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
Contents
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:
- 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
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Anyone know if they require an ETN for sole proprietorships? Or data points on “unofficial” businesses?
according to Jim’s comment on a different thread, no paperwork is required for sole proprietorship. Looks like no ETN either.
Going in tomorrow morning to do this and was told do not need anything other than an EIN for a sole prop.
SSN should satisfy EIN requirement for sole prop no?
Yup, SSN should be good for sole prop
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.
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!
This seems like you can deposit $5k and almost immediately pull it right back out, correct?
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.
Deleted
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.
$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
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….
You have to keep it for at least 45 days after the $5k deposit since the bonus goes into the MM.
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
oh thanks for the no paperwork for sole proprietorships info!
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
How many EWS pulls did you have prior to applying? Not sure if USB is ews sensitive…
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.
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.
Did he get a hard pull for the cc?
I have no idea, how do you know/check?
Really? You don’t have any credit monitoring and you’re SUB cashing? Dozens of free places you can sign up for credit monitoring.
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.
LOL. I have the same plan. Marcus-Goldman just got pushed out.
Are the Wells Fargo “Business” Friendly?
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.
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.
The package doesn’t include the money market account. You have to ask for it. The Silver package is just the checking account.
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.
For clarity, the MM account isn’t necessary for the $400 bonus, correct? It’s just $5,000 into a new business checking account?
The image in the post suggests otherwise.
“You must open […] and a U.S. Bank Platinum Business Money Market account […]”
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?
They sound incredibly rude. I’ll take a pass tomorrow on my lunch break. Thanks for sharing your story.
I have experienced the same at some US bank branches.
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.
Is the MM account required?
Did it require the money market account?
No required was the answer i got but i don’t trust the person i was dealing with, she didn’t know about the $400 biz bonus in the first place, at some point she told me, you guys know more than us, anyways so far so good, they will call me back in a couple of days for a follow up but i should be good, if you guys have questions let me know, branch is 2 blocks from home.
Hope this help.
just opened mine and they said it is definitely required because they said if you read the print that your bonus will be deposited in the MM account so i had to give them 5,100 (5k to open the MM & 100 for checking) so i will withdraw the 5k and then re-deposit it via checking
The Platinum MM account only requires $100 to open. https://www.usbank.com/business-banking/business-bank-accounts/business-savings/business-money-market-accounts/platinum-business-money-market-account.html
ok waived according to DP’s
Too bad they do not allow to open an account online.
Easy $400 if they only need a SSN. I’ve got an ebay store. Hope that counts.
Wonder if player 2, also co-owner of business, can also open one? We have an LLC
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.
what documentation did you need to bring?
I wasn’t required to provide any documentation other than my ID.
Did you open a Money Market account as well, or just the biz checking?