[MO, KS, IL, OK & CO] Commerce Bank $200/$500 Checking Bonus – Direct Deposit Not Required

Warning: People with a lot of ChexSystems inquiries have previously been approved and then had their accounts closed at a later date. Read previous posts for more data points. This deal is public whereas older deals have been targeted so it’s possible things have changed

This time it’s being advertised on Facebook, so they shouldn’t be able to say that this was a mailed offer. But I’d also recommend reading the comments on the last post as people did have issues with this bank in the past.

Offer at a glance

Maximum bonus amount: $300
Availability: Missouri, Kansas, Illinois, Oklahoma and Colorado
Direct deposit required: Optional
Additional requirements: Direct deposit or 10 debit purchases
Hard/soft pull: Soft pull
ChexSystems: Yes, sensitive
Credit card funding: None
Monthly fees: $20, avoidable
Early account termination fee: None
Household limit: One
Expiration date: January 29, 2021

The Offer

Direct link to offers: $200 Bonus | $500 Bonus

Commerce Bank has two checking bonuses:
- Earn $200 when you open a Free Checking account with the promo code WI200
  - Make 10 debit card purchases within 60 days.
  - Have at least $25 in your account at the end of daily processing 60 days after account opening
- Earn $500 when you open a CommerceRelationship account with the promo code WI500
  - Make 10 debit card purchases within 60 days.
  - Have at least $2,500 in your account at the end of daily processing 60 days after account opening

The Fine Print

$500 bonus:

Limited time offer. Only one offer per household. To qualify for the $500 bonus: a) You must provide the promo code from the advertisement at the time of account opening; b) You must complete at least 10 PIN Point of Sale or signature-based purchases using your associated debit card within 60 days of account opening. ATM withdrawals, pending transactions and withdrawals at a branch using your debit card are not qualifying transactions. Transaction must post to the account within the 60-day period; c) Your CommerceRelationship Checking account must be opened and funded by January 29, 2021; d) 60 days after account opening, the account must have a minimum balance of $2,500 (or the next business day, if 60 days falls on a weekend or bank holiday). The balance will be verified after all transactions, fees and charges have been applied at the end of daily processing; and e) You must be a new customer, meaning one who has not owned a Commerce Bank deposit account in the 60 days prior to account opening. We will determine whether all requirements for the bonus have been met 60 days after account opening (or the next business day, if 60 days falls on a weekend or bank holiday). If you have completed all of the above requirements, your bonus will be paid within 8 weeks by crediting your CommerceRelationship Checking account. Maximum total bonus $500. The bonus will be reported as interest to the IRS. Commerce Bank reserves the right to determine eligibility for offer, and offer may be revoked, restricted, or changed at any time at Commerce Bank’s sole discretion. Monthly service charge waived for first 60 days after new account opening. This 60-day grace period does not apply to existing or converted accounts. To avoid a $20 monthly service fee on the CommerceRelationship Checking account, the primary account holder must maintain a $5,000 average daily balance in that account OR $15,000 in combined Commerce deposit account balances (checking, savings, money market, CDs, and IRAs). The annual percentage yield for CommerceRelationship Checking is 0.01%, as of September 22, 2020. There is no minimum balance requirement to earn the APY. Minimum opening deposit $100. Rate may change after account is opened. Fees could reduce earnings on the account.

$200 bonus:

Limited time offer. Only one offer per household. To qualify for the $200 bonus: a) You must provide the promo code from the advertisement at the time of account opening; b) You must complete at least 10 PIN Point of Sale or signature-based purchases using your associated debit card within 60 days of account opening. ATM withdrawals, pending transactions and withdrawals at a branch using your debit card are not qualifying transactions. Transaction must post to the account within the 60-day period; c) Your Commerce Free Checking account must be opened and funded by January 29, 2021; d) 60 days after account opening, the account must have a minimum balance of $25 (or the next business day, if 60 days falls on a weekend or bank holiday). The balance will be verified after all transactions, fees and charges have been applied at the end of daily processing; and e) You must be a new customer, meaning one who has not owned a Commerce Bank deposit account in the 60 days prior to account opening. We will determine whether all requirements for the bonus have been met 60 days after account opening (or the next business day, if 60 days falls on a weekend or bank holiday). If you have completed all of the above requirements, your bonus will be paid within 8 weeks by crediting your Commerce Free Checking account. Maximum total bonus $200. The bonus will be reported as interest to the IRS. Commerce Bank reserves the right to determine eligibility for offer, and offer may be revoked, restricted, or changed at any time at Commerce Bank’s sole discretion. Annual percentage yield 0.00%. Fees could reduce earnings on the account.

Avoiding Fees

Monthly Fees

Free checking account obviously has no fees to worry about ($200 bonus). Commerce Relationship ($500 bonus) has a $20 monthly fee. This is waived if you do any of the following: $5,000 average daily balance in this account OR $15,000 in combined deposit balances (checking, savings, money market, CD, and retail IRAs)

Early Account Termination Fee

According to this comment no early termination fee is charged.

Our Verdict

The actual bonuses are great, the $200 bonus is very easy to meet the requirements for as is the $500 bonus. Main downside to the $500 bonus is needing to have $5,000 balance to keep the account fee free but even that isn’t that bad. The main issue with this bonus is how chexsystems sensitive this bank is and the issues people have had in the past. If you’re willing to take the risk this could be a great bank bonus but I suspect there will be a lot of issues with this unfortunately.

Hat tip to Andrew M

Useful posts regarding bank bonuses: