Bank of America $100 Business Checking Bonus – Nationwide & Online

There’s now a sign up bonus for $200 with the same requirements, so this $100 bonus is useless.

Offer at a glance

• Maximum bonus amount: $100
• Availability: Nationwide
• Direct deposit required: Yes, $1,000+ (not usual restrictions on this account)
• 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, 2016

The Offer

Direct link to offer

• Receive a sign up bonus of $100 when you open a new eligible small business checking account 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 $100 Bonus if you were an owner or signer on a Bank of America business checking account within the last six (6) months
• 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 $100 Bonus, we will make every attempt to deposit the earned $100 Bonus directly into your new business checking account within ninety (90) days of meeting the Requirements to Receive the Bonu
• Eligible accounts are Business Advantage & Business Fundamentals
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

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.

Our Verdict

Bank of America offered a much better $2,000 in branch bonus last year, I doubt they will offer something so great again but who knows. You should be able to get this deal again once your account has been closed for 6 months. Personally I’d just wait, this $100 bonus isn’t due to expire until December so worth holding out for something better and if nothing comes along then this would be an option. Personally I think keeping the account fee free is a bit too much of a hassle, but the direct deposit requirements are easy to meet. Because of these reasons I haven’t added this to my best new checking account list.

Useful posts regarding bank bonuses:

• PSA: Don’t Call The Bank
• Introduction To 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?