![]() You Can Receive Both a Personal and a Business Welcome Bonusįrom time to time, Wells Fargo does offer welcome bonuses to new business checking account customers, in addition to its personal checking promotions. While Wells Fargo doesn’t explicitly state that you will receive a 1099 for your welcome bonus, you should not be surprised if your bonus amount is reported as interest income to the IRS and you get a 1099-INT. Generally welcome bonuses for bank accounts are considered interest income for tax purposes. But then, Wells Fargo charges no early account termination fees and will not claw back your bonus if you close your account shortly after you get your cash. Wells Fargo requires your new account to remain open for the entire 90-day qualification period, plus the time it takes to deposit your welcome bonus. You Must Keep the Account Open for a Time If you are a current owner of a Wells Fargo consumer checking account or have received a bonus for opening a Wells Fargo personal checking account within the past 12 months, you are not eligible to receive a welcome bonus if you open a new consumer checking account now.Īlso, the bank’s employees are not eligible to receive a welcome bonus for opening a Wells Fargo consumer checking account. Wells Fargo targets these introductory offers to attract new customers who do not already have a personal checking account with the bank. What Else Should You Know About Wells Fargo Checking Account Promotions? Current Customers, Recent Bonus Recipients and Employees Are Not Eligible ![]() Simply click on “OPEN IN-BRANCH” on the welcome offer promotion page, fill out your name, email address and ZIP code, and Wells Fargo will give you a unique bonus offer code that you can take to a branch and use to open an account.īonus offer codes are valid for one-time use only and must be provided to your banker at account opening to qualify for the welcome bonus. If you’d prefer not to apply for a new checking account online but would rather do that at one of Wells Fargo’s branch locations, the bank makes that easy. To attract new customers Wells Fargo and many other banks offer welcome bonuses as an alternative to spending their marketing budgets on advertising. A checking account customer might eventually open a credit card, take out a mortgage or hold an auto loan. Long-term customers are highly valuable to banks. Why Does Wells Fargo Give Sign-Up Bonuses? Wells Fargo is not offering any welcome bonuses for new business checking account customers right now, but sign-up bonuses as high as $1,500 for these accounts are not unusual. Wells Fargo Initiate Business Checking℠: No Bonus Currently Available
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