Deal has ended, view more bank account bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $1,000
- Availability: PA, OH, MD, DC, VA, NC, SC, WV
- Direct deposit required: No
- Additional requirements: Unknown
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Up to $100, all payment networks are accepted.
- Monthly fees: None
- Early account termination fee: $50, 180 days
- Household limit: None
- Expiration date: December 15, 2023.
Contents
The Offer
- First National Bank is offering a bonus of $1,000 when you open a new Compak business checking account:
- Earn $600 by depositing a minimum of $15,000 within the first 30 days and maintain your balance for 60 days or earn $300 by depositing a minimum of $5,000 within the first 30 days and maintaining your balance for 60 days.
- Earn $200 by making 20 qualifying transactions within the first 90 days.
- Earn $200 by enrolling in Online Banking.
The Fine Print
- 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 the monthly fee waived with a $1,500 min. daily balance.
Early Account Termination Fee
$50 fee if closed within 180 days of account opening
Our Verdict
Requirements seem easy to meet, although the deposit requirement is more of a savings bonus than a checking it does work out to be a heathy APY and better than stashing the funds in a high yield savings account. We will add this to our best bank bonuses.
Hat tip to reader edman
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
There is a $800 bonus promotion ongoing:
https://www.fnb-online.com/business/checking-savings/business-checking/compak-business-checking
It requires you to deposit $10,000 within the first 30 days and maintain an average minimum balance of $10,000 at 6 months (180 days) after the initial 30 days.
I posted it in the Contact Us section the other day, but it went to moderation.
William Charles
If this comes back around again, I’d recommend just doing the POS debit card transactions. I messed this part of the bonus up by thinking check deposits and treasury direct deposits would count.
DP:
12/8 Account opened w/CC $100 funded
12/18 $15k deposited
2/2 POS debits 16x
3/13 $1k bonus posted
Came in late on this, missed out on the larger funding opportunity, such is life. Gonna stop by branch to downgrade and have myself a celebratory doughnut afterwards. Cha-ching!
Correction, 2/2 POS debit 21x.
Received a corrected 1099-MISC today for the $1,000 bonus.
Same here. I did both personal and business, and got a combined 1099-MISC today
On a side note: does anybody know how the IRS would react if somebody had already filled, and included a bonus interest, but then the bank issues 1099-MISC, or the other way round? Would you still need to amend, given that it wouldn’t change anything?
Successfully downgraded to free checking via chat. The rep did say that it will not show the free checking online but you will see it as free checking when the e-statement comes out.
Hey Missi, when was the account opened if you don’t mind me asking?
Early November.
Did anyone get a 1099 from this bank? I haven’t received anything.
they told me they’re not obligated to send a 1099-MISC since it’s under 600. I would’ve thought it would’ve been a 1099-INT, which is what I’ve received from other banks (e.g. Citizens and Fulton).
I did the 1,000 one that had a bonus in 3 tiers. I went in branch yesterday and they said no 1099. They call HQ and HQ confirmed no 1099.
That’s interesting. Not sure if you can rely upon that, though.
I had a case like that last year, with another bank. Bank initially told me no 1099.
Then, some time in summer or fall (long after tax season), I received a letter with a 1099, the letter explained that they had made a mistake and had just filed the 1099 to the IRS.
Fortunately, I had already included the amount in my tax return. Would have needed to amend the tax return if not.
Just got a corrected one for the full $1,000. It’s an 1099-MISC.
Does anyone have a screenshot of the offer? I thought I had one but can’t find it. Thanks.
Anyone closed this account without going to branch?
Any one received the Tax form from this bank?
Nope!
Unfortunately, I haven’t received at least a portion of the bonus. I only met the “20 qualifying transactions within the first 90 days” on 9/16/23 and “Online Banking” enrollment around 8/18/23.
Which means I should receive $400.
Anyone else still waiting?
After chatting with them online, I got my expected bonus. WOOT!