Update 2/16/23: Bonus has been increased to $300. Hat tip to SDubbs
Update 11/10/22: Deal is back and valid until Feb. 28, 2023. Hat tip to reader Kwan.
Offer at a glance
- Maximum bonus amount: $300
- Availability: AL, AR, GA, FL, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft pull
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: 180 days, bonus forfeit
- Household limit: None
- Expiration date: June 30, 2022
The Offer
- Truist Bank is offering a bonus of $300 when you open a new business checking account and complete the following requirements:
- Use promo code SB23Q1CHECKING
- Make cumulative qualifying deposits of $1,500+
- Enroll and Sign In to Truist Online Banking for Business within 30 days of account opening.
The Fine Print
- Open a new Truist Simple Business Checking or Dynamic Business Checking account online or in a branch from March 1, 2022 through June 30, 2022. Within 30 days of opening the new business checking account, you must:
- Make cumulative Qualifying Deposits* of $1,500 or more into your new account.
Enrollment in the promotion is required at the time of account opening, using promo code SB22NEW2BIZ2, in order to be eligible for a promotion reward. - Please refer to the Account Opening and Enrollment section below for instructions.
- Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.
- The new business checking account must remain open and in good standing with a balance ≥$0.00 until the reward is processed in order to receive the reward. Reward forfeiture will occur if: (1) the business checking account is changed to an account type not included in this client offer, (2) the business checking account is closed prior to the reward being processed, or (3) the new business checking account has a negative available balance at the time of qualification validation. Truist reserves the right to deduct the reward amount from the business checking account at the time of closing if the new business checking account is closed by the client or Truist within 180 days after opening.
- You must be a new Truist business checking client. To be considered a new business checking client, the business cannot have an existing Truist business checking account with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN), prior to promotion start or have closed a business account within 180 days of the promotion start date (on or after September 2, 2021).
- The business account holder must be 18 years or older at time of account opening.
- The account holder cannot be a non-resident alien.
- The business must be registered within the U.S. with the business’s physical street address located in the following states: AL, AR, GA, FL, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC and have a valid U.S. TIN or EIN. The qualifying checking account must be opened in a Truist branch in one of the above-listed states or online.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Simple business checking account has no monthly fees to worry about.
Early Account Termination Fee
Account needs to be kept open for 180 days otherwise the bonus is forfeit.
Our Verdict
Truist is the new name for the merged BB&T and SunTrust bank. BB&T has offered a $300 bonus in the past and SunTrust has offered a $400 bonus in the past, so I suspect we will see a bigger business checking bonus from Truist in the future. The $500 personal checking bonus is worth doing though.
Hat tip to reader Mawney
Useful posts regarding bank bonuses:
William Charles
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