{"id":4715,"date":"2022-06-20T04:00:00","date_gmt":"2022-06-20T10:00:00","guid":{"rendered":"https:\/\/milesearnandburn.com\/?p=4715"},"modified":"2023-04-18T11:37:13","modified_gmt":"2023-04-18T17:37:13","slug":"turning-lemons-into-lemonade","status":"publish","type":"post","link":"https:\/\/milesearnandburn.com\/index.php\/2022\/06\/20\/turning-lemons-into-lemonade\/","title":{"rendered":"Turning Lemons into Lemonade"},"content":{"rendered":"<h4>Introduction<\/h4>\n<p>Brex, a purveyor of business bank accounts, has been a great rewards making machine for both <a class=\"ek-link\" href=\"https:\/\/milesearnandburn.com\/index.php\/2021\/04\/27\/1022-tuesday\/\">sign-up bonuses<\/a> and for <a class=\"ek-link\" href=\"https:\/\/www.brex.com\/support\/what-rewards-does-brex-offer\/\">certain types of manufactured spend<\/a>; it\u2019s also uniquely suited for churning companies in <a class=\"ek-link\" href=\"https:\/\/www.incfile.com\/blog\/cheapest-states-to-form-an-llc\">low-fee incorporation states<\/a> in order to scale sign-up bonuses, like the current <a class=\"ek-link\" href=\"https:\/\/www.brex.com\/product\/?partnerId=travelbank\">75,000 points after spending $1,000 (sponsored by TravelBank)<\/a> bonus. I know many found use with Brex accounts for making your own \u201cdirect deposits\u201d, and for fee-free wires too.<\/p>\n<p>Unfortunately, last week a <a class=\"ek-link\" href=\"https:\/\/www.doctorofcredit.com\/brex-closing-out-dormant-accounts-use-up-your-rewards\/\">wave of shutdowns came<\/a>. According to the founder, Brex closed all company accounts for <a class=\"ek-link\" href=\"https:\/\/twitter.com\/pedroh96\/status\/1537849706297974785\">companies that hadn\u2019t received an investment (VC, Angel, crypto, etc.)<\/a>. Based on my data points, they closed:<\/p>\n<ul>\n<li>All sole proprietorships<\/li>\n<li>All single member LLCs<\/li>\n<\/ul>\n<p>I haven\u2019t yet heard of a closure for a multi-member LLC, whether or not the company has received an investment, or for an S-corporation or C-corporation. I know first hand of an LLC that definitely never received an investment and didn\u2019t get the axe too. It was also multi-member, which further leads me to believe that business structure is the current criteria for shutdowns. (<em>UPDATE: Data-points have started to roll-in for non-single member LLCs too, but the ratio of single member LLC shutdowns to non is about 10:1. So far, all non-single member LLC shutdowns used the original OMAT 100,000 link, not a later link, so it\u2019s looking like that may be another criteria)<\/em><\/p>\n<p>The shutdowns and new policies give us two options to make lemonade with Brex\u2019s lemons:<\/p>\n<h4>What to do with Closed Accounts<\/h4>\n<p><a class=\"ek-link\" href=\"https:\/\/join.relayfi.com\/brex-offer?\">Relay financial will offer you a $150 sign-up bonus with a $1 or more deposit<\/a> into a new account, provided you forward your Brex cancelation email <a class=\"__cf_email__\" data-cfemail=\"8af9fffafae5f8fecaf8efe6ebf3ece3a4e9e5e7\" href=\"\/cdn-cgi\/l\/email-protection\">[email\u00a0protected]<\/a> after opening a new account. I\u2019m going to do this for each business I have that that was impacted.<\/p>\n<h4>How to Move Forward with Brex After a Shutdown<\/h4>\n<p>So far it seems like a multi-member LLC is going to be eligible for a Brex account, especially if it looks like the company has received an investment. I don\u2019t currently believe Brex is validating investments directly, but in case that changes I\u2019d make sure your company is listed on <a class=\"ek-link\" href=\"https:\/\/support.crunchbase.com\/hc\/en-us\/articles\/115010628048-Add-a-Funding-Round\">Crunchbase<\/a> before opening your new Brex accounts.<\/p>\n<p>Good luck friends!<\/p>\n<div class=\"wp-block-image is-style-editorskit-rounded\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-4716\" height=\"341\" sizes=\"auto, (max-width: 420px) 100vw, 420px\" src=\"https:\/\/milesearnandburn.com\/wp-content\/uploads\/2022\/06\/charcoal-lemonade-1024x833.png\" srcset=\"https:\/\/milesearnandburn.com\/wp-content\/uploads\/2022\/06\/charcoal-lemonade-1024x833.png 1024w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2022\/06\/charcoal-lemonade-300x244.png 300w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2022\/06\/charcoal-lemonade-768x625.png 768w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2022\/06\/charcoal-lemonade-1320x1073.png 1320w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2022\/06\/charcoal-lemonade.png 1328w\" width=\"420\"\/><\/figure>\n<\/div>\n<p class=\"has-text-align-center\" style=\"font-size:14px\">I was today years old when I learned that charcoal lemonade was a thing, and that people <em>choose<\/em> to make it. First, <em>gross<\/em>. Second, maybe offer a glass to Brex when you sign up for your next account to let them know how you care.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Brex, a purveyor of business bank accounts, has been a great rewards making machine for both sign-up bonuses and for certain types of manufactured<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":2,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[69,62],"tags":[],"class_list":["post-4715","post","type-post","status-publish","format-standard","hentry","category-bank-bonuses","category-shenanigans"],"_links":{"self":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/4715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/comments?post=4715"}],"version-history":[{"count":8,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/4715\/revisions"}],"predecessor-version":[{"id":7008,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/4715\/revisions\/7008"}],"wp:attachment":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/media?parent=4715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/categories?post=4715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/tags?post=4715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}