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

Both offers have now ended. For the best current business checking bonuses click here.

Update 11/9/19: There is another link that is available until December 31st, 2019. Hat tip to reader Robert B

Update 10/8/19: Deal is back and valid until November 15th, 2019.  Hat tip to DDG

Offer at a glance

  • Maximum bonus amount: $500
  • 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: $14, avoidable
  • Early account termination fee: None
  • Household limit: None listed
  • Expiration date: August 30th, 2019 November 15th, 2019

The Offer

Direct link to offer

  • Wells Fargo is offering a bonus of $500 when you open a new Business checking account and complete the following requirements:
      • E-mail yourself coupon and use that to open account in branch with at least $25
      • Have a $15,000 minimum balance in your account on Day 30 & 90, and
      • Make 5 or more qualifying transactions that have posted to the new business checking account by Day 90.

 

The Fine Print

  • Eligibility:

    • 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, Michigan, Missouri, New Hampshire, Indiana, Ohio, 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 cash bonus offer in the past 12 months.

  • Bonus Qualifications:

    • Open a new eligible business checking account in a Wells Fargo branch by August 30, 2019.
    • Fund the new business checking account with a minimum opening deposit of $25.
    • Have a $15,000 minimum balance in your new business checking account on Day 30 and on Day 90 of account opening, and
    • Have 5 or more posted qualifying transactions to the same account by Day 90:
      • Debit card purchases or payments of bills*
      • ACH (Automated Clearing House) credits and debits
      • Checks paid from your new account (deposited and cashed)
      • Mobile deposits**
      • Wires (credits and debits)
      • Wells Fargo Business Bill Pay
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Business choice checking is the easiest account to keep fee free. It has a $14 monthly fee that is waived if you do one of the following each fee period:

  • Maintain a $7,500 average ledger balance OR
  • $10,000 in combined balances (business checking, savings, CDs and credit) or
  • 10 or more posted business debit card purchases

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

We saw a similar $500 offer last year, but the account was much easier to keep fee free and it only required a deposit of $2,000 instead of $15,000. There is also currently a $1,000 offer, that requires $25,000 in funds though. Unfortunately most branches are saying that offer is no longer available. Because of that this is your best option, but it is frustrating for people who missed out on the better deal. I’ll still be adding this to the best checking bonuses page but not as high as normally would be due to that $1,000 offer.

Useful posts regarding bank bonuses:
    William Charles
  • On November 9, 2019, 17:38

View Comments (60)

  • Anyone get a 1099 for this business bonus? I did not unless I lost it....

  • Had to CFPB WF to get the bonus from this offer because the banker opened the wrong kind of account, despite being given the email printout with the promo code on it that clearly showed what account types were eligible, and despite my having told him to open the Choice account.

    Finally got the bonus, but keep an eye out for incompetent/unscrupulous bankers.

    No bait-and-switches allowed on my watch, WF!

  • 12/10 - opened account in-branch
    12/23 - 10x $0.50 Amazon reloads with debit card
    1/7 - $15k deposit to meet Day 30 (1/9) balance requirement
    1/13 - withdrew $15k
    1/23 - 10x $0.50 Amazon reloads with debit card
    2/24 - 10x $0.50 Amazon reloads with debit card
    3/5 - $15k deposit to meet Day 90 (3/9) balance requirement
    3/9 - $500 bonus posted (exactly 90 days from opening)

    I will empty account and immediately close to start 12 month timer.

    • Great data points. I'm doing the same thing and I'm about 3 weeks behind you. I'm just allowing a slightly larger window for my 15K deposits just to avoid any funny business.

  • Just looked at my terms online. It says another way to keep the account fee free is to have one direct deposit a month. That would seem to be the easiest way to meet that requirement.

    • The Account Fee and Information Schedule I received with my Business Choice Checking does not state anything about a monthly direct deposit to waive the service fee.

      Avoid the fee with one of the following each fee period:
      • Maintain a $7,500 average ledger balance
      • $10,000 in combined business balances (checking, savings, time accounts and credit; see page 10 for details)
      • 10 or more posted debit card transactions (any combination of posted debit card purchases or posted debit card payments of bills) from this checking account
      • Linked to a Direct Pay service through Wells Fargo Business Online®
      • Qualifying transaction from a linked Wells Fargo Merchant Services account

  • So the 15k balance just needs to be available for day 30 and 90 right. In between, I can transfer out the money ?

      • I cannot confirm, but I and everyone else interpret it that way. I plan on ensuring that the funds are in the account for day 29, 30, 31, 89, 90, and 91 just to be safe. Also be sure to take into consideration that your day 30 and 90 might fall on a weekend or holiday.

    • I was able to get a code sent to me, although it hasn't arrived instantly by e-mail it did show up on the screen.

  • Do u get a document about the promotion applied with all others papers? Like with chase, u get a seperate paper which has the promotion listed but when I opened it today, there's no document which shows the promotion has been applied.

    • On one of the forms, the code should be listed. However, there is no document that outlines the terms like Chase.

  • DP: Opened 8/27, met deposit requirements 9/10. Bonus posted 11/27. Used 5x $1 Amazon reloads as well as 5x ~$1 gas purchases as transactions.

  • Does the 15k have to be new money? I have a savings account. Can I just transfer 15k from the savings to this biz account right before day 30 and day 90? I searched in the term but didn't find anything against it.

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