Posted by William Charles on August 12, 2019
Bank Account Bonuses

Published on August 12th, 2019 | by William Charles

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[ID, KY, LA, WI] Bank of America $350 Checking Bonus

Offer at a glance

The Offer

Direct link to offer

  • Bank of America is offering a checking bonus of $350 when you open a new checking account and complete the following requirements:
    • Set up and receive qualifying direct deposits totaling $4,000 or more within 90 days of opening your new checking account

The Fine Print

  • This offer is limited to new checking customers only who reside in one of the Markets listed below.
  • You are not eligible for this offer if you were an owner or co-owner of a Bank of America personal checking account within the last six (6) months. Fiduciary accounts (e.g., trust accounts) are excluded.
  • Offer expires on September 15, 2019.
  • Bank of America may change or discontinue this offer at any time before this date without notice.
  • This offer is only available in the following Markets (by county or parish (LA only)):
    • Idaho: Ada, Boise, Canyon, Gem, Owyhee
    • Kentucky: Bourbon, Clark, Fayette, Jessamine, Scott, Woodford
    • Louisiana: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany
    • Wisconsin: Columbia, Dane, Green, Iowa
  • Requirements to Receive the Online Only $350 Checking Account Bonus and ATM Fee Waiver: (1) Open a new eligible Bank of America personal checking account by September 15, 2019 (you must use the “Open now” link on the offer page at the time of account opening to be enrolled in this offer); AND (2) set up and receive Qualifying Direct Deposits equaling a total of $4,000 or more in your new personal checking account within 90 days of account opening.
  • A “Qualifying Direct Deposit” is a recurring direct deposit of regular monthly income – such as your salary, pension or Social Security benefit or other eligible regular monthly income, electronically deposited by an employer or other payer into your new checking account.
  • A transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account is not a Qualifying Direct Deposit. Please see the Personal Schedule of Fees for further explanation of eligible regular monthly income.

     

  • After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into your new personal checking account within sixty (60) days. The new personal checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the bonus.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easiest account to keep fee free seems to be the Bank of America Advantage Plus Banking account. This has a $12 monthly fee that is waived if you do any of the following:

  • Maintain a minimum daily balance of $1,500 or more
  • Receive a direct deposit of $250+
  • Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university or a vocational program.
  • Preferred Rewards clients get this fee waived (waiver applies to first 4 checking accounts).

Early Account Termination Fee

As far as I know there is no early account termination fee.

Our Verdict

Better than the $300 checking bonus that was previously offered. Shame it’s only available in very selected areas. I’ll be adding this to our list of the best checking account bonus.

Hat tip to reader BACS

Useful posts regarding bank bonuses:



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Sad BMO
Sad BMO

Does BOA match? I signed up for $300 a few weeks ago. It would require a phone call so I was curious what they do generally.

Chris H
Chris H

Wow, great offer!

Notable difference between Bank of America and Wells Fargo management / marketing teams. Bank Of America is actively recruiting persons from places where they have no banking presence, while Wells Fargo goes out of their way to exclude persons from outside their footprint from getting bonuses.

Note: I live in a state with no Wells Fargo or Bank of America branches.

Andrew D
Andrew D

Applied and approved. Thanks DoC.

Jason
Jason

I closed my last BofA checking on january 31st, so its been 6 and a half months. am i safe to re-apply?

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