[Expired] Primis Bank $100 Business Savings Bonus

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• Received the $100 bonus today, Oct 2nd.

  Opened my account on July 24th.

  • ugh I did it before then and no bonus for me. will be contacting them

    • update - got mine today after i messaged. unclear if it was going to happen today anyway.

• Anyone get their bonus? Says after sept statement but no bonus yet. 10/1

• expired. email to them said it was not extended

• Are they pulling Chex?

  • Yes, did they on mine.

• Denied for a Savings Account d/t E-Funds Report with some unhelpful fine print as to why.

  • If your application was denied based on information in a consumer report, you should be able to get a free copy of the report. By law, Primis has to tell you how to get the report.

  • E-Funds report is Chex. @guest_1881399

• just got an email from them today saying they've got a referral program, $100 each for referring/referred, good on most of their personal and business accounts, just need to be referred by an existing customer using their online form (and then i assume using the referral link they send out) and have $2500 on deposit within 60 days of opening

• A profit for me of $86.61(5.36 APY Western Alliance). Like a bus another (better) one will come by.

• So you have to have 10k in Day 1

  • No. The requirement is not to keep a minimum daily balance of $10K. The requirement is to keep an average daily balance of $10,000 or more through 60 days of opening your account."

    You could meet the requirement by depositing just $600,000 59 days after account opening.

    • Thank you for the clarification, my question was phrased as a definitive statement - and it was a dumb one to begin with re-reading it.

      I've gotten stung by a first day balance before, I don't recall which bank it was.

• 10k for 60 days for $100? Is this for real

  • ~10% apy for 60 days isn't bad.

    • Total after 60 days is $166.00.

    • I like Primis too, already have personal checking with them. I'll do this

      • Same, have a personal checking account with them since last year.

        I applied as well for this promotion. There was no where in the application that asked me to input the promotion code. Not sure if they do it automatically on the backend.

        Do you recall entering in the promo code anywhere in the application process?

        • Update:
          Banker emailed me for documents.
          I replied back and also mentioned the promotion code.
          Account approved and the banker manually entered in the promo code.

      • Did they pull Chex when you opened the checking account? TIA

        • Not sure - I'm under review. They asked for business formation documents, so will probably be denied. I'm sole proprietor ; just uploaded my EIN letter lol.

        • No business formation documents are required for a sole prop. Say your run your business only under your legal name. That way you don't have to file a DBA ("doing business as") statement. Say you run the business from the address on your driver's license or your home address. You don't even need an EIN. You can use your SSN. (The only reason an EIN would be needed is if your sole prop is making contributions to an IRS approved retirement plan for the business.)

          For years, this is the way I've opened business deposit accounts at American Express, Bank of America, BMO, Chase, Citibank, US Bank, Wells Fargo, etc. I don't even have a business. There's no law that says you must have an established business to open a business deposit account. You could be starting a business or thinking of starting a business. If they ask for details, like what does your business do or what's your annual revenue, just make it up!

        • i was always afraid they could call it "fraud" are you sure it wouldn't be seen as fraud if you are a "sole prop" sell 2 items on eBay per year and open a bunch of biz accounts for bonuses?

        • The volume of your sales and your motive for opening the business account are irrelevant.

          The bank doesn't care about your sales volume. They assume your motive for opening the account is to earn the bonus. They assume you will close the account after the bonus is paid.

          The business savings bonus offer is an incentive to get you to open a business savings account and maintain a deposit, not an incentive to get you to engage in business activity. The bank offers you a bonus in exchange for having the use of your funds during the offer's maintenance period. The bank doesn't care whether you have a business. They only need the name, address and form of your business in case they need to sue. If your business is a sole prop, they can sue you personally.

        • 1) The main reason a bank needs to know the name, address and form of your business when they open a business account is so they know who to sue if there's a default. E.g., do they sue you personally, your LLC or your corporation? If the bank opens a business account for your sole prop and you default, the bank can sue you personally and seize your personal assets and personal income to satisfy a judgment.

          2) There's no law that says you must have an established business before you can open a business checking or business savings account.

          3) For tax purposes and other reasons, you should not commingle personal and business funds and transactions in the same account.

          4) Before you start a business, you may need to hire an accountant, attorney or other experts. You should pay them from a business account, not a personal account.

          5) Therefore, anyone who's just thinking of starting a business should consider opening a business checking account.

        • @ricki

        • I meant back when you opened the personal checking. Chex pull at that time? Thank you for responding.
          Whenever I encounter a place to submit biz documents, I usually upload a document that say "No legal documentation is needed for Sole Proprietary in my state of Wisconsin."
          Good luck!

        • Oh I see. I think they did, but was so long ago I don't remember for sure!

        • Thanks!

  • Yes, it is real. Do your math or read the "Our Verdict" section: the $100 bonus is on top of the 4% APY they are already paying for your $10K. The bonus amount is small, but the annualized APY is not bad at all. As DoC puts it, it may be worth it for some people to improve the yield on $10K for a 60-day period.

    • "annualized APY" is redundant, since APY is Annualized Percentage Yield.

      However, the "Our Verdict" 6% APY is not APY at all. It's annualized ROI, which is $100/$10000 x (365/60) = ~6%

      In general, when you talk about a certain bonus amount that's paid after maintaining a certain investment amount for a certain number of days, you cannot compute the APY. Why?

      In simplest terms, APY is defined to be the effective rate of return on a $1 investment for one year assuming a nominal interest rate R and N equal compounding periods per year. (N > 0).

      Therefore, merely knowing that a $10000 investment pays a $100 bonus after 60 days is not sufficient to compute the APY. You also need to know R and N.

      If we assume R = 5.04% and N = 12 (monthly compounding), we can compute the Future Value of the investment by using the Excel spreadsheet FV formula. (I chose R = 5.04% simply because that's the nominal rate, compounded monthly, that my Primis Premium checking account pays to yield 5.16% APY.)

      Future Value = FV(5.04%/12, 12,, -10000) = $10,516.

      From the Future Value we can compute the APY.

      APY = (Future Value - $10,000)/$10,000 = 5.16%.

      But as you can see, the calculation of APY depends on the choice of R and N.