Posted by Chuck on January 1, 2018
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Published on January 1st, 2018 | by Chuck


[Expired] Bank of America $2,500 In Branch Business Checking Bonus

This bonus has expired and is no longer valid. Click here to view the best business checking bonuses.

Offer at a glance

  • Maximum bonus amount: $2,500
  • Availability: Nationwide, must open at a Bank of America branch and get a small business specialist to give you this offer. Branch locator found here.
  • Direct deposit required: No, see below
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • Credit card funding: No
  • Monthly fees: Waivable
  • Early account termination fee: None mentioned
  • Expiration date: February 28 2018

The Offer

  • Receive a $1,000 bonus when opening a Business Advantage checking account + one of the other accounts listed below (e.g. a BofA business credit card); must deposit $50,000 of outside funds into the checking account within 90 days
  • Receive and additional $500 for opening each of the other three accounts listed below; open three for an additional $1,500 bonus ($2,500 total bonus)

Here are the four options which count for this bonus offer:

  • Small Business Credit Card: Apply, be approved and spend at least $2,000 on your small business credit card within 90 days of opening your Business Advantage checking account.
  • Business Term Loan: Apply, be approved for and and open a new term loan within 90 days of opening your business advantage checking account.
  • Business Line of Credit: Apply, be approved for and and open a new line of credit within 90 days of opening your business advantage checking account.
  • Bank of America Merchant Services Account: Open and activate a merchant services account and settle $10,000 of funds into your Business Advantage account within 90 days of opening it.

There’s no direct link for this offer we’ve aware of; reader Matt was given this by his Bank of America small business banker. Ask in your local branch to see if it’s available for you, you’ll have to talk to the small business banker to check. The offer code for this offer is: BBR7OFF, that might help the banker find it since there are many different offers codes showing in their system at all times.

The Fine Print

  • Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist
  • New Business Advantage checking account must be opened by 2/28/2017 and the qualifiers of all Select Business Accounts selected must be met within 90 days of opening your new checking account
  • Bank of America may change or terminate this offer before this date without notice
  • Bank of America employees are not eligible for this offer.
  • To redeem this offer with your Bank of America small business specialist, use offer code (redacted)
  • To Earn the Initial $1,000: There are two steps to earning the Initial $1,000 bonus. First, you must open a Bank of America Business Advantage Checking account by February 28, 2018. Additionally, you must make at least $50,000 in Qualifying Deposits (less cash received) into that new business checking account within ninety (90) days of account opening. “Qualifying Deposits” are deposits of funds into your new Small Business Checking account new to Bank of America and/or Merrill Lynch. 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. You must not be an owner or signer on a Bank of America business checking account that is open or that was closed within the last six (6) months.
  • Second, you must open and meet the qualifiers of one Select Business Account requirements within 90 days of opening your new Bank of America Business Advantage Checking account as set forth in the sections marked a), b), c) or d) below.
    • a) Apply and be approved for a new small business credit card account and make at least $2,000 in new Net Purchases with your new credit card that post to your account within 90 days from the opening of your new Business Advantage Checking account. “Net Purchases” exclude any cash advances, transaction fees, returns and adjustments.
    • b) Apply, be approved, open and activate a new Bank of America Merchant Services account and settle at least $10,000 of merchant processing funds into your Business Advantage Checking account within 90 days from the opening of your new Business Advantage Checking account. Activation is defined as the submission of a batch greater than $20 of any card type. You must not be an owner or signer on a Bank of America Merchant Services account that is open or that was closed within the last six (6) months. The processing volume calculation will include only Visa, Mastercard, Discover and American Express transactions, less fees, refunds and chargebacks. If you have multiple merchant services processing accounts that settle into a single eligible Bank of America DDA, the processing volume calculation will be combined for those accounts and you will only receive a single bonus payment.
    • c) Apply and be approved and open a new Business Advantage Credit Line within 90 days of opening your new Bank of America Business Advantage checking account.
    • d) Apply and be approved and open a new Business Advantage Term Loan within 90 days of opening your new Bank of America Business Advantage checking account.
  • To Earn an Additional $500: Earn an additional $500 for each new select business account that you open from the sections above (a/b/c/d), provided you complete the related qualifying activity for each product (only one incentive per product type eligible). Maximum earnings of $2,500.
  • Additional Terms: All new accounts and services opened must be in good standing at the end of any 90 day qualifying behavior period.
  • We will make every attempt to deposit the earned cash bonus directly into your Business Advantage Checking account within 90 days from the end of your qualifying period.
  • All account applications are subject to our normal approval process. 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. 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. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice. Please consult a financial center, visit or see the Business Schedule of Fees found at for other account fees, rates and information.
  • Reproduction, purchase, sale, transfer or trade of this offer is prohibited.
  • Offer limited to one per business customer and one business entity, regardless of the number of businesses owned or operated by the customer.
  • Excludes Business Auto Loans, Loans through Practice Solutions, SBA lines, SBA loans, Secured lines and Secured loans.
  • Some small business credit card applications may require further consideration and additional information may be requested. All credit cards are subject to credit approval and credit card account limits are subject to creditworthiness. Normal credit standards apply. Bank of America may prohibit use of an account to pay off or pay down another Bank of America account. Some restrictions may apply.

Avoiding Fees

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 (be sure the credit card is linked to the bank to get the fee waiver; people have had problems with this in the past)
  • Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service

You should be able to downgrade to the Fundamentals checking at some point down the road which has easier requirements: just $250 in credit card spend or $5,000 balances. It’s probably worth waiting until the bonus posts before downgrading – judging from prior comments, that could be take around 5-6 months.

Our Verdict

The more standard business checking bonus from BofA is $200 (recently expired, hopefully it’ll renew soon). We saw a similar $2,000 bonus from BofA back in 2015. The downside of this offer versus the 2015 offer is that this one requires a $50,000 deposit of funds.

From the four auxiliary accounts, the credit card is the easiest (BofA business credit card options here). By opening a business checking and business credit card, you’ll get an impressive $1,000 bonus, so long as you can deposit $50,000 and spend $2,000 on the credit cards. And that’s on top of whatever the signup bonus for the credit cards is:

  • $200 for Cash Rewards or Platinum Visa
  • $250 for Travel Rewards
  • 30,000 Alaska miles
  • 15,000 Spirit miles
  • 10,000 Aisana miles

Just be sure your credit card is linked to the checking account as numerous readers report that being an issue last time around. The linking is necessary both to get the bonus and to waive monthly checking account fees. Note that last time around it took 5-6 months to get the bonus (despite terms stating 90 days) which adds to the hassle of trying to keep the account fee-free that entire time.

Beyond the checking + card, some of the other accounts might be doable as well. I’m guessing an overdraft line of credit would qualify for the ‘line of credit’ option, and that might be a fee-free way of netting another $500. The ‘merchant services’ option requires $10,000 in settled payments so that won’t be easy or free, but it’s doable. The ‘term loan’ option might come with fees as well as interest on the loan. It’s likely that all the hard pulls will be combined into one for whichever products you open at the same time.

A $2,500 bonus is terrific, but the $50,000 deposit requirement makes it more difficult to do. My best guess is that you can just receive $50k total into the account within 90 days and that’ll work, even if not all is in the acccount at the same time. E.g. you can deposit a $10k check or ACH payment or direct deposit, then withdraw/use those funds, then deposit $10k again the next week, then withdraw/use those funds, and keep going until you hit $50k.

If you have any experience with this bonus, please share in the comments. We’ll add this bonus to our list of best business checking bonuses.

Hat tip to reader Matt

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Wow…this is the single largest bonus I’ve seen from any bank. I’m blacklisted from BoA/EWS for some unknown reason, but if I could, I’d jump on this!

For those who don’t have $50k sitting around to deposit, last year I successfully used an *indirect IRA rollover* to give myself a temporary loan of $20k that I ran through all 6 Discover accounts before returning it to my IRA company. Look into this strategy, as the $50k deposit doesn’t seem to list any length of deposit. It could work perfectly for this, as long as you follow the rules to avoid a taxable distribution from the IRA.

or taking a 401k loan might work too, but it’s riskier.

Not giving out investment advice, just letting people know about ways to access $50k that they might not think about

@ Superchurn

Were all 3 accounts with BOA, or if with different banks did they all pull EWS?

all 3 different banks

I am banned from BofA as well, though I may try to talk my wife into doing this.

This is a lot of money for not a ton of effort.

What does one do to get banned from BOA?

Seriously… I need to know so it doesn’t happen to me.

the only thing I did was apply for 3 bank accounts (including the BoA $100 offer) in the same day.

that’s literally all I ever did

I applied for 4 in one day just 3 months ago, all approved too. But I do have $250K invested in BofA.

im sure that has a lot to do with not getting banned hehe

>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.

Do you have a source on this? Is this one of the things which is just known? (If so, it could change at any time). I recall being told this for Chase biz accounts. What about other BoA biz accounts ie the biz essentials?

From their Business Schedule of Fees dated November 3, 2017:

“To allow time to establish your relationship, the Monthly Fee will not be assessed to your account until your third statement cycle closes”.

So is this targeted? Or something anybody can go into branch and request?

Last time anybody could go in, if you try it let us know if it works.

After submitting a CFPB compliant, I will receive the $1,000 bonus check in the mail. This was a hard bonus to get, but worth it.

How easy is it to get a BoA business’s account[s] with a sole proprietorship and no tax history of business income?

I did this in the past with no problem.

I did this in 2016 and closed the account in 2017. Is it possible to open a new account and get the bonus again?

I am wondering the same thing as Justin. My wife and I did this in 2015. We each got $1000 for opening the business accounts and then another $200 each for one of the credit cards. I remember it was a bit of a hassle as we went into BofA with a code that I saw posted online. It took about 45 minutes to an hour to get the account opened with the correct code to get the bonus. I did close the account six or seven months later. I do remember the first three months were fee-free.

How hard is it to get approved for a BOA business credit card? As a sole proprietor I wonder if it’s possible to get approved without business income proof.
Also does the checking account need to be opened before credit card?

I have a sole proprietor business, no problem. I do have a tax ID but you can get that in 2 minutes at

If you need 50k in the account for 6 months till you get the bonus you would lose over 400 in interest (could be more).

Yup, so this bonus is really less. But you don’t have as many hoops to jump through as a high interest acount and the total bonus would be higher than just the lost interest.

But you should be allowed to use that money while it is sitting there, right? From the post: “just transferring in and out would qualify”.

Does anyone know if business deposits help qualify you for preferred rewards with Bank of America? I am planning on moving in funds to hit their platinum status anyways. It would be great if the $50,000 would work for both the bonus and upping my rewards on my personal card.

The rewards level is based on combined business deposit and ML/ME investment amounts. The info above from reader Matt reads like this bonus only depends on the funding to the checking account. So it should be possible to move the $50k into the business checking, qualify for the bonus, then move into ML/ME to maintain status and have it invested how you wish.

Entire post is useless without offer code.

Except that last time this was offered, that wasn’t needed at all. They offer you the bonus when you go in. Have you actually tried to get this yet?

I see, thank you for this information. I haven’t tried yet since I won’t be eligible until mid February due to the 6 month rule.

Any thoughts on the additional requirements aside from the CC? Website says business advantage credit line requires 100k of revenue. A term loan with them seems messy, but could be feasible if you could pay it off immediately.

Haven’t looked at it closely enough to be honest, I think Chuck is planning on doing the deal so I’m sure he will try to work out all the angles

Any thoughts on the loan, line of credit and merchant services?

Has anyone tried using merchant services to liquidate gift cards?

Charles DOC Fan

1. The amounts processed would be counted as income towards your business. You’re left with the responsibility to prove to the IRS that it isn’t “really income” and/or your purchase of gift cards are actually deductible expenses to count against the “income.”

2. You’re paying 2-3% to process the cards plus any other monthly fees. I don’t remember the exact numbers, but I managed the accounting including the card processing for a medium sized business. (They could easily process $300K – $800K a year) When it was all said and done, I don’t believe they ever paid less than 4% for their processing. – They went through several different companies all claiming they would be providing a lower rate than the last. In some instance that may have been true, however in processing world there are so many different fees and add-ons it will make your head spin. (Making it hard to compare.)
I would stay away from this unless they offer some sort of – “Low cost” monthly plan that has very low monthly fees in exchange for a higher processing rate. – I.e. $100-$200 a month or more is common base in fees and add-ons before processing any credit cards. Also expect a ton of questions: “How do you process the cards?” , How is the internet, computer, etc, secured?” “Is it PCI compliant?” etc.

Revil, how will you liquidate these 20 gift cards (with $500 balance on them) then? thanks

Damn, I just opened a Biz Fundamental account on 12/12 for the $200 bonus!

I am thinking of asking a small Biz specialist to get me on this massive bonus offer and switch to Biz Advantage account, but the chance would be slim, right?

Any more info on BoA sensitivity to EWS/Chex? I’ve been denied for PNC recently, wondering if the same will happen if I drive all the way to a BoA branch.

There are DPs on the ‘Banks that are sensitive to chex inquiries’ post from last year from people that have as few as 6 new inquiries for the year not just being denied but having their open accounts frozen and being requested to step into a branch. Trying to avoid that if possible.

Here’s one I was thinking of from that post, 10 in a year and account was opened then frozen 3 days after the fact:

Still wondering about more info wrt/BoA and EWS/Chex sensitivity, but I guess one way around the issue would be opening the account and letting it sit empty for 7-10 days. If you aren’t shut down in that time, probably okay to continue? Thoughts?

I opened a BOA personal and Business Checking last month about a week apart. Both accounts were shut down about a week later. They sent me a letter stating it was due to EWS. I’ve opened about 15 accounts this year.

They left my credit card account open. To pour salt on a wound, they sent me a letter a week later stating since I closed my account, I won’t be eligible for the checking account bonus.

That’s scary. I think I’m gonna pass on this offer then. I don’t want my current accounts with BOA to get shut down.

Charles DOC Fan

For anyone wondering I looked up the Fixed loans and the lines of Credit on BOA’s Website.

Fixed Loan $10,000 minimum. $150 origination Fee.
(You are going to pay interest for a short time until you pay off the loan.)

Line of Credit: Fixed Loan $10,000 minimum. $150 origination Fee.
(Good choice as you shouldn’t be required to actually “use” the line of credit.)

The credit card offers are definitely the way to go. If you want to maximize the bonus with multiples, then you might consider one of these options. – You are looking at close to $350 net after fees. No idea if you can get approved for this based solely on personal job income, but my guess is in line with DOC, that you are only going to get approved for these with an established business.

Keep in mind that all those bonuses probably would be taxable (as an interest on an account). So you are really looking at even less profit… Makes sense with $1000 bonus, but the “ad-on” $500 turns into $350 pre-tax… I will pass on that additional one.

Quite a few people are mentioning the monthly fee of $29.95. One of the waivers of that fee is a monthly average balance of $15K.
So, do I get it correctly that we do not have to keep the whole $50K in the account for the whole duration of 6 months until the bonus is received? Just deposit it in, and then you can transfer it out next day?

Thank you for clarification in advance

Could other readers share their recommendations on what business credit card to apply for under this offer? Share your thoughts please.

Since we have to apply for one anyway, we might as well get some bonus with it (otherwise it would be underwhelming, but since we need a new credit card for this offer, let’s share what options you think are most lucrative).

For now I was able to find a couple of cards with $200 cash bonus, and one with 25K points (not sure what they could be used for yet). All with no annual fees:

If you plan to deposit the 50k and move it out then go for the Business Travel Rewards, $250 signup bonus. I don’t have it but BofA seems to have a broad definition for what qualifies as travel for redemption, or you should be able to transfer points to a personal card (AAA Visa or Premium Rewards both allow 1 cent cash-out).

If you hope to qualify for the new Preferred rewards program, pick either the Business Travel or Business Cash Rewards based on your spending. If you leave the 50k there to qualify for the Platinum (50%) level you could have either a 2.25% everywhere (BTR) or 4.5% office supply store (up to $250k spend) (BCR) card.

Ewejay, please give information only if you are 100% sure. I just called BofA and they said you cannot combine Personal and Business points.

Also if you want cash-out 25,000 points will worth approximately $150 (as actual statement credit – bill). You will get $250 only if redeem within travel expenses (statement credit).

“or you should be able to transfer points to a personal card (AAA Visa or Premium Rewards both allow 1 cent cash-out).”

[comment above]

@SamSimon I was finally approved for the Business TR and have successfully transferred points from the BTR to the personal PR. Don’t believe a CSR has 100% accurate information.
The PR and AAA Visa both allow 1 cent cash out option. The personal TR has the lesser value when cashing out vs travel redemption.

I have had excellent experience using the Travel card on the personal side. This starts at 1.5 points per dollar spent, and goes up to 2.62 points per dollar spent under BoA’s preferred program, which requires funds on deposit at the bank *or Merrill Edge*, BoA’s broker.

Points are easily redeemable for travel one point to one cent for a very expansive definition of travel, which includes everything you might think of as travel, plus many things you might not, like public transportation, museums, galleries, and tourist attractions, cruise gratuities, etc.

The big downside of this card (and other BoA cards) is their clunky and opaque autopayment system which has surprised me several times by taking payments from my bank accounts against my instructions. I deal with this by paying manually each month.

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