account and complete the following requirements:
    • Reach a balance of $1,000 within 10 days of account opening
    • Maintain a balance of $1,000 or more for 60 calendar days

The Fine Print

  • To qualify for the bonus, open a new Fifth Third Business Standard, Premium or Elite checking account by 10/31/19 in Chicago, IL, Grand Rapids, MI, Detroit, MI, Tampa, FL, or Orlando, FL, reach a balance of $1,000 within 10 calendar days of account opening and maintain a $1,000 minimum daily balance thereafter for 60 calendar days.
  • Offer is not available to existing Fifth Third Business Checking customers, or to those with a Fifth Third Business Checking account that has been closed within the last 12 months.
  • Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.
  • No minimum deposit required to open a checking or savings account. Account must be funded within 45 days of account opening.
  • The cash bonus will be deposited into checking account within 10 business days after qualifying activities are met.
  • Bonus may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor.
  • OFFER CODE MUST BE PRESENTED AT ACCOUNT OPENING TO RECEIVE THE BONUS.
  • Checking accounts may have monthly fees and debit cards may have service related fees.
  • Accounts may have fees that may reduce earnings and impact ability to meet minimum daily balance requirements.
  • See your banker for details.
  • Not valid with any other offer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The easiest way to keep the account fee free is to open a Fifth Third Business Standard Checking Account, this account has a monthly fee of $11 that is waived if you have a balance of $3,500 or more.

Early Account Termination Fee

As far as we know there is no longer any early account termination fee either, but regardless of when you do close your account you’re required to pay a $25 fee.

Our Verdict

We have seen targeted offers of up to $1,500 for Fifth Third business accounts, but don’t think we have ever seen a public offer. I doubt we will see a bigger public bonus than this in the near future so if you live in an eligible area and have a business I do think this is worth doing. Because of that I will be adding this to our list of the best checking account bonuses.

Hat tip to  alphadogiii

Useful posts regarding bank bonuses:



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Tim
Tim

I received a personal offer for $250 that was mailed in an envelope with several other coupons(ValuePak). You had to go in branch or sign up over the phone. I phoned in and it only took 5 minutes. The only requirement was to deposit $250 and didn’t have to be DD. Free checking has no fees. When my spouse tried this they said that the unique invitation code had already been used.

Charles Mann
Charles Mann

Wait for your next Valupak mailer, it will probably have another coupon and code. I get them every week or so.

dean
dean

I’m actually in the market for a business checking for a legit business, and 5/3 is close to home. $3500 min balance to avoid fees? No way man…
We do have lots of deposits coming from Square. Been looking for a business checking where Square will count as DD to avoid fees.

Celia
Celia

I’ve not seen a business checking account that has a DD available to avoid monthly fees. The lowest minimum balance I’ve found to avoid a monthly fee on a business checking is 1500. Chase is my main business one and I also have a First Midwest one, both 1500 minimum. There are bonuses available on both right now. Chase is much better, FMW is clunky.

adam d
adam d

fmw app doesnt even d/l and they dont have ach transfer capability. got my $500 a week ago but dont know of they clawback the bonus before 12mos along w the etf fee….

i live in chicago burbs u can use this bonus in the metro area so id assume its the same for all cities metro areas forementioned.

Celia
Celia

I’m leaving $1500 in there for the 12 months before closing. For the $500 bonus, I didn’t want to chance a clawback. I hate their website, it’s so bad. Even their ATM is clunky.

adam d
adam d

good idea, i just went to do open an acct online for the personal $250 bonus that was posted yesterday and their application page is down rofl

raj
raj

> Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.

Anyone care to speculate if this would prevent the bonus posting, given a prior personal checking bonus?

adam d
adam d

if you have a seperate ein then youll get the bonus

Jack - NJ
Jack - NJ

Will ssn work, or is a ein required?

Saturn
Saturn

SSN should be fine for sole prop. Check your local requirements for documents banks want to see for a biz account.

sara
sara

Has anyone had a problem with getting the code e-mailed? I tried several different e-mails and it has been more than 24 hours. Not sure why they aren’t e-mailing the code.

Celia
Celia

I couldn’t get an email to work when I tried during the previous Promo. I ended up just going to a branch with several documents. I brought a DBA and a schedule C.

danny d
danny d

I got mine right away. check your junk mail or spam folder

danny d
danny d

Has any one gotten the personal checking bonus for $250 and the business checking bonus for $500? I am wondering if I can get both

Staxx
Staxx

You will if you use separate ein and ssn for each

Mary S.
Mary S.

Do you have to live in Tampa, FL in order to qualify for the bonus? I live in Clearwater, FL, which is technically part of Tampa Bay.

IS250
IS250

DP –
1. Chex – Unsure. I opened up a personal account while opening up a business account so not sure if it was one pull or not. If they do pull Chex for business, it’s not sensitive. 40+/12
2. Applied in branch with out of state DL/address. Opened as a sole prop with just my SSN.
3. No instant issue debit card. Starter checks included
4. ETF – $25 (not $50)
5. Monthly fee waived for the first two months
6. No CC funding in branch
7. You get a printout of the bonus terms and conditions to confirm the promo attached to your account

Staxx
Staxx

The question still is can you sign up for personal and business sole proprietor with same Ssn in the same year getting bonuses

IS250
IS250

Yes because personal and business accounts are completely seperate irrespective of using your SSN.

Jack
Jack

IS250 Did the printout confirm the bonus was attached to your account? I only got a piece of paper that had the terms and conditions on it.

IS250
IS250

Yes. You can also confirm on your online account. There is a tab called “Offers” on the left hand side menu where it tracks the bonus and if you’ve met the requirements and what not.

Jack
Jack

IS250 My tab says it completed the open part but the second part says not started. I opened mine with $3550 so well above the 1K. Does yours say completed? TIA

Celia
Celia

IS250 Jack Same here. Wonder if my banker messed something up.

IS250
IS250

Mine’s in progress.I wouldn’t worry about. If the banker had messed up, this offer wouldn’t even show up on your account. Just wait until the bonus conditions have been met and then contact them if you didn’t get it.

Celia
Celia

IS250 Thanks. Just to be clear I’m referring to the view details part, not the in progress part at the offer page. Weird that mine says not started when I opened it with well more than 1K. Banker already had to reverse a paper statement charge issued 13 days after I opened the account.

This is worst bank ever BTW. Used to bank at mb and moving to this was like a fall off a cliff.

DC
DC

Did you apply for 1 personal promo AND 1 business promo at the same time using your SSN? I opened a personal account w/ promo last month and thinking about doing this business account promo but hesitant b/c “Bank reserves the right to limit each customer to one new account-related gift incentive per calendar year.”

Thank you for your answer in advance. Or if anyone can help please.

IS250
IS250

Yes. Business and personal accounts are completely separate and don’t interfere with each other in terms of bonuses.

cam
cam

The fine print is misleading. You can open banks in anywhere in the states listed, does not have to be in specific cities. Called Fifth Third twice to confirm.

cam
cam

NVM. Now branches are saying it must be opened in one of the cities. The branch called is also saying I need “Sole Prop Papers” to open an account. I dont what “Sole Prop Papers” are nor do I have them. Will call others to see if they will just open with my ID and SSN.

Huntingtons $750 business account was much simpler. SSN and my passport and they opened no questions asked.

Celia
Celia

cam They’re probably asking for a DBA or something that “proves” you have a business. I had to get one years ago due to locality. They might accept a Schedule C from your taxes.

Business accounts are getting more restrictive I think because they can’t really add a DD requirement. Nevertheless, I opened mine today, tortured for 45 minutes on their benefits. Deposited $3525 to keep all the fees away. Horrible bank but I’m willing to take them for $500. 🙂

cam
cam

I dont want to bother with DBA stuff, Im not even a legal resident of the USA (dual citizen, live in Canada) not to mention paperwork just makes it more expensive and complicated.

I found another branch that would allow me to open a business account. All they need is my SSN and Passport and they will open. They confirmed I dont need any other paperwork.

Sam
Sam

Would you mind sharing which branch allowed this?

adam d
adam d

I called and i asked and they said it can be opened in the metro areas of each city, the whole state wouldn’t make sense.

cam
cam

The fine print states the specific cities it must be opened in and CSR also confirms it must be opened in these specific cities. I personally would not risk it.

Celia
Celia

What’s the risk really? Just tying up $3,500 for 60 days to avoid any service fees. There are no requirements to fulfill. Worth the risk I felt. I opened in suburbs of Chicago and the code was attached to my account. We’ll see in about 2 months 🙂

adam d
adam d

im 15 miles from a branch by ohare technically in chicago by harlem. ill guess i drive the extra miles to make sure it has a chicago zip even tho its prob overkill. $500 is too much to not be 100%

AlexG
AlexG

FYI, if you closed MB Financial business checking account less than 12 months ago, you will not be eligible for the bonus. Fifth Third bought MB Financial recently and the system alerted them. Had to close the new account with Fifth Third 10 minutes after opening because of that. No luck.

Celia
Celia

Did they tell you that while you were opening it? I closed my mb one less than 12 months ago, wasn’t flagged as ineligible. However I opened this 53 one with my EIN and probably didn’t with mb. The code is listed in my account but I don’t trust anything from this bank so just going to wait It our. Have 35 days to go. Keeping my fingers crossed.

David Ann Arbor
David Ann Arbor

10/18/19 I opened up at a branch in Ann Arbor and the emailed coupon code applied. I brought my driver’s license along with a DBA paper that I got from county deeds office for $10. I received from the banker the terms for getting the $500 promotion.

Sarah D
Sarah D

Damn! I’m in AA but I drove to downtown Detroit twice to get this bonus because of the terms.

David Ann Arbor
David Ann Arbor

Also the offer page I received from the banker says open the account by Dec. 31st so it may be an offer that has been extended.

IS250
IS250

8/19 – Opened account in branch with 1K deposit
10/21 – $500 bonus posted as “Congratulations! You’ve Earned Your Cash Bonus Thank You For Banking With Fifth Third” (Did not see until today 10/22)

Also will confirm I did not get a Chex pull in branch. They used EWS instead.

IS250
IS250

Also forgot to mention the offer status tracker just said “In Progress” or “Not Completed” the whole time. The only “Completed” part was the first part about opening the account.

Celia
Celia

Thank you for that clarification. out of curiosity, did you open in one of the cities listed or a surrounding area? I opened on 8/28 with over 1k so I’ll know in short order.

Did you get your personal bonus as well? Saw that you posted you opened both.

LakeMich87
LakeMich87

Same DP for me only I opened over the phone.

Brian C

Do you live in one of the target areas?

LakeMich87
LakeMich87

I do, I believe they will take any surrounding metro areas.

Duke I.
Duke I.

I live in Miami and asked about Tampa and Orlando and was told I could use the promo code. I’m in the process of opening the account now. Faxed info to Rep on Monday at national office. Today spoke with Rep from local area.

Brian C

awesome, I am in south florida too. Please keep me posted on this!!!

Duke I.
Duke I.

The Rep at the local branch told me the promo is for Tampa and Orlando if in Florida. So the Rep at the 800 number was wrong.

Brian C

What number did you call?

Do you mind giving the whole process step by step if it works out so we can copy?

Duke I.
Duke I.

The number to call is listed in the email with the promo. You can click the link to have the promo code emailed to you. I won’t be opening a business account since am not in Tampa or Orlando.

Brian C

Duke I. i’m confused, you said above you were in the process of opening an account….

Duke I.
Duke I.

Yes, I was communicating with Reps over the phone. The Rep from local branch double checked some things before starting the application. I was advised the code won’t work so I stopped the process. I called the 800 number back and a different Rep confirmed the code wouldn’t work. Rep who I spoke with days ago gave me incorrect info which explains why I haven’t heard back from her.

bax
bax

How long do they waive the fee for, or did you bring the balance to 3.5k later?

Celia
Celia

I opened mine with over 3.5K and got hit with a paper statement fee within 2 weeks of opening the account. Got it reversed but still a waste of my time. Annoying bank that never met a fee it didn’t like.

cooldsmart
cooldsmart

How long was the monthly fee waved for? And did you close the account once you received the bonus? I’m curious about the closure fee and any possible bonus clawbacks

IS250
IS250

Was denied closing account over the phone (twice) and by SM. All three times I was told they can only close business accounts in branch.

Celia
Celia

IS250 Were you able to successfully close the account in branch without any clawback?

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