Posted by William Charles on October 17, 2019
Bank Account Bonuses

Published on October 17th, 2019 | by William Charles

31

[Targeted] Bank of America $300 Business Checking Bonus

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

The Offer

Direct link to 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 $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

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:



31
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Kool
Kool

Has anyone ever done this offer without receiving communication just going from that webpage and applying

Duke I.
Duke I.

There was a public $200 or $500 offer that I found on this site. I later received a letter in the mail confirming the offer. It stated I had to deposit either $5000 and make five electronic payments for the $200 bonus or deposit $20000 and make 10 electronic payments for $500. I completed the requirements on 10/11 by recycling the funds in increments of $5,000+ using checks from my main checking account. Requirements had to be completed within 60 days.

Blake
Blake

Do you have a link to that public offer? Not seeing anything on the website.

Kool
Kool

Is there a link for the offer you are Talking about?

dizzy
dizzy

Awesome DP, thanks! Did you get the bonus yet?

Kool
Kool

Is there a link to the public offer?

BW
BW

Wondering the same thing.

mjonis
mjonis

There was one post on reddit that if you used the targeted link to apply, but didn’t finish the application process, the app would be deleted or something and then it. here’s what the person posted:

“Just got an email for BoA Business $300 Bonus. 5K new funds and 5 transactions. Tried getting it on BoA homepage, had no luck. Saw comment on DoC about starting an application and exiting. 2 weeks ago, started an application and abandoned it after getting past the first or second page (did fill in my email). Today, got the targeted email for the bonus.”

Pudding
Pudding

I have not received any targeted communication but went in branch yesterday and asked if they could find me any targeted offers. I was hoping they could get me the $500 biz bonus offer but that was a no. They were able to generate a $300 promo code for me though. I decided to go for it since I was already there; but if you can find the $500 through some backdoor method (try reloading their business checking page, use VPN, etc) that would obv be better.

Sarah D
Sarah D

I’ve been avoiding BOA because it seems like a catch 22 – to get bank bonus I need to be targeted as an existing customer, and to get business card bonuses I need a bank account and balance (apparently). Where should I start?

Rowan
Rowan

I wonder if it’s worth sacrificing a Chex hit for a non-bonused personal bank account at BOA in order to get on their radar? Though it’s hard to say if they’d suddenly start targeting you with business offers just because of that account…

A better option might be taking the time to see if there’s some sort of business mailing list you can put yourself on via their website, or else perhaps a brief meeting with a business banker where they’re able to gather some of your info but doesn’t actually end up with an account being opened?

AKJohnny
AKJohnny

I will sell my chex hits for a $200 bonus and a hard credit hit for $500 minimum… everything else is details… churn baby churn!!

AKJohnny
AKJohnny

open a personal checking account when you get a good sign up bonus and then you will get targeted… that’s what I did. I got targeted for this account… I plan on going in branch to get it started… $300 for an hour is well worth my time… and I don’t even need to switch my direct deposit… win/win!!

dizzy
dizzy

What about using a mailer? Can you use one you weren’t targeted for?
Also I thought they did a $100 non-targeted personal account bonus? Not sure if that’s still happening.

Mat
Mat

application also say you have to send documents to support your business existence/nature by 10/30/19. Guess only those with legit business can apply.

Matt
Matt

I got the same message yesterday, and then got an email a few hours later that it was approved.

artgriego
artgriego

with a ‘business’?

Diamond Vargas
Diamond Vargas

I went through the whole application on Tuesday and then at the end saw the requirement to email / fax business documentation, which I don’t have. I got the follow-up email as well, but did not get the approval notification like Matt.

Diamond Vargas
Diamond Vargas

Got an email that my debit card is on the way, and now the account is showing up in my personal banking / CC login. Never got an account opening confirmation but looks like I’m good to go even without submitting docs.

Duke I.
Duke I.

You can sign up as Sole Prop using SSN. Name of business must include your name. If you register a DBA, you may have to be registered in the state you reside. It’s best to sign up as Sole Prop.

Pudding
Pudding

I opened in branch and it was easy, they didn’t ask a ton of specific questions after I said sole prop with business name as my firstname lastname.

beat2def
beat2def

^^^^^^^ Ditto Pudding’s response.

Rishabh
Rishabh

HelloFresh 5000sb offer

Pat
Pat

Didn’t sign up all the way but following the link it appears there is a field where an offer code is pre-populated: PBDCIS. Could be worth a try since it doesn’t appear when going through directly.

Jx
Jx

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.

If I push the money from other banks online, is it considered new money?

Joe
Joe

No, based on previous bank of america bonus DPs requiring new money, the easiest way to fulfill is to deposit a check/cash at the bank through a teller. A transfer from another bank will not satisfy the new money requirement.

BlissfulApathy
BlissfulApathy

I think I’ll go the cash option. The terms imply that you don’t need to deposit the full 5k in one go, so doing 5x 1k cash deposits seems like the easiest option for me.

channelz28
channelz28

My offer is a $300 bonus but requires $4000 direct deposit.

Duke I.
Duke I.

Direct deposit for a business account? Or is the offer for a personal account?

veeRob

Went in my branch today to try to get the $500/$20k bonus. I wasn’t targeted, so this was what he offered me. Took it as I hadn’t received any targeted emails.

Interestingly, he offered me a $300 bonus for opening one of two credit cards, one of which was a Business Advantage Travel Rewards World Mastercard. The material he showed me had a 25k bonus offer after $1k spend, and the banker said the $300 bonus was on top of that with no additional spend. I told him I’d think about that offer, but it seems to be a nice stack if he’s correct, and I will likely open that card with him in a few months if the facts prove to be true.

Joey Doughnuts
Joey Doughnuts

“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”. Does anyone know if the Business Fundamentals checking account fees are waived the first month?

Back to Top ↑