Update 12/9/19: Extended through January. Looks like more people have been targeted as well.
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, 2019January 31, 2020
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.
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
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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Bank Bonus Posting Times