[Expired] [PA, In Branch only] Penn Community Bank $300 Business Checking & Savings Bonus

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Offer at a glance

Maximum bonus amount: $300
Availability: In branch only, all branches are in PA [branch locations]
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Unknown
ChexSystems: Yes
Credit card funding: Unknown
Monthly fees: Avoidable
Early account termination fee: $50, six months
Household limit: None listed
Expiration date: June 30th, 2019

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Monthly Fees
- 3.2 Early Account Termination Fee
4 Our Verdict

The Offer

Direct link to offer

Penn Community Bank is offering a bonus of up to $300 for new business accounts. Bonuses are as follows:
- $100 when you open a new professional business checking account. Must maintain a $2,500 minimum daily balance or $5,000 combined daily balance for three full statement cycles after account is opened.
- $100 when you open a professional business savings account. Must maintain a $2,500 minimum daily balance or $5,000 combined daily balance for three full statement cycles after account is opened.
- $100 when you use your professional business debit to make at least 12 debit card transactions of $25 or more

The Fine Print

To qualify for each bonus amount, the new checking and savings account must be opened between 1/15/19 and 6/30/19 and the following conditions must be met:
- (a) We will credit one $100 bonus to your new Penn Community Bank Professional Business Checking Account if the $2500 minimum daily balance or $5000 combined daily balance is maintained for three full statement cycles after the account is opened.
- (b) We will credit one $100 bonus to your new Penn Community Bank Professional Business Checking Account when you open a new Professional Business Savings Account and maintain a $2500 minimum daily balance or $5000 combined daily balance for three full statement cycles after the account is opened.
- (c) We will credit one $100 bonus to your new Penn Community Bank Professional Business Checking Account when you perform at least 12 debit card transactions of $25 or more from your Professional Business Savings Account by the end of the third full statement cycle.
If the conditions are met and the account remains open, the bonuses will be credited to the account within 45 days after the end of the third full statement cycle.
The total bonus amount will be reported to the IRS as interest for the year.
To be eligible for this offer the customer must not currently have a business checking or savings account in the previous 12 months with Penn Community Bank.
If multiple checking accounts are opened, only one account will be eligible for the bonus.
One bonus per customer. Offer expires June 30, 2019.

Avoiding Fees

Monthly Fees

Not clear what the monthly fee is for the checking & savings accounts, but this fee is waived with a $2,500 daily balance or $5,000 combined balance and that is required for the bonus anyway.

Early Account Termination Fee

According to this fee schedule there is an early account termination fee of $50 if closed within six months of account opening.

Our Verdict

Account earns 0.25% and looks like you’ll need to have $5,000 between the accounts for six months to keep them fee free, that’s basically a $56 opportunity cost vs putting that into a high yield savings account earning 2.5% APY. The debit card requirement is a bit annoying as well as there is a $25 minimum per transaction, all that being said I do think this bonus is worth doing if you live near a branch and it turns out to be a soft pull. As always please share your experiences with this bank if you decide to go for this deal. They also offer a $200 personal checking account. .

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