Posted by William Charles on August 4, 2015
Bank Account Bonuses

Published on August 4th, 2015 | by William Charles

159

[Expired] Bank of America $2,000 In Branch Business Checking Bonus

Offer has now expired, you can view the best current bank account bonuses here.

We’re reposting this as it didn’t get nearly enough attention that it deserved and we’ve also added the full fine print as well.

Offer at a glance

  • Maximum bonus amount: $2,000
  • 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: Unsure (doubtful since it’s in branch)
  • Monthly fees: $29.95, waived for first three months and then waivable with other requirements
  • Early account termination fee: None mentioned
  • Expiration date: October 30th, 2015 November 30th, 2015

The Offer

No direct link to offer, found on Chasing The Points website

  • Receive a bonus of up to $2,000 when you open a Business Advantage checking account. The amount you’ll receive depends on how many Select Business Accounts you open, in total there are three. The first one you open earns you a $1,000 bonus and then an additional $500 for each of the remaining you complete for a potential total of up to $2,000. The select business accounts and their requirements are as follows:
    • Small Business Credit Card: Apply, be approved and spend at least $2,000 on your small business credit card within 60 days of opening your Business Advantage checking account.
    • Business Loan or Line of Credit: Apply, be approved for and and open a new loan or line of credit within 60 days of opening your business advantage checking account.
    • Bank of America Merchant Services Account: Open and activate a merchant services account and settle funds into your Business Advantage account within 60 days of opening it.

bofa1

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 10/30/2015
  • All requirements must be completed within 60 days of account opening
  • Bank of America may change or terminate this offer before this date without notice
  • To be eligible for this limited-time offer, you must not currently have a business checking account with Bank of America
  • You are not eligible for this offer if you were a signer on or owner of a business checking account within the last six (6) months
  • They will make every effort to post the bonus within 90 days of meeting the account requirements
  • Limit of one bonus per business and/or business
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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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
  • 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 currently a $100 business checking bonus which is available online, but like Chasing The Points points out, this pales in comparison to this $2,000 offer. To simplify this offer, let’s look at what is and isn’t worth completing:

  • Credit card, definitely yes
  • Loan, only if you’re in the market for a business loan and the rates/terms make competitive sense
  • Merchant services, only if you’re in the market for merchant services and the rates/terms make competitive sense

I’m just going to assume that only the credit card part of this offer makes sense for the majority of people and focus on that. We basically need to open a small business credit card and put $2,500 in charges on it within 60 days of opening the Business Advantage account, I recommend you sign up for both of them at the same time (probably a better idea to do it in branch unless there is an online offer which is higher). Let’s have a look at our options in terms of accounts to open:

Bank of America Small Business Credit Cards

A full list of all the Bank of America Small business credit cards can be found here. I’ll just have a look at a few of the options that might make sense:

  • Alaska Airlines Business credit card: 25,000 Alaska Airline miles after your first purchase. Annual fee of $75 for the individual earning plan (not waived).
  • Business Preferred World MasterCard: 10,000 bonus points after your first purchase. Annual fee of $125 is waived first year and for Business Advantage customers. 10,000 Anniversary points each year.
  • Spirit Airlines Business credit card: 15,000 Spirit airline miles after your first purchase. Annual fee of $59 for company (waived first year) and $20 per additional card (not waived)
  • Asiana Business credit card: 10,000 Asiana miles after your first purchase. Annual fee of $80 (not waived)

For me the Alaska card is the clear winner, but $100 from the Business Preferred isn’t such a bad option and the 15,000 Spirit miles also might be useful for some. If you know of any other higher bonuses on any of these cards, please let me know. Also remember that Bank of America combines credit pulls, so it might make sense to pick up a personal card at the same time, just be careful with Alaska Airlines as they have been shut down happy recently.

All in all, this is a great bonus, my only concern is that we don’t know how long the account must be kept open to get the bonus. Even if it takes twelve months, I’m happy to park $15,000 to receive a $1,000 bonus and another 25,000 Alaska miles (or maybe 15,000 Spirit miles).

The other slight concern I have is that not all branches might be offering this bonus/they’ll want a lot of proof that you run a legitimate business. Fortunately I do have my own business, so this shouldn’t be an issue but I’m not in the country at the moment so I don’t know how difficult it is. But you can bet on the fact that on the way home from the airport, I’ll be popping into a Bank of America branch to find out more.

We’ve added this bonus to our list of business checking bonuses and also added it to our recommended bank bonus list. If you have any experience with this bonus, please share in the comments.

Hat tip to Chasing The Points



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mjs
mjs

Although you make one reference to it, I think you should be a little more clear in the “Availability” section on top, and/or in your concluding paragraphs, that there is still a big risk:

“Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist”

Vic
Vic

Good point.
My view on this is:

1. BofA has some history of allowing non-targeted people to use targeted offer. (The $300 and $500 checking offer both has that sentence, but in fact one doesn’t need to be targeted.)

2. This has to be done in branch, so the risk is “wasting time visiting the branch” rather than “opening account without getting bonus”, because if I’m not eligible, the banker/specialist won’t let me do it in the first place.

mjs
mjs

I do disagree with your assumption that if the banker lets you open it, you’ll get the $1000 guaranteed. There is a $100 public promotion, and you’re still likely counting on a) the banker to code it correctly, and b) BofA won’t cross reference to see if you were targeted. So if you get the $100, it’s going to be up to you to “prove” you should have gotten $1000.

Probably this will work, but things change (just look at the rules on churning almost every major bank has tweaked on their credit cards recently).

There still to me needs to be a “discount factor” for potentially not getting the bonus.

mar
mar

just popped into a branch today, they had to make an appt for me to speak with a business specialist next week, but he acknowledged the $1k offer (I didn’t press for details on full 2k, will do that during the call). He was pretty shocked I knew about it, asked how I found out. I said I just came across it when researching business accts online. Fingers crossed

Tom
Tom

Cool. Would be very interested to hear how that plays out!

Duffman
Duffman

Went to a branch in NYC this morning.. Story didn’t have any special promos for the business accounts. Will try a few other branches during the week. Any chance you had success at a NYC branch?

Al
Al

Are there any bank accounts you can fund with an American Express credit card? Or are banks typically visa/ mc only?

Al
Al

Branch in Southern CA said they had not heard of it. Will try another one.

AEG
AEG

branch in Seattle needs a physical business license to continue, although they were unable to pull up the offer.

Can anyone verify?

ST
ST

I just did this in Bellevue downtown (WA state) branch. They didn’t know about it, but the banker called some dept and was given the offer code (REL40FF). I did the $1000 for business advantage checking and 25K business Alaska card. Everything was approved. Talk to Claudia there, she’s the one who helped me

AEG
AEG

Great! Was just checking this post and saw your response.

Did you need to give a physical business license? Or were you able to use your SSN as a sole proprietor?

Colin
Colin

Just get a business license. It costs $20. I was able to verify the offer at the Lake Union location (Seattle).

MilesCollector
MilesCollector

I live in GA and this offer is very much valid. Just came back from the local BofA branch and opened the business signature checking and also got approved for the 25K alaska airlines business card. So, looking forward to the $1K bonus in the next couple of months.

I dropped by this local branch few days back and told them about this offer. They were clueless and didn’t know about this offer. I go to this branch very often, so they told me they will look into this and check on this offer. I got a call from them yesterday confirming the offer and they also told me that they have the necessary offer code to be put on the account whenever I’m ready. So, I dropped by little while ago and opened the business advantage account as well as got approved for the business version of alaska airlines with 25K bonus offer.

Of course I don’t have a need for line of credit or merchant services, so I’m happy with $1K offer.

They did confirm that this offer is not regional.

Jordan
Jordan

Also live in the Georgia area but the local branch had no idea what I was talking about. Would you mind sharing the code and branch?

Chris

I’m curious as to what they’ll say when you come from Ohio and visit an out of state branch, and ask to see a banking specialist on the spot (because you’re on vacation, and want to score $1,000). I’m also curious about the length of time you have to keep it open, and if you can cancel in person or via fax/phone/internet.

steve
steve

Why not get the loan $500 bonus and pay it off early? I’ve never received a business loan though so maybe there’s more to it???

mark
mark

For those that have successfully opened the account, any update info on the amount of time required to keep it open? Thanks!

AEG
AEG

60 days to trigger bonus, 90 days for bonus to hit account. Supposedly a max of 150 days.

Rahul
Rahul

i am from OH, came to SFO for family visit, walked to local branch (had spoke on phone and informed him of this offer, he contacted his team) and one person was ready for me, when i walked in. Opened just business account and got the offer of $1000 promotion. No other credit cards or anything else to be opened/needed. Used by SSN as sole proprietor to open the business account……….Good luck mates…..go get it

barrytuneup
barrytuneup

requirements for the 1K seem quite easy. I have home based P/T business plus FT job. I do about 14k/year as sole proprietor (with SS #) 1) just avoid the Bus advantage checking fee of 29.99/month after 3 months by spending 2500/month… easy 2)I will go for Bus preferred master card.. fee waived 1st year and 100.00 bonus which is 110.00 when deposited into checking or savings acct from BOA and after 1st year you get another 110.00 on anniversary date. So basically 25.00 year after first year. And spending 2500/month on the card is a no brainer. Hopefully my branch in Manhattan will let me open. I will go on Tues and report back. I think it’s a $1110.00 bonus

CletusCassidy
CletusCassidy

Confirmed NYC branches work, BUT you have to go a branch that has a small business specialist. Otherwise they have no idea what you’re talking about (had to try three before I found one).

Rick
Rick

Did they ask for business license?

Sergey
Sergey

I visited a local branch in FL last week. SB specialist had this offer in her computer. So, I applied as “sole prop” for checking account and for credit card. A week later (today) I got a voicemail from this specialist that she was in contact with her manager about this offer (or something else) and (too many words on voicemail) at the end she said I will not get a “rebate”. She said she checked multiple times. Note, that I didn’t talk to her yet. Her final words (on voicemail) were to close account or something else.

Any idea what should I do? It seems that first condition “must receive a direct communication from BoA” is in effect? Or should I ignore her?

Akshay
Akshay

Make sure you ask specifically for SMALL BUSINESS SPECIALIST for an offer. Personal Banker would not know about this offer. You need to make an appointment with Small Business Specialist because they server multiple branches. They may have only certain hours they will visit specific branch. Take note of below in the offer page.

==========
Important notes for Bank of America Associates. This offer should only be offered and distributed by a small business specialist.

Use Offer Code: REL4OFF

Please use the Marketing Online Redemption Systems (MORS) or call the Redemption Hotline via OneCall to process a request for an offer fulfillment on the customer’s behalf.
==========

Michael L.
Michael L.

BoA combines up to three credit card applications, per DoC’s article on combining credit pulls. Would the three credit hits for a merchants services account, business credit card, and a loan be combined?

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