Posted by William Charles on September 26, 2018
Bank Account Bonuses

Published on September 26th, 2018 | by William Charles

366

[Expired] Wells Fargo $500 Business Checking Bonus [In Branch Only, Excludes Some States]

Bonus has now ended early, click here for the best current business checking bonuses.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Offer excluded in the following states: Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont, and West Virginia. Account must be opened in branch. [Branch locator]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Mixed reports
  • Credit card funding: None available in branch
  • Monthly fees: $10, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: November 15th, 2018

The Offer

Direct link to offer

  • Wells Fargo is offering a bonus of $500 when you open a business checking account and complete the following requirements:
    • E-mail yourself coupon and use that to open account in branch with at least $25
    • Within 10 days of opening your account, deposit $2,000 or more into the new business checking account, and
    • Have a $2,000 minimum balance in your account on Day 60, and
    • Make 5 or more qualifying transactions that have posted to the new business checking account by Day 60.

The Fine Print

  • Unique bonus offer code can only be used once.
  • Provide one-time-use unique bonus offer code to banker at account opening.
  • Offer excluded in the following states: Hawaii, Kentucky, Louisiana, Maine, Massachusetts, Missouri, New Hampshire, Oklahoma, Rhode Island, Vermont, and West Virginia.
  • You cannot be:
    • A current owner of a Wells Fargo business checking account.
    • A Wells Fargo team member.
    • The recipient of a business checking bonus in the past 12 months.
    • We will deposit the bonus into your new business checking account within 30 days after meeting all eligibility and offer requirements.
    • Business checking account must remain open to receive bonus amount.
    • You are responsible for any federal, state, or local taxes due on your bonus, and we will report the bonus amount as income to the applicable tax authorities as required by law. Consult your tax advisor.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Simple business checking is the easiest to keep fee free. It has a $10 monthly fee, this is waived if you maintain a $500 average monthly balance.

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

Previous best deal is $300. This $500 bonus has a few more requirements, but I think they are definitely worth doing for an extra $200. Definitely think this is worth doing if you have a branch that isn’t too far from you and have a business. Wells Fargo lists the business documents required here. I’ll be replacing the $300 offer with this offer on our best bank bonus page. I wouldn’t leave this offer too long, as I can see it being pulled early.

Big thanks to reader, bplturner who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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MarcoPolo
MarcoPolo

Damn……just did $300 bonus offer few days ago.

John
John

Same here. Anyway they will match it?

Ron
Ron

Is the last date for $300 coming 9/30/2018?

lingua
lingua

ugh. I did it yesterday lol

lingua
lingua

Good news. I emailed the banker who opened my account with the new bonus info and he called back later to say he was able to switch out the 300 code for this new one. I’ll anticipate having to call in for it manually down the road so am saving communications.
Always make nice with your banker!

JT
JT

Jackpot. How fitting that this comes out on the 1 year anniversary of my last WF Business checking bonus. I definitely made the right choice in closing my biz checking and rolling with personal checking for a MO dump.

Accountant69
Accountant69

I got the $300 bonus earlier this year when opening with my SSN. If I open another account with an EIN, would they still grant the bonus?

Curmudgeon
Curmudgeon

Here’s a better question: How about getting one with SSN, a sole prop EIN and a corporate EIN? 😀

Then repeat the first two for spouse. 😀 😀

I’m going to try this if I have time.

Bobby Red
Bobby Red

How do you get a sole prop EIN?

Krista check my posts
Krista check my posts

Sole Prop. can choose to use their social or get EIN from IRS. Same as Partnerships, etc. Apart from EIN being optional for the sole prop.

You probably don’t want to get an EIN unless you do significant business.

Curmudgeon
Curmudgeon

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

People who operate as a sole prop but have employees like to get EINs so their personal social sec # doesn’t end up on employee W-2s. It’s also nice to use for business when you don’t want to give your SSN out to everyone and their dog, because who knows how your vendors will treat your W-9 or other documents you give them.

MarcoPolo
MarcoPolo

You are a Pro Curmudgeon
Unfortunately my P2 is not at all interested in going to the bank to open the account even once 🙁

VL
VL

A year ago (for $300 bonus) I confirmed that only 1 bonus is permitted per person. I was going to open as SP and for 2 other small corporation, but they assured that only 1 bonus will be granted, and I obviously opened only 1 account. Make sure it will work before wasting all your time.

Good luck.

Andy
Andy

I’m also curious about this…same situation as you. Has anyone applied using EIN after receiving one on SSN earlier in the same year?

D.
D.

I received a business bonus on Oct. 5 last year. Any one have an idea if I can go in on Oct. 7th, or would I need to wait until the following month to be eligible?

Darv
Darv

Same boat here. I’m planning to open it again 11/1.

Seth Tyson
Seth Tyson

I have a sole proprietorship, if I have an EIN document to go with that, is that all of the documentation I’ll need? The sole proprietorship is listed as my name with no extras. Thanks in advance to anyone helping me decipher this

Vince
Vince

If it’s just your first and last name, you don’t need any documentation beyond driver’s license.

Seth Tyson
Seth Tyson

Haha, that’s how I read it, but it seemed too easy. I’m giving this one a go! Thank you

Vince
Vince

https://www.wellsfargo.com/biz/required-documents

Check the sole proprietorship section here. “If the business name does not include the legal first and last name of the owner, you will need one of the following documents:”

TimmyD
TimmyD

Do you need to have some business documents? I don’t really have a business but I have a business credit card and it’s just my name

el_pistolero
el_pistolero

has anyone done a business checking bonus on H1b?

NBG
NBG

A friend of mine did in branch . No issues.

Max
Max

What does it mean to not include a bunch of states where there is no Wells Fargo branch?

Prometheus77
Prometheus77

Most people who have a legitimate business that deals with cash and or POS payment aren’t going to use a WF account in the ways that WF values a business account if they don’t have a branch in a relatively close distance. Like me, they just open the WF business account in a qualified neighboring state strictly for the quick bonus and or ability to open WF business CCs. I have a legitimate business but I’m not driving a 132 miles to the nearest WF branch each week to deposit a couple thousand in cash when there is a TD Bank at the end of my street that can get me in and out in under five minutes 90% of the time.

Abe
Abe

Darn I just opened my HSBC advance checking with the direct savings to do their $350 bonus. I would have gone with this one first. Much easier bonus and saved a chex inquiry for a higher bonus. I did the $300 bonus last year with Wells. Will have to guesstimate the date I received my business checking bonus last year and definitely give this one a shot before the deadline.

ChurningFast

Jackpot! Got the biz bonus last year on 10/21, will open 11/1 for this $500. Just hoping I get the $500 biz plat preapproval as well. Only DoC can make you $1000 over a weekday lunch 🙂

humberto de richmond
humberto de richmond

yeah, I think that’s my plan as well. I received the bonus 10/07.

HappyInAZ
HappyInAZ

I got the bonus last year as well (opened oct 24, 2017, bonus rcvd oct 31, 2017) and I still have it open. How long does my biz account have to be closed in order to open another and qualify for the new bonus?

Peter
Peter

Bitter sweet feeling. I got my bonus last year in October. So i am eligible for this offer. My P2 slacked out and got their previous bonus in December 2017. Seems like just lost $500 because it doesn’t qualify under 12 month rule. Wonder if someone has a DP of WF not enforcing the 12 month rule. P2’s account has been closed for 4 months now.

Jeff G
Jeff G

Rule seems to be strictly enforced now.

Peter
Peter

Thanks.

Slip6
Slip6

Hey Jeff, it seems like people are waiting until the month after their 12 month anniversary to be safe, but do you have any DPs on if we can do 12 months + 1 day after? Wife would be eligible right before expiration if this is the case.

Or if anyone else knows.

Thanks!

Jeff G
Jeff G

No DP’s from me, sorry!

Gibunono
Gibunono

Jeff, how do you draw that conclusion? From some website? Thanks.

Onsale
Onsale

Any DPs on whether Wells Fargo will allow you to switch to this offer if you’ve already opened an account under the $300 offer?

I opened an account under the $300 last week….. : (

Bill S.
Bill S.

Thinking about taxes, if I wait until Nov. 5 or so the bonus should post in 2019, right?

Andy
Andy

Is there a way to find out when you last received a bonus if you were dumb and didn’t write it down? My account doesn’t show up online any more. All I know is that it was sometime last October.

MarcoPolo
MarcoPolo

Check your email for the confirmation email and/or your bank account/credit card statement depending on how you cashed out the points.

Mike
Mike

Good question – i opened oct 2 and closed nov 25. Terms at that time state bonus is pd 45 days after depositing 500 so i am guess my bonus was deposited roughly nov 17. Darn!

dudeious
dudeious

my bonus posted 3 days later after deposit. usually wells fargo is quick with these bonuses!

mike
mike

thanks

tribesman55
tribesman55

I got my bonus for the 300 on 10/2 last year, I should be good to go on this one come 11/1 if I want!

JP
JP

this is interesting. on 9/30/18 it will be 1 year anniversary for my current checking account. Same day I plan to apply for WF Biz cc for $500 bonus. once approved I will close the checking account in few days. Hopefully bonus is still alive in November and can apply then to get this bonus. Since I got the bonus in Oct 2017 it won’t satisfy waiting period of 12 months.

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