Offer at a glance
- Maximum bonus amount: $750
- Availability: Must live, work, worship, or study in Bucks, Chester, Delaware, Montgomery, or Philadelphia Counties, or the city of Lancaster, PA or if a member of your family or household is already a customer, no matter where you live.
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown, sensitive
- Credit card funding: Up to $500
- Monthly fees: None
- Early account termination fee: Unknown
- Household limit: None
- Expiration date: 11/30/2024
The Offer
- Citadel Credit Union is offering a bonus of up to $1,000 when you open a new business checking account. Bonus broken down as follows:
- Earn a $450 cash bonus with new money deposits of funds not currently on deposit with Citadel totaling $25,000 or more within the first 30 days (internal transfers excluded) and maintain a $25,000 daily balance for the remaining 60 days after account opening
- After meeting these requirements, earn an additional $300 by enrolling in one of Citadel’s Cash Management Solutions; Merchant Services, Payroll Services or ACH Origination and complete your first merchant deposit or first transaction within 90 days of account opening.
- Additional $250 Cash Rebate from First Data Merchant Services, LLC is applied for new qualified Citadel merchant members
The Fine Print
- Earn Up to $1,000 – New Account Cash Bonus & Rebate Offer: Earn a $450 cash bonus with new money deposits of funds not currently on deposit with Citadel totaling $25,000 or more within the first 30 days (internal transfers excluded) and maintain a $25,000 daily balance for the remaining 60 days after account opening.
- After meeting these requirements, earn an additional $300 by enrolling in one of Citadel’s Cash Management Solutions; Merchant Services, Payroll Services or ACH Origination and complete your first merchant deposit or first transaction within 90 days of account opening.
- Once you meet these requirements, and your checking account has been open 90 days, your bonus(es) will be paid within 10 business days.
- Additional $250 Cash Rebate from First Data Merchant Services, LLC is applied for new qualified Citadel merchant members – Promotional offer expires November 30, 2024. This offer is available for qualified Citadel Credit Union merchant services members who have not had a merchant services account processed by First Data Merchant Services, LLC within the last six months. New accounts are subject to standard credit approval and underwriting requirements. A $250 rebate applies to Clover devices valued more than $250. Rebate will be initiated to the merchant’s account within 60 days after the merchant’s account is activated. To be eligible for the rebate, the merchant must: (1) have a minimum processing volume of $100,000 annually; (2) must be credit approved between 6/1/2024 and 11/30/2024; (3) activate account by submitting a batch of $25 or more in sales within 30 days of approval date; and (4) sign a merchant processing agreement. Additional fees apply to certain Clover app’s software components, services and activated accounts. Only one offer per eligible business tax ID. Eligibility is at the sole discretion of First Data Merchant Services LLC. Early termination fees apply. Offer not valid with any other offer and subject to change without notice. Terms and conditions apply per the merchant processing agreement.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Essential checking has no monthly fees to worry about.
Early Account Termination Fee
Citadel bank does not charge any early account termination fees from what we could find.
Our Verdict
The $450 bonus works out to be over 10% annualized return, so might be worth doing. Others not so much as it requires other business activities to be set up.
Hat tip to Mrs. Gee
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