Offer at a glance
- Maximum bonus amount: $825
- Availability: Nationwide
- Direct deposit required: None
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Mixed reports, likely doesn’t pull
- Credit card funding: None
- Monthly fees: $10, avoidable
- Early account termination fee: None
- Household limit: None
- Expiration date: June 30, 2025
Contents [hide]
The Offer
Direct link to offers: $825 | $400
- Wells Fargo is offering two business checking bonuses. Both bonuses require opening a Initiate Business Checking account.
- $400 bonus when you deposit $2,500 or more to your new business checking account by day 30 and maintain a minimum daily collected balance of $2,500 through day 60 after account opening
- $825 bonus when you deposit $25,000 or more to your new business checking account by day 30 and maintain a minimum daily collected balance of $25,000 through day 60 after account opening
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
The Initiate Business Checking account has $10 monthly fee which is waived if you have one of the following each fee period:
- $500 minimum daily balance, OR
- $1,000 average ledger balance
Early Account Termination Fee
There is no early account termination fee mentioned.
Our Verdict
Not as good as the previous $1,500 in branch offer, but that was back in 2022 so I’m not sure we will see that again. With this new bonus you’re basically needing to hold the funds in there for 30 days (realistically a little longer to deal with transfers). Both bonuses are worth doing given the returns, the one you prefer will depend on how much cash you have on hand. Will add this to our best business checking bonus page.
Hat tip to reader Matt F
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
Add my datapoints.
Applied in branch 4/17 sole prop, took over an hour due to the person who helped me didn’t do business account before. Did have a business checking a few years back and closed more than 2 years as well. Approved without any issue.
Is the credit card funding option in branch only? Im only seeing transfer money from my account option and no credit card funding.
Branch will do Credit Card option but it will go as “Cash Advance” in almost all credit cards. Do you want to take a chance? I would not.
Can I transfer $25,000 from my personal Platinum Savings account to this new business checking account?
There’s no “new money” requirement in the terms, so you’re good to go.
I transferred the money into my checking then to the business. Shouldn’t be an issue.
For safety, I would still transfer that $25,000 to some other Bank/CU and then from there do ACH to the intended WF account. At least that’s what I am planning to do for both my accounts when it is nearing 30 days.
I tend to agree and did the same thing to be safe. While the argument definitely can be made “new money” isn’t in the terms, I don’t want to have to make the argument if it comes to it.
I actually disagree here. Since we’re not “skirting the rules” with this promo, we don’t need to avoid contacting the bank. If there is a hidden “new money” requirement coded into the bonus qualification detection, it ought to be fleshed out and corrected.
Playing it safe here may make it easier for the individual, but more difficult for the group in the long run.
I don’t think anyone is skirting the rules. I just don’t like having to contact banks if possible and play it safe. And since new money is usually a part of promos, it just felt safer, for me, to make sure it was directly from an external source.
Account opened online successfully on 4/17 without any follow up call and Chex frozen.
My DP,
04/13: Applied for $825 bonus online 4/13, by signing on with existing WF profile. Went pending. Prev gotten WF Biz bonus and recently received Signify Biz card $500 bonus, so used the same existing biz profile
04/14: Received email acknowledgement on application submittal and $825 bonus signup as long as bonus terms are met
04/15: WF rep called and asked same questions answered during online app. Signed docusign during call and was informed they’ll contact regarding decision soon
04/18: Received approval email. Acct shows up online
Tried to open an account in branch with offer code. Banker said the offer code cannot be added due to the system and they submitted a ticket to back office to manually add the code and will follow up with me in 7-10 days. Will see how it goes.
DP – You are not alone! Here’s what happended to me yesterday at Branch. I wanted to open two business accounts – both with its own EIN and Sole Prop. They were busy, so I was able to open the first account at 10 AM and bonus code was applied successfully.
At 2 PM, I was having appointment to open my second account. And they were not able to apply the code. They called their back office and were advised exactly like you were advised. I would not worry at all. Accout was successfully open. Ball is in their court. I would follow up with the Branch in a week time to see if the problem is fixed and they were able to apply the code.
Fail P1 DP:
4/14 applied online as sole prop w/ SSN – pending email
4/15 call from banker to process app through the phone – submitted
4/15 received email a few hours later saying I need to go into branch with docs
4/18 banker says cannot do sole prop, must have LLC.
I assume banker is wrong but I’m not going to argue.
The Banker is ill informed and plain wrong! I opened not one but two Sole Prop yesterday at Branch. Of course many in this forum were also able to open with Sole Prop. situation. My advise: Never even try online. Just go to branch and open the account. Period.
You can do two Sole Prop?
For different business purpose?
Went in branch with code after setting an appointment. Applied as a sole prop, no documentation needed. Out in a hour. Approved
Got approval email today. So about 3 days after the initial phone call. I did get a 2nd phone call yesterday to tell me that they were simply “waiting” on my approval.