Published on June 25th, 2017 | by sirtheta174
[Targeted] Bank of America $300 Checking Bonus
This is a quarterly refresh of a standard targeted Bank of America checking bonus, but I’ve written it up for two reasons: (a) you can check if you’re targeted very easily; (b) you won’t be misled if you see this elsewhere without the full details. You will not get this bonus if you are not targeted, so I wouldn’t even try.
With respect to (a), you can check if you are targeted by logging in to online banking & clicking on the “Special Offers & Deals” header. You may also see it prominently displayed in the Activity Center, after clicking on the “Special Offers & Deals” square. If it’s in your online banking, you should also receive e-mails & physical mail about the offer over the course of the promotion. Some people also see it when they log out. Those without any relationship with Bank of America may still get the offer via physical mail.
Having done this offer in the summer, my experience is that having credit cards with Bank of America is a good way to be targeted. An existing non-checking relationship, such as a savings accounts, is also likely to be a good way.
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide, but targeted
- Direct deposit required: $4,000 in 90 days
- Additional requirements: Must be targeted!
- Hard/soft pull: Soft, as long as you opt out of overdraft protection
- ChexSystems: Yes
- Credit card funding: None, but you can fund with a debit card up to $250
- Monthly fees: $12-$25, waive-able
- Early account termination fee: None
- Expiration date:
April 15, 2017December 31st, 2017
Targeted offer, see above.
- Open a new Bank of America Core Checking ($25 opening deposit) or Bank of America Interest Checking ($100 opening deposit) account and receive a $300 bonus when you:
- Are targeted, AND
- Set up and receive qualifying direct deposits totaling $4,000 or more within the first 90 days of opening your new checking account
The Fine Print
- This exclusive offer is only for select Bank of America customers who don’t already have a personal checking account with us and who received an email or direct communication from Bank of America, or have seen the offer when signed into Online or Mobile Banking.
- Must open a new Bank of America Core Checking OR Bank of America Interest Checking personal checking account by
April 15, 2017December 31st, 2017, in a participating financial center, online, or via phone, AND
- Set up and receive Qualifying Direct Deposits equaling a total of $4000 or more in your new personal checking account within 90 days from account opening.
- You are not eligible for this offer if you were a signer on or owner of a Bank of America personal checking account within the last six (6) months.
- Bank of America may change or terminate this offer before this date without notice.
- A “Qualifying Direct Deposit” is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account. A transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account is not a Qualifying Direct Deposit.
- If you meet all the requirements for the $300 Checking Account bonus, the earned bonus will be deposited directly into your new checking account within sixty (60) days of meeting the qualifications. Your new personal checking account must be open up to and including the date the bonus is paid in order to receive the bonus.
- All bank account bonuses are treated as income/interest, and as such you have to pay taxes on them. You will be issued a 1099-INT at the start of next year.
The Core Checking account has a $12 monthly fee, which can be waived in any of the following ways:
- Make at least one qualifying Direct Deposit of $250 or more, OR
- Maintain a minimum daily balance of $1,500 or more, OR
- Be a student under age 23 and enrolled in high school, college, or vocational program, OR
- Enroll in the Preferred Rewards program and qualify for the Gold, Platinum, or Platinum Honors tier (first 4 checking accounts only).
The Interest Checking account has a $25 monthly fee, which can be waived in either of the following ways:
- Maintain combined balances of $10,000 or more each statement cycle, OR
- Enroll in the Preferred Rewards program and qualify for the Gold, Platinum or Platinum Honors tier (first 4 checking accounts only).
- “Combined balances” include:
- Average daily balances for the statement cycle in eligible linked checking, savings and money market savings accounts, AND
- The current balances, as of the end of the Interest Checking statement cycle in linked personal CDs and IRAs, AND
- The current balance, as of two business days before the end of the Interest Checking statement cycle, in your eligible linked Merrill Edge and Merrill Lynch investment accounts.
This is a standard targeted offer and pretty much as good as it gets with Bank of America. Go for it if you have it and can meet the DD requirement (you can view our DPs here). Do note that Bank of America is pretty strict when it comes to what counts as a DD, and many ACH transfers have been found not to work. Unless you’re aiming to become a Preferred Rewards client, the Core Checking account is the way to go, due to the low requirements for the fee to be waived.
You may be targeted for lower offers (commonly $100), which are worth holding off on to see if something better comes around.
If you have any questions or thoughts, please comment below and I’ll do my best to answer them.
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
- 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