Update: According to these datapoints the Flyer is required.
Offer at a glance
- Maximum bonus amount: $500
- Availability: CA, OR, WA, in branch only. Flier might be required. [Branch locator]
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown (reports of them being sensitive)
- Credit card funding: None
- Monthly fees: $5+ avoidable
- Early account termination fee: Unknown
- Household limit: Unknown
- Expiration date: August 31st, 2017
The Offer
No direct link, must go in branch. It says you must bring the mailer in, but in the past the bonuses have been advertised in branch. Bonus code is MTSGrowYourBusiness$500
- Businesses in CA, OR and WA can receive a $250 business checking bonus when they open a new Union Bank checking account and meet the following requirements:
- Maintain an average monthly balance of at least $1,000 on the account each statement period after account opening
- Performance at least 10 account transactions within the first monthly statement period
The Fine Print
- Bonus code is MTSGrowYourBusiness$500
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Not sure if there is any early account termination fee as I was unable to find the fee schedule. Easiest account to keep fee free is the Business Basics checking account, this has a $5 fee with paperless statements and $7 with paper statements. This fee is waived if you do any of the following:
- Average daily balance of $1,000+
- Monthly checking average balance of $3,000
- Monthly average balance of linked business and personal accounts
Our Verdict
Previous bonuses from Union Bank have been $250, so this is double as good! Obviously a fantastic deal if a flyer isn’t required or the bonus is advertised in branch. If that’s the case this will definitely be one of the best business checking bonuses. As always if anybody tries it out let us know your success or failure in the comments below.
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
My experience today. went to branch. talked to business mangaer. I was told that promotion was target only … asked them check if I had been targeted in their system or not. but answer is no… So don’t waste time to go there.
I had a very good experience in the LA branch
No documentation needed. Opened as sole proprietor. Banker was very helpful and definitely “understood” my needs.
Opened in May, bonus posted yesterday.
Can you email me the branch/banker you went to? I’m assuming best not to post helpful bankers’ info on here and would love to give him more business:)
[email protected]
thanks!!
very heavy on documentation ; the nice rep on the phone said she needs to check with the state business registry and needs a copy of the articles in order to open the account… they are not giving away the fish this time my friends, we may actually have to swim to get it. 🙂
I got $500 as a targeted offer in April but had to deposit 25k for the money. Bonus showed up on Monday. Anyone know when I can close the account?
people really must not value their time at all. Union Bank is probably THE worst bank I have ever dealt with and its at the bottom with HSBC and few others. just do this at your own risk. these guys are not used to having many clients and will immediately freeze your accounts.
I mean $500 is a lot of money
yea but so was HSBC. not sure if people remember the late 1099 and having to refile thinking they were in the IRS clear…
You should be filing taxes for bank account bonuses regardless of whether you receive a 1099
It IS a lot of money!
One of my acquaintances is completely satisfied with Union Bank. Years ago, I found them to be a little tricky, and maybe a little invasive compared to Chase. [Please Union Bank just supply a simple “OPT-OUT” box for us to check re Overdraft Protection.] But CERTAINLY not dishonest like Wells Fargo, or totally incompetent like HSBC. [Just my opinion.] Those who haven’t acquired a banking education through doctorofcredit might want to study the comments before applying.
Just went in to an SF branch and banker read me the offer details:
-$250 bonus for $1,000 deposit and five transactions
– $500 bonus for $25,000 deposit and ? transactions (he said either five or ten)
He said that you have to either bring in the flyer OR your company would have to be targeted (bankers can confirm if you’re targeted in-branch by looking up your business name on their computer).
There was no marketing material advertising the bonus in the branch I went to.
YMMV at your branch, but this was my experience today.
Just got back from a branch in CA, and had a similar experience (although they didn’t say anything about the 25k deposit). I was told that you need to have the flyer in hand with your business named, or be targeted in the computer. Two other points:
– You cannot open a Sole Prop. in your own name, even with documentation- it must have a DBA. I find this really strange.
– There is a sign attached to the desk that basically says “We run Chex on all new accounts.”
How about showing them existing Business documentation/staements from Amex and/or Chase.
Thanks, added this to the post.
OK, couple of weeks ago I went to BBVA in CA to open a business checking account for bonus. I told the banker that I write a blog as a business and I was a sole proprietor.
The lady said she can’t open an account without documentation.
Could you guys share how to open a business account without having an actual business income?
I have a small sole prop. business, file taxes and am registered with the city. I’ve churned a handful of business bank accounts over the years for bonuses — and my experience is that the bankers ask for documentation when you open the account. Unlike business credit cards, bank accounts seem to confirm that your business is legit through paperwork. I could be wrong about this – but my suggestion would be, if you aren’t claiming your business on your taxes (even if it’s just a gesture towards a tiny loss), you probably will have trouble opening some of these accounts.
Thanks!
Hi Randy,
Opening as a Sole Prop (social security) is always very YMMV. In my experience it just depends on the banker, as some will require documentation and then next one will not. If you get rejected at one, walk away and go to the next local branch if there is one.
I’ve opened two business accounts with no proof of anything using just my social. One was with Union (past promotion). Have not tried this one yet.
A word of warning to those who’ve opened (or are planning on opening) a bunch of bank accounts: Union Bank appears to be fairly Chex sensitive. I opened a personal and business account in April and had my accounts shutdown only a few weeks later after Union Bank pulled Chex again and saw two accounts had been opened at other banks within the weeks following.
Also, for anyone who is thinking of applying as a sole proprietor: Even though your business name is likely just your legal name, Union bank will ask to see a DBA and won’t process the account application without one.
+1, Exact same experience.
I posted my DPs on this on either Chexsystems sens. post or Union Bank’s last 250.
Got shut down same week after they saw 2 accounts opened same week
Added warning to post.
1. What does “10 qualifying account transactions” mean?
2. How do you avoid the monthly fees?
3. Do you actually need to own a real business to open this?
here’s the answer to all your questions my friend.
https://goo.gl/dNbGof
I’m in CA and just received a promo card in the mail for the $250 offer. Curious if this flyer above was from CA, or WA. I’ve only seen this $500 promo on WA flyers so far.