Update 1/16/20: Another round of offers has gone out. Unsure on end date,
Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide, must receive direct communication about the offer (see below)
- Direct deposit required: No
- Additional requirements: Deposit $5,000 and make 5 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: December 31st, 2019
Contents
The Offer
- Bank of America is offering a bonus of $300 when you open a new business checking account and complete the following requirements:
- Make qualifying deposits of at least $5,000 within 90 days
- Make at least 5 electronic payments within 90 days
- You can also get $300 when you open a business advantage cash rewards card and spend $3,000+ within 90 days (standard bonus)
The Fine Print
- 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. All qualifying activities must be completed within the stated timeframes in order to be eligible for this offer. You are not eligible for the business checking account 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 contact your Bank of America small business specialist. 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
- Open a Bank of America Business Advantage Checking or Business Fundamentals® Checking account by December 31, 2019.
- Deposit at least $5,000 in New Money (less cash received) into that new business checking account within ninety (90) days of account opening.
- “New Money” is 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 account, such as a Merrill account, is not New Money.
- Make five (5) Qualifying Electronic Payments within ninety (90) days of opening that new business checking account. Qualifying Electronic Payments include debit card, online bill pay or automated clearinghouse (ACH) transactions, wire transfers or payments sent using an email address or mobile phone number.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business Fundamentals $13 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
Early Account Termination Fee
There is no early account termination fee.
Our Verdict
There is another targeted offer for $500 currently, but that requires $20,000 in deposits (if you deposit $5,000 you only get $200) so this is a better offer for people that don’t have $20,000 to deposit.
Hat tip to reader Michael C
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
If I receive the bonus as a sole proprietor would this income be reported on a 1099-INT and filed with my personal return on Schedule B?
I was targeted for this offer back in January. I was also sent a letter in the mail after I applied to confirm that the bonus was attached to my account, and what the requirements were to receive the bonus. Deposits do not need to be maintained in the account for any length of time.
Deposits are also cumulative, so you don’t have to deposit $5000 all at once. Just be sure to get all requirements done within 90 days of opening your account. Deposits can be from any bank and don’t have to be a direct deposit. I applied as a sole proprietor with no documents necessary, and just my personal name as the business name.
2/25 – Account opened
3/9-4/22 – 5 $1 Amazon reloads
4/20 – $2000 deposit from Sky One CU
4/22 – $2000 deposit from Sky One CU
4/28 – $1000 deposit from Sky One CU
5/22 – $300 bonus credited
Just signed up today and got instantly approved. It looks like the max funding from debit is now $100.
Just targeted for tiered $300/500/750. Major change: “Maintain an average balance of the qualifying deposit amount (or greater) for the next 60 calendar days during the Maintenance Period. Maintenance Period begins sixteen (16) calendar days after account opening and ends seventy-five (75) calendar days after account opening.”
Plus the 5 electronic payments. It says ACH qualifies, so would transferring to another bank account count?
DPs: Business Fundamentals Checking Bonus
– 1/23: Funded Deposit with Connexus CU debit card for $300
– 2/10: Counter Deposit for $660
– 2/19: Counter Deposit for $875
– 3/2: Counter Deposit for $540
– 3/9: Counter Deposit for $1300
– 3/16: Counter Deposit for $1640
– 4/17: Received $300 Bonus
Fund Raising Process:
– February: Made 25x $60.40 grocery store purchases with my Discover IT Card for $1510
– $60 was in Discover Cash Over, 40 cents for frozen burritos
– Earned 65.49 from Discover 5% Cashback Bonus
Anyone know what I would need to open a business checking account if I actually don’t have a business. However, I have recently made some sales on eBay totaling like $100 (i know not much).
Just wanna take advantage of this bonus, but idk how. Thank you!
You may be asked some questions regarding your business, such as: yearly income, years in business, what you do, etc. Tell them whatever you want as long as long as it’s believable. Don’t go into too much detail because the banker doesn’t really care. Make sure the banker actually got the promotional code. However, some bankers take their job too seriously so don’t seem overeager about the promotion. Don’t tell them you’re opening the account for the bonus.
Don’t overthink it and be prepared to bullshit your way through. Look confident, brush your teeth, don’t get high before going in-branch if you have to, don’t look like a gutter punk, etc.
Thank for the advice. I applied online as sole proprietorship and just put basic info as to the field of business and then it asked me to provide any documentation they ask and email them. I just put the field that best matches selling on eBay.
I didn’t get a follow up email after asking me to send any info, so I just it sit a few days and my account approved within a week. Super painless.
What type of documentation did you email to them (1040 tax return, etc)?
Can anyone report if a debit load to Amex Serve qualifies for the monthly spend fee waiver?
@guest_944454 , perhaps?
Sorry, I don’t do business bonuses. I have qualms about calling what I do a business.
No worries, I just called and got a fee waiver for two additional months!
It does. Been doing this for a year on wife’s account to keep it fee free.
Datapoint: Opened 1/27/2020. $5k deposited via cash on 2/05/2020 and withdrew a week later. A total of 5, $5 billpays each along with 5 Amazon debit reloads worth $1 each completed by 2/19/2020. 3/20/2020, $300 bonus credited as “BANK OF AMERICA DES:PAYMENT ID:”
Did you end up keeping the 5K in there to maintain minimum balance or did you just cancel after SUB acquired?
Datapoint:
2/12: Opened
3/7: Completed all requirements
3/19: Pending deposit for bonus (“ACH CREDIT BANK OF AMERICA PAYMENT ON [DATE]”)
I’m surprised at how quickly the bonus posted. Guess I can close without having to worry about the monthly fee.
Or not…found this in the offer terms: “All new accounts must be open at the end of the 90-day qualifying behavior period to receive the bonus.”
So even though I received bonus prior to the end of 90 days, I assume it could be forfeited. Guess I’ll have to keep it open ._.
If you write a check and deposit via the BOA app make sure the checks are activated first. I didn’t know that I had to activate my checks from Citi before I could use them, so the check bounced even though I had enough funds. Now BOA charged me a $12 fee. I attempted to get the fee waived and they would not waive the fee. It’s ok I didn’t expect them to because it’s mostly my fault.