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US Bank has a promotion for new Business Checking accounts that offers either a $400 or $800 bonus with very simply requirements. This deal is available in states within US Bank’s footprint (or for US Bank cardholders) and requires making one or more deposits totaling either $5,000 or 25,000 within 30 days, then holding that money in the account until 60 days after account opening. The total of the deposits will determine the bonus amount. $5,000 gets you $400; $25,000 gets you $800.
US Bank seems to again be allowing up to $3,000 of credit card funding on new accounts, so use it if you got it.
The Deal
- US Bank is offering a bonus of $400-$800 when opening a U.S. Bank Business Checking account (Silver, Gold, Platinum) using promo code Q2AFL24 and complete the following requirements within 30 days of opening:
- For the $400 bonus, complete one or more deposits totaling $5,000 or more and maintain the balance for 60 days from account opening
- For the $800 bonus, complete one or more deposits totaling $25,000 or more and maintain the balance for 60 days from account opening
- Expires 8/30/2024
Terms and Conditions
- Promo code Q2AFL24 MUST be used when opening the business checking account.
- Limit of one Business Checking bonus per business.
- This offer is only valid for new business checking customers, existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
- Earn your $400 Business Checking bonus by opening a new U.S. Bank Silver, Gold, Gold with Interest, Platinum, or Business Essentials (Only available in certain markets) Business Checking account between 4/24/2024 and 8/30/2024. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening.
- New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate.
- Earn your $800 Business Checking bonus by opening a new U.S. Bank Silver, Gold, Gold with Interest, Platinum, or Business Essentials (Only available in certain markets) Business Checking account between 4/24/2024 and 8/30/2024. You must make deposit(s) of at least $25,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $25,000 until the 60th day after account opening. The new money cannot be from an account at U.S. Bank or its Affiliates.
- The business checking bonus will be deposited into your new U.S. Bank Silver, Gold, Gold with Interest, Platinum, or Business Essentials (Only available in certain markets) Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
- Monthly Maintenance Fee Waiver Options: Gold Business Checking: U.S. Bank Payment Solutions Merchant Banking OR $10,000 average collected balance OR $20,000 combined average collected business deposit balances OR $50,000 combined average collected business deposits and outstanding credit balances. Platinum Business Checking: $25,000 average collected balance OR $75,000 combined average collected business deposits and outstanding business credit balances.
Quick Thoughts
This is an easy checking account bonus, as the requirements are very simple: make deposits totaling $5000 or $25,000 within thirty days of account opening, hold the money in the account for 60 days after account opening and sign-up for online banking. That’s it.
Since you can open an account with as little as $100, you don’t need to deposit the remainder until day 25-30. After 60 days (from account opening), you just need to maintain a positive balance until the bonus gets credited (US Bank gives themselves up to 45 days to do that). So, you shouldn’t have to leave the full amount in the account for longer than 30-35 days.
There’s three different types of business checking, but you can get the bonus by signing up for Silver, which has no maintenance fees. The account is limited to 125 transactions per month and then each transaction gets charged a $.50 fee, but, why would you do more than 125 transactions in a month?
There’s two other levels that have increased transactions levels, but also have maintenance fees that require a relatively significant balance to waive, so there’s really no reason to do one of those instead of the free Silver account.
US Bank bonuses hare usually been limited to those states that have a US Bank branch (which is a wide net…see locations here). If you live in one of the states that doesn’t have a branch, you used to be able to get around this requirement by opening a US Bank brokerage account first and then opening the checking account afterwards. Based on previous comments, it sounds like US Bank may have closed that loophole but instead is now allowing folks with a US Bank credit card to open checking accounts, even if they’re outside of the US Bank footprint. YMMV.
US Bank seems to be fairly strict on its churning rules so I wouldn’t mess with it if you’ve had an account or received a US Bank bonus within the past year. If you haven’t, this is easy money.
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Did anybody else get charged an account management fee on the silver business checking account? The article says it’s waived for Silver, but I was charged $6 after 60 days (with no transactions). Still waiting for the bonus to post before removing funds.
Yes, I did when I recently did this bonus for my wife. It’s a fee for a paper statement. They evidently disclose it somewhere, but because of the way that they bill fees, it gets lumped under “account management.” If you switch to paperless statements, the fee will no longer be charged.
Is Michigan in their ‘footprint’? It shows partner ATMs but I don’t see any actual banks?
How soon after receiving the bonus can I close the account or transfer the money out? Any clawbacks if I do not meet a certain timeframe, or minimum daily balance requirement?
I had my balance for over $25,000 and on day 40 it dropped to $21,000 which I brought over $25,000 on day 45. Will I still get $800 after 60 days or does it reduce to $400 bonus?
no. day 30 yes!!, but no 40. You will get $400 so remove $20k now; leave it on $5k. Remember to set up the paperless to avoid the $6 fee.
I already did this bonus last year (about 13 mos ago) and got the bonus. I’m more interested in funding the account with $3k on an AMEX. Is it possible to fund via AMEX with an existing open account or is that only possible on account opening? Or does opening an associated checking or savings account give you the CC funding option again?
AFAIK, only on account opening, I’m afraid.
I do have the option to open a personal checking or savings or money market account under the same login credentials (while logged into my biz checking account I opened last year). i wonder if opening one of those will open that CC funding portal again?
Adding my voice to the list of people who would appreciate a post on credit card funding and any pitfalls to avoid…
How does the credit card funding work? Any issues if I use a chase ink card ( like will chase be upset)?
The term says “Deposit $5,000 or $25,000 in new money within 30 days of account opening and maintain at least that balance for 60 days after opening the account.” So is not necessary to keep the $5k or $25k balance for 60 days? Thank you.
I want to know the same thing. I had my balance for over $25,000 and on day 40 it dropped to $21,000 which I brought over $25,000 on day 45. Will I still get $800 after 60 days or does it reduce to $400 bonus?
Keep it just for 30 days.
As others have said I am curious how I can fund with a credit card? I have an Amex BBP I want to use for that. What cards allow this transaction?
When you open the account, it will give you various options to fund, and one will be credit card.
A lot of banks don’t take amex for funding, FYI
I just funding with my ABP no problem.
Thanks! I have never done this process. When you fund using the card is it charged like a regular charge or cash advance?
How much did you fund and did it code as cash advance or purchase?
$3k and as I said, no problems. It was a purchase and counted in my MSR for my SUB
Thank you for your help!
Can anyone open a business checking account just like a business credit card?
You can open an account as a sole proprietor using your social security number just like a credit card.
Thanks, Tim – do you guys have an article anywhere about funding a checking account from a credit card as part of meeting a SUB? Currently working on Citi AA Biz and Amex Biz Platinum
We don’t have an article as such. Are you worried about whether or not it will count as a cash advance?
I’m worried about that. Also, do you have to use the CC at account opening? Or can you fund it with the card after it is opened?
Yes
How does the credit card funding work?
Thanks
When you open the account, it will give you various options to fund, and one will be credit card.
Thanks