Update 12/17/20: Another round has been sent out. This time it also comes with Preferred Rewards for Business Gold tier. Hat tip to RacecarsOnIce
Update 9/27/20: More mailers sent out, now valid until 1/31/21.
Offer at a glance
- Maximum bonus amount: $750
- Availability: Nationwide, must receive direct communication about the offer (see below)
- Direct deposit required: None
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Unknown
- Credit card funding: None, but can fund with a debit card up to $300
- Monthly fees: $18-$29.95
- Early account termination fee: None
- Household limit: None listed
- Expiration date: June 12th, 2020
The Offer
- Bank of America is offering a bonus of up to $750 when you open a new Business Advantage Checking account OR Business Fundamentals Checking account, as follows:
- Get a $200 bonus if you deposit $5,000 or more in new money within 15 days of account opening, maintain an average balance of $5,000 during the maintenance period and make 5 qualifying electronic payments
- Get a $500 bonus if you deposit $20,000 or more in new money within 15 days of account opening, maintain an average balance of $20,000 during the maintenance period and make 5 qualifying electronic payments
- Get a $750 bonus if you deposit $50,000 or more in new money within 15 days of account opening, maintain an average balance of $50,000 during the maintenance period and make 5 qualifying electronic payments
The Fine Print
- The $200, $500 and $750 bonus offers are mutually exclusive: only one bonus (either $200 or $500 or $750) per business customer, regardless of the number of businesses owned or operated by the customer.
- Offer only available to customers who receive this offer via a direct communication from a Bank of America Small Business Specialist or from a Bank of America communication. This offer is intended for new customers only; you are not eligible for this offer if you were an owner or signer on a Bank of America small business checking account within the last six (6) months. Bank of America employees are not eligible for this offer. Offer expires on June 12, 2020 and all qualifying activities must be completed within the stated time frames in order to be eligible for this offer. Bank of America may change or discontinue this offer at any time before this date without notice.
- Qualifying deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill. A transfer done via ATM, online or teller, or a transfer from a Bank of America deposit account or brokerage account, such as a Merrill account, is not considered new money. A cash withdrawal from an existing Bank of America account and a deposit into the new checking account is not considered new money.
- The Maintenance Period begins sixteen (16) calendar days after account opening and ends seventy-five (75) calendar days after account opening.
- Qualifying Electronic Payments include debit card, online bill pay, automated clearinghouse (ACH), wire transfers or outgoing Zelle payments
- All account applications are subject to approval. Your account does not qualify for the bonus until you provide all of the information we require in connection with opening the account by the promotion end date June 12, 2020.
- This includes information we require to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W-8 (as applicable). The value of this bonus may constitute taxable income to you.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There is no early account termination fee.
Business Fundamentals $18 Per Month
Monthly fee is waived if you do any of the following:
- A $3,000 minimum daily balance in your primary account
- A $5,000 average monthly balance in your primary account
- A $15,000 combined average monthly balance in linked business accounts
- Make $250 in net new qualifying purchases each billing cycle on your Bank of America business credit or debit card
Business Advantage $29.95 Per Month
The Business Advantage checking account comes with a monthly fee of $29.95 per month, but this fee is waived for the first three months. After this introductory period you need to do any one of the following to keep it fee free:
- $15,000 average monthly balance
- $35,000 combined average monthly balance of linked business accounts
- Spend $2,500 per month in new purchases using a linked Bank of America business credit card
- Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service
Our Verdict
We’ve seen the $500 bonus before, but the terms are now worse as there is time requirement that the funds must stay in the account this time. Makes this bonus and account much less attractive than before, this still might be worth doing for some people that are targeted if you can spare the funds for ~75 days, especially with interest rates dropping across the board.
Hat tip to reader nycdpj
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
Post history:
- Update 6/10/20: Deal has been extended until September 18th, 2020.
- Update 4/23/20: More people have been targeted. Hat tip to reader @VSchlong
