Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide, but you have to work for a company enrolled in the Bank At Work program
- Direct deposit required: Yes, $2,000+ every 30 days from account opening for 90 days
- Additional requirements: None
- Hard/soft pull: Soft
- Credit card funding: Unknown
- Monthly fees: Waive-able
- Early account termination fee: None
- Expiration date: December 31st, 2015
Contents
The Offer
- Bank of America is offering $100 when you sign up for a personal checking account and set up a qualifying direct deposit totalling $2,000 every 30 days from account opening date for 90 days
The Fine Print
- You must open your account through the Bank At Work program, eligibility is restricted to companies that have signed up
- Must enter promo code “BAW100N” when registering.
- You must receive qualifying direct deposits totaling $2,000 or more every 30 days for a period of 90 days (e.g three months of direct deposits of $2,000 or more per month)
- A qualifying direct deposit is “A “qualifying direct deposit” is an electronic deposit of periodic payments — such as salary, pension, Social Security and other benefits or regular monthly income”
- Valid until
June 30th, 2014December 31st, 2014December 31st, 2015 (although they seem to constantly extend this promotion) - Bank of America will send deposit $100 into your checking account after they determine that you’ve completed the requirements. They will attempt to do this within 90 days of meeting the requirements.
- You must not be a current personal checking account holder to be eligible (and cannot of held one within the last six months), you also cannot be a BoA employee
Avoiding Fees
eBanking $8.95 Monthly
This account is no longer available for new sign ups.
When you apply for this deal they’ll give you your choice of qualifying accounts. eBanking is the most basic one and should be one of the options. It has a monthly fee of .$8.95 but is waived as long as you:
Use only self-service options (such as our ATMs and Online Banking, instead of a teller) for your deposits and withdrawals ANDUse only a paperless statement
MyAccess Checking $12 Monthly
Alternatively you can open a myaccess checking account which has a monthly fee of $12, which can be waived if you have a qualifying direct deposit of $250 or greater per month or a minimum monthly balance of $1,500
Early Account Termination Fee $0
Bank of American does not currently charge an early account termination fee, which means you can cancel your account as soon as the bonus hits.
Our Verdict
- Opening this account is a soft credit pull
- Here is a list of methods that will trigger the direct deposit requirement
- We’re unsure if it’s possible to do the initial funding of this account with a credit card
Most companies will not be eligible under the Bank at Work program, we believe that your employer must use Bank of America to cut their checks for you to be able to get this offer. You can call to see if the company you work participates in this program, but chances are they won’t (I tried for both myself, my girlfriend and two friends who all work at fortune 500 companies and none of them were eligible).
Some people have reported getting the bonus even if they weren’t with a company that participates but it looks like Bank of America has patched this up and it’s no longer possible. Because I am not eligible for this deal, I won’t be completing it. I also think the direct deposit requirements of $2,000 per month for three months is quite large for a bonus that only pays out $100, one advantage is that you also get free access to museums through the museums on us program. Although you get that if you have a credit card with them as well.
If I was going to complete this deal here is what I would do:
- Check to make sure my employer was eligible
- Open an eBanking account to keep it fee free
- Open my account with the minimum requirement of $25
- Set up a “direct deposit” (aka ACH transfer from one of the places that currently trigger the bonus) of $2,000 for three months
- Wait for the $100 to post
- Keep the account open as there is no monthly fee and I can get free access to museums.
This deal has been added to our current banking promotion page, it unfortunately didn’t make it to our top bank account deals.
Direct link to the offer | Screenshot of the offer
Hat tip to Cash Money Bonus
Your link is dead. Found this one though for $300:
http://promo.bankofamerica.com/offer300/
And there’s a $200 business checking:
http://promo.bankofamerica.com/sboffer200/
I just noticed it says: Eligibility: Offer only available to customers and Bank of America employees who receive this offer via a direct communication from Bank of America.
So this is probably just a landing page and you have to enter in a promo code?
I posted this comment in the 3/29/16 BoA business checking post as well, sorry if the double up is a hassle. cheers –
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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
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‡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.
eBanking is dead.
“You can no longer open this account. However, if you already have this account, please continue to use it until we notify you of any changes.”
https://www.bankofamerica.com/deposits/bank-account-fees.go
Thanks, removed this.