Update 12/1/24: Extended to December 31, 2024
Offer at a glance
- Maximum bonus amount: $750
- Availability: Must live, work, worship, or study in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties, or the city of Lancaster, PA or if a member of your family or household is already a customer, no matter where you live.
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown, sensitive
- Credit card funding: Up to $500
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: 11/30/2024
Contents
The Offer
- Citadel Credit Union is offering a bonus of up to $1,000 when you open a new business checking account. Bonus broken down as follows:
- Earn a $450 cash bonus with new money deposits of funds not currently on deposit with Citadel totaling $25,000 or more within the first 30 days (internal transfers excluded) and maintain a $25,000 daily balance for the remaining 60 days after account opening
- After meeting these requirements, earn an additional $300 by enrolling in one of Citadel’s Cash Management Solutions; Merchant Services, Payroll Services or ACH Origination and complete your first merchant deposit or first transaction within 90 days of account opening.
- Additional $250 Cash Rebate from First Data Merchant Services, LLC is applied for new qualified Citadel merchant members
The Fine Print
- Earn Up to $1,000 – New Account Cash Bonus & Rebate Offer: Earn a $450 cash bonus with new money deposits of funds not currently on deposit with Citadel totaling $25,000 or more within the first 30 days (internal transfers excluded) and maintain a $25,000 daily balance for the remaining 60 days after account opening.
- After meeting these requirements, earn an additional $300 by enrolling in one of Citadel’s Cash Management Solutions; Merchant Services, Payroll Services or ACH Origination and complete your first merchant deposit or first transaction within 90 days of account opening.
- Once you meet these requirements, and your checking account has been open 90 days, your bonus(es) will be paid within 10 business days.
- Additional $250 Cash Rebate from First Data Merchant Services, LLC is applied for new qualified Citadel merchant members – Promotional offer expires November 30, 2024. This offer is available for qualified Citadel Credit Union merchant services members who have not had a merchant services account processed by First Data Merchant Services, LLC within the last six months. New accounts are subject to standard credit approval and underwriting requirements. A $250 rebate applies to Clover devices valued more than $250. Rebate will be initiated to the merchant’s account within 60 days after the merchant’s account is activated. To be eligible for the rebate, the merchant must: (1) have a minimum processing volume of $100,000 annually; (2) must be credit approved between 6/1/2024 and 11/30/2024; (3) activate account by submitting a batch of $25 or more in sales within 30 days of approval date; and (4) sign a merchant processing agreement. Additional fees apply to certain Clover app’s software components, services and activated accounts. Only one offer per eligible business tax ID. Eligibility is at the sole discretion of First Data Merchant Services LLC. Early termination fees apply. Offer not valid with any other offer and subject to change without notice. Terms and conditions apply per the merchant processing agreement.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Essential checking has no monthly fees to worry about.
Early Account Termination Fee
Citadel bank does not charge any early account termination fees from what we could find.
Our Verdict
The $450 bonus works out to be over 10% annualized return, so might be worth doing. Others not so much as it requires other business activities to be set up.
Hat tip to Mrs. Gee
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
- Bank Bonus Posting Times
https://io.referlive.com/hEtHaC
Here is a referral link for any of our business friends/family/customers to join the credit union… https://io.referlive.com/ljIQNS
Elite Business Checking – Earn a $450 cash bonus with new money deposits of funds not currently on deposit with Citadel totaling $10,000 or more within the first 60 days (internal transfers excluded) and maintain a $10,000 daily balance for the remaining 30 days after account opening. After meeting these requirements, earn an additional $300 by enrolling in one of Citadel’s Cash Management Solutions; Merchant Services, Payroll Services or ACH Origination and complete your first merchant deposit or first transaction within 90 days of account opening. Once you meet these requirements, and your checking account has been open 90 days, your bonus(es) will be paid within 10 business days.
or
Open a new Essential Business Checking account. Earn a $300 cash bonus with new money deposits of funds not currently on deposit with Citadel totaling $2,500 or more within the first 30 days (internal transfers excluded) and complete a minimum of 10 debit card purchases within the first 90 days. Once you meet these requirements, and your checking has been opened 90 days, your bonus will be paid within 10 business days.
Do you have to leave 2500 in for certain amount of time for essential business bank promo or just deposit that amount within 30 days and after 30 days, we can remove 2500.
I am doing the 450 bonus so not sure what they mean for the essential 300 bonus
Terms only say deposit so you can pretty much just deposit it and withdraw a day later if you want.
Was able to open In-Branch 3 Biz a/c’s (P1 and P2 Sole Prop as SSN, P1 EIN LLC). Banker also confirmed with back office that bonus is one per business EIN/SSN.
Did the banker have trouble applying the code to sole prop? He told me he’ll get it fixed the next day by manually adding it or something.
Yep, same here for all 3 and they did confirm that they fixed it in the backend. If any issues, i know the branch well and they will take care of it.
I see, ty. I’ll follow up Monday since I have to call them anyway. For some reason it won’t let me create an online login as it doesn’t have a phone number attached to send a 2FA. Did that also happen to you?
Yes, it did. I did sort all out in the branch as i had to go to sign paperwork the next day and get the instant debit card, etc. I also ensured online banking was setup and i was able to login. I also had them print a few checks for free.
Title typo – Bank is a four letter word in the credit union movement
Would any current member like to adopt me into their family? : )
https://io.referlive.com/ljIQNS Here you go…