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The Offer
- U.S. Bank is offering a $500 bonus when you open a new U.S. Bank Payment Solutions Merchant Account by 10/28/2022 and accept and settle a payment transaction within 60 days of the open date of your Payment Solutions account (must accept and settle at least $50)
The Fine Print
- Promotional offer is available for establishment of a new payment processing account including certain Elavon compatible equipment rented to new and existing U.S. Bank customers not currently using Elavon for merchant processing services.
- To qualify for the $500 statement credit offer, you must open a new U.S. Bank Payment Solutions Merchant Account by 10/28/2022 and accept and settle a payment transaction within 60 days of the open date of your Payment Solutions account.
- The one-time statement credit of $500 will be credited by the January 2023 billing cycle. Merchant accounts (MIDs) must be activated and actively processing payment transactions for a minimum of one week and be in open status at the time of the incentive credit.
- Accounts must process and settle at least $50 in payment transactions in a single day to be considered an activation.
- Everyday funding requires funding to a U.S. Bank business checking account. U.S. Bank and/or Elavon reserves the right in its sole discretion to modify, suspend or terminate the promotion at any time. Restrictions may apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Our Verdict
Before thinking about this bonus I’d recommend reading this linked post about what merchant services are and why you might want to avoid doing these types of bonuses. There is a $400 business checking bonus that would be worth doing first.
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
Just got my bonus. Now its time to close the account
Messaged and was promised an email back within 4 business days, called two weeks after not getting anything and the CS rep I spoke with said he’s be sure I got a response and still nothing after another two weeks…starting to put US Bank on my doo doo list.
Late post but mine posted on Feb 2
$500.00 MERCHANT SERVICE
Wondering what month you signed up for the bonus in? Was it October 2022?
2022-10-12
MAC944Turbo
Still no sign of the bonus posting. Did email the guy who set my account up via email. He said he’ll look into it for me… Not getting my hopes up
When the bonus posts does the transaction mention the bonus? Had a $483 deposit post even though I haven’t processed a payment for that amount
In April of 2022 I received mailer for $700 bonus to enroll in merchant services and settle a minimum 1 credit card transaction.
Today I received a 1099-K for $10 from Evalon Inc, the payment processor, showing the $10 credit card transaction i used to trigger the $700 merchant service offer.
Anyone used the public offer and got their bonus posted yet? Supposed to be in January 2023. I have not yet
I signed up on 9/20. Where are you looking for the bonus? I haven’t gotten any email or $500 payment.
Similar time line, mine still hasn’t posted. I’m waiting for the statement closing in February containing January stuff for it to post. If it doesn’t then, I’ll reach out to tem
Sounds good. I think I only got 1 statement when I had only 1 CC charge in September. Do you get statements even if you don’t have any activity?
The January cycle closed and I don’t have the bonus posted yet. Is yours?
Just saw a $500 direct deposit post today with the description MERCHANT SERVICE MERCH FEE 230131.
Do you see the $500 DD?
No, I don’t. I’ll give it a few more days, then call in
I don’t see the $500 bonus anywhere in the Talech login either, very strange.
I looked in Talech just now nothing there either. US bank business account linked to merchant services is where I looked first
Available with $500 bonus until 12/21/2022
https://www.usbank.com/splash/merchant-services/500-payment-solutions-offer.html
Update from an earlier post.
Got targeted with this offer in June.
Opened the account in July and accepted one single payment of $50 that month.
Bonus of $500 posted today on time as described in my targeted offer.
Not sure if the terms of the bonus have changed recently but I did not have to do any recurring payments in order to get the bonus, just the one transaction of $50. I also had the $500 bonus posted into my US Bank business checking account and am able to withdraw it entirely.
Appreciate your DP!
When I read the current terms, it sounds exactly like what
Alex_the_Churner 🔗 was told, particularly the part about the statement credit being applied after your “billing cycle,” etc. Like you also said, I wonder if they’ve changed the terms you did your bonus.
Now, it would make sense that if you had a negative balance on your billing that they should allow you to withdraw it, just like if you accidentally overpay a credit card.
That said, I feel funny about opening a merchant services account that I don’t need for a “business” that hardly does anything, so I think I’ll just pass on this one and try not to have too much FOMO.
I just checked the current offer and the terms are very similar to mine, with just the dates changed. It says the bonus will be posted once your March 2023 business checking bank statement is generated.
Not sure if they still require you to rent/buy a card reader, it’s either a $5/month fee for rental or $50 to buy it. I opted to rent it since my promo gave waived the first three months of rental fees for me.
My terms also had the following statement which the current terms do:
“Merchant accounts (MIDs) must be activated and actively processing payment transactions for a minimum of one week and be in open status at the time of the incentive credit. ”
The first part of that sentence is kind of confusing because it makes you think that multiple payments need to be accepted without specifying an exact number. This isn’t the case. The second part of that sentence is true though, you need to keep the merchant account open until your bonus posts.
Also the following sentence does a better job of outlining the specifics:
“Accounts must process and settle at least $50 in payment transactions in a single day to be considered an activation.”
And as I mentioned I only accepted one $50 payment and was able to trigger the bonus.
Yes, I used the card reader as my promotion required me to have one. Either by renting one for $5/month or buying one for $50 outright. The first three months of rental fees were waived per my promo so I went ahead with renting the card reader.
I kept the merchant account open the entire time (also required by the terms).
I closed the merchant account a couple of weeks after my bonus posted and mailed them back my card reader, which stopped the rental fees.
I closed my US Bank business account a couple of days ago, as the only reason it was still open was waiting for the bonus to post.
No issues with any closures.
I spoke with US bank representative. This bonus can be use only to pay fees on Payment Solutions Merchant Account and cannot be withdrawn.
William Charles