$200 bonus for opening a Chase Business Checking account

Update 11/27/2007: New working link at http://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/smallbusiness/shared/page/200_coupon_offer&ID=0000007224. Offer still expires on 11/30/2007. Thanks RJ!

Update 11/24/2007: Unfortunately, it looks like the link to generate a coupon code for this offer is now dead. You may want to try contacting one of the nice Chase bankers that have posted their information in the comments to this post to see if they can still get this offer for you. If you already have a coupon code for this offer, you have until 11/30/2007 to open your account.

Just when I am trying to simplify my financial life, here comes a financial offer I can’t refuse!

From now until 11/30/2007, you can get a $200 bonus for opening a Chase Business Checking account by bringing in the coupon from Chase here. Watch out because the fees can get you on even their most basic account, however you may qualify for a fee waiver for the first 12-24 months (see my experience below). Also note that this is a business checking account, so you may be required to produce some type of documentation to show you actually have a business of some sort. Minimum balance to open is $100, and you have to keep the account open for at least 6 months or the bonus will be debited from the account at closing.

Here is my experience: I did this offer yesterday by going into a branch here in Texas. The rep asked for some background on my business, what I did, expected revenues, etc. I told her I was a CPA* doing freelance work part-time and that my business would be a sole propreitorship. I did not have a tax ID for the “business” as I am selling professional services and not goods, however I did give her a copy of my CPA license as documentation of what I did. She explained the products Chase offered and said that they were offered as a “suite” of products, so they would be opening a business savings, business credit card, and business check card along with the checking account. I didn’t originally intend on opening the accounts, but I didn’t feel like arguing it since there were no fees associated with any of them.

It took forever for them to set up the accounts, but once I was done they had opened the checking, savings, and a Business Chase Freedom card with a $20k line that had a promo BT rate of 0% for 6 months ($75 max fee). The checking account was opened with a rewards check card linked to it that had a $25 fee, but when I asked about it they just credited my account an extra $25 to cover the fee for the first year.

It is also worth noting that in my case the service fees were waived for the first year due to my membership in a certain particular professional organization that Chase had an arrangement with. If you belong to a professional organization of some sort, it may be worth checking to see if they have a “Chase at Work” arrangement with the bank that provides special concessions for new customers.

While we were waiting for one of the other bankers to set up the accounts, the rep I was working with pulled out a book of coupons they are given to provide enticements to get customers to open new accounts. She had a $200 coupon for the checking account, although the minimum balance to qualify for the bonus on that coupon was $10,000. She also had a few others for the reward check card ($65 if I’m not mistaken) and some others as well although she didn’t show me all of them. She said that her and the branch manager would go through the offers they had to see if there were any other bonuses that I qualified for and credit those to my account. I don’t know that it will happen, but if it does I will be really impressed. However, if I had known amount those other offers available I would have asked about the availability of bonuses on the other products before allowing those to be opened to make sure they get credited to my account.

Overall I was really impressed with the experience (except for the time it took) and how accommodating they were in an attempt to gain my business. I will likely still close the accounts after the first six months (unless I have a substantial amount of revenue from my side projects), but should I have need for the services I would definitely consider doing business with Chase in the future.

Update: I opened the account on 9/27, and the bonus was credited on 10/2. Today, I also received an order of pre-printed checks and deposit slips for the account. I didn’t order them, but so far I haven’t been charged.