Posted by Chuck on September 11, 2019
Bank Account Bonuses

Published on September 11th, 2019 | by Chuck

169

Bank of America $500 Business Checking Bonus with $20,000 Deposit [Targeted]

Update 9/11/19: Offer extended through 12/31/19. Updated the link below.

Offer at a glance

  • Maximum bonus amount: up to $500
  • Availability: Nationwide, must receive direct communication about the offer (see below)
  • Direct deposit required: None
  • Additional requirements: $20,000 deposit, 10 electronic payments
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: $18-$29.95
  • Early account termination fee: None
  • Expiration date: August 31, 2019 December 31, 2019

The Offer

Direct link to offer | New Link (keep in mind the offer is targeted, see below)

Bank of America is offering a bonus of up to $500 when you open a new Business Advantage Checking account OR Business Fundamentals Checking account, as follows:

  • Get $500 bonus if you do the following within 60 days: make $20,000 in qualifying deposits AND make at least 10 qualifying electronic payments.
  • Get $200 bonus if you do the following within 60 days: make $5,000 in qualifying deposits AND make at least 5 qualifying electronic payments.

 

The Fine Print

  • The $200 and $500 bonus offers are mutually exclusive: only one bonus (either $200 or $500) per business customer, regardless of the number of businesses owned or operated by the customer.
  • Offer only available to customers who receive this offer via a direct communication from a Bank of America® small business specialist or from a Bank of America communication.
  • You must open your Bank of America® small business checking account by August 31, 2019, and the qualifications must be met within 60 days of the account opening.
  • All qualifying activities must be completed within the stated timeframes in order to be eligible for this offer.
  • You are not eligible for this offer if you are or were an owner or signer on a Bank of America small business checking account that is open or that was closed within the last six (6) months.
  • Bank of America may change or terminate this offer at any time without notice. Bank of America employees are not eligible for this offer. To redeem this offer, please visit your Bank of America small business specialist.
  • Qualifying deposits are deposits of funds into your new small business checking account that are new to Bank of America. A transfer done via ATM, online or teller, or a transfer from a Bank of America deposit account or brokerage accounts, such as Merrill Edge® or Merrill Lynch account is not a qualifying deposit. (See this Reddit discussion.)
  • You must not be an owner or signer on a Bank of America business checking account that is open or that was closed in the last six (6) months.
  • Qualifying Electronic Payments include, debit card, online bill pay, or ACH transactions, wire transfers or Zelle payments.
  • 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 August 31, 2019. 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 bankofamerica.com, or see the Business Schedule of Fees found at bankofamerica.com/businessfeesataglance for other account fees, rates and information. Reproduction, purchase, sale, transfer or trade of this offer is prohibited.
  • Offer is limited to one per business customer, regardless of the number of businesses owned or operated by the customer.

Avoiding Fees

There is no early account termination fee.

Business Fundamentals $18 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 card

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

Our Verdict

The fine print notes that the offer is “only available to customers who receive this offer via a direct communication from a Bank of America small business specialist or from a Bank of America communication.” Looking at our previous post, it’s not entirely clear to me whether this is enforced. Three readers just got this $500 offer pop up for them either before or after they logged into their Bank of America account. One of them had a long string of numbers attached to the URL in an offer that popped up after login, so that’s probably the ‘direct communication’ targeting of the offer. It may well be possible to get this offer from a Bank of America business specialist in branch as well, worth setting an appointment before going.

I don’t see any time length requirement for the $20,000. That said, I’d probably send the funds close to the end of the 60 days, and leave it there until 60 days from account approval, for the avoidance of doubt. Then, I’d withdraw $17,000 and leave $3,000 in the Fundamentals account to avoid the monthly fee until the bonus posts. There isn’t any early termination fee on the account.

Might be worth doing the $20k deposits in cash or check in branch for the avoidance of doubt as well.

There was a “similar” $500 bonus which Bank of America ran for a while, except that one required a credit card or merchant services, and wasn’t what we’d call a regular bank bonus. This one is straightforward enough with $20,000 tied up until the end of 60 days to trigger the $500 bonus.

Hat tip to readers Robert, John, and nycdpj

Useful posts regarding bank bonuses:



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dayTradeIt
dayTradeIt

Are deposits cumulative, or is a lump sum required in the end? Nothing is said about keeping $ after depositing?

dayTradeIt
dayTradeIt

Be the DP you need: I called BoA, deposits don’t need to be kept. Cumulative is find, yet a bit unconvincing

Kyle
Kyle

Any follow up to this? I was targeted and hesitant to apply if deposits are not cumulative.

Brach
Brach

The written terms of the offer govern. Nothing in the offer says that you must accumulate your deposits. The $500 bonus requires you make $20,000 in “Qualifying Deposits (less cash received).” You could satisfy the requirement by depositing and withdrawing the same $1000 over and over again 20 times.

Brach
Brach

According to the terms of the offer, you need to make $5000 (or $20000, depending on which bonus you want) in “Qualifying Deposits (less cash received) into [your] new business checking account within 60 days of account opening.” Nowhere does it say you have to accumulate those deposits or maintain a certain balance. You could deposit and withdraw the same $1000 over and over again 20 times, after which you will have made deposits totaling $20,000 and withdrawals totaling $20,000.

Duke I.
Duke I.

Your post made me go for the 20k and I got the $500 bonus. Thanks!

Sam
Sam

is this really targeted? i see it displaying on the bank of america home page

james
james

you there? where is the link?

Wisco
Sam
Sam

Eligibility: Offer only available to customers who receive this offer via a direct communication from a Bank of America® small business specialist or from a Bank of America communication.

boomX
boomX

BofA indeed enforces the fine print on the targeted offers. I once got a checking offer in online banking (while already having an existing checking). Opened the second checking using the targeted link and met the requirements. However, BofA did not honor the bonus stating the fine print which indicated existing checking holders are not eligible. Even though I contested I was targeted I did not get the bonus. So, using someone else URL might not be best idea.

Brach
Brach

To be eligible, you only need the offer code on your account application. Call BofA’s small business banking division and apply over the phone with a small business banking specialist.

Ferris
Ferris

Do you have a DP on this?

Steve

Does BofA make it easy to open a business checking account, or do they ask for tax returns, etc like they sometimes do for business credit cards?

MoreSun
MoreSun

Last time they opened my biz checking account no issues. They wanted docs for my cc which they then denied me or but left the bank account open.

James
James

They seem to request documentation after applying online, so I guess that means sole proprietors won’t be approved?

scott
scott

Business not formally registered with state. Provided IRS-issued EIN for sole prop during app process. Approved following day.

Brach
Brach

How did you reach that conclusion? Your sole proprietorship that you operate exclusively in your own name won’t even need a DBA filing. Yet it’s still a business. Use your SSN as your business tax id. All completely legal.

Brach
Brach

Tell them your business is a sole proprietorship in your name. That way you won’t need to provide any documentation about the business. Your income is irrelevant. You’re applying for a checking account, not a credit card account, so you don’t have to even have income.

cannotspell
cannotspell

“electric” payments – uhmm, maybe this should be electronic payment?

P
P

Just saw a banner ad when I logged in their mobile app and I applied and guess what like all the Bank of America offers that show up in my account or that they email to me, I got instantly denied.

Gibunono
Gibunono

I am wondering if there is an accessible department that can check if there is a code attached to my account/application. Anybody knows?

Closertothesun
Closertothesun

You seem to be suggesting the money must be there between days 59 and days 61, though that’s not the terms (per the terms, could deposit/withdraw). I guess it’s certainly possible they coded it that way though.

scott
scott

Agreed, as stated in terms.

Kyle
Kyle

This offer just appeared in my Bank of America account after logging in to pay a CC bill. I am a bit confused as the offer seems to suggest qualifying “deposits” meaning cumulative deposits should work. Also they only give the option of applying for 2 different accounts which I would assume to mean the fundamentals account would correlate with the $200 bonus and the advantage account would correlate to the $500 bonus. Can anyone confirm this? It’s a great offer if you can open the fundamentals account for the $500 offer

Brach
Brach

You could open a Business Fundamentals checking account for either bonus. Deposit and withdraw the same $1000 over and over again 20 times within 60 days of account opening to satisfy the $20,000 Qualifying Deposits requirement for the $500 bonus. Nothing in the terms of the offer says you can’t do that. The written terms of the offer govern.

GG
GG

i used the link above to sign up and when i went through the application, there was a code already input in the coupon/promo code section (page 3 of 4 of the app, can’t remember – i hit the drop down menu on the section and the code was already there). i called today to confirm that the promotion was applied and they said that the account was approved on june 24 and promotion successfully applied june 27.

Kyle
Kyle

Which account did you apply for and are you able to confirm which bonus promo was applied?

tribesman55
tribesman55

Can confirm this happened to me as well. I was targeted and code showed up when I hit the drop down menu on the section when I was applying.

tribesman55
tribesman55

When it says qualifying electronic payments and it lists debit card, does that mean I can buy stuff with my debit card and it’ll count?

Zhi
Zhi

ACH transactions qualify so may not even need to use your debit card or the online bill pay

Brach
Brach

Yes. Or you could make ACH or Zelle transfers of $1 any number of times from your BofA business checking account to your account at a different bank.

Zhi
Zhi

I saw this offer after logging in, applied and was approved. It seems there is no minimum amount for the required electronic transactions as well.

tribesman55
tribesman55

Are you going to do 10 small bill pays?

Zhi
Zhi

I’ll probably do varying amounts at least $25 or higher. I’m sure one could do less but I don’t want to take chances on this one

Alex
Alex

Never received snail mail or email. Stopped by the bank a few days ago and they did not see the offer.

Suddenly saw the banner on BofA page, before I even log in. Put the documents together and went to the branch again presuming the offer was now available to everyone. Nope. They did not hear about the offer and their system showed nothing.

Got back home and applied online. There was no code anywhere to be found but I used the link from the banner. Hopefully this will work. If not, I have all screenshots.

tribesman55
tribesman55

On one of the last pages there’s a section that says promo code that you have to click to expand and it showed a code there for me (I was targeted). Did you see anything like that?

Alex
Alex

I saw the section and it was empty. I left it empty since there was no code I could find in the offer page.

Zhi
Zhi

Alex, I think you should call to make sure there is a promotion code attached. Like tribesman55 mentioned, there was a drop down menu to select a code. You don’t want to fulfill all the requirements and get nothing for it

Alex
Alex

Thanks Zhi! I agree with you. I emailed the required business docs already and waiting for them to finalize the account opening and once it’s done, I will make sure the promo is attached before I start moving my business to BofA.

Rick
Rick

anyone have datapoints on how long they actually take to pay out the bonus? once you meet requirements, will they likely take the entire 60 days to pay it out, or does BoA typically posts bonuses really quick?

Dan
Dan

Took a little over 2 weeks after meeting the requirements.

John
John

Dan
Did you at any point have the 5k/20k in the account or did you do deposit and withdraw?

Dan
Dan

Kept the 20k in the whole time.

Avi
Avi

Did you ACH the 20k in, or deposit a check?

Jim
Jim

May I ask if the bonus showed up as “BANK OF AMERICA DES:PAYMENT”?

I think I was just credited, but was expecting “promtion” or some other moniker…

Gerald
Gerald

I got this offer. Here’s what it says in the section “About Applying Online.”

The information you’ll need to apply

Business documentation such as filing documents, articles of organization, articles of incorporation and/or certificate of resolution
Business Tax ID
Name and address of the business
The state in which the business operates
The state in which the business was formed
Date the business was established
The SSN, address and DOB of the business owner

What to expect after applying

When your application is complete, you will receive a confirmation email within a couple of hours. You’ll need to fax your supplemental documents to 800.435.0051 or scan and email them to SmallBus.Documents@bankofamerica.com (include your application ID on the fax cover sheet or in the email subject line). After your account is approved, you must send a signature card through traditional mail or take the card to a local financial center. You can fund your account while applying by using a debit card, transferring money from another account or writing a check. Once your account is open, you may access Online Banking and you will receive your checks and debit card(s) in approximately 7 to 10 business days.

I have a legitimate sole proprietorship (I file Schedule C), but no documentation or tax ID. My state doesn’t require any documentation and the IRS doesn’t require an EIN. I’m thinking I might do better in branch than applying online. Thoughts?

J
J

Yes, go in branch. I was in similar situation – sole prop, didn’t have the documentation required to apply online – so I decided to try applying in branch and the process could not have been easier. I imagine YMMV, but you should be able to find a branch that will open your account without any documents.

Alex
Alex

I went to the branch and they did not have the offer attached to my account despite it coming right up as soon as I log in online. So I went back home and applied online. I have EIN and DBA documentation which I email to small business dept and was approved next day. So you can try thr branch but it’s ymmv. Imho it might be easier to explain the situation to small business dept.

JR
JR

I was able to get approved without documents by just emailing the small business dept. and saying I have a sole proprietorship in CA.

Firefly
Firefly

This is very encouraging. Thanks for the DP!

Brach
Brach

If you file Schedule C for your sole proprietorship, then your business tax ID can is the same your taxpayer ID, which is your SSN if you have one. A sole proprietorship doesn’t need a separate business tax id. A business does even have to have income. Filing Sch. C doesn’t make your business “legitimate.” Depending on the type of business activity and local laws, your business might need a license or registration. And if you operate the business in a name other than your own, you need a fictitious business name filing.

SeanK
SeanK

Got the targeted offer today. Seems pretty good! Will do it before the end of the month at a branch

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