This bonus has expired and is no longer being offered. You can view the best current business checking bonuses here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: VA, MD, NC
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: Up to $2,000 on personal accounts, unsure on business
- Monthly fees: None
- Early account termination fee: 180 days, $25
- Business limit: One
- Expiration date: July 31st, 2018
The Offer
- Union Bank & Trust is offering a business checking bonus of $250 when you open a new business checking account and complete the following requirements:
- Maintain an average balance of $2,000 or more during the first 60 days
- Make any combination of 8 qualifying transactions by debit card at merchant locations, check or online bill payment within the first 60 days
The Fine Print
- To earn a $250 cash bonus, open a new Free Business Checking or any Union business checking account, maintain an average balance of $2,000 or more during the first 60 days and make any combination of 8 qualifying transactions by debit card at merchant locations, check, or online bill payment within the first 60 days.
- Offer expires July 31, 2018.
- Cash bonus is only available to new Union business customers that do not currently have a business checking account with us and have not had one in the last 12 months.
- May not be combined with any other offer.
- Offer may be withdrawn without notice.
- Business opening the checking account must be located within the Bank’s territories of Virginia, Maryland, or North Carolina.
- All accounts are subject to approval. $250 cash bonus will be credited to your checking account within 30 days after all terms of the offer are met.
- Your checking account must be in good standing at time of payment.
- Only one $250 cash bonus per client Taxpayer Identification Number (TIN).
- Cash bonus may be reported to the IRS as taxable income.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The free checking account has no monthly fee to worry about. According to the fee schedule you’ll be charged an early account termination fee of $25 if the account is closed within 180 days of opening. Not 100% sure if that applies to business accounts as well or not.
Our Verdict
They also have a $100 personal bonus. Requirements seem fairly easy to meet for this business bonus and $250 isn’t bad at all. Isn’t clear what type of business documents they require. As always share your experience and data points in the comments below.
Big thanks to reader, Curmudgeon who let us know. Learn how to find bonuses and contribute to the site here.
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View Comments (30)
Union Bank & Trust - The personal checking bonus is back https://www.bankatunion.com/Personal/Checking. The link in the post to the Personal Bonus page now throws a 404 error and I can find the page via site search either.
I had to call in to get my bonus. For some reason from their end the 8 debit purchases on the same day appeared as one, and they had to look into it further to see that it was in fact 8.
Expired
Just a heads up for anyone else applying, the two business documents requested from me (sole proprietor in MD) about week after applying were Trade Name Registration and Tax ID Certification.
Account opened. Who knows, maybe this will become my regular business account. It's the only one I've ever seen that has zero requirements to stay fee-free.
@Avi. How were you able to finally open the account? Which state are you in and what docs made it work for you? Thanks for your DP in advance.
I received an email from the bank with a link to a secure messaging platform through which all the documents are sent back and forth. Seemed spammy at first, but it’s not. I’m in Maryland, but the nearest branch is in Virginia, so the person I was communicating with was from there. Business docs requested were my Maryland Trade Name Registration and Federal Tax ID Certification. All went pretty quickly once they emailed me a week after my initial application.
Do you have a business or a 'business'? If I have am a sole prop with a 'business', can I still fill out those forms?
I have a legit sole proprietorship business. When I applied, I provided my business name (different than my legal name) and my tax ID (not my SS#), so those were the documents they asked for as evidence of my business name and tax ID. They're not forms I fill out for them, but rather documents provided by the IRS and MD tax authority. Not sure what they'd ask for if I had used my legal name and SS#.
Seems like a hassle for just sole prop application
Agreed, but I’m hooked on bank account bonuses.
you and me both
Filled out the online application as a sole prop (legitimately) here in MD. After I hit submit I got a message thanking me for my application - I would be contacted soon. Will report back when I hear anything.
2 days out and still no contact.
Any update, Sophia?
No contact! I may need to call.
I would call, they probably just haven't gotten around to processing it but if you call in they will take a look at it
Just got a call - Friday at 3:19. Will not be able to call them back until Monday. Will def update after that.
Good luck. I guess they are just to verify some information as most business accounts do. What type of business did you apply with? Sole Prop or something else?
Sole prop. Have done a few other business bonuses and haven't had any problems.
Called back yesterday. They asked me a few questions (how did you hear about us, why did you choose our bank), and then asked me for my L-number. Said I needed it as a sole prop. I have been a sole prop for about 15 years and never never heard of this number! The rep said he would check into whether or not I needed this if I am in MD, and would call me back. Still no call yet. This is turning into much more of a production than I hoped for!
Sophia, if you're conducting business in Maryland you should have an L-number (Department ID Number) that was assigned to you. You can look it up here: https://egov.maryland.gov/BusinessExpress/EntitySearch
Hope that helps!
I am a dentist. I'm not listed there. Neither are any of my practicing colleagues. I believe we're all sole proprietors.
Thanks for the link, though.
Got a call back today. Rep insisted that I need the L number, which I do not have. I have several business CC's and have 2 business bank accounts, and never needed this mysterious L number. I think I am going to let this bonus go - for me, not worth the effort.
One more thought: Have you or your accountant ever filed a Maryland Business Personal Property return? If so, it'll be on there.
I don't believe so. I have officially given up. Good luck to you, though! Hope you have your L number ready...:-)
Ha, I do!
Please keep us posted and let us know what documents they accept. Thanks.
What was the maximum Credit card funding allowed?
Look forward to hearing back from you as to what they require as I'm interested as well. Thanks!