[Expired] [FL, MA, NJ, NY, VT] Trustco Bank $150 Business Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 3/12/22: Deal is back, this time is $150 instead of $200.

Offer at a glance

  • Maximum bonus amount: $150
  • Availability: FL, MA, NJ, NY, VT, must open in branch [Branch locator]
  • Direct deposit required: None
  • Additional requirements: None
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Unknown
  • Monthly fees: $10, waivable
  • Early account termination fee: $26 if closed within three months + you forfeit bonus
  • Household limit: None listed
  • Expiration date: July 31st, 2019 September 14th, 2019 4/30/2022

The Offer

Direct link to offer

  • Trustco Bank is offering a bonus of $150 when you open a new business checking account. You need an average balance of $2,500 for the first statement cycle.

 

The Fine Print

  • Promotional offer valid from 6/3/19 until 7/31/19.
  • To receive the $200, you must open a new Home Town Business Checking Account.
  • Minimum of $50 to open a Home Town Business Checking Account.
  • Bonuses will be paid within 30 of account opening.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $5 monthly fee, waived with a minimum balance of $500+ or if reoccurring direct deposit of your merchant services

Early Account Termination Fee

If the account is closed within three months you have to pay a $26 fee, you also forfeit the bonus (this is the EATF for the personal account, not sure if it’s the same for the business account)

Our Verdict

There is also a personal $100 checking/$50 savings bonus. This business checking bonus is much better as there are no requirements. It’s not clear what type of business documents are required. We will be adding this to our list of the best checking account bonuses.

Hat tip to IS250

Useful posts regarding bank bonuses:
    William Charles
  • On March 12, 2022, 14:00

View Comments (9)

  • OK, just finished opening the account. As a Sole Propieter, SSN only, all I needed was the DBA document which I already had (easy to get in Albany County anyway). They had a little card stating that they use Chex Systems for all new accounts, so the info above might want to be updated. Hopefully bonus will post within 60 days. Also note that I have multiple personal accounts with this bank (mortgage, checking, savings, etc.) so not sure if that has any bearing.

  • I contacted my Albany, New York state branch office for what was required:

    Photo ID of all business owner(s)
    Business License
    Certificate of Assumed Name (there's a few of these, depending upon how the business is setup, so there's a Certificate of Assumed Partnership, etc., at least the way the guy was reading the info off over the phone)

    Note that in Albany County, it sounds like a DBA will cover the latter ( as NY state law has a certificate of "assumed business name" which is the DBA).

    Only certain business types are required in Albany, NY to get a business license:
    http://www.cityapplications.com/business-licenses/NY-New-York/biz-Albany.htm

    Next week I'll try with just Sole Proprietor and SSN/DBA and see what happens

  • Could not open an account as a sole proprietor with my SSN/EIN. Needed business documents and so forth. YMMV.

  • $2,500.00 minimum balance required to avoid monthly charge of $10.00. (In the fine print)

    Still a money maker.

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