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Wells Fargo Business Checking - $1500 bonus with $5K balance for 60 days (must open account in branch)

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Open a new Wells Fargo Initiate Business Checking, Navigate Business Checking, Optimize Business Checking or Analyzed Business Checking account with a minimum opening deposit of $25 by May 13, 2022.
  1. Open a new, eligible business checking account at a Wells Fargo branch with a minimum opening deposit of $25 by 05/13/2022. You must provide the bonus offer code to the banker at the time of account opening.
  2. Have at least $5,000 ending daily balance in your new business checking account on the 30th calendar day and the 60th calendar day after account opening.
  3. We will deposit the bonus into your new business checking account within 30 days after meeting all offer requirements.


https://bonusoffer.wf.com/smallbi...ingoffer3a
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These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Joined Apr 2011
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> bubble2 231 Posts
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poptart-smoothie
04-11-2022 at 02:14 PM.
04-11-2022 at 02:14 PM.
This seems way too good to be true, here goes nothin
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Joined Dec 2014
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coolraaj15
04-11-2022 at 02:26 PM.
04-11-2022 at 02:26 PM.
Requirements to open business account?
I do not own any
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Joined Jul 2016
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munkae
04-11-2022 at 02:29 PM.

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04-11-2022 at 02:29 PM.
be aware of my recent experience with Wells Fargo. Tried opening a wells fargo account mid march after getting a mailer from them. Mailer said I could get a $325 bonus by opening personal checking account. Opened the account at night, was approved said I qualified for the bonus, etc. The next morning I get an email from their fraud department that they closed my account. When I called them, they told me it was a "business decision" to close my account (essentially that they don't want to do business with me). There was no way to keep it open. Anyway, when I set up the account I ACH transferred $200 from my other account. This ACH transaction still went through a few days later but never showed up in Wells Fargo because the account was already closed.

Been back and forth with both banks. Wells Fargo tell me to call my bank because they have no record of the transaction. My other bank tells me to contact Wells because it's an ACH transaction. Bottom line is, money was debited from my account by Wells and they refuse to do anything about it. Tried everything. This very well could be Well Fargo's new scam.
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Joined Nov 2006
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JSP0421
04-11-2022 at 02:33 PM.
04-11-2022 at 02:33 PM.
Quote from munkae :
be aware of my recent experience with Wells Fargo. Tried opening a wells fargo account mid march after getting a mailer from them. Mailer said I could get a $325 bonus by opening personal checking account. Opened the account at night, was approved said I qualified for the bonus, etc. The next morning I get an email from their fraud department that they closed my account. When I called them, they told me it was a "business decision" to close my account (essentially that they don't want to do business with me). There was no way to keep it open. Anyway, when I set up the account I ACH transferred $200 from my other account. This ACH transaction still went through a few days later but never showed up in Wells Fargo because the account was already closed.

Been back and forth with both banks. Wells Fargo tell me to call my bank because they have no record of the transaction. My other bank tells me to contact Wells because it's an ACH transaction. Bottom line is, money was debited from my account by Wells and they refuse to do anything about it. Tried everything. This very well could be Well Fargo's new scam.
Contact your state Attorney General. I bet they would love to here about this.
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Joined Nov 2008
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Hrshycro
04-11-2022 at 02:34 PM.
04-11-2022 at 02:34 PM.
Quote from munkae :
be aware of my recent experience with Wells Fargo. Tried opening a wells fargo account mid march after getting a mailer from them. Mailer said I could get a $325 bonus by opening personal checking account. Opened the account at night, was approved said I qualified for the bonus, etc. The next morning I get an email from their fraud department that they closed my account. When I called them, they told me it was a "business decision" to close my account (essentially that they don't want to do business with me). There was no way to keep it open. Anyway, when I set up the account I ACH transferred $200 from my other account. This ACH transaction still went through a few days later but never showed up in Wells Fargo because the account was already closed.

Been back and forth with both banks. Wells Fargo tell me to call my bank because they have no record of the transaction. My other bank tells me to contact Wells because it's an ACH transaction. Bottom line is, money was debited from my account by Wells and they refuse to do anything about it. Tried everything. This very well could be Well Fargo's new scam.
Wow. That does sound like a new scam they'd pull... Now instead of opening up accounts for you, they incentivise you to open them yourself, then pull what they just pulled on you and keep the ACH money because they know it's a he said she said between the two banks over where the ACH money went.
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Joined May 2016
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DEALGUY315
04-11-2022 at 02:39 PM.
04-11-2022 at 02:39 PM.
Why in branch only??
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Joined Sep 2013
L8: Grand Teacher
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PaulP6715
04-11-2022 at 02:41 PM.
04-11-2022 at 02:41 PM.
Quote from Hrshycro :
Wow. That does sound like a new scam they'd pull... Now instead of opening up accounts for you, they incentivise you to open them yourself, then pull what they just pulled on you and keep the ACH money because they know it's a he said she said between the two banks over where the ACH money went.

This is quite a fantastical conspiracy. Op can get on the phone with a rep from Wells and a rep from his other bank. The two banks can easily work out where the funds are. Every financial transaction is tracked meticulously to satisfy the government. It sucks that OP is dealing with this, but it's an edge case, and solvable.
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Joined Jul 2008
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tptiburon
04-11-2022 at 02:47 PM.

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04-11-2022 at 02:47 PM.
Doesn't look like the requirements are that tough to open, but there are a TON of fees for everything. You need a minimum of $5000 DAILY balance, (so never drop below that) but once you deposit more than your first $5k it looks like there's a fee on those deposits too.

The main fee I saw was the $75 monthly fee. But even if it takes them 3 months until they pay you (60 day minimum then 30 more days until bonus pays out), it's $1500 - $225 = $1275 gain in the end.

Here's the link to the requirements, and then there's a pdf of 14 pages of fees...yep 14 pages listing all the fees.

https://bonusoffer.wf.com/smallbi...ingoffer3a

The bonus is good, but with all those fees I feel there's a "gotcha!" buried in there somewhere. Wells isn't known for their upstanding banking practices...
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Joined Jul 2006
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Commentary
04-11-2022 at 02:52 PM.
04-11-2022 at 02:52 PM.
Quote from munkae :
be aware of my recent experience with Wells Fargo. Tried opening a wells fargo account mid march after getting a mailer from them. Mailer said I could get a $325 bonus by opening personal checking account. Opened the account at night, was approved said I qualified for the bonus, etc. The next morning I get an email from their fraud department that they closed my account. When I called them, they told me it was a "business decision" to close my account (essentially that they don't want to do business with me). There was no way to keep it open. Anyway, when I set up the account I ACH transferred $200 from my other account. This ACH transaction still went through a few days later but never showed up in Wells Fargo because the account was already closed.

Been back and forth with both banks. Wells Fargo tell me to call my bank because they have no record of the transaction. My other bank tells me to contact Wells because it's an ACH transaction. Bottom line is, money was debited from my account by Wells and they refuse to do anything about it. Tried everything. This very well could be Well Fargo's new scam.
Lesson - unless there is an issue doing so, ach only $1 before doing the full required amount.

Anyway, ask for the Wells Fargo regional corporate phone number and speak to someone there.
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Joined Nov 2010
L6: Expert
> bubble2 1,350 Posts
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mojako
04-11-2022 at 02:55 PM.
04-11-2022 at 02:55 PM.
Quote from munkae :
be aware of my recent experience with Wells Fargo. Tried opening a wells fargo account mid march after getting a mailer from them. Mailer said I could get a $325 bonus by opening personal checking account. Opened the account at night, was approved said I qualified for the bonus, etc. The next morning I get an email from their fraud department that they closed my account. When I called them, they told me it was a "business decision" to close my account (essentially that they don't want to do business with me). There was no way to keep it open. Anyway, when I set up the account I ACH transferred $200 from my other account. This ACH transaction still went through a few days later but never showed up in Wells Fargo because the account was already closed.

Been back and forth with both banks. Wells Fargo tell me to call my bank because they have no record of the transaction. My other bank tells me to contact Wells because it's an ACH transaction. Bottom line is, money was debited from my account by Wells and they refuse to do anything about it. Tried everything. This very well could be Well Fargo's new scam.

I have this same offer at home that I was planning to apply for! I guess I won't be doing it based on your experience.
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Joined Sep 2011
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bluekiwi
04-11-2022 at 02:58 PM.
04-11-2022 at 02:58 PM.
this is really tempting and the 5k is easily done for me, but the 14 pages of fees is disconcerting
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Joined Sep 2005
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> bubble2 289 Posts
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johnnykalsi
04-11-2022 at 03:11 PM.
04-11-2022 at 03:11 PM.
Be Careful guys, if its too good to be true then it's probably isn't. No bank would give away $1500 away for just $5000 deposit. Wells Fargo has a dirty history of scamming people
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Joined Jan 2006
L8: Grand Teacher
> bubble2 3,054 Posts
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jneset
04-11-2022 at 03:15 PM.
04-11-2022 at 03:15 PM.
TIN required, good add to wiki!

+this verbiage causes me to immediately exit the thread, whatever it means/correlates to.
Business Account Addenda (PDF)
Deposit Account Control Agreement
Account maintenance per month $275 per account
Setup/Amendment $965 per agreement
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