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Offer at a glance

• Maximum bonus amount: $100
• Availability: Nationwide
• Direct deposit required: Yes, $1,000+ within sixty days
• Additional requirements: None
• Hard/soft pull: Soft pull
• Credit card funding: Unsure
• Monthly fees: $16-$25, waive-able
• Early account termination fee: None mentioned
• Expiration date: June 30th, 2015 December 31st, 2015

The Offer

Direct link to offer

• Receive $100 when you open a new business checking account online and make at least $1000 in qualifying deposits within sixty days of account opening.

The Fine Print

• Account must be opened online by 6/30/2015.
• Online applicants should own at least 25% of the business and be U.S. residents with a business that was formed and operates primarily in the U.S.
• Online applicants are asked to provide both personal information i.e. SSN, birthdate, physical address, and email address, as well as business information i.e. legal business name, address, date business, and Tax ID number (SSN can provided in lieu of Tax ID for sole proprietorships).
• Applicants should send supplemental business documents within 10 days of application submission. These can be sent via fax or e-mail. The application form indicates the list of supplemental forms required based on the type of your business.
• Qualifying deposits of at least $1,000 must be completed within sixty days of account opening.
• Qualifying deposits are defined as net deposits of funds new to Bank of America and Merrill Lynch and does not include transfers between Bank of America and/or Merrill Lynch.
• Bank of America will deposit the $100 directly into your new Bank of America business checking account within 90 days of meeting the qualifications. If unable to do so, a check will be issued.
• Offer is valid for new business checking customers only, and is not available to existing owners or signers on a Bank of America business checking account that is currently open or that has been closed within the last six months.
• You must pay taxes on the account bonus and may receive a Form 1099 from Bank of America reflecting this taxable income.
• Limit one cash offer per business
• Cannot be combined with any other offer
• The business fee schedule notes that you can open most checking accounts with a deposit of $100 or more.

Avoiding Fees

Bank of America highlights two business checking accounts eligible for this promotion: the Business Fundamentals (basic account) and Business Advantage (premium account). The first two months of fees are waived for the Business Fundamentals account, and the first three months of fees are waived for the Business Advantage account, after which, monthly fees apply but can be avoided as follows:

Business Fundamentals Account $16 Monthly

Monthly fee is waived when you meet one of the following requirements during each statement cycle:

• Minimum daily balance: $3,000
• Average monthly balance: $5,000
• Combined average monthly balance of linked accounts: $15,000
• Spend:$250 a month in new purchases on a business debit or credit card

Business Advantage Account $29.95 Monthly

Monthly fee is waived when you meet one of the following requirements during each statement cycle:

• Average monthly balance: $15,000
• Combined average monthly balance of linked accounts: $35,000
• Spend:$2,500 a month in new purchases on a business debit or credit card
• Actively use one or more of the following business services: Bank of America Merchant Services, Intuit® Payroll Services, Remote Deposit Online

Early Account Termination Fee

There is no mention of early account termination fees that we could find disclosed in the promotional terms, business fee schedule, or service agreement.

Our Verdict

For individuals who can provide proof of a legitimate business, and particularly for those who already use Bank of America for personal banking, this is a nice bonus that can be derived with convenience as the account can be opened online, and even supplementary business documents can be provided at no-hassle by fax or e-mail.

The Business Fundamentals account would be your best bet for a fledgling business as it requires considerably lower monthly balances to be maintained to waive the monthly fees. The Business Advantage account is more appropriate for an established business with a sizeable income, and its fee waiver requirements reflect that. If you are in it for the short-term, the Business Fundamentals account is the most logical option of the two.

As a business owner, I would be inclined to pursue this offer and open a Business Fundamentals account had I not recently taken advantage of the Capital One business checking promotion and tied up some money in that account. The Capital One offer requires in-person account opening at a physical branch, so if you live in a state where Capital One branches are not available, the Bank of America promotion would be particularly advantageous to you. There is also the Capital One 360 business savings bonus that does not require you to make a direct deposit. You can view more business deposit account bonuses here and our favorite bonuses here.

Thanks to Manasa for this fantastic guest post. Just a quick reminder that if you write a guest post and we use it on our site, you’ll earn $50 via paypal. Usually we don’t accept guest posts on bank bonuses, but this one was particularly well laid out so we made an exception. Make sure you read this post to get a feel for the type of content we’re looking for. 

Direct link to offer | Screenshot of the offer