$400 or $250 BMO Harris Business Checking Promo (AZ, FL, IL, IN, KS, MO, MN, WI)

BMO Harris Bonus Updates

Update on November 1, 2022 –  Bonus has now been extended till January 31, 2023 but has now been reduced to either $250 or $400 bonus, depending on the average collected balance for 120 days. 

BMO Harris Bank

BMO Harris Bank is offering a either a $250 or a $400 bonus for opening their Business Checking Account and completing qualifying activities. The offer is valid online as well as BMO Harris Bank branches and is available in select states. To be eligible, you need to open the checking account and complete the following qualifying activities:

1. Make 10 qualifying transactions within 120 days of opening your account “Qualifying transactions” are ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions.
2. Maintain an Average Collected Balance of $10,000 for 120 days into your BMO Harris Bank Business Checking for $400 bonus account
3. Maintain an Average Collected Balance of $5,000 for 120 days into your BMO Harris Bank Business Checking for $250 bonus account

BMO Harris Bank offers four Business Checking accounts namely BMO Simple Business Checking, BMO Premium Business Checking, BMO Elite Business Checking, and BMO Digital Business Checking. BMO Business Checking accounts have monthly maintenance fees between $10 and $25 but it is waivable by maintaining required balance that ranges from $100 to $1500.

BMO Harris Business Checking Promo

Bonus – $400 or $250

Account – BMO Simple Business Checking, BMO Premium Business Checking, BMO Elite Business Checking, and BMO Digital Business Checking

Deposit Requirements – $5,000 for $250 bonus and $10,000 for $400 bonus

Availability – Select states (AZ, FL, IL, IN, KS, MO, MN, WI). Offer valid online and at BMO Harris branches.

Offer Expiry – January 31, 2023.

Account Fees – $10 or $15 or $25 monthly (can be avoided)

Link for the Offer

Business Checking Promo Requirements

1. Open a new Business Checking account online using the link.
2. Complete the qualifying activities:
   • Make 10 qualifying transactions within 90 days of opening your account “Qualifying transactions” are ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions.
   • Maintain an Average Collected Balance of $10,000 for 120 days into your BMO Harris Bank Business Checking for $400 bonus account
   • Maintain an Average Collected Balance of $5,000 for 120 days into your BMO Harris Bank Business Checking for $250 bonus account
3. Bonus will be deposited within 14 days after completion of all requirements. 

BonusCoach’s List of Best Bank Account Bonus

Checking Account Fee | How to Avoid It?

• BMO Simple Business Checking – $10 per month. To avoid it, maintain an average collected balance of $100.

• BMO Premium Business Checking – $15 per month. To avoid it, maintain an average collected balance of $1500.

• BMO Elite Business Checking – $25 per month. To avoid it, maintain an average collected balance of $10,000 or monthly combined business balance of $25,000.

• BMO Digital Business Checking – $10 per month. To avoid it, maintain an average collected balance of $500.

Early Account Termination Fees

There is no early termination fees but we recommend keeping the account open for at least 180 days. 

The Fine Print

• You can receive either the $250 bonus or the $400 bonus. You can apply online or at a BMO Harris branch. To apply online, click Open Now for the checking account of your choice above and we’ll automatically apply the promo code for you. Before you apply at a branch, enter your information and click “SEND MY PROMO CODE” to receive the promo code you must use when opening your account.
• You are not eligible for the business checking bonus if you have an existing BMO Harris business checking account, or have a closed a BMO Harris business checking account within the past 12 months, using the same Taxpayer Identification Number/Employer Identification Number/Social Security Number as the new account.
• Bonus will be reported to the IRS for tax purposes and you are responsible for any applicable taxes. Offer can be changed or cancelled without notice at any time, cannot be combined with any other offer and is limited to one per business entity.
• The minimum deposit to open a business checking account is $100, however, to receive the bonus you must meet the applicable balance requirement as stated below. 
• To receive the $250 checking bonus:

1. Open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account between Nov 1, 2022 and Jan 31, 202.
2. Maintain an Average Collected Balance of $5,000 for 120 days into your BMO Harris Bank Business Checking for $250 bonus account
3. Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of: ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify as electronic transactions.

• • To receive the $500 checking bonus:

1. Open a new BMO Digital Business Checking, BMO Simple Business Checking, BMO Premium Business Checking, or BMO Elite Business Checking account between Nov 1, 2022 and Jan 31, 2023.
2. Maintain an Average Collected Balance of $10,000 for 120 days into your BMO Harris Bank Business Checking for $400 bonus account
3. Have at least 10 electronic transactions post to the account within 90 days of account opening. Electronic transactions can be any combination of: ACH credits or debits, online bill payments, mobile deposits, wire transfers or debit card POS purchase transactions. ATM transactions and POS credits do not qualify as electronic transactions.

• You are only eligible for one business checking bonus. Day 1 is the day you open your account and begins the tracking period. If you open your account on a day other than a Business Day, Day 1 is the next Business Day. The bonus will be deposited into the new checking account within 14 (fourteen) days of meeting the respective promotion requirements stated above, approximately Day 135.

Final Thoughts

BMO Harris Bank had offered $500 or $300 bonus in the past for their business checking account, although the norm is $400 and $250. However, they have made the requirements more difficulat as you have to maintain the average balance over a period of 120 days – so just depositing $5,000 or $10,000 and holding it for 120 days will not suffice – they will divide the balance by 120 and if your initial deposit settles after a few days, the average might be less. Be sure to look out for that. We do not like when bank have tricky requirements as such where users can easily be confused. 

We view the BMO Harris Bank $400 or $250 Business Checking bonus as a decent sign up bonus as the requirements are relatively easy. You have to deposit $10,000 within 31 days and keep that in the account for 90 days. Besides, you have to complete 10 qualifying electronic transaction which can be easily done as it is free to send and receive ACH and bill payments from BMO Harris Bank Business Checking Account. We also like the fact that it offers $300 bonus if you can only spare $5,000 for 90 days.