BMO Harris, $500 Business Checking Bonus (Select States)

BMO Harris is offering two bonuses for business checking account. Both bonuses are for accounts opened in branch only, so you need to be in one of the eligible states and have a location nearby in order to apply. This promotion has been extended until January 31, 2020.

Warning! This bank is a hassle to deal with regarding personal bonuses but could be easier for these business bonuses.

Bonus Requirements

To receive the $200 checking bonus:
1. Open a new Essential Business Checking account between November 1, 2019 and January 31, 2020
2. Make a minimum opening deposit of $1,500 in funds not currently on deposit at BMO Harris Bank or its affiliates.
3. Have a collected balance of at least $1,500 in the account at the end of 90 days following account opening.
4. Have at least 10 electronic transactions post to the account within 90 days of account opening.
To receive the $500 checking bonus:
1. Open a new Business Advantage Checking account between November 1, 2019 and January 31, 2020
2. Make a minimum opening deposit of $5,000 in funds not currently on deposit at BMO Harris Bank or its affiliates.
3. Have a collected balance of at least $5,000 in the account at the end of 90 days following account opening.
4. Have at least 10 electronic transactions post to the account within 90 days of account opening.

Electronic transactions can be any combination of ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify.

Your account must be open and in good standing when the bonus is paid approximately 120 days after opening.

Eligibility

Accounts must be opened in branch and BMO Harris currently operates retail branches in AZ, FL, IL, IN, KS, MO, MN and WI.

Offers are not available to existing BMO Harris business checking customers or those who have closed a BMO Harris business checking account within the past 12 months.

Fees

Essential Business Checking
- $15 monthly maintenance fee waived with $1,500 Average Collected Balance
Business Advantage Checking
- $20 monthly maintenance fee waived with $5,000 Average Collected Balance or $15,000 in collective balances
- Fee waived for first three months

Guru’s Wrap-Up

This is a nice offer for business checking accounts and if you have $5,000 to keep in the account you’re better off going for the $500 bonus. You need to keep the balance in the account for 90 days to earn the bonus and wait 120 days from account opening for the bonus to actually be awarded. So you’re looking at a total of 4 months at least.

Some data points in the past show that this might not be the easiest bank to deal with. The bonus takes 120 days to post and you’ll need to request it yourself. But there’s no direct deposit requirement, and everything is done in branch, unlike the personal bonuses. So it might be smoother than expected. Check out their personal checking bonus here.

If this bonus is not for you, then you can check our full list of available bank bonuses.