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Offer at a glance
- Maximum bonus amount:Â $750
- Availability:Nationwide (excludes NY & FL and any other state without a branch unless you have an existing relationship)
- Direct deposit required:Â None
- Additional requirements:Â Merchant services
- Hard/soft pull:Â
Soft(hard pull) - ChexSystems:Â Mixed data points
- Credit card funding:Â Can fund up to $250 with a credit card
- Monthly fees:Â $20, avoidable
- Early account termination fee:Â None listed
- Household limit:Â None
- Expiration date:Â October 29, 2021
Contents
The Offer
- U.S. Bank is offering a bonus of $750 when you open a Gold Business Checking Package Account and complete the following requirements:
- Accept a payment into your new Payment Solutions Account
The Fine Print
- Earn your $750 bonus by opening a new U.S. Bank Gold Business Checking Package and a new U.S. Bank Payment Solutions Merchant Account only via www.usbank.com/fast-funding between August 31, 2021 and October 29, 2021, and accept and settle a Payment Solutions transaction into your new U.S. Bank Gold Business Checking account within 30 days of the open date of your Payment Solutions account.
- The bonus will be deposited into your new U.S. Bank Gold Business Checking account within 45 days of settlement verification, as long as the account is open and has a positive balance.
- Offer is not valid if you or any signer on the new accounts have an existing U.S. Bank business checking account, had a U.S. Bank business checking account in the last 12 months, or if you have an existing U.S. Bank Payment Solutions relationship. Offer cannot be combined with other business checking account bonus offer.
- All business account-opening procedures apply including a minimum opening deposit of $100.
- For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information disclosure.
- Refer to your company application for all Payment Solutions terms, conditions and schedule of fees. These documents can be obtained by contacting a U.S. Bank branch or calling 800-872-2657.
- Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business gold checking account has a $20 monthly fee. This is waived with any of the following:
- U.S. Bank Payment Solutions Merchant Account
- $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option
- $20,000 in combined average collected deposit balances or $50,000 in combined average collected balance on interest-bearing option
- $50,000 combined average collected business deposits and outstanding business credit balances
- $75,000 in combined business deposit and outstanding business credit
You need a payment solutions merchant account for the bonus anyway.
Early Account Termination Fee
Our Verdict
You can read more about merchant services and what they are here. Personally I think it’s best to avoid these merchant services deals as they are more work than they are worth, but as this is a $750 bonus some people might disagree.
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
DP:
3/9: Opened, funded with $100
3/15: ACH tfr in $5,000
4/??: Received mailer for $700 Merchant Services bonus
4/29: Signed up for a Merchant Services account (digital payment only, no physical device)
5/13: Accepted payment from P2
6/13: Both $300 checking bonus and $700 merchant services account bonuses posted in the afternoon (bonuses were not there before about 11:00AM MST)
I opened and completed all requirements in September. The bonus never posted. I emailed for customer service and they said to call business solutions. Business solutions spent half an hour on the phone and said I needed to call the branch that I opened the account in in Minnesota (I opened it online and live in Texas). So I called the Minnesota branch, the agent was super friendly and they looked into it and put in a request to credit the account on Feb 8th. The $750 posted today!
I see I was charged a $52.49 Merchant Service fee on 12/1.
Anyone know what this is about?
Account was set up in November.
11/19 did a $5 merchant sale.
No bonus posted as of yet. Wonder if it will ever go through because rep was really confused about how to add it, said it needed to be added later, that a merchant person would contact me later, who never did, and needed to reach out again to get the merchant thing going, which may have been too late.
Was not expecting this fee though!
I think they did send me a card swipe reader, which I don’t need. I wonder if that is what the fee could be for?
There is $5 monthly fee for having the card reader. There is also a service fee on each transaction processed. $52.49 does not sound accurate at all. If you had a $5 transaction, it would be a minimal processing fee. I would definitely call regarding the fee charged and to find out why the bonus is not posting. I’m ready to file a CFPB complaint because this is ridiculous. They don’t seem very helpful either. Did you apply online?
Online didn’t work as I recall. I set up an appointment, which ended up being virtual, and that agent messed it up a bit.
The agent said he had to do a conf call with the merchant services to set this up. On the call he said instead the merchant service person would get back to me. Which he never did. I contacted them again and then started receiving emails to sign up for Talech etc.
On phone with them now. They say this is the charge for Telech and the Mobi device.
They say I didn’t receive the bonus because the rep set up a Silver instead of a Gold business account.
I guess sales rep is supposed to get back to me.
The bonus has not posted yet. Anyone have stats on the December bonus? Any help would be appreciated.
Anyone have the bonus post for December yet?
Denied the bonus, was told I had opened a biz account in the last 12 months. Went to check, it was an app that showed up with an error on my side. Apparently it opened, was never funded and closed. Guessing I’m SOL?
I see some people are starting to receive the bonus. I completed the merchant service transaction on November 2nd, so my guess is that bonus will post in December. Does that sound accurate? Also, I just want to clarify that the only thing is to open the account and settle a payment with the processor. Am I missing something? Seems to easy.
Received bonus.
9/23 – applied online, funded with $200 through a CC, approved
10/6 – settled first (and only) transaction
11/15 – bonus posted
i have not received mine yet, had to email….
9/21 – applied online, funded $100
9/27 – settled first and only transaction
…hoping i get it manually credited soon, went beyond the 45 days the terms stated
Got the following response and bonus posted today as well
“I’ve reviewed with my analytics partner and we’ve submitted the request to pay out the promotion. The customer should receive the bonus with in the next week.”
I supplied all the emails I received when the account, talech, and Elavon approvals were received on 9/22.
Same timeline for me, I called US bank and they never got back to me. Still haven’t received bonus. What e-mail did you use? And do you plan to close the merchant services asap?
I closed merchant service they day after and i downgraded to silver business the day after that. I used the email us button in the contact us section for them to review for the bonus. it took me attaching my original emails that i received to get them to credit it.
I did the online application and received the message that I need to call in to do this. I call in, they set up a virtual appointment. On the virtual appointment the rep says this can only be set up online and cannot be done via virtual appointment, gives me the same we address, etc. We share screens and he sees how it just takes me to the message to call in. LOL. He is investigating further.
Edit: Rep got back to me and said they will set it up via virtual and they will apply the code afterwards.
Online errored out for me too. Was anyone able to open with virtual appointment online? The CSR I spoke to said I could do that or in person. But then the branch manager said he thought it was in person only. TIA!