Posted by William Charles on August 8, 2019
Bank Account Bonuses no image

Published on August 8th, 2019 | by William Charles

187

U.S. Bank $400 Business Checking Bonus

Update 8/8/19: Deal has been extended, new promo code is BIZSUMBONUSMMDD4Offer2019. Unsure what the expiration date now is. Hat tip to reader Dith

Offer at a glance

  • Maximum bonus amount: $400
  • Availability: In branch only
  • Direct deposit required: None
  • Additional requirements: Make $5,000 in deposits
  • Hard/soft pull: Soft
  • ChexSystems:Mixed data points
  • Credit card funding: Can fund up to $50 with a credit card online, but I assume no card funding in branch
  • Monthly fees: None
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: Unknown

The Offer

No direct link, being offered in branch only

  • U.S. Bank is offering a bonus of $400 when you open a new business checking account and complete the following requirements:
    • Mention promo code BIZSUMBONUSMMDD4Offer2019
    • Complete $5,000 in new money deposits within 30 days of account opening

The Fine Print

  • New money deposit cannot be funds held by U.S. bank or affiliates
  • Offer not valid if you or any signer on the account have an existing U.S. Bank Business checking account, had a U.S. Bank business checking account in the last 12 months, or received other U.S. Bank Business checking offers within the past 24 months
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Silver business checking account has no monthly fees to worry about.

Early Account Termination Fee

There is no early account termination fee to worry about

Our Verdict

We don’t usually see business offers that are publicly accessible and this bonus is easy to meet the requirements for and keep fee free. Because of that I will be adding this to our best checking bonus page.

Hat tip to reader Rod S

Useful posts regarding bank bonuses:



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Matt
Matt

Anyone know if they require an ETN for sole proprietorships? Or data points on “unofficial” businesses?

Matt
Matt

according to Jim’s comment on a different thread, no paperwork is required for sole proprietorship. Looks like no ETN either.

Ryan
Ryan

Going in tomorrow morning to do this and was told do not need anything other than an EIN for a sole prop.

tribesman55
tribesman55

SSN should satisfy EIN requirement for sole prop no?

SeanK
SeanK

Yup, SSN should be good for sole prop

JJ
JJ

Went in yesterday. What a fiasco. I had already had my biz and personal profiles made at a different branch on my lunch break so I expected to finish up the rest in ~15 minutes. 2 hours later and multiple calls clarifying what was allowed to open the accounts, we finally got it done.

Tips:
1. Initially they told me that I needed a DBA if I had a sole prop. 2 different people in the bank said I needed that and we called the manager ( who wasn’t in at the time) to clarify. For the record, a DBA is not necessary. I’ve opened two others biz accounts (WF and Chase) and it’s never been necessary.

2. You just need to OPEN the money market and silver, gold or platinum checking accounts. Any form of payment is fine to open but you must electronically transfer the $5k within 30 days.

3. To keep the MM fee free you have a 30 day grace period to get $10k in it.

4. If you live in OC, Don’t go to the US bank on Whittier Blvd in La Habra or Bastanchury in Fullerton. They’re incompetent.

SeanK
SeanK

Sorry to hear that it was bumpy but I’m glad you got through it! Yeah DBA is only necessary if one has a fictitious business name. Others have said the MM fee will be waived for 2~3 statement cycles, but could be 30 days from your info. Will watch out for that. Thanks!

Ryan
Ryan

This seems like you can deposit $5k and almost immediately pull it right back out, correct?

Mimi
Mimi

Correct! Both Silver chkg and MMA accts were opened. No initial deposit made but opted for ACH transfer of the full $5K. This was quick and easy to open.

Slyth66

Deleted

Slyth66

Have you already received the bonus? Just want to make sure it’s safe to pull out the $5k after the initial ACH transfer in.

Jim
Jim

$400 is a pretty substantial bonus with minimal effort/time until bonus. I’m definitely keeping my $10k in the MM account until the bonus posts.

Just because the language doesn’t state deposit and maintain the balance, I’m not taking a chance on this one

qmc
qmc

According to the picture, it looks like you also need to open their money market account.

Platinum Business MM has a $15/mo fee waived by $10k min balance.

Doesn’t seem to say you have to *keep* the MM though….

Curmudgeon
Curmudgeon

You have to keep it for at least 45 days after the $5k deposit since the bonus goes into the MM.

Jim
Jim

Please see my comment, the MM is also required, with different account requirements

https://www.doctorofcredit.com/u-s-bank-300-in-branch-checking-bonus/#comment-782655

Matt
Matt

oh thanks for the no paperwork for sole proprietorships info!

Jim
Jim

One point I neglected to mention. I have all three credit bureaus and my Chex frozen, and from past experience, US Bank only pulls EWS, so I didn’t bother unfreezing anything before opening my accounts.

My personal checking was opened without issue, but the banker encountered a restriction when trying to open my business accounts (checking and MM). When she called the back office, they asked if I had any identity fraud alerts or my Chex frozen. When I noted the latter, she said that’s likely the issue and asked me to unfreeze it temporarily. Since I didn’t have my Chex freeze PIN on me, she asked me to just do it when I get home and send her an acknowledgement as proof. She also said the back office asked for proof of residence, likely as a result of the Chex freeze triggering their alarms. She was able to override the restriction to finish opening my accounts, but asked me to send in the docs within the next few days, else she was concerned underwriting would shut them down.

I went ahead and temporarily unfroze my Chex, taking a screenshot along the way. I sent her that screenshot and my internet bill later in the evening. I called the branch the next day and she said she passed on my documents and everything was good to go.

In short, the US Bank business accounts might incur a Chex pull. Just out of curiosity, I’ve requested my EWS and Chex reports

Anonymous166
Anonymous166

How many EWS pulls did you have prior to applying? Not sure if USB is ews sensitive…

Matt
Matt

Lol okay so lots of bonuses coming up. Ideal order

1. This bonus. $5K deposit in and out. Hold $10K in the money market account. Get $400.
2. Simple bank bonus. Hold $10K in. Get $250.
3. Marcus bonus. Hold up to $50K, get 1% back.

Definitely don’t have enough to max out Marcus now lol!

EDIT: Should clarify there’s also the Wells Fargo targeted business bonus, but that’s YMMV finding a banker willing to give you a code.

Rolando G
Rolando G

I sent my dad around to call multiple Wells Fargos and ask for the business rep. The second branch he contacted was willing to help. He ended opening that + a $500 cc bonus too. He’s happy I pushed him.

Anthony
Anthony

Did he get a hard pull for the cc?

Rolando G
Rolando G

I have no idea, how do you know/check?

Dubya
Dubya

Really? You don’t have any credit monitoring and you’re SUB cashing? Dozens of free places you can sign up for credit monitoring.

Dubya
Dubya

Of course, except the few companies that make exceptions if you’re already a credit customer of theirs, every single major bank will hard pull you for a CC.

Champ
Champ

LOL. I have the same plan. Marcus-Goldman just got pushed out.

Justin
Justin

Are the Wells Fargo “Business” Friendly?

bax
bax

Called a branch near where I used to live, asking about applying as a now out-of-state customer. Banker mentioned business checking requires a minimum opening deposit of $100. Also advised it’s best to bring the full amount for the business MM promo at account opening, for whatever reason.

Jake
Jake

Siver checking package, does package just a checking account or it including checking and saving account. The name is so confusing. When I opened my personal checking package, it includes saving account namely I must also open the saving account.

CFPBFail
CFPBFail

The package doesn’t include the money market account. You have to ask for it. The Silver package is just the checking account.

Dee
Dee

A week ago I received a $500 targeted offer for Business Checking, but had to open Gold* or Plat level account. similar requirements with the $5000 deposit. This public bonus is definitely better because the silver is much easier to keep fee free.

Churnboi
Churnboi

For clarity, the MM account isn’t necessary for the $400 bonus, correct? It’s just $5,000 into a new business checking account?

qmc
qmc

The image in the post suggests otherwise.

“You must open […] and a U.S. Bank Platinum Business Money Market account […]”

AZChurn
AZChurn

Just tried in branch. They aren’t “business” friendly. The MIGHT let you sign up as a sole prop but a higher level of non-branch management will need to personally approve your business and if they approve of your business they’ll ask for invoices, receipts, and other documents.

They rejected me because they said there’s no way to verify that the products I sell in my eBay business (which is legit) aren’t counterfeit. WTF, where did that come from? I offered to provide invoices, payments, transaction histories, even reviews from my buyers on my service – they said no and tried to sell me other products for my personal accounts instead.

I asked to speak with the branch manager and offered to sign up under my LLC, which is for a completely separate business, he said no and told me to go to another branch to try my luck there.

What a weird experience, I’ve opened dozens of accounts in-branch – including my two current US Bank personal accounts – and not had something like this happen before. Has anyone had an experience like this?

Churnboi
Churnboi

They sound incredibly rude. I’ll take a pass tomorrow on my lunch break. Thanks for sharing your story.

JG
JG

I have experienced the same at some US bank branches.

elegua
elegua

In the bank now and a $100 is required to open this account (silver biz), no EIN require for sole proprietorship business, SSN would do it opening biz and personal at the same time, update later.

Champ
Champ

Is the MM account required?

Chris
Chris

Too bad they do not allow to open an account online.

john m
john m

Easy $400 if they only need a SSN. I’ve got an ebay store. Hope that counts.

John
John

Wonder if player 2, also co-owner of business, can also open one? We have an LLC

Churnboi
Churnboi

Went in this morning. Explained I was applying as a sole prop. They wanted $100 deposit right away but I explained I would fund $5k from another bank account and it would be in by tomorrow. They were fine with it. They seemed a little confused by the offer, but I explained I had been “wanting to separate my personal and business finances” and this promotion I saw was “a good motivator.” Accounts opened fine. Will update when bonus posts.

JG
JG

what documentation did you need to bring?

CFPBFail
CFPBFail

I wasn’t required to provide any documentation other than my ID.

Jeff
Jeff

Did you open a Money Market account as well, or just the biz checking?

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