U.S. Bank $500 Payment Solution Merchant Bonus

Update 5/21/23: Offer is back now, down to $500. Offer link (ht Jack)

Update 4/18/23: Reader Carl tells us that they began charging a minimum $25 monthly fee for merchant services.

The Offer

Direct link to offer

• U.S. Bank is offering a $600 bonus when you open a new U.S. Bank Payment Solutions Merchant Account by 3/31/2023 and accept and settle a payment transaction within 60 days.
  • First, complete an application for a U.S. Bank Payment Solutions account.
  • Then, accept and settle a payment transaction into your qualified U.S. Bank business checking account within 60 days of the opening date of your payment solutions account.
  • The new U.S. Bank Business Checking account must be open and have a positive balance for the Payment Solutions bonus to be deposited into the account (within 45 days of settlement verification).

The Fine Print

• New customers: Limit of one Payment Solutions Merchant bonus per business. To earn the $600 Payment Solutions bonus offer, you must open a new U.S. Bank Business Checking account and meet the above requirements plus open a new U.S. Bank Payment Solutions Merchant account by 3/31/2023 and accept and settle a transaction into your new U.S. Bank Business Checking account within 60 days of the open date of your Payment Solutions account. The Payment Solutions bonus will be deposited into your new U.S. Bank Business Checking account within 45 days of settlement verification, as long as the checking account is open and has a positive balance. Payment Solutions bonus offer is not valid if you have an existing U.S. Bank Payment Solutions relationship. Refer to your company application for all terms, conditions and schedule of fees.
• Existing customers: Limit of one Payment Solutions Merchant bonus per business. This offer is only valid for the business checking account referenced in this letter and is not transferable. To earn $600 payment solutions bonus offer, you must open a new a U.S. Bank Payment Solutions Merchant account by 03/31/23 and accept and settle a transaction into your U.S. Bank Business Checking account referenced in this letter within 60 days of the open date of your payment solutions account. The payment solutions bonus will be deposited into your existing U.S. Bank Business Checking account within 45 days of settlement verification, as long as the checking account is open and has a positive balance. Payment solutions bonus offer is not valid if you have an existing U.S. Bank Payment Solutions relationship. Refer to your company application for all terms, conditions and schedule of fees.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Our Verdict

We saw a similar bonus for $500 a few months back. This time the bonus is up to $600 (and there’s no $50 minimum transaction requirement this time). There is a $500 business checking bonus (found on the same landing page) that would be worth doing first.

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.

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