[Expired] Bank of America $500 Checking Bonus

The Offer

Direct link to offer

  • Receive a sign up bonus of $500 when you open a checking & savings account with Bank of America and complete both of the following:
    • Open an interest checking or core checking account and receive two qualifying direct deposits of $2,000 or more within 90 days of account opening
    • Open a Rewards Money Market Savings account, deposit $20,000 into that account within 60 days of opening your new checking account and maintain a balance of above $20,000 for at least 30 consecutive days.

The Fine Print

  • Eligibility: Offer only available to customers and Bank of America employees who receive this offer via a direct communication from Bank of America.
  • To be eligible you must not current have a personal checking account or Rewards Money Market Savings account with Bank of America and can’t have been the owner or signer of either of these accounts within the past six months
  • A qualifying direct deposit is: 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 personal checking account.
  • Every attempt will be made to deposit your bonus within 60 days of meeting the account requirements

Avoiding Fees

Core Checking $12 Monthly Fee

The $12 monthly fee is waived if you meet one of the following requirements:

  • Have at least one qualifying direct deposit of $250 or more
  • Maintain an average daily balance of $1,500 or more
  • Are a student under the age of 23

Interest Checking $25 Monthly Fee

The interest rate on this account is 0.03% APY, so I really wouldn’t bother personally. The monthly fee on this account is waived if you hold balances of $10,000 or more in your eligible linked accounts. Combined balances include the following:

  • Average daily balances for the statement cycle in eligible linked checking, savings and money market savings accounts
  • The current balances, as of the end of the checking statement cycle in linked personal CDs and IRAs
  • The current balance, as of two business days before the end of the checking statement cycle, in your eligible linked Merrill Edge®and Merrill Lynch® investment accounts

Rewards Money Market Savings No Fee

This account does not come with any fees.

Early Account Termination Fees

It looks like Bank of America does not charge any early account termination fees according to their fee schedule.

Our Verdict

If you’re considering this offer and haven’t received the direct communication, I’d strongly recommend reading the comments on this post first. A lot of people have successfully received the $300 bonus without receiving the communication, but that doesn’t mean that this bonus is the same. Personally I’d want to go into a branch and get a banker to sign me up for the offer so I can ensure that I’m getting the bonus.

Obviously this bonus has bigger hurdles and you’ll also lose $17 – $85 in interest by tying $20,000 up for 30 days but you’ll still come out well ahead. Please share your experiences with this bonus in the comments below.

Hat tip to Danny Deal Guru
    William Charles
  • On May 19, 2015, 11:30

View Comments (28)

  • Probably not worth going for at all, but there is a new targeted $100 checking bonus. I received an email, saying that it is for selected customers who has not sign up for a checking account with BoA.

    I currently hold only a savings account with them. Seeing this much higher offer in the past, I will just ignore that email. XD

  • Has anyone succeeded in getting this bonus without having been targeted? I don't want to waste too much time trying to chase after it, if not. I met all the req's aside from not being targeted. Thanks in advance!

  • Well, I am definitely not faulting DOC, this is probably the best site for us. I knew it was a gamble, but at least got 100.00. (for lots of work) I am keeping the core checking as I can use it for MS. I will liquidate my $20001 rewards MMkt acct. Probably open a few remaining 5% Netspend/Ace that I don't have. But I did know offer said it's for BOA employees and those who receive this offer. No hard feelings. This is an actual part time job for me (MS/CA/MOetc). So as my dad used to say.. "that's the way the cookie crumbles"...

  • Hi barrytuneup,

    Yeah, similar situation here.
    I've earned quite a lot from DoC, and I know this one is more risky, but for $500 it's worth a shot.
    So far I have not received a single penny but was already charged about $40 in fee.
    I will struggle again before the 90 days is actually up, and close the account if I fail.

    Although it sounds like you're giving up, information here might help more than the TYP one since this is also BofA
    https://www.doctorofcredit.com/targeted-bank-of-america-300-checking-promotion/#comment-166622

    I tried what nic suggested but so far hasn't received response.

  • just a data point. I have made lots of $ from this site, but you have to be careful on some of these offers, if not targeted. This is one of them. I only received 100.00, not 500.00 I did all the requirements religiously and knew it was a gamble. I wasted about 2 hours with CS reps and finally called the head office in Charlotte NC who actually answered the phone "live". They did help tremendously and he spoke with all the departments who actually knew of the bonus. But the final word " I was not targeted for it. So be wary. I am following the Citi 40k postings here to see if non targeted folks get the 40k TYP.

    • 40k TYP offer doesn't mention needing to be targeted in fine print, so should be fine. I only posted this $500 offer because in the past non targeted people had gotten the bonuses from BofA, I did try to point out it was a risk but I'll make that much clearer next time.

  • well I will be calling the "helpful agent" this week. I just checked and only a 100.00 bonus was applied yesterday. Back in May he gave me all the info and noted the acct to receive the 500.00. When I call I will remind him. he gave me his direct # and name. Hope he is still there. he also told me there was no code for this, so we will see.

    • I on the other hand was sadly informed my online CSR that I am not targeted for this offer and I have basically opened the accounts for nothing.
      I then called CSR on phone and asked for supervisor too, but they all surround the response the online CSR gave me: not targeted.

      This happened 3 weeks ago, and I'm going to wait for full 60 days and hope it will post automatically. If not I'll try contacting CSR again and close the account either way.

  • just recd my 2nd DD from employer (over 2k) and had the 20,001 balance for about 60 days in the MM savings. Terms state to keep the 20k in MMsavings for only 30 days. I needed 5k yesterday so xferred 5k to another bank. Met all requirements within 82 days. (must be done within 90 days) DD took long. So awaiting 500.00 bonus. I have a phone # from a very helpful agent when I set up acct (he answered all my q.) Will call if no bonus soon.

    • Oops, just charged $12 as well. Looks like $2500 min balance or the interest checking will waive it.

    • did you keep the minimum of 2500 in the acct? I am waiting for the 500.00 reward after the 10th of Aug when my DD of 2100 will post (from employer). Keeping fingers crossed. But I remember you needed 20k in this acct along with the checking. So Vic, did you meet requirements? After 30 days you can close it, but it will take me 80 days to get the 2 DD in from when I started. But with lost interest, it's still a deal.

      • No I did not keep 2500 because I thought it was free rather than waiveable.

        I met all the requirements last Monday. Still waiting for the bonus.

        And I think I need to keep both accounts open even after 30 days. That's part of the requirements I believe.

        Fingers crossed!

  • Can the $2000 direct deposit be in multiple transactions in a month or does it have to be in one transaction???

    • I just had my first DD(from employer00 over 2K go to core checking on 7/10. My 2nd DD of over 2k (from employer) will hit on 8/10, 80 days after opening core checking with 25.00 deposit. And savings has 20001 in it. I am expecting the 500.00 shortly after 8/10! i will keep all posted. i followed these steps to the letter!

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