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I was looking for a checking account for my business and stumbled upon this. Looks like an awesome bonus and they have decent free business checking.

$250 open checking + savings (with $1k) and make 5 purchases by 8/31
$250 credit card with 5k in purchases by 8/31
$300 line of credit with $10k balance by 8/31
$500 term loan with 10k balance by 8/31

NOTE the accounts have to be opened by 7/31

I plan to do all of the above. It shouldn't be that hard to open a 10k loan (the loan can be secured with a cd if you are worried about qualifying). The day after opening pay down to $100 balance and pay that off after 8/31 - there are no prepayment penalties. Same thing with the LOC draw it to 10k then pay it right back.

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Maybe i shouldve called too, I'd take a double bonus

SUCKISSTAPLES (Oct. 21, 2010 @ 11:15a) |

Sorry, SIS, they figured it out and debited the extra credit that evening, without my even calling. Actually, I'm kind ... (more)

glxpass (Oct. 23, 2010 @ 10:44a) |

How did I miss this...

capnkidd (Oct. 24, 2010 @ 12:13p) |

AbbaZabba, you're my only friend!
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*7/31

Thanks OP!

I'll try to get at least a part of this bonus.

The first $250 seem pretty straightforward. I think I'll pass on the Business Credit Card as I don't see myself spending 5k before 8/31.

What about the Business Line of Credit and Business Term Loan? The Line of Credit looks pretty much like the Credit Card in terms that once it is open, you need to actually spend money to reach the outstanding balance requirement. But the Term Loan should probably look differently - they should actually transfer the money to your checking, right?

Does any of these affect the personal credit? I have a legitimate business with FEIN but I have no idea about its credit.

Math doesn't work, its 1300, how you come up with 1700?

mak101 said: Math doesn't work, its 1300, how you come up with 1700?anything over $150 is most excellent...

jetsfan92588 said: *7/31It's interesting that the web address for the promo is dated March of 2009...

http://bbvacompass.com/special/200903/business/

Remote Deposit Online Approved by 8/31/10 $200

$250 for opening a new Compass Business Credit Card account with a minimum of $5,000 in net purchases posting to the credit card account by October 31, 2009 (returns, credits, and chargebacks do not count as net purchases for this offer)

vs

Business Credit Card $5,000 in net purchases by 8/31/10 $250

"Up to $1,700 in Cash" offer will be deposited in one lump sum to the customer's business savings or money market account by October 15, 2010.

possible hard pull credit inquiries by Transunion

mak101 said: Math doesn't work, its 1300, how you come up with 1700?

There are two other bonuses in the link I posted. You have to sign up for a CC processing account for those so I left them out.

I don't think you have to actually spend $$$ on the LOC, just draw it out and pay it back.

They require a business with a TIN or does sole proprietorship work?

Just tried to open an account. Branch visit is required for a business account according to the phone rep.

yea everything has to be done in branch unfortunately.

Los Angeles office is in Lynwood! You'll make it to the parking lot and then they'll car jack you along with your 1700 bucks.

AbbaZabba said: yea everything has to be done in branch unfortunately.

ahahah, that is very true!

AcidSpectrum said: Los Angeles office is in Lynwood! You'll make it to the parking lot and then they'll car jack you along with your 1700 bucks.

AbbaZabba said: yea everything has to be done in branch unfortunately.

Wow, that's funny. Only 1 branch in LA but tons in the IE

called a branch here in Texas. told me on the business loan and LOC would have to prove I've been in business for min. 2 years. also, said couldn't "colateralize" either with CDs.

looks like to me might have to just be satisfied with the $250 checking/savings bonus (she claimed no hard pull unless a credit product, but take it as you would any CSR).

oh, and they do require certification, DBA, etc. to verify valid business (only cost $20 in Texas to get one via the county clerk office).

OK, I'm geeting conflicting info. Went to a Dallas area bank to open the checking/savings. They told me I could open both a secured LOC and a loan even if I wasn't in business 2 years as long as I had a CD to cover the finds. Plus, there would be no origination fees, and I could essentally close everything at any time and just lose some nominal CD interest money-- even if my business was < 2 years old. This jives with one of the earlier posters. However, another branch's CSR *and* the 800-number both told me i had to be in business 2 years to even do a secured LOC or loan.

I figure if the loan and LOC go through, they can't retroactively kick me out, so I'm going to press my luck and try to open both on Monday at the brach I visited (sorry, I won't disclose the one) for the extra $800. Except for a likely hard pull, all I'll be out is basically a few bucks in interest costs before I quickly pay off the LOC and leave a nominal amount on the loan until 8/31 to keep it open.

teammjs said: I figure if the loan and LOC go through, they can't retroactively kick me out, so I'm going to press my luck and try to open both on Monday at the brach I visited (sorry, I won't disclose the one) for the extra $800. Except for a likely hard pull, all I'll be out is basically a few bucks in interest costs before I quickly pay off the LOC and leave a nominal amount on the loan until 8/31 to keep it open.

A line of credit is similar to a credit card in that you don't pay it off if you haven't spent anything.

Good deal! But I don't see any branch in Michigan.

jetsfan92588 said: teammjs said: I figure if the loan and LOC go through, they can't retroactively kick me out, so I'm going to press my luck and try to open both on Monday at the brach I visited (sorry, I won't disclose the one) for the extra $800. Except for a likely hard pull, all I'll be out is basically a few bucks in interest costs before I quickly pay off the LOC and leave a nominal amount on the loan until 8/31 to keep it open.

A line of credit is similar to a credit card in that you don't pay it off if you haven't spent anything.



True, but the terms of the LOC bonus require a draw on the LOC for at least $10k at some point before 8/31.

teammjs said: jetsfan92588 said: teammjs said: I figure if the loan and LOC go through, they can't retroactively kick me out, so I'm going to press my luck and try to open both on Monday at the brach I visited (sorry, I won't disclose the one) for the extra $800. Except for a likely hard pull, all I'll be out is basically a few bucks in interest costs before I quickly pay off the LOC and leave a nominal amount on the loan until 8/31 to keep it open.

A line of credit is similar to a credit card in that you don't pay it off if you haven't spent anything.



True, but the terms of the LOC bonus require a draw on the LOC for at least $10k at some point before 8/31.


Sorry, I'm an idiot . Anyway, couldn't you just draw out the $10k then pay it back the next day? Do they require you to keep a balance on it?

jetsfan92588 said:
Sorry, I'm an idiot . Anyway, couldn't you just draw out the $10k then pay it back the next day? Do they require you to keep a balance on it?



Don't be so hard on yourself for being a Jets fan

The way I read the rules, yes you can do this and that's basically my plan. Same with a loan, although you need to have enough left to have it still open by 8/31. The OP seems to have been right on top of these possibilities.

There is one near where I live. I will be going in next week with a story about a business I want to start.

Might want to check requirements before you go. Branches I've talked to in Texas need an official DBA-type certificate to enter just to get the checking account (I saw them enter it into a required field at the one I went to, even though I registered as a SP)-- though those only cost $20 down here.

Opened last week in SF Bay Area. Did my sole proprietorship, didn't require any documentation. I also have an LLC formed in Fla, they were fine with a 2nd account but they wanted a "certificate of foreign incorporation" from Calif. (Curiously, recently opened an account for the LLC at chase (calif) and they wanted the opposite...a letter confirming that it would NOT transact business in Ca, and I was opening acct in Ca for my covenience). I wonder if one of the Fla branches would do it for me since I already have a "relationship" with the bank.

frank10b said: Opened last week in SF Bay Area. Did my sole proprietorship, didn't require any documentation. I also have an LLC formed in Fla, they were fine with a 2nd account but they wanted a "certificate of foreign incorporation" from Calif. (Curiously, recently opened an account for the LLC at chase (calif) and they wanted the opposite...a letter confirming that it would NOT transact business in Ca, and I was opening acct in Ca for my covenience). I wonder if one of the Fla branches would do it for me since I already have a "relationship" with the bank.

Which SF Bay area location? I will be visiting the Campbell, CA branch tomorrow.

cameron2003 said: frank10b said: Opened last week in SF Bay Area. Did my sole proprietorship, didn't require any documentation. I also have an LLC formed in Fla, they were fine with a 2nd account but they wanted a "certificate of foreign incorporation" from Calif. (Curiously, recently opened an account for the LLC at chase (calif) and they wanted the opposite...a letter confirming that it would NOT transact business in Ca, and I was opening acct in Ca for my covenience). I wonder if one of the Fla branches would do it for me since I already have a "relationship" with the bank.

Which SF Bay area location? I will be visiting the Campbell, CA branch tomorrow.


second that. and if possible name of the person who helped you out.

teammjs, although I don't have a business that is generating any revenue, I have an assumed name certificate that is older than two years. It did not sound from talking to the CSR on the phone that you could get a LOC without any revenue. Other sources of income such as salary did not seem to be terribly relevant. What was your experience at the branch? It is possible that our situations are different in that your business generates revenue.

The same issue made me think twice before applying for the term loan (no revenue). Also, I have had bad experiences with promotions from Compass. That is why I am hesitant to try for the term loan and LOC. What I am asking is if you were able to get the LOC and the term Loan approved and if so, do you have revenue in your business.

Regards.

I went to the branch in San Carlos, CA, today, and they would not open accounts for me.

1. The name of the business cannot match the name of a signer. Their system will reject it.
2. After fiasco with the above, bank manager was called in and said that I would need a fictitious name certificate, despite not operating under a fictitious name. Phone call to folks upstairs confirmed.

The banker was bewildered by this requirement, as Guaranty did not need this, even when using a fictitious name. He said that if the appropriate documentation wasn't faxed in, "they" may close the account without notice. In any case, the lack of this could be an excuse to welsh on the bonus. My feeling is that the account opening would have gone through if the banker had entered my name differently than the name of the business.

Good luck to the rest of you.

I went to Campbell today. (They said I was right afer somebody else with the same deal). As long as I left out the middle initial of my name, that was enough of a difference. No fictitious name required. Took about an hour, and I felt a little guilty making them do all that paperwork. They said the $250 will come in the form of a gift card in 90-120 days.

I went to Burlingame today.

Yes, their back office is very picky about documentation so if you dont have business documentation, dont bother.

They want a city business license, EIN or corp documents. It took over a hour of explaining how professional licenses (law , real estate, insurance etc) can be verified on the state website and are the "business licenses" for our profession. That seemed to work.

On the bright side, the rep said that many of their biz loans are STATED INCOME, and they are one of the few banks still offering stated income business loans.....so I applied for the deposit account ($250 bonus) credit card ($250 bonus for charging $5000 and got instant approved for $15k) and the Biz line of credit, which he says takes a couple days for approval but can get a line as high as $50k without any income documentation (and $300 bonus).

So all in all, this should be $800 of bonuses. Thanks OP!

cameron2003 said: I went to Campbell today. (They said I was right afer somebody else with the same deal). As long as I left out the middle initial of my name, that was enough of a difference. No fictitious name required. Took about an hour, and I felt a little guilty making them do all that paperwork. They said the $250 will come in the form of a gift card in 90-120 days.

You might want to consider actually using this bank/account instead of just milking the promo. The account has a lot of great features like rewards for PIN based transactions, ATM fee refunds etc. Seemed like a good bank and I will give them a shot.

cameron2003 said: I went to Campbell today. (They said I was right afer somebody else with the same deal). As long as I left out the middle initial of my name, that was enough of a difference. No fictitious name required. Took about an hour, and I felt a little guilty making them do all that paperwork. They said the $250 will come in the form of a gift card in 90-120 days.
Odd that they said the bonus would be in the form of a gift card. From the Important Terms and Disclosures:

All funds earned through the "Up to $1,700 in Cash" offer will be deposited in one lump sum to the customer's business savings or money market account by October 15, 2010.

It's good to know that you apparently didn't need a DBA. Could yuu please let us know if any other business documentation was required, such as what SIS mentioned -- EIN, business license, etc.? Thanks!

glxpass said: cameron2003 said: I went to Campbell today. (They said I was right afer somebody else with the same deal). As long as I left out the middle initial of my name, that was enough of a difference. No fictitious name required. Took about an hour, and I felt a little guilty making them do all that paperwork. They said the $250 will come in the form of a gift card in 90-120 days.
Odd that they said the bonus would be in the form of a gift card. From the Important Terms and Disclosures:

All funds earned through the "Up to $1,700 in Cash" offer will be deposited in one lump sum to the customer's business savings or money market account by October 15, 2010.

It's good to know that you apparently didn't need a DBA. Could yuu please let us know if any other business documentation was required, such as what SIS mentioned -- EIN, business license, etc.? Thanks!


Nothing was required. In fact I was up front with them. I told them I did not even have a business, but I was going to start one. They were ok with that.

part of their concern and need for additional documents may have been that I was also applying for their business loans

SUCKISSTAPLES said: cameron2003 said: I went to Campbell today. (They said I was right afer somebody else with the same deal). As long as I left out the middle initial of my name, that was enough of a difference. No fictitious name required. Took about an hour, and I felt a little guilty making them do all that paperwork. They said the $250 will come in the form of a gift card in 90-120 days.

You might want to consider actually using this bank/account instead of just milking the promo. The account has a lot of great features like rewards for PIN based transactions, ATM fee refunds etc. Seemed like a good bank and I will give them a shot.


While I was there I saw a flyer about another promotion that looked interesting. They match 1%-6% up to $250/year to transfer money from checking to savings.

http://www.bbvacompass.com/buildmysavings/

Build Your Account*
Choose an opening balance for your Build My Savings account. Then set up an automatic transfer from your BBVA Compass consumer checking account to your Build My Savings account. It’s easy and you’re in full control. You also determine:

Your starting balance
How much, how often, and when to transfer each month
The length of your plan
Earn a Match Bonus on your transfers**
Stick to your plan and we’ll match a percentage of your transfers up to $250 each year. The amount of your annual Match Bonus is based on opening balance, transfer amount, and length of plan. Use our interactive calculator to find out how much of a Match Bonus you can earn.


How do I set up my Build My Savings account?

Open a BBVA Compass consumer checking account if you don’t already have one.
Establish a monthly, reoccurring automatic transfer of at least $25 from your BBVA Compass checking account to your Build My Savings account.
Determine how long you want your plan to last (6, 12, 18, 24, 30, or 36 months).
Can I choose how often and on what day my transfers occur?
You can choose from monthly, twice monthly, weekly, or every other week transfers. You can also choose the day of the month on which you want the transfer to occur.

What is the minimum transfer amount?
The minimum transfer amount is $25.

What is a Match Bonus?
Stick to your plan and BBVA Compass will match a percentage of your transfers annually.

How much is the Match Bonus?
We will match from 1 – 6% of your transfers—not to exceed $125 on a six month plan, or $250 per year on all other plans. The Match Bonus percentage is calculated based on 3 factors:

Opening Balance
Transfer Amount
Term
When will I receive the Match Bonus?
You will receive your Match Bonus within 30 calendar days following the end of each 12-month period of your savings plan. If you have set up a 6 -month term, you will receive your Match Bonus within 30 calendar days following the end of the 6-month period of your savings plan.

Is the Build My Savings account interest bearing?
Yes. Standard interest rates apply to the account.

What happens if I stop my transfer?
Your account will revert to a Basic Savings account and you will not earn a Match Bonus.

What happens if my transfer causes an overdraft?
BBVA Compass may transfer funds even though the transfer will cause an overdraft. NSF fees will be charged to your checking account, however you are still eligible for the Match Bonus. If the transfer does not occur, any applicable NSF fees will be charged to the checking account; the savings plan will be cancelled; and the account will automatically convert to a Basic Savings Account.

Can I convert my current savings account to a Build My Savings Account?
No. You must open a new account.

Can I withdraw money from my account?
This account was built for customers who indicated they wanted a solution that would help motivate them stay on track with their savings. Much like other forms of goal-based saving such as a Certificate of Deposit (CD) which assess a fee when you make a withdrawal, each time you make a withdrawal from the Build My Savings account, a $10 fee will be charged. If you need more frequent access to your funds, ask your BBVA Compass banker for details about our other account options such as Basic Savings that provide access to your money with no service charge for initial withdrawals.

What happens to my account once I’ve reached my goal?
Once you’ve completed your plan, your account will revert to a Basic Savings account. Note: Your automatic transfer will continue until you cancel.

cameron2003 said: SUCKISSTAPLES said: cameron2003 said: I went to Campbell today. (They said I was right afer somebody else with the same deal). As long as I left out the middle initial of my name, that was enough of a difference. No fictitious name required. Took about an hour, and I felt a little guilty making them do all that paperwork. They said the $250 will come in the form of a gift card in 90-120 days.

You might want to consider actually using this bank/account instead of just milking the promo. The account has a lot of great features like rewards for PIN based transactions, ATM fee refunds etc. Seemed like a good bank and I will give them a shot.


While I was there I saw a flyer about another promotion that looked interesting. They match 1%-6% up to $250/year to transfer money from checking to savings.

http://www.bbvacompass.com/buildmysavings/

Build Your Account*
Choose an opening balance for your Build My Savings account. Then set up an automatic transfer from your BBVA Compass consumer checking account to your Build My Savings account. It’s easy and you’re in full control. You also determine:

Your starting balance
How much, how often, and when to transfer each month
The length of your plan
Earn a Match Bonus on your transfers**
Stick to your plan and we’ll match a percentage of your transfers up to $250 each year. The amount of your annual Match Bonus is based on opening balance, transfer amount, and length of plan. Use our interactive calculator to find out how much of a Match Bonus you can earn.


How do I set up my Build My Savings account?

Open a BBVA Compass consumer checking account if you don’t already have one.
Establish a monthly, reoccurring automatic transfer of at least $25 from your BBVA Compass checking account to your Build My Savings account.
Determine how long you want your plan to last (6, 12, 18, 24, 30, or 36 months).
Can I choose how often and on what day my transfers occur?
You can choose from monthly, twice monthly, weekly, or every other week transfers. You can also choose the day of the month on which you want the transfer to occur.

What is the minimum transfer amount?
The minimum transfer amount is $25.

What is a Match Bonus?
Stick to your plan and BBVA Compass will match a percentage of your transfers annually.

How much is the Match Bonus?
We will match from 1 – 6% of your transfers—not to exceed $125 on a six month plan, or $250 per year on all other plans. The Match Bonus percentage is calculated based on 3 factors:

Opening Balance
Transfer Amount
Term
When will I receive the Match Bonus?
You will receive your Match Bonus within 30 calendar days following the end of each 12-month period of your savings plan. If you have set up a 6 -month term, you will receive your Match Bonus within 30 calendar days following the end of the 6-month period of your savings plan.

Is the Build My Savings account interest bearing?
Yes. Standard interest rates apply to the account.

What happens if I stop my transfer?
Your account will revert to a Basic Savings account and you will not earn a Match Bonus.

What happens if my transfer causes an overdraft?
BBVA Compass may transfer funds even though the transfer will cause an overdraft. NSF fees will be charged to your checking account, however you are still eligible for the Match Bonus. If the transfer does not occur, any applicable NSF fees will be charged to the checking account; the savings plan will be cancelled; and the account will automatically convert to a Basic Savings Account.

Can I convert my current savings account to a Build My Savings Account?
No. You must open a new account.

Can I withdraw money from my account?
This account was built for customers who indicated they wanted a solution that would help motivate them stay on track with their savings. Much like other forms of goal-based saving such as a Certificate of Deposit (CD) which assess a fee when you make a withdrawal, each time you make a withdrawal from the Build My Savings account, a $10 fee will be charged. If you need more frequent access to your funds, ask your BBVA Compass banker for details about our other account options such as Basic Savings that provide access to your money with no service charge for initial withdrawals.

What happens to my account once I’ve reached my goal?
Once you’ve completed your plan, your account will revert to a Basic Savings account. Note: Your automatic transfer will continue until you cancel.
See this thread.

Tutul said: teammjs, although I don't have a business that is generating any revenue, I have an assumed name certificate that is older than two years. It did not sound from talking to the CSR on the phone that you could get a LOC without any revenue. Other sources of income such as salary did not seem to be terribly relevant. What was your experience at the branch? It is possible that our situations are different in that your business generates revenue.

The same issue made me think twice before applying for the term loan (no revenue). Also, I have had bad experiences with promotions from Compass. That is why I am hesitant to try for the term loan and LOC. What I am asking is if you were able to get the LOC and the term Loan approved and if so, do you have revenue in your business.

Regards.


Yes, got the loan and the LOC with no income and only having an official DBA-equivalent certificate from the county only 2 days old! I did do a securitized CD to fund the loan and LOC, and it is a sole-prop, so the CDs should eliminate almost all risk in BBVA's eyes, since essentually the only non-bonus reason I'd be doing this (since I already have the money) is building business credit. Oh, and can confirm zero fees for opening/closing on the loan products, and only a 3.5% rate for the few months I intend to hold!

I've talked to like 4 different BBVA people at branches and at their 800 number and seem to have gotten 6 different answers. THe branches either have latitiude, or aren't aware of corporate rules (though my case is proof the computer will allow my scenario to go through and approve the products).

Good luck to all-- you only have until tomorrow to apply. If you really want it, call another local branch and give them your scenario.

P.S. I'm concerned about the bonus, but they seem pretty clear cut and I should be able to prove I met the terms if I have to.

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