U.S. Bank $1,000 Payment Solution Merchant Bonus

Update 10/26/24/24: Offer now back up to $1,000 and valid until 1/15/25. Bonus also only applies to fees already paid, so not really useful

Update 5/21/23: Offer is back now, down to $500. Offer link (ht Jack)

Update 4/18/23: Reader Carl tells us that they began charging a minimum $25 monthly fee for merchant services.

The Offer

Direct link to offer

  • U.S. Bank is offering a $600 bonus when you open a new U.S. Bank Payment Solutions Merchant Account by 3/31/2023 and accept and settle a payment transaction within 60 days.
    • First, complete an application for a U.S. Bank Payment Solutions account.
    • Then, accept and settle a payment transaction into your qualified U.S. Bank business checking account within 60 days of the opening date of your payment solutions account.
    • The new U.S. Bank Business Checking account must be open and have a positive balance for the Payment Solutions bonus to be deposited into the account (within 45 days of settlement verification).

The Fine Print

  • New customers: Limit of one Payment Solutions Merchant bonus per business. To earn the $600 Payment Solutions bonus offer, you must open a new U.S. Bank Business Checking account and meet the above requirements plus open a new U.S. Bank Payment Solutions Merchant account by 3/31/2023 and accept and settle a transaction into your new U.S. Bank Business Checking account within 60 days of the open date of your Payment Solutions account. The Payment Solutions bonus will be deposited into your new U.S. Bank Business Checking account within 45 days of settlement verification, as long as the checking account is open and has a positive balance. Payment Solutions bonus offer is not valid if you have an existing U.S. Bank Payment Solutions relationship. Refer to your company application for all terms, conditions and schedule of fees.
  • Existing customers: Limit of one Payment Solutions Merchant bonus per business. This offer is only valid for the business checking account referenced in this letter and is not transferable. To earn $600 payment solutions bonus offer, you must open a new a U.S. Bank Payment Solutions Merchant account by 03/31/23 and accept and settle a transaction into your U.S. Bank Business Checking account referenced in this letter within 60 days of the open date of your payment solutions account. The payment solutions bonus will be deposited into your existing U.S. Bank Business Checking account within 45 days of settlement verification, as long as the checking account is open and has a positive balance. Payment solutions bonus offer is not valid if you have an existing U.S. Bank Payment Solutions relationship. Refer to your company application for all terms, conditions and schedule of fees.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Our Verdict

We saw a similar bonus for $500 a few months back. This time the bonus is up to $600 (and there’s no $50 minimum transaction requirement this time). There is a $500 business checking bonus (found on the same landing page) that would be worth doing first.

Before thinking about this bonus I’d recommend reading this linked post about what merchant services are and why you might want to avoid doing these types of bonuses.

Useful posts regarding bank bonuses:
    Chuck
  • On October 26, 2024, 11:00
Tags: u.s. bank

View Comments (94)

  • This one got me, it is not a 1000 bonus but fee credit upto 1000 bucks in 3 months. meaning you have to sale someting for $33K, I have no business

  • So it looks like you just need to accpet some payment ( like 5 or 10 bucks) via app for 3 statements and that would satisfy the requirement or payment of 1000 dollars whichever comes first. it's either (3) statements or $1000 bucks, can someone confirm? If you receive 1000 bucks then we will owe a taxes on it, assuming you have no actual business. If you have a real business then it doesnt matter as you need to pay taxes anyway.

    • The terms on this page are outdated. The $1000 statement credit only goes towards fee's that you already are charged for this service.

      For example. If someone pays you $100, and you get charged a 3% service fee, you will just get reimbursed the $3 of fees as a statement credit.

      @2 @6 The terms on this page are out of date and the offer is drastically different now. This is no longer a offer that only requires you to accept one payment to get the entire bonus. The bonus is now a statement credit reimbursement for processing fees that you would accrue as a result of accepting payments. See AM's comment below which has the terms verbatim.

  • This new offer is not a bonus, it's a refund of fees. Totally different from the older $600 bonus offer.

    • Yeah, basically not worthwhile unless you're using this as some way to do MS

      "For example, a new merchant account opened on October 14, 2024, will immediately begin accruing credits on eligible fees and charges for a statement credit starting in November 2024. The final credit will appear on the January 2025 merchant statement. Monthly credits scale with your total eligible transaction amounts (e.g., $200 in eligible fees and charges collected nets a $200 statement credit), up to $1,000 maximum.​

      Monthly statement credits cannot exceed total eligible monthly fees and charges; therefore, such statement credits may be adjusted down to bring those monthly account statement fees and charges total to zero. U.S. Bank and/or Elavon, a U.S. Bank company, reserve the right, in its sole discretion, to modify, suspend or terminate the promotion at any time. Restrictions may apply."

  • Denied 3x 😅

    Is it because the company is less than 1-year old? I have USBank Biz Checking, Biz CC, EX personal 780, SIC code Computer Programming.

  • Merchant services is taking out $25 from my account every month, even though I haven't accepted any payment apart from the first one. Is this normal?

    • There is a $25 account fee if you don’t swipe anything that month. I called customer service because I’m being charged every month but I have swiped some payments through and they said there is an account minimum so if you’re only swiping $500 that’s not enough to not get charged a fee. They told me to contact my relationship manager which I don’t even have.

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