Posted by William Charles on July 25, 2019
Bank Account Bonuses

Published on July 25th, 2019 | by William Charles

171

SunTrust $200 Business Checking Bonus [AL, AR, FL, GA, MD, MS, NC, SC, TN, WV, VA, and D.C Only]

Update 7/24/19: previously the terms stated:

The business client cannot have closed a business checking account within 180 days of the promotion start date

That has now been reduced to 90 days (The business client cannot have closed a business checking account within 90 days of the promotion start date (on or after 04/03/2019). Might be last chance to get it from SunTrust before they merge BB&T

Extended until September 30th, 2019.

Offer at a glance

The Offer

Direct link to offer

  • SunTrust is offering a bonus of $200 when you open a business checking account and complete the following requirements:
    • Make cumulative qualifying deposits of $1,500 or more

The Fine Print

  • You must be a new SunTrust business checking client. To be considered a new business checking client, the business cannot have an existing SunTrust business checking account with the with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN), prior to promotion start. Existing business checking clients are not eligible for this offer. Public Fund and IOLTA accounts are not eligible for this promotion. The business client cannot have closed a business checking account within 180 days of the promotion start date (on or after July 7, 2017). The business account holder must be 18 years or older at time of account opening. The account holder cannot be a non-resident alien. Employee-designated accounts are not eligible for this promotion. The business must be registered within the U.S. with the account’s mailing address in Alabama, Arkansas, Georgia, Florida, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia or the District of Columbia and have a valid U.S. TIN or EIN.
  • Earn $200. FIRST, open a Simple Business Checking, Primary Business Checking or SunTrust Business Advantage Plus account online or in a branch between January 3, 2018 and April 30, 2018, inclusive, and enroll in the offer by following the Branch Account Opening and Promotion Enrollment Instructions below. THEN, within 30 days of opening the new eligible business checking account, you must make cumulative qualifying deposits (as described in the Qualifying Deposits section below) of $1,500 or more into your new account.
  • Qualifying deposits for new business checking accounts exclude debit card (credit) transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.
  • After meeting all qualification requirements, the cash reward will be deposited into the new eligible business checking account in up to 8 weeks after all qualifications are met. If the $1,500 new checking account deposit requirement is not met, you will not be eligible for the reward. When the cash reward is deposited, it will appear in your new business checking account monthly statement as “Q1 2018 Small Business Checking Reward.” This offer is only applicable once per client. SunTrust may report the value of any reward received through any offer to the Internal Revenue Service, as required by law. Any applicable taxes are the responsibility of the recipient.
  • The new business checking account must remain open and in good standing with a minimum balance of $0.01 until the reward is processed in order to receive the reward. Reward forfeiture will occur if: (1) the business checking account is changed to an account type not included in this client offer, (2) the business checking account is closed prior to the reward being processed, or (3) the new business checking account has a negative available balance at the time of qualification validation. SunTrust reserves the right to deduct the reward amount from the business checking account at the time of closing if the new business checking account is closed by the client or SunTrust within 180 days after opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Simple Business Checking

This account has no monthly fee for the first 12 months. After that period you can waive it with 5 or more transactions.

Early Account Termination Fee

Account needs to be kept open for 180 days otherwise the bonus is forfeit.

Our Verdict

Last few months they have had a bonus that required merchant services. Last year they had a similar deal but bonus was up to $400. Advantage to this bonus is that there is no monthly maintenance fees to worry about.  Bonus seems very easy to qualify for just open the simple business checking account and deposit $1,500. Even better is cumulative deposits count for those that don’t have $1,500. I think I’ll add this to the best business checking bonuses. There is also a a $500 personal checking bonus.

 

Big thanks to reader, Stammers95 who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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Duke I
Duke I

Are documents needed if opened as Sole Prop?

Lily
Lily

no, didn’t ask for any doc.

DK
DK

They denied me in SC for no business license. SC doesnt even require a business license lol.

Nate
Nate

In branch only?

Brandon
Brandon

nope, you can do it online!

Jon
Jon

So you could possibly open this account, fund $1k with a CC and then just make a $500 deposit to get the bonus?

irshad
irshad

I think the cc funding is now 250 dollars. And most of the data points point towards cc being charged as cash advance. I personally tried CSP to fund personal checking account and it was declined (not sure why).

OK
OK

as of mid Jan 2019 initial credit card (CC) funding for business accounts at Suntrust is $1,000. Mine did not come through due to declined CC transaction, but you can call customer service and they will run CC deposit. I did not do deposit over the phone though.

Irshad
Irshad

I opened online. No docs requested. Just like applying for a business credit card. I did not avail 1000 dollar credit card funding. My bad. Used checking account to fund money

Brandon
Brandon

If we just opened the 500$ personal can we qualify for this 200 business as well?

Joe
Joe

yes

Joe
Joe

I hit “no” to online cash management. Does this mean I don’t get a login? My app was approved and I have an account number, debit card + checks are on the way, but how do I login to my account? lol

yunsangk
yunsangk

That’s what I did and regretted immediately. However, it seems that you can sign up online cash manager later. Try to sign up in Suntrust.com Sign On page.

Brandon
Brandon

Did you two get into online cash management yet? Made the same mistake.

Joe
Joe

I’m currently on hour 3 of trying to get it set up today… they’re telling me I have to go to a branch to verify my TAX ID (they said SSN will be fine, but the OCM app won’t allow mine to go through since I have a personal account with that same SSN). Anyways, I’m not near a branch and I legitimately have a headache from these guys now. I’m going to try to find out what my ALLY deposits are so I can throw $1500 in there…. otherwise SIGN UP FOR OCM or you may have costed yourself an easy $200…

Brandon
Brandon

I was also on the phone with the same situation yesterday! I have to go in branch and verify everything and have them set up my OCM. Such a headache I feel your pain.

Joe
Joe

Unfortunately I’m like 3 hours from a branch and it’s not worth my time. I was able to link the account to my ALLY personal account, however. I think I’ll transfer $1500 from there and hope for the best! Lol.

Brandon Taft
Brandon Taft

So i’m STILL without OCM after 3 calls, and a branch visit. It seems there are roadblocks so convenient to the 30 days to deposit 1500 ( still will have to link accounts and transfer money) . Nightmare so far. Will have to come back monday or call some special number to move further.

Joe
Joe

I don’t have OCM and I don’t think I ever will–I’ve given up on that. I did get my trial deposit amounts, though. I’m setting up a $1500 one-time transfer from Ally. That should work.

Joe
Joe

I got a phone call yesterday from the new account marketing team and I basically told him that it’s 2018 it’s ridiculous to have a bank account I can’t access (OCM). He apologized and said someone would call me later that day. I got a phone call from the said guy a few hours later, he took my info, and this morning i got an email with my OCM login details. So it’s definitely possible to get OCM without doing the branch and everything they try to get you to do when they don’t know how to do it on their end

Brandon
Brandon

Finally got my OCM via email yesterday. Same thing. Guy called to ask how my experience was and I told him everything. Had the OCM open the next day

Lily
Lily

My application didn’t go through. It gave me an error message and asked me to call or visit a branch. I’m guessing it has something to do with my freezed credit reports (both Eq and Exp)?

Siv
Siv

I got the same error. No idea why. Anyone else?

Traylor
Traylor

Just got the same error. Not sure why either. Should I try later?

Sam
Sam

same error, will try again in a couple of weeks, used EIN, if it fails again will go to office nearby just for fun, 800+ score

Lane
Lane

Is there a household limit? Can I apply for one for my wife also?

Staska
Staska

Just to make sure, you need to deposit $1,500, but you don’t have to park the money there? Asking since we are doing two player mode and rather not have to have $3k tied up.

Duke I.
Duke I.

There’s no monthly fee for 12 months. So keeping $1500 in the account shouldn’t be required. You do need to keep at least $0.01 in the account until the bonus post.

Brandon
Brandon

No reason why 1) I can’t just transfer $1500 from my personal checking to biz checking to qualify and 2) immediately withrdaw, say, $1499 and put it back in personal?

alex
alex

max CC funding is 100 for business accounts
I spoke with a sun trust agent and confirmed this

Duke I.
Duke I.

Anybody received the $200 yet. My bonus status still says qualifications not yet met. I deposited $1501 day after opening the account. I’m wondering if I need to push $1500 more before 30 days lapse.

DCJoe
DCJoe

Haven’t received the bonus, which is a bit surprising because it seemed like for personal bonuses it would post on the Thursday 2 weeks after you met the requirements.

You say “bonus status still says qualifications not yet met”- how are you checking your bonus status? Is there an option on the website to look at the bonus status? Or did you send a secure message?

Duke I.
Duke I.
DCJoe
DCJoe

Appreciate it! Mine says the same: “qualifications not yet met”

Nate
Nate

So I went through and made sure to say yest to online cash management, funded the account and uploaded the signature card. When do you actually get your login account info for those of you who did say yes to ocm?

Duke I.
Duke I.

I never received login info for business checking. Im only able to check my personal checking online. But have to call automatic line for business.

Nate
Nate

so how do you manage your deposits and such, atm? I saw previous comments that were eventually able to get online login info by calling no? There has to be an online management system, why would they ask for the option of online cash management?

Duke I.
Duke I.

I made one initial deposit for $1501 when I first opened the account. I just chatted with customer service and they are sending me log info within 24 hours.

Mkb
Mkb

Applied for business checking account online as sole prop w/ EIN, application approved w/o any problems.

Update to chase CC funding: Attempted to fund intitial deposit with chase freedom, received notification next day that card funding was not applied.

kaytee
kaytee

Debating doing the Suntrust business and personal offers…for me and my husband. Could we both get personal accounts (for $500 EA bonus) and business accounts (for 200 EA)? He has an S-Corp with EIN so that should differentiate accounts…but my business is a sole prop and I use my social. Would that present a problem with getting both the business and personal bonuses?

GottaGetThoseMiles
GottaGetThoseMiles

It won’t be a problem with getting the bonus but it did cause some issues for me as their system uses the SSN/EIN to differentiate online logins. If you sign up and call in their tech team can work you through it. Just make sure they send the login code to you via email as the default is to send it via paper mail.

Brandon
Brandon

Has anyone actually received this bonus yet? I have not but have made two separate 1,500 deposits, One cash in branch and one from ally. Haven’t used that status checker bc i have FOR SURE met the requirements listed in offer

Duke I.
Duke I.

No, no bonus yet..and it’s been a hassle setting up online access. I received the access code several weeks later in the mail to establish online access. Went through all the steps creating a username and password and still cannot log in.

Brandon
Brandon

yes this was a nightmare and took weeks for me as well. I sent an SM today about the bonus- ill report back

Brandon
Brandon

Received an SM back this morning.

” Hello,

Let me have a look into your account.
I have reviewed your account and see that it is enrolled to promotional offer. Also, you have met the criteria as I see that you have made a direct deposit of $1,500 on 01/18/2018. Once the concerned department verifies your deposit, your reward will be deposited into your new Business Checking account up to 8 weeks.

I believe this information helps you.”

Looks like within 8 weeks this one will post for us

Duke I.
Duke I.

Status finally changed to Award Pending today.

Rick
Rick

Thanks for the update. Just checked and I see the same: Reward Pending.

Drew
Drew

When did you open your account and deposit the $1500? Did you leave the $1500 in there this whole time, or remove it due to their being no balance requirements?

Duke I.
Duke I.

I opened the account January 16th with $1501 deposit. The $1501 has been in the account ever since. I’ve still not been able to log into the account. I have to check the automatic phone system to get the activity on the account.

Rick
Rick

I opened the account on 1/9 with $100, deposited $1,500 by ACH on 1/17 and then pulled out that amount a week later. As I said below, my reward status shows as pending. I opened the account in-branch and had no log-in issues as the banker set that all up when I was there.

Duke I.
Duke I.

$200 posted

Brandon
Brandon

opened 1/10/18, $200 posted 3/8/18

Although there was alot of difficulty/Hassle with OCM their online banking system. it was worth it

Barce
Barce

How long did you keep the 1500 in your account?

Lily
Lily

3 months now still no bonus. I’m not surprised because the stupid banker messed up my account so bad took me more than dozen calls to have them fix it and eventually enroll me in the offer. Since the offer calls for the new account the system must be confused my account as “existing account” as they didn’t enroll me until almost two months later. I kinda foresaw this problem even though one of the supervisors assured me it wouldn’t be a problem. Yeah right.

natchurner
natchurner

For those that weren’t able to setup online access initially, were you able to get it set up? If not, were you able to opt out of paper statements? I haven’t been able to get mine setup and bonus posted last week (confirmed through phone system), but I am also being charged $3 a month for paper statements. I’ve pulled out the bonus via ACH, but wanted to see how easy it was to get this fixed or if should just live with losing $3 a month until I close.

danny
danny

this sign up has been a big pain for me. i didnt get online set up initially so i had to call in. they told me to wait til my card/pin came in. i waited for that- they didnt even ask for the PIN number when i called back. they “set me up”.. sent it a mis-spelled email, finally called back now and got it sorted out. now i have to wait for them to allow me to do an external transfer? my 30 days is up next week so this is gonna be close. ill probably call and complain due to their lengthy process

Rick
Rick

DP

Note that I had some difficulty opening as a sole proprietor. Rep on phone said I didn’t need any additional documents. Woman in branch said I needed to be registered with state of Maryland. AFAIK you don’t need a registration as a sole proprietor for tax purposes; just use an SSN instead of an EIN. I ended up registering but it cost $75.

2/5/18 opened account in branch with $1600 deposit
3/22/18 paid $200

MAR
22
Description:MISCELLANEOUS CREDIT Q1 2018 SMALL BUSINESS CHECKING REWARD
Deposits:$200.00

Johnny

Opened the account 2/23
Funded with $1505 while opening the account from an external account, set up online cash manager and the works. Took a few days to get verified
3/22: $200 deposited!!

Matt B
Matt B

I’m trying to open this online as a sole proprietorship, but I’m getting an error code 150 saying it can’t complete the application after submitting the business info section. Anyone else having this problem?

Ken
Ken

SunTrust is having this promo

EARN UP TO A $500 checking bonus when you open a new SunTrust checking accountand complete the qualifications:
Deposit at least $100 within 14 days of account opening; Complete qualifying Direct Deposits* within 60 days of account opening (for Select Checking accounts, at least $1,000 must be deposited; for Signature Advantage accounts, at least $2,000 must be deposited); Make at least 10 debit card purchases** within 60 days of account opening.

Terms and conditions apply. Offer valid for new SunTrust personal checking clients only. Account must be opened online with promo code Q118CHECKINGOL from January 3, 2018 through April 30, 2018.

More details here:
https://www.suntrust.com/lp/checking-offer?success.

Dustin
Dustin

Please fund the biz account with checking account. I can’t make any headway with customer service after trying to fund with a debit card that didn’t go through. I’ve been transferred and a bossy cs stating that I needed to file with state AG for a sole proprietorship and have those documents even when the terms say sole proprietorship is exempt. Now I’m just wondering if it will be closed because I can’t find anyone to let me fund the account with my checking account.

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