Bank of America To Match Chase Checking Bonuses In An Effort To Stop Chase Expansion Plans

According to a source familiar with the matter Bank of America plans to launch competing checking bonuses in areas that Chase plans to open new branches in. Chase has previously announced plans to invest $20 billion over five years to open up to 70 new branches, hire 700 new employees in Virginia, Washington, D.C. and Maryland. They also plan to offer smaller bonuses on student accounts and haven’t ruled out going on the offensive when it comes to credit card bonuses. Given that the standard Chase checking bonus is $300, I’d expect we would see bonuses of $300+ in these areas. Bank of America has previously run targeted $300 bonuses before, so it will be interesting to see if they continue to be targeted or available to everybody in those areas.