DOC Compass — Offers, decoded

Deal has expired, view more checking bonuses by clicking here

Update 2/14/20: Deal is back and valid until 3/31/20. Remember the $1,000 bonus also available again Hat tip to reader Z

Update 4/14/19: Deal is back, just keep in mind most people will be better off with the $1,000 bonus. Hat tip to reader Steve

Update 1/14/19: Deal is back again and valid until March 29th, 2019. Keep in mind there has been $500 and $1,000 business checking bonuses recently. I’d recommend waiting for one of those to return. Hat tip to reader Sanjay

September 9, 2018: Deal is back. (HT: throwthisaway_101010 on r/churning) This time Simple Business Checking is an option as well. They also added Rhode Island to the excluded states. Updated all below including the link.

[History: January 4th, 2018: Deal is back, now requires a deposit of $1,000 instead of $500. Also now requires at least 5 transactions. Hat tip to reader Jason. December 31st, 2017: Deal has died. November 21st, 2017: Reposting again as the old link stopped working. Reader TomT found a new working link. This could be a sign that Wells Fargo plans to end this promotion sooner than expected. If you’re interested I would do this ASAP. Reposting as the bonuses are posting quite quickly. If you’re interested in doing this bonus I’d recommend doing it sooner rather than later.]

Offer at a glance

Maximum bonus amount: $300
Availability: In branch only [Branch locator]
Direct deposit required: No
Additional requirements: Deposit $1,000 for 60 days
Hard/soft pull: Soft
ChexSystems: Mixed reports
Credit card funding: None available in branch
Monthly fees: $10-40, waivable
Early account termination fee: None
Household limit: None listed
Expiration date: ~~December 31st, 2017~~ ~~March 30, 2018 December 31, 2018 March 29th, 2019~~ June 29th, 2019

The Offer

Direct link to offer

Wells Fargo is offering a bonus of $300 when you open a new Simple Business, Business Choice, or Platinum Business checking account and complete the following requirements:
- Get bonus code and visit a branch to open your account ($25 minimum opening deposit)
- Deposit a cumulative total of $1,000 into the new business checking account within 10 days of account opening and leave it there at the 60-day mark
- Make 5 or more qualifying transactions within the first 60 days, including:
  - Debit card purchases
  - ACH (credits and debits)
  - Checks Paid
  - Mobile Deposits
  - Wires (credits and debits)
  - WF Bill Pay or Direct Pay

The Fine Print

Offer valid from through December 31, 2018
Offer excluded in the following states: Louisiana, Oklahoma, Missouri, Kentucky, West Virginia, Massachusetts, Vermont, New Hampshire, Maine, Hawaii, Rhode Island
You cannot be:
- A current owner on a business checking account
- A Wells Fargo team member
- The recipient of a business checking bonus in the past 12 months (Limit one bonus per customer)
Open a new, Business Choice or Platinum Business Checking Account with a minimum opening deposit of $25 in a branch by March 30, 2018.
- Deposit $1,000 or more into the new business checking account by Day 10, and
- Have a $1,000 minimum balance in your account on Day 60, and
- Make 5 or more qualifying transactions by Day 60:
  - Debit card purchases
  - ACH (credits and debits)
  - Checks Paid
  - Mobile Deposits
  - Wires (credits and debits)
  - WF Bill Pay or Direct Pay
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Simple Business Checking $10 Monthly Fee

This account has a monthly fee of $10 which is waived if you maintain a $500 average monthly balance.

Business Choice Checking $14 Monthly Fee

This account has a monthly fee of $14 which is waived if you do any one of the following:

Maintain a $7,500 average ledger balance
$10,000 in combined balances (business checking, savings, CDs, and credit)
10 or more posted business debit card purchases/payments. This includes posted debit card purchases or posted debit card payments of bills from this checking account. This does not include transactions at an ATM
Linked to a Direct Pay service through Wells Fargo Business Online Banking
Qualifying transactions from a linked Wells Fargo Merchant Services account
Qualifying transactions from a linked Wells Fargo Business Payroll Services account

You’re also not charged the monthly fees for the first 60 days/two statement cycles.

Early Account Termination Fee

There is no early account termination fee.

Our Verdict

Update: Keep in mind there has been $500 and $1,000 business checking bonuses recently. I’d recommend waiting for one of those to return. Hat tip to reader Sanjay

Pretty incredible deal considering you only need to deposit $1,000. With the Simple Business checking, you’re account will be fee-free with $500 balance. The Business Choice also has an easy fee waiver with 10 business debit card transactions per month.

This is definitely getting added to our best business checking bonuses page. Please make sure you share your datapoints on what types of business documents they require (Wells Fargo lists what is required here) and the process involved in signing up. I wouldn’t leave this one long as I can’t see it lasting until the end of the year, but that’s really more of a guess than anything else.

Big thanks to reader, JASON who let us know. Learn how to find bonuses and contribute to the site here.

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