[Expired] Arc: Sign Up For Account & Fund $10,000 For 90 Days & Get $600 Bonus (Business Account)

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• I hope I’m wrong but I’m starting to think that if pending application decisions don’t start rolling in by end of day on 1/3 then we can expect them to stay as pending indefinitely, i.e. we can probably just interpret that as a “friendly application denial”.

  • This is what I heard from the chat this morning when checked on the status -

    This request is in our queue and we will notify you once it's ready. Our compliance team is currently experiencing a high volume of requests, so we appreciate your patience..

    • Thank you for the update

• I asked these questions and their responses.. (I suspect different agent might give different answers, so not sure whether to believe these answers unless they update that in their offer page)

  1) Let's say my account is approved and opened on Jan 2nd. Before when I need to deposit the 10k?
  Answer - Once your account is approved, you will need to fund the account within 2 business days of opening/approval.

  2) Will the 90 days timeline starts after 10 days or so after the account is opened?
  Answer - The 90-day timeline begins on the day your account is approved.

  3) Regarding Mobile deposit, So If I deposit the 10k check (Cheque) on the day my account is opened - Will it be considered that I maintained the 10k bonus requirement from the day 1 I deposited the check (Cheque), even though the check (Cheque) gets cleared in 7-10 business days?
  Answer - Please note that check deposits are not currently available for business accounts. The $10,000 deposit must be made via wire transfer or ACH.

  • First things first - let’s get our accounts open and then we will iron out the details. None of what we find out now will matter unless they actually end up approving our accounts.

    Thank you though for reaching out to them - it does seem as though each agent has a slightly different way of answering questions, which is why we will need very specific answers prior to funding our accounts.

• Anyone got approved today? It looks like the approval might come after New Year and we will need funding deadline extension

  • That’s what I am counting on now, (a hopeful approval after January 1st and a wire right after the hopeful approval is made official). I already have a screenshot of them saying via chat that the funding deadline will be accommodated for those who applied on or before 12/30 such that they would still be made eligible for the bonus.

    I am also not relying on an email arriving with an application update, as it may or may not come based on the fact that they didn’t even tell us that there were some agreements that needed to be signed and an optional identification step that needed to be completed. I am just logging into my dashboard periodically to manually check the status of the application.

• I just finished chatting with them again and was told that they will extend the funding deadline for those who submitted their application by the deadline stated in the terms, i.e. 12/30. I was not told when the new funding deadline would be, but was just told that it would be extended due to the application processing delays they are having.

  • Chatted with them too, was told as long as the wire is initiated before the end of the year they would honor the promo. But I guess if they can not get the decisions by end of day tomorrow they will extend the funding deadline further...

    • Makes sense, as we need a routing and account number to wire to.

• Anyone got approved today? When I chatted with customer service this morning they told me they had requested to have my application expedited and I should hear a decision shortly. But it is approaching the end of thee day, the application status is still pending approval.

  • I am in the exact same situation, (I also chatted early morning of 12/30 and was told I can expect a decision shortly, but I have not heard back yet).

    @guest_1976501 stated that their application was approved in the late night, so maybe decisions are sent out in the nighttime hours, but if still nothing at that point I expect to chat again the morning of 12/31 asking if a decision could be made within the next hour or two such that I would have time for the wire or ask for a funding deadline extension should I ultimately be approved past 12/31.

    I will provide updates here if and when I do hear back from them.

    • Correct - no notification either of approval. I was actually logging on to live chat as recommended by others. I do have a previous relationship with Stripe, so I don't know if that helped?

      I used a business email and uploaded optional personal identification from the Dashboard and signed the two outstanding agreements; ACH and Auth and Cash Flow Agreements.

      • What type of optional personal identification would help?

        • Driver license and selfie

        • Thanks @guest_1976501 and @guest_1975912 . I just went to uploaded id and selfie and signed those documents. Hope those will help...

      • @guest_1976501 @guest_1976539 Thank you for providing that information, Nicholas, maybe the signing of the agreements and/or the uploading of the identification was the hold up. I just completed those steps from my settings - maybe doing that will help, @guest_1976539

• From their Help Center: https://help.joinarc.com/en/articles/6658071-are-there-any-costs-associated-with-transfers

  Are there any costs associated with transfers?
  There are account opening fees, no transfer fees, and no minimum balance fees. We offer unlimited and free domestic wire and ACH transfers.

  I wonder if this could be a viable alternative for Chase Biz transfers.

  • Any sense of what this means? “ There is a monthly volume-based fee beginning at 0.02%, which includes the fees charged by our partners at BNY Mellon, Pershing and Helium Advisors.”

    • Agree with @guest_1975912 here - BNY Mellon is their Treasury account backer. You'll see mentions of these fees also when looking at their "premium" service.

    • I believe that is the fee they charge for the balance held in the treasury account and not the business account.

• anyone got approved?

  • I applied on 25th and still nothing. No way to contact by phone and don't know how they expect it to be funded by 31st.

    • Same here, also applied on 25th and have not heard back.

  • Chatted in and they said they are expediting the final review of my app, which certainly sounds fancy. They expect to let me know today, leaving me enough time to wire.

    • Where is the link for chat? Do I have to create an account (even if the application is pending) to chat? Thanks!

      • I can see the chat icon in the lower right even when logged out, so it should be there? But I have been chatting while logged in. Last I heard was it was with compliance for review, but...who knows.

        • "The application is submitted to compliance for review", that is exactly what they told me as well. For what it is worth, they told me as long as the wire is initiated before the end of the year they would honor the promo. Wire initiated tomorrow night would probably arrive on Jan.2nd, right? How to document the initiation time of the wire though?

        • Taking a screenshot of your entire computer screen would probably be sufficient as the date and time would be there somewhere. The thing is we need a routing and account number to wire to, and that won’t be available until the application is approved.

      • Login to your application portal, chat box is on the bottom right corner of the screen

    • I’m in the exact same situation, hoping for the approval!

    • Chatted with them and they told me the same. Wire should arrive the same day, right? If the account is approved by end of day today, initiating the wire tomorrow morning should work?

      • Yeah, most banks explain their cut-off times for same-day wires. They are mostly all same-day.

        • Great! Fingers crossed for the approval!

  • Approved LLC late last night after applying yesterday morning: 12/29/2024

    10K Wire from Fidelity showing current and available same day: 12/30/2024

    Here's hoping.

• My question would be whether the funds need to be available, or if they're on hold, which is quite common, then would a mobile deposit satisfy the requirements?

  • From the terms:

    ” (3) your Arc Business account balance on last day of the Promo Period must be at least $10,000. Pending inbound or outbound transfers do not count toward the qualifying criteria."

• does sole proprietorship qualify for this bonus? Eligible business structures does not list it.

  • no, that's why @2 said: "I suspect most readers won’t be eligible due to the business structure required "

• Time frame too tight for me. If they extend it, I will consider.