Posted by William Charles on October 2, 2018
Bank Account Bonuses

Published on October 2nd, 2018 | by William Charles

48

[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.

Useful posts regarding bank bonuses:



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akjohnny
akjohnny

ill apply for both in the next 2 weeks… I’m looking for a new place to put my direct deposits and $500 is worth a walk to admin building 🙂

Jay
Jay

I took the plunge for the personal account (resident of TX, but nowhere near Irving).

Application process was very straightforward. They will email a confirmation email later on if my application is approved.

Here is a schedule of fees for this account:
https://www.bank7.com/pdf/ScheduleOfFeesTX.PDF

The PDF says that it’s a ‘common’ schedule, but the application process actually presents this as the full schedule of fees for this account.

Note the “Dormant Account” fee. It is not clear what the dormancy threshold is, but I’d schedule a recurring ACH for every couple months or so just to be safe.

Lisa
Lisa

Is it a soft pull?

Jay
Jay

No HP yet. I’ll update once they actually process the application and give me a decision.

Jay
Jay

The account has been approved (doesn’t appear to be CS-sensitive), and I was able to setup my online access. Instantly linked to it from my main hub checking and pushed $5k in.

No HP. So far so good.

Jay
Jay

Bonus was posted automatically. See above

Tall T
Tall T

I’ve had a bad experience getting a bonus from this bank. So buyer beware on this bonus. Mine never posted even after many follow up emails and calls.

akjohnny
akjohnny

was direct deposit from employer or a push from another bank account?

Unclesam
Unclesam

What reason did they give for not giving the bonus? Did you do it online or in branch?

Ann
Ann

You should try filing a CFPB complaint. That does still usually get things done.

Chris
Chris

Any DP not in TX opened the personal account online successfully?

Shaun
Shaun

Offer ends today?

mjs
mjs

asked for a Business coupon online from the offer page, and it came…with an expiration date of 9/30/18.

think the 500 for business is nerfed already

mjs
mjs

and personal now looks like a 404 error!

looks like they pulled it early.

michael
michael

Applied right before link error. Feel they might not honor the bonus : (

Unclesam
Unclesam

I spoke with the branch manager in their Irving office and both personal and business accounts can still be opened in branch until 5PM CT. Also, only one account can be opened by a given person either personal or business but not both even if you have a tax id for your business. I am planning on going into the branch later today and will keep you posted.

TW
TW

I just spoke with someone through their 1-800 number and she said the promotion ended on September 30th for both the personal and checking, but the advertising company never took the page down. They said they would honor my signup since it occurred while the page was still up. Very YMMV at this point.

mjs
mjs

TW, thanks for the info you’ve provided.

I do find that highly suspicious though (on the bank’s end, not you) that they are claiming this, yet the website had a banner for the personal that said “ends October 2 2018” before it got pulled though!

TW
TW

I saw that too, but I forgot to screenshot it. If you search hustler money blog you’ll find the original print (to PDF) as a downloadable file, and there’s no expiration date anywhere actually.

k
k

I guess it’s already gone?
The link shows 404 error and I couldn’t find the deal from the website either

David
David

Wow @Tall T is already looking correct. What a piece of shit bank to pull the offer already.

I got my application through, but something tells me they are going to try to screw me over on the bonus.

TW
TW

You need to call their 1-800 number asap (its on their contact page) and let them know you signed up for the promotion but that its no longer showing online. You’ve got under 3hr to get it processed today!

David
David

Thanks – I just called, the woman said she couldn’t find me in the system yet and I applied approx. 1 hour ago. We will see… at this point I definitely have to verify with them that there is a promotion applied before I proceed.

michael
michael

Same here, I was told that she will call me back with more info…

David
David

Woman called me back and asked how I heard of the promotion… I was kinda dumbfounded and just said TPG heh. In hindsight I probably should have said something else. Oh well.

TW
TW

The very last page of the application process, it tells you to make the ACH deposit and it gives you the routing number and their address for the wire transfer. At the top of that page, there’s a link to download your new account document. In that, it has your account number. I gave them that and it’s how they found me. Did you happen to download that? If not, they may just claim you never got added into the system and never approve your account.

David
David

I did download that doc but didn’t mention it. She did give me an account# so it sounds good.

mjs
mjs

why do you need to do a wire or fund immediately?

the way i read the terms, it sounds like you have 10 days from when they officially open the account to make a deposit. that usually is enough time to set up online access and ACH, or worst case drop off a check (or mail it) to the branch.

TW
TW

Their website does not support setting up ACH transfers. You have to do it from your employer (direct deposit) or existing bank (ACH or wire transfer).

mjs
mjs

just got an email that account was approved (applied before they pulled it this morning). unfortunately, the link to set-up account info is either invalid or setting off security issues can’t get past.

however, i just simply went to the enroll in online account option, gave them the account # (which was on an account agreement print-out when i applied), used the last 4 of SSN as the PIN (as they asked for), and was about to log in and see the 0 balance.

Their routing number is 103103778. doesn’t look like you can pull from their website, but i already put in their account into a hub account i have, so that i can verify the micro deposits and push in 5k. i’m assuming i can do all this in 10 business days if it’s like any other bank, so this should save me a drive over to Irving to drop off a physical check (not sure if their mobile app has a check capture feature, but that might be another easy option to fund).

TW
TW

When you enter your SSN, you need to put the dashes. 123-45-6789

MichaelZ
MichaelZ

Applied online at noon and just got approved. I called 833# to verify the bonus. I was told that today is the last day for the promotion and the bonus will be posted to my account automatically once all the requirement meet. Sounds good news!

Unclesam
Unclesam

Went to the bank and opened a personal account in my wife’s name and a business account for myself. The lady was very professional and nice and explained in depth what needs to be completed in order to get the bonus printed out the bonus details and signed/dated it as well. It is a very small bank but they offer a very competitive interest on their money market account as well (2.09%). I somehow feel they will honor it but only time will tell. They are mostly interested in local customers and not necessarily nationwide online customers.

Chex Party Mix
Chex Party Mix

I applied yesterday morning & was given an account number, but never could access online banking. Called today & was told they “didn’t proceed” with the application because of too many new bank accounts.

Chexed again 🙁

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Brutal

SA
SA

P2 and myself opened it on Oct 2 just before it stopped working. Got our bonuses today.

TW
TW

Opened 10/2/18, received bonus 1/2/19. Excellent and painless!

David
David

+1 received mine on 1/8.

Kevin
Kevin

I signed up on 10/2 and did not receive the bonus yet. Is anyone else in the same boat?

SA
SA

Did anyone try closing it yet? Any experiences with closing?

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