Published on December 27th, 2016 | by William Charles149
Bank of America $200 Business Checking Bonus – Nationwide & Online
Update: Some readers aren’t getting the full $200 bonus, with Bank of America claiming that merchant services is needed. Merchant services is mentioned in the fine print (but not as a bonus requirement). If this is actually a requirement, it needs to be added as one.
We’re reposting because this has been extended until December 31st, 2017. It’s even more unlikely we will see anything like the $2,000 bonus again so I’d recommend going for this bonus if you’re eligible.
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- Direct deposit required: No, just $1,000 in deposits
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: None, but can fund with a debit card up to $250
- Monthly fees: $16-$29.95
- Early account termination fee: None mentioned
- Expiration date: December 31st, 2017
- Receive a sign up bonus of $200 when you open a new eligible small business checking account (Business Advantage or Fundamentals) with Bank of America and complete the following requirements:
- Make at least $1,000 in Qualifying Deposits (less cash received) into that new business checking account within sixty (60) days of account opening
The Fine Print
- You are not eligible for the $200 Bonus if you were an owner or signer on a Bank of America business checking account within the last six (6) month
- Offer is available only online and not available in a financial center or by phone
- “Qualifying Deposits” are deposits of funds new to Bank of America and/or Merrill Lynch®
- If you meet the Requirements to Receive the $200 Bonus, we will make every attempt to deposit the earned $200 Bonus directly into your new business checking account within ninety (90) days of meeting the Requirements to Receive the Bonus. If we are unable to make the deposit, a check will be issued
- The new business checking account must be open and in good standing, up to and including the date the earned Bonus is paid in order to receive the Bonus
- Offer cannot be combined with any other offer and is limited to one bonus per new business customer and account
- Offer does not apply to personal or second or multiple business checking accounts
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
There is no early account termination fee.
Business Fundamentals $16 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 cardfootnote
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
I think the best option is to not worry about the monthly fee the first three months and then either have a $15,000 average balance (you’d be losing out on $12.5 a month in interest compared to a 1% checking account) or putting $2,500 per month on a linked Bank of America business credit card.
They offered a much bigger $2,000 bonus last year, but I doubt we’ll see that come back anytime soon. They also offer a $100 bonus with the same requirements listed above, I smartly recommended waiting for a better bigger bonus. The nice thing about this bonus is that you can get again if you’re business checking account has been closed for six months or more.
Here is what I’d do if I wanted to get this bonus:
- Sign up for a business fundamentals account
- Deposit $3,000 (this will keep the account fee free and also trigger the bonus requirement)
- Wait for bonus to post
- Withdraw funds & close account
I’m going to add this bonus to our best business checking bonus page, because I doubt we’ll see anything like the $2,000 bonus again and it’s possible to churn this bonus every ~9 months or so (remember the account has to be closed for 6 months before getting another bonus).
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- 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