Offer at a glance
- Maximum bonus amount: $300 + $200
- Availability: Nationwide
- Direct deposit required: No, just $5,000 in deposits
- Additional requirements: See below
- 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: June 30th, 2017
Contents
The Offer
No direct link, must go in branch. Should be able to just ask if they have any business checking offers.
- Receive a sign-up bonus of $300 when you open a new eligible small business checking account (Business Advantage or Fundamentals) with Bank of America, make qualifying deposits of at least $5,000 within the first 60 days and complete one of the following requirements:
- Apply, be approved for and open a new small business credit card account, and spent at least $500 on the card within 60 days of opening a new account
- Apply, be approved for and activate a merchant services account, and settle funds totaling a minimum of $1,000 in your new business checking account within 60 days of account opening
- Receive an additional $200 bonus when you complete both of the above requirements
The Fine Print
- Valid until June 30th, 2017
- 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
There is a public offer for $200 with fewer requirements. I don’t recommend signing up for merchant services (merchant services are the ability to accept card payments. I’m not sure what the fee structure is and I also assume it creates a tax liability) for bank account bonuses so the maximum bonus on this account is actually $300. This requires opening a business credit card, you would still get the sign-up bonus on that card though. The best option would probably be the Alaska card with a 30,000-mile bonus.
It’s a shame this requires going in branch and merchant services for the full $500 bonus. If you live near a branch and plan to open a business credit card in the near future then this is a better deal than the public offer otherwise I’d just stick with that. Keep in mind that Bank of America business credit cards don’t report to your personal credit reports. This is useful for anybody trying to stay under 5/24 for Chase cards. There is also a $100 personal checking bonus currently available
Big thanks to reader, A P who let us know. Learn how to find bonuses and contribute to the site here.
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
- Banks That Allow/Don’t Allow Out Of State Checking Applications
DP: Just as a FYI, my banker who opened the account up, saw the promotion on the screen during the application process however she didnt apply the promotion to the account opening. They have submitted a Ticket about this with the Marketing and Promotion department for a 30 day turn around on this. I would highly suggest if you havent gotten the bonus to give BofA a call and have a banker talk to their Marketing Team about this issue so they can open a ticket.
In addition, the banker I spoke with did mention there are times where she has seen the taxes taken out of the bonus where only if the IRS comes back saying that there is a issue with the W-8 form attached to the business checking account and makes BofA pay for the taxes on it (hence why its taken out). Doesnt quite make sense and Im not 100% too sure of that but I have made a point for them to notate my account that marketing group confirms that $300 should be deposited for the bonus to cover myself if something goes south.
Gotta love BofA
Just to follow-up with my DP, I had submitted a ticket with the marketing group and got approval for the bonus and they have cut me a check for the $300 and mailing it to my home address. Since I waited for the last day to qualify for this promotion, I had some push back from their team but when they recounted the 60 days for the credit card charge they agreed was was appoved. If anyone is in the same boat as me I would suggest to push back with their marketing team to get the bonus. Thanks Dr for yet another checking bonus!
What a bunch of $hit this bank is. I see a $216 deposit in my account so I questioned if that was the bonus and was informed that it was. I asked about the remaining $84 dollars and was informed that the Federal Reserve withholds that amount for taxes….have you ever heard a bigger line of BS? they have no idea what they are talking about. Do they even train these people? and of course, they do not offer secure messaging or chat – you can only choose to wait forever on the phone or go into a branch.
I would really like to know what that 1099 form is going to look like. I have never seen a bank do this.
Nothing from my end yet. I actually applied/opened for the Business Checking account on June 30th and didnt open up a business CC and posted ($500 charge) to that CC until the last day of the 60 day time frame (in hopes that bonus will post by a certain time line after the 60 day mark). I have a gut feeling that BofA will do a blanket bonus payout date for all of those who used this promotion and qualified for the bonus. If thats the case, in my situation, BofA had to wait at least 60 days from June 30th to see if I opened up a business CC and then probably will have certain time frame to confirm once CC statement cycle closes. I am hoping to see something within the next 2-3 weeks thinking that its been less than 30 days since my first intial CC statement has been issued. I’ll post a DD if I do get the Bonus.
I wonder if anybody gets the $300 bonus. The whole thing seems to be a scam.
No datapoints of anyone collecting the bonus on this one yet? Is it possible they’re just waiting to not report the payouts until the 4th quarter?
From my experience with the BofA checking bonus for $300, they took slightly less than 90 days
I just called. I am told it could be another 2 months. Great way to try to recoup via monthly account fees (ugh!)….not too pleased with BofA right now. It’s also very difficult to get a human on the line…ugh this bank.
I have completed the requirements, any data points on how long it takes to get the bonus?
Thanks
Me either. Opened on June 11th and completed the requirements in the first 30 days. I haven’t got the $300 bonus yet.
I do. Opened an account a month ago, due to lack of sufficient business credit history had to open Secured business credit card, received it yesterday (still Alaska card which I initially applied for) but with a 1k limit (this is what I put into deposit account for it). Will update my post once bonus posted.
Any one know if they’re still doing this promo?
Does the second business product have to be a merchant services account? I wonder if they would accept 2 different BOA biz credit cards.
I just signed up for this and asked that question with my local bank rep while signing up. It appears that any business CC is considered to be 1 product (or in better terms category). The second product (or category) would be the merchant services. I will be signing up for 2 business ccs for this promotion so maybe the 2nd cc will go through as a 2nd product. Ill report back in a few months.
No you are not. I opened second business credit card same like you. Received letter just qualify 1 bonus 300+200=500 only. not another 200.
I signed up for the 200 1 day before this article came out, any chance you guys think they will match this? any idea what number to call?