Deal has ended, view more bank account bonuses by clicking here.
Bonus page does have targeted language: “Offer and promo code are not transferable and are only valid for directly intended recipients of either a digital or mailed offer“. Bonus is being advertised on facebook though.
Offer at a glance
- Maximum bonus amount: $700
- Availability: Missouri, Kansas, Illinois, Oklahoma and Colorado
- Direct deposit required: Optional
- Additional requirements: Direct deposit or 10 debit purchases
- Hard/soft pull: Soft pull
- ChexSystems: Yes, sensitive
- Credit card funding: None
- Monthly fees: $20, avoidable
- Early account termination fee: None
- Household limit: One
- Expiration date: July 15, 2025
Contents
The Offer
- Commerce Bank is offering a $700 bonus when you open a new checking account. Must use promo code May25NewBonus. Tiers are as follows:
- $300 for making 10 debit card purchases, plus an account balance of $300
- $300 for direct deposits totaling $3,000 to $4,999.99
- $700 for direct deposits totaling $5,000 or more
The Fine Print
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Free checking has no monthly fees to worry about.
Early Account Termination Fee
According to this comment no early termination fee is charged.
Our Verdict
Much better than previous bonuses, think it’s worth doing given it is being advertised on facebook. Possible this gets shut down/stricter requirements though with the bonus being so big.
Hat tip to ShawntheShawn
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
I live in one of the states listed, but was not targeted via mail or social media. Is it only for people targeted in those states? Dont want to waste a Chex hit if I don’t need to.
I went on their website and looking under savings account options, I saw a box that’s says “Questions about which account is right for you?” Followed by a “Help Me Decide” Link. I gave my info to hopefully get harassed by a banker and scheduled an in person appointment. Hoping they start sending paraphernalia via mail and email before the appointment date I chose for a couple of weeks out. Even if I don’t get the exact offer sent to me, I’m documenting this as being “on their list” should I need to follow up with a complaint. Will give it a few days before actually applying to open the account with the offer.
DP: They DO pull CHEX and seem sensitive…see my post below but after allowing me to open an account online they closed it within 48 hours…without notifying me. I had to call to find out it was CHEX.
1/3/6/12/24 =>> 2/2/3/14/16
In the future, it’s best to write your Chex stats like this so it’s more clear for others: 2/1, 2/3, 3/6, 14/12, 16/24. 😉
I typically have seen users post them on DOC as 2/2/3/14/16…which as a newbie to CHEX confused me at first! I thought I was being nice to CHEX newbies by adding the explanation. 😀
Would it have been better if I said “My 1/3/6/12/24 CHEX stats are 2/2/3/14/16”?
I’m honestly not trying to be a jerk…just trying to figure out a good way to post them that’s as clear as possible. Personally, “2/1, 2/3, 3/6, 14/12, 16/24” would be harder for me to read/process. But that could just be me. 😀
I also realize my post below listed my 24 month stats as 17…I had three banks pull CHEX in a relatively short timeframe and I was manually adjusting for it when I posted my DPs for those three banks…might have done the math wrong somewhere. Sorry!
#1. I have never seen anyone write it that way. That’s why I replied to you to try to help you out.
#2. What “explanation” did you provide in your initial comment?
#3. No, writing that “[your] 1/3/6/12/24 CHEX stats are 2/2/3/14/16” would not be any better.
#4. If you want to be even clearer, write it like this in the future: “my Chex inquiries before applying were as follows (inquiries/months): 2/1, 2/3, 3/6, 14/12, 16/24”.
Sorry, all. Seems like I was exceptionally repetitive with my posts…I can’t figure out why some of my posts go into the holding pen and others don’t. So, I might assume I forgot to actually post!
You can fix that by including the same email address with all of your comments in the future. 😉
Hmmm…I thought I posted an update here but maybe I never actually hit the “post comment” button. Just in case it never reappears…
I applied on 6/1/25…I was approved…got an account number…registered online…signed up for e-statements…
6/3/25 the microdeposits for my funding account appeared and I went to verify them so the funding could proceed. The account wasn’t showing online.
I called the bank and the account was closed for CHEX….less than 48 hours after being approved.
DP: They DO pull CHEX and seem relatively sensitive. They allowed me to open the account online, set up e-statements etc., and I even had the microdeposits for initial funding appear in my external checking account. THEN they closed it without telling me, less than 48 hours after allowing me to open it.
CHEX stats:
1/3/6/12/24 =>> 3/3/4/15/17
Score: 601
CHEX frustrates me a little bit by only looking at inquiries.
I know credit pulls also look at inquiries…but they temper that with current accounts.
I only have active accounts with 7 of the banks on my CHEX.
Also, two of my inquiries in the 12 month category are duplicates. One is a bank I applied to twice (Just under a year apart…I guess the first time they didn’t like me) and the other is a bank that pulled both for a checking account AND their credit card (two months apart).
I called and they said you’d only see the facebook ad if you’re on their mailing list.
Applied for P1 with Chex frozen and was instantly denied citing Chex. I didn’t want to waste a Chex hit for P1, so I applied for P2 with Chex unfrozen and was immediately approved (with IL address).
P2 Chex stats 3/1, 6/3, 10/6, and 14/12.
Not targeted, but will test the Facebook ad route and CFPB if needed.
Trying the same route. Took the Chex hit and was approved. Assume you’re going to go use real employer DD on this one in order to be able to proceed with CFPB complaint if it comes to that
Yes, real DD via Chase biz ACH Payment Service.
Today I’m getting Invalid Customer ID or Password when trying to login to online banking. Not looking good.
My ACH payment from Bluevine to Commerce sent on 6/3 was returned today as well. It appears to be a shutdown just like
Tesla mentioned above. Still waiting for official notification from Commerce.
P2 received a letter in the mail today from Commerce Bank stating that due to information received from ChexSystems after account opening, Commerce Bank has elected to close the above referenced account(s) effective immediately.
Uh, that is blatantly incorrect. They definitely pull Chex prior to opening the account. They are ignoring the fact that their system doesn’t process the Chex information correctly and that they have to then close the account after the fact.
We will be disputing the Chex inquiry.
Thanks for your DP. Sux that they had bank remorse and pulled the rug on you, they got the heebie-jeebies. The timeline of about a week from opening, lock out/closure to letter was surely quick.
Have you had luck disputing inquiries like this? I tried disputing one a year or 2 ago after the bank told me their online application wasn’t working, but chex left it.
It’s very hit or miss. Only about 1/4 of all disputes are successful.
Last time this bank had a promo they closed my account after opening it for 10 days, cfpb complaint yielded nothing
“Name and address on new account must match Commerce Bank’s mail list records to be eligible for the bonus.”
What this imply is if you’re not in any of their “mystery” marketing database they have grounds to screw you or make you fight to have them honor their promotion. It’s a good offer if you qualify though.
Not in one of the states listed but I have a credit card with them. Any chance I’d get approved that way?