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

+20 Deal Score
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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 Mar 2015
Foofi
> bubble2 3,945 Posts
683 Reputation
CoolDealFinder
04-13-2022 at 11:04 PM.
04-13-2022 at 11:04 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.
Been in the financial industry or over 20 years. This story does not add up. there is something missing.
1
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Joined Jun 2011
if its Free its for ME!
> bubble2 2,820 Posts
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Bad_Boy
04-13-2022 at 11:14 PM.
04-13-2022 at 11:14 PM.
Quote from CoolDealFinder :
Been in the financial industry or over 20 years. This story does not add up. there is something missing.
people will just post anything for attention
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Joined Nov 2006
L9: Master
> bubble2 4,261 Posts
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Zanthexter
04-14-2022 at 05:48 AM.
04-14-2022 at 05:48 AM.
Quote from CoolDealFinder :
Been in the financial industry or over 20 years. This story does not add up. there is something missing.
I think you're forgetting just how badly trained and under resourced most customer service reps are.
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Joined Nov 2006
L9: Master
> bubble2 4,261 Posts
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Zanthexter
04-14-2022 at 05:58 AM.

Our community has rated this post as helpful. If you agree, why not thank Zanthexter

04-14-2022 at 05:58 AM.
I've been banking with a credit union for almost 20 years now. My previous bank reordered my deposits and debit card transactions to create and then maximize bounced transaction fees. Hundred of dollars just gone. (I eventually got a check for like $20 from the lawsuit they settled over it)

There's a Wells Fargo literally next door to my office. The next building over. $1,500 and walking distance was enticing... Until I found out about the fees.

I only pay fees for borrowing money, cashier's checks, and the very occasional overdraft (paid, not rejected) at my credit union.

It's worth the 15 minute drive once a month to deposit checks to not have to worry about, well, anything related to my bank really.

Or worry about fees. I pay Zip. Zero. Nada for basic "business" checking. Sure, it doesn't have all the bells and whistles like multiple users and so on, but I own a small business and don't need that stuff.

I think I'll stick with paying the credit union's competitive loan rates and not much else. Too much risk for $1,500.

Shame on Slick Deals for selling out.
1
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Last edited by Zanthexter April 14, 2022 at 06:03 AM.
Joined Nov 2009
L7: Teacher
> bubble2 2,257 Posts
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kenkobra63
04-14-2022 at 06:08 AM.
04-14-2022 at 06:08 AM.
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.
This is because you are on the government watch list and why the account was closed. The records are kept secret and the associates on the front line will have no record of this transaction.
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Joined Jul 2011
L4: Apprentice
> bubble2 407 Posts
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RichSyr
04-14-2022 at 06:53 AM.
04-14-2022 at 06:53 AM.
Great deal. Meeting with my banker at 2:30pm to get it done. Needed a new LLC for business anyway. ~150 in fees to setup the LLC for state fee and a registered agent, so $1500-$150 = $1350 net profit for 15 minutes to set it up, and an hour at the bank including travel.
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Joined Apr 2005
L10: Grand Master
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TidalWaveOne
04-14-2022 at 07:02 AM.
04-14-2022 at 07:02 AM.
Quote from RichSyr :
Great deal. Meeting with my banker at 2:30pm to get it done. Needed a new LLC for business anyway. ~150 in fees to setup the LLC for state fee and a registered agent, so $1500-$150 = $1350 net profit for 15 minutes to set it up, and an hour at the bank including travel.
With that LLC and business you may be required to file other paperwork and forms with the county and/or state.... so good luck.
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Joined Jul 2011
L4: Apprentice
> bubble2 407 Posts
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RichSyr
04-14-2022 at 07:11 AM.
04-14-2022 at 07:11 AM.
Quote from TidalWaveOne :
With that LLC and business you may be required to file other paperwork and forms with the county and/or state.... so good luck.
I've got 10 other LLCs for business... (real estate), I've got it down to a science.
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Joined Jul 2011
L4: Apprentice
> bubble2 407 Posts
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RichSyr
04-14-2022 at 07:12 AM.
04-14-2022 at 07:12 AM.
Quote from RichSyr :
Great deal. Meeting with my banker at 2:30pm to get it done. Needed a new LLC for business anyway. ~150 in fees to setup the LLC for state fee and a registered agent, so $1500-$150 = $1350 net profit for 15 minutes to set it up, and an hour at the bank including travel.
Forgot to add to my own post...to anyone else doing this, don't forget you'll pay taxes on that $1500, so deduct your marginal tax rate % from that, then the fees to setup the LLC.. Still probably net $1000 anyway for very little effort, so worth it.
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Joined Dec 2016
L4: Apprentice
> bubble2 392 Posts
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k9thunderspg
04-14-2022 at 08:04 AM.
04-14-2022 at 08:04 AM.
Quote from RichSyr :
Great deal. Meeting with my banker at 2:30pm to get it done. Needed a new LLC for business anyway. ~150 in fees to setup the LLC for state fee and a registered agent, so $1500-$150 = $1350 net profit for 15 minutes to set it up, and an hour at the bank including travel.
Its a legit deal as I received a targeted mail offer for $1,250 in Nov 2021. Took me 6 weeks to meet with the local WF business banker but worth it as got the $1,250 a month after opening and upgraded to keep $15k balance for free wire transfers.

It takes at least 45 min and the local WF rep asked for LLC filing documents which I already had.
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Joined Apr 2007
L3: Novice
> bubble2 156 Posts
10 Reputation
rajivgandhi
04-14-2022 at 12:25 PM.
04-14-2022 at 12:25 PM.
Quote from k9thunderspg :
Its a legit deal as I received a targeted mail offer for $1,250 in Nov 2021. Took me 6 weeks to meet with the local WF business banker but worth it as got the $1,250 a month after opening and upgraded to keep $15k balance for free wire transfers.

It takes at least 45 min and the local WF rep asked for LLC filing documents which I already had.
Can you open this account showing your personal ebay account as business?
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Joined Jul 2011
L4: Apprentice
> bubble2 407 Posts
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RichSyr
04-14-2022 at 02:23 PM.
04-14-2022 at 02:23 PM.
Quote from rajivgandhi :
Can you open this account showing your personal ebay account as business?
I just got back from the bank. They require the tax id, and the certificate of formation. I walked in with both for the LLC, walked out with the new account and 30 day countdown till bonus. Banker said she's seeing people come in to do this deal, it's valid, legit, and she can pull it up in the computer when she enters the code.
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Joined Jul 2011
L4: Apprentice
> bubble2 407 Posts
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RichSyr
04-14-2022 at 02:27 PM.
04-14-2022 at 02:27 PM.
Quote from Zanthexter :

Shame on Slick Deals for selling out.
No offense, but you're missing the point of this deal. Setup an LLC, open a bank account, make $1500, close it in 60 days. No one cares about the fees, because there are no fees if you keep the $5000 in the bank and forget about it for 2 months. Put it in, wait, pull it out, close the account if you want. Then if you feel so inclined, close the LLC you spent 15 minutes setting up.
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Joined Aug 2015
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SlySol
04-14-2022 at 03:08 PM.
04-14-2022 at 03:08 PM.
Quote from RichSyr :
I just got back from the bank. They require the tax id, and the certificate of formation. I walked in with both for the LLC, walked out with the new account and 30 day countdown till bonus. Banker said she's seeing people come in to do this deal, it's valid, legit, and she can pull it up in the computer when she enters the code.
What they require seems to depend on the rep. I walked in with a copy of a fictitious name / DBA registered with the state and told them to use my SS# for the tax ID (typical for a sole proprietorship). It was no problem, although the person seemed a little unfamiliar with a couple of the form options along the way and asked a manager once or twice.

I actually walked in and they said they usually require appointments, but they were dead on a Thu. and they had a no-show, which they get a lot. The same rep set it up as when I opened a personal account for the $400 bonus before the holidays. She was very helpful and everything went smoothly. I just opened with the $25 minimum and figure I'll give it a week before making any deposits to avoid any possible issues in case of cancellation that some have reported, although I'm not really concerned about that. The $5000 just needs to be there by day 30 and there's a 60-day grace period for min. balance fees (although I'll keep it funded the whole time to avoid any issues with the promo).

Also, the promo says that the bonus should be deposited about 30 days after all requirements have been met and those include having a $5k balance on day 30 and day 60, so I'd expect the bonus after about 90 days from account opening.

(From terms … "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. We will deposit the bonus into your new business checking account within 30 days after meeting all offer requirements.")
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Last edited by SlySol April 14, 2022 at 04:56 PM.

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Joined Dec 2008
L15: Baron
> bubble2 7,123 Posts
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unlimitedx
04-14-2022 at 05:23 PM.
04-14-2022 at 05:23 PM.
LLC costs $800 to set up in California. RIP deal.
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