WaterStone Bank's Business Advantage: A $300 or $500 Bonus for Wisconsin Entrepreneurs

If you run a business in Wisconsin and you're looking for a straightforward checking account with a nice sign-up incentive, WaterStone Bank has a limited-time offer that might catch your eye. It's not a national promotion, but for local business owners, it's a solid opportunity to earn some extra cash for simply moving your business banking. Let's break down what this Business Advantage Checking bonus actually entails and whether it's a good fit for your company's finances.

How to Pocket the Cash

The mechanics here are refreshingly clear for a business bonus. You don't need to worry about defining a 'qualifying direct deposit' or hitting a certain number of card swipes. Instead, the focus is on your account balance and using the bank's business security tools.

First, you'll need to open a new Business Advantage Checking account. Then, within the first 90 days, you must hit one of two sets of goals.

• For the $300 bonus: Keep an average balance of at least $2,500 and sign up for the bank's Check or ACH Positive Pay service. This service helps protect your business from fraudulent checks and electronic payments.
• For the $500 bonus: Maintain a higher average balance of $5,000, enroll in Check or ACH Positive Pay, and also sign up for either ACH Origination (to send electronic payments) or Merchant Check Capture (to deposit checks remotely).

The Fine Print You Shouldn't Skip

As with any bank bonus, the devil is in the details. The most important timeline to remember is the 90-day window to meet the requirements. Your 'average balance' will be calculated over that initial period, so you can't just park the money for one day and pull it out.

Patience is also required for the payout. The bank states the bonus will be deposited during your third full statement cycle after you've completed the steps. So, from the day you open the account, you're likely looking at a wait of four to five months before the money hits your balance. It will appear on your statement labeled as 'Bus Checking Promo'.

Also, be mindful of the early termination fee. If you close the account within the first 90 days, you'll be hit with a $30 charge. It's wise to keep the account open well beyond that point to ensure everything is settled smoothly.

Is This Offer Right for Your Business?

This promotion is a particularly good match for Wisconsin-based businesses that were already planning to use these cash management services. If you need Positive Pay fraud protection or remote deposit capture, getting paid to enable them is a smart move.

However, if you're just chasing the bonus and have no use for these features, weigh the opportunity cost of tying up $2,500 to $5,000 for three months. Could that capital be working harder for you elsewhere? Also, remember that the bonus is considered taxable income, so you'll receive a 1099 form for it at year's end.

One final, crucial point: WaterStone Bank is a community bank. Their strength is local, personal service, not necessarily cutting-edge digital apps or the highest savings rates. If a robust online banking platform is your top priority, you might want to look at national competitors. But if you value a relationship with a local banker and need the services outlined, this bonus is a worthwhile incentive.

Bottom Line

• A simple, service-focused bonus for Wisconsin businesses.
• Great fit if you need fraud protection (Positive Pay) or remote deposit services.
• Requires parking a significant average balance ($2.5k or $5k) for 90 days.
• Bonus payout is slow; expect to wait until your third statement cycle.
• Weigh the value of the bonus against keeping your capital liquid.

Common Questions