[Expired] [TX only] Bank7 $500 Personal Checking Bonus & $500 Business Checking Bonus

Bonus has expired and is no longer being offered, best current checking bonuses can be found here.

Offer at a glance

• Maximum bonus amount:
• Availability: Personal account can be opened online, but you must reside in Texas. Business checking looks to be in branch only. Possibly only the Irving branch?
• Direct deposit required: Yes, for personal bonus. No minimum specified
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Unknown
• Credit card funding: Unknown
• Monthly fees: $1-10, avoidable
• Early account termination fee: Unknown
• Household limit: None listed
• Expiration date: None listed

The Offer

Direct link to offer

• Bank7 is offering a bonus of $500 when you open a new personal or business checking account. Promotions are as follows

Personal

• Open a new Bank7 online checking account and complete the following requirements:
  • Deposit a total of $5,000 or more in new money within 10 business days of account opening, maintain that balance for at least 90 days from the date of deposit
  • Receive a qualifying direct deposit to the account within 90 days of account opening

Business

• Open a new Business7 checking account and complete the following requirements:
  • Deposit a total of $10,000 or more within 10 business days of account opening, maintain that balance for at least 90 days from the date of deposit
  • Complete 5 qualifying transactions within 90 days of account opening. Qualifying transactions are: debit card purchases, ACH (Credits), wires (Credits and Debits)

The Fine Print

Personal:

• Open a new Bank7 online checking, which is subject to approval
• Deposit a total of $5,000 or more in new money into the new personal checking account within 10 business days of account opening
• Maintain at least a $5,000 daily balance for 90 days from the date of deposit. The new money cannot be funds held by Bank7.
• Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. After you have completed all the above personal checking requirements, we’ll deposit the bonus in your new account within 10 business days.

Business:

1. Open a new Business7 checking account, which is subject to approval
2. Deposit a total of $10,000 or more in new money into the new business checking account within 10 business days of account opening
3. Maintain at least a $10,000 daily balance for 90 days from the date of deposit. The new money cannot be funds held by Bank7.
4. Complete 5 qualifying transactions within 90 days—debit card purchases, ACH (Credits), wires (Credits and Debits). After you have completed all the above business checking requirements, we’ll deposit the bonus in your new account within 10 business days.

Both:

• You can receive only one new personal checking and one new business account opening related bonus each calendar year and only one bonus per account.
• Bonuses are considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable).
• Checking offer is not available to existing Bank7 checking, Business7 checking customers. The offer is not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance.

Avoiding Fees

Monthly Fees

Bank7 (personal)

This account has a $1 monthly fee, this is waived with eStatements

Business7 (business)

This account has a $10 monthly fee, this is waived with eStatements

Early Account Termination Fee

I wasn’t able to find a fee schedule so I’m unsure if there is an early account termination fee or not.

Our Verdict

Assuming these accounts are a soft pull to open, then I think both bonuses are worth doing. $500 is definitely on the very high end for bank account bonuses and the requirements aren’t that difficult to meet assuming you have $5,000/$10,000 in liquid funds. The personal account does require a direct deposit and we don’t have any datapoints on what works as of yet. If anybody decides to go for either bonus then share your experiences in the comments below. These won’t be added to the best bonuses until we know more.

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• PSA: Don’t Call The Bank
• Introduction To ChexSystems
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• 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
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