Why churners open business accounts
Business checking bonuses are some of the most valuable offers available, and a real business entity — even a single-member LLC — keeps bonus income separate from your personal finances and simplifies 1099 reporting. Many churners open an LLC for exactly this reason.
Opening safely
Apply with the entity's legal name and EIN where possible. Two reporting systems matter:
- ChexSystems tracks consumer deposit-account history. Some banks check the owner's personal ChexSystems even on a business application, so avoid a flurry of new accounts that could get you flagged.
- The SBFE (Small Business Financial Exchange) is the business-side equivalent. Closing business accounts in bad standing can follow the entity.
Open deliberately — space applications out, and only open what you can actively manage.
While the account is open
Meet the bonus terms exactly: hit the direct-deposit target, keep the required balance for the maintenance window, and avoid fees that quietly fail the offer. The tracker's deadlines (fund-by, complete-by, hold-until) are your checklist.
Closing safely — timing is everything
Do not close the moment the bonus posts. Banks reserve the right to claw a bonus back if you close inside the keep-open window. Wait until the safe-to-close date the tracker computes, then move the balance out, leave the account at $0 with no pending transactions, and close it.
Business-specific gotchas
- EIN vs SSN: an EIN keeps the entity distinct; an SSN-based sole prop ties activity to you.
- Business credit: some business cards and accounts can touch your personal credit if you personally guarantee them — read the terms.
- Closing the entity: if you dissolve the LLC, close its accounts first and keep records; a dangling account on a dissolved entity is a headache.
Not financial or tax advice. Offers and terms change — verify with the bank before applying.