Posted by William Charles on December 27, 2016
Bank Account Bonuses

Published on December 27th, 2016 | by William Charles


[Expired] Bank of America $200 Business Checking Bonus – Nationwide & Online

This checking bonus has expired and is no longer available. Click here for a list of the best checking bonuses. There is also a new bonus for up to $2,500.

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 $300
  • Monthly fees: $16-$29.95
  • Early account termination fee: None mentioned
  • Expiration date: December 31st, 2017

The Offer

Direct link to offer

  • 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

bank of america $200 business checking bonus

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 into your new Small Business checking account new to Bank of America. A transfer done via ATM, online, or teller, or a transfer from a Bank of America consumer account or brokerage accounts such as Merrill Edge® or Merrill Lynch account is not a Qualifying Deposit.
  • 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

Avoiding Fees

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.

Our Verdict

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). There is also a $100 personal checking bonus currently available & a bigger in branch business bonus.

Useful posts regarding bank bonuses:

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Do business accounts show up on your personal Chex report?

It could depend on the bank, but I’ve seen a few credit unions (Affinity, DCU), Chase, and Capital One all make inquiries onto the personal Chex report.

Thank you for the response.
On the other hand; when you open a business checking account, will it show up as a new account on your personal check report?

I don’t recall seeing a list of active checking accounts on the disclosure I looked at, only the inquiries.
Yes, the Chex inquiries for a business account can appear on your personal Chex, much like being the Personal Guarantor on a business credit card.
If the account became delinquent, it’s possible that the negative information could appear on the personal Chex, just like traditional credit reports.

In the application, when you select the “Sole Proprietorship” option, it asks for:

Business name filing document, or
Business license (if a business name filing document was not filed)

If you fill the application as a Sole Proprietorship with your SSN, will BoA ask for those documents?

I applied the day after DoC posted as a Sole Proprietorship w/ SSN. BoA chat mentioned no need for those 2 documents, as long as “the name of the business includes the business owner’s last name.” If that’s the case, “then you would not need any documents and can apply with just the owner’s SSN as a Sole Proprietor. For example Jane Smith’s Shop.” (chat rep response in quotes)

I was able to see the new Business account in my BoA login, not sure if I had to activate the debit card for that to happen or not, hadn’t logged on in a few days before that. Mobile deposit is possible w/ smartphone app, which is how I’m transferring the funds to keep the account fee free (besides initial deposit made on account application)

They sent a signature card which I returned back today, as well as acct # and debit card/pin # in the mail yesterday. Easy process so far.

Seems others have been given different information in re: requirements for opening. I am in NH, perhaps requirements vary by state for sole proprietorship applications? Inquire via their chat… I didn’t need any additional state documents, though. YMMV.

What does Business Checking mean? Do I need to run a business to open it?

I’m also seeing a $100 personal checking account offer. My only business with BoA is a personal travel rewards card which I opened in January 2016, and this offer popped up on the right side of my screen when I was logged into my account this week (3/30/16). Here are some relevant details below, copied and pasted directly from the source. I’m thinking about pulling the trigger since I want to open some cash back cards and could get a bonus amount if I apply the bonuses to my BoA account. Also, the Core checking fee waiver requirements seem reasonable. Cheers

‡Eligibility: Offer only available to customers and Bank of America employees who receive this offer via a direct communication from Bank of America. New personal checking account must be opened by December 31, 2016. Bank of America may change or terminate this offer before this date without notice. 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.

Requirements to Receive the $100 Checking Account bonus: You must (1) Open a new Bank of America Core Checking® OR Bank of America Interest Checking® personal checking account by December 31, 2016, in a participating financial center or online AND (2) set up and receive two Qualifying Direct Deposits of $250 or more each to your new personal checking account within 90 days from account opening. 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 from a brokerage account or Merrill Edge® or Merrill Lynch® account is not a Qualifying Direct Deposit. Please see the Personal Schedule of Fees for further explanation of eligible regular monthly income.

Additional Terms and Conditions: If you meet all the requirements to receive the $100 Checking Account bonus, we will make every attempt to deposit the earned bonus directly into your new personal checking account within sixty (60) days of meeting the qualifications for the earned bonus. The new personal checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the earned bonus.

Thanks for the post. FYI BoA’s online debit card funding is now up to $300

Can you use paypal debit to load it for the extra 1%?

William: if I fund the account opening with $3,000 from any external source then I just leave it there for $200 bonus? I am not understanding the “qualifying deposits” requirement. Thanks!

It seems that you do need to have a business license to open this account. I thought this was similar to applying a business credit card where you can use your SSN as part of the application.

Subscribing to this anyway

It seems that you do need to have a business license to open this account. I thought this was similar to applying a business credit card where you can use your SSN as part of the application.

Subscribing to this anyway..

I have rental property and file a schedule C. I am sole and use my SSN. That won’t work?

I would recommend that you try it and let us know how it goes….

I am waiting to hear back from William about the deposit requirements. I won’t tie up $3,000 if this won’t work. If it is simply funding the account with $3,000 and leaving it in there until the bonus posts, that will work. Or do I fund it and then transfer in $3,000?

Hi Folks, I have an update. Your business must be registered with your state to be eligible for a business checking with BofA. Sole proprietorships that are not filed are not eligible. They will not accept applications. I chatted with a small biz CSR. I told that I filed schedule C, have rental property and conduct business. And it is legitimate. But they won’t do an app unless I have registration information from the state that says the business name and owner on it. I even have a renter’s license from the city and they won’t accept that.

Here in Oregon, it costs $50 per year to file with the state. I have about 13 years of City Business licenses. Too bad they won’t use those. Not worth it IMO, unfortunately… Chase wanted me to have the state license to apply for the Ink card in branch as well.

I have an update. I went ahead and applied. Was not notified of approval but they have sent debit card, signature card letter. The account popped up the next day in my profile. I transferred $3,000 in from Ally. It is now floating pending the bonus post.

Oh and I did send them the rental license but never heard back.

FWIW, I don’t think their supposed restrictions are enforced. Go for it.

Follow up? Were you requested documents? Did you receive a bonus?

Received bonus. They never followed up on the documents. I closed the account. Waiting to churn.

How long between your deposit from Ally and this pending bonus? I did $1,000 from ally and so far I do not have anything pending.


The account seems to be opened without me providing any documentation of the business. It shows on my online banking, and I already did a BoA transfer to put some money into the account. The only problem is that I haven’t received any debit cards on the mail or anything at all to notify me that the account was indeed opened. What do you people recommend? Do I call them and see what is up?


I guess a phone card can’t hurt.

Opened as sole proprietor, no documentation requested

Follow up? Was the account approved?

tried to fund with vgc. failed.
account opened with 0 balance.

What is VGC?

Visa Gift Card

Bonus posted last week, will close out my account this week. Thanks!

Any issues with closing so quickly?

Just did the online app. Have an Amazon FBA biz, sole proprietor, have an EIN. Got an email that it’s pending, but that I have to go in-branch, as this application can’t be completed online… Guess I’ll have to go in. Only biz doc I have is my EIN confirmation letter from the IRS.

The EIN confirmation letter is good enough because that’s what my banker needed when I was there. But on the other hand, this is online only so if you go to the branch to open one, I don’t think you would get the bonus though.

Yep. I went in branch and the banker pointed out that the offer was online only. He recommended just applying with my SSN online. I did that, and still got the message that they weren’t able to verify me. He said if that didn’t work, I could call and ask if they would honor the offer in branch since it couldn’t be opened online.

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