Posted by William Charles on March 17, 2015
Bank Account Bonuses

Published on March 17th, 2015 | by William Charles

148

[Expired] Bank of America $300 Checking Promotion

Update 4: This bonus has now expired, you can view the best deals here. Or a full list of banking bonuses.

Update 3: A reader has confirmed getting this bonus even though they didn’t get an e-mail about it. Because of that I am going to sign up for this bonus myself and I am also republishing this post so more people see it.

Update 2: Offer has been extended until April 10th, 2015.

Update: Shawn on twitter contacted Bank of America and they stated that this offer was available to all BofA customers. I would call yourself to confirm and get a reference number as they might reneg on the deal later.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Nationwide, but you must have received this offer by direct communication with Bank of America. (Update: It seems as long as you have a Bank of America credit card open, you will be eligible for this promotion)
  • Direct deposit required: Yes, two qualifying direct deposits of $2,000+
  • Additional requirements: None
  • Hard/soft pull: Soft
  • Credit card funding:None, but you can fund with a debit card up to $250
  • Monthly fees: Waive-able 
  • Early account termination fee: None
  • Expiration date: February 28th, 2015 April 10th, 2015 May 29th, 2015

The Offer

Direct link to offer

  • Receive a $300 bonus from Bank of America when you open a new eligible checking account by February 28th, 2015 and make two qualifying direct deposits of $2,000 or more within the first 90 days of account opening.

bank of america 300 cash bonus

The Fine Print

  • Eligible accounts are BofA interest checking & core checking
  • Offer is exclusive to BofA customers who don’t already have a checking account (must not have had an account within the past six months as well) and received offer via direct communication with Bank of America.
  • A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, social security or other eligible regular monthly income
  • Bonus will be deposited within 60 days of meeting the requirements
  • You’ll need to complete a W-9 or W-8 form if applicable before you get the bonus
  • Limit of one bonus per person
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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

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

Update: I’m signing up for this bonus, wish me luck!

Bank of America almost always offers a $100 bonus if you work with one of their “Bank At Work” partners but this $300 offer is so much better. Unfortunately I did not receive this targeted promotion, otherwise I would definitely be opening up an account. Here is what I’d do if I was eligible:

  • Open a core checking account, using a credit card to initially fund if possible (although I’d use a card with the cash advance limit set to $0).
  • Direct deposit $2,000, this would satisfy half the bonus requirements and keep the account fee free
  • Direct deposit another $2,000, this would satisfy the other half of the bonus requirements (+$300)
  • Transfer all but $1,500 out of the account to keep it fee free but also allow me to earn interest on those funds
  • Wait 60 days for my bonus to post
  • Transfer rest of the money out
  • Close account

I can now change my employer payroll pretty easily so I’d just do that. In the past ACH transfers have triggered this direct deposit requirement for Bank of America, but this may no longer be the case. Click here to see up to date data points on this.

Did you receive this targeted promotion? Has anybody had any success calling up and asking it be applied to your account? Please let us know in the comments. Because it’s a targeted promo we haven’t added it to our list of the best bank promotions, but it is in our complete listing of checking promotions.

Direct link to offer | Screenshot of offer

Hat tip to Aureliano who stands to win $225 by letting us know about this bonus.



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XP1
XP1

So in order to be eligible, you need to be an existing BoA customer?

Any tips for becoming an existing BoA customer? Open a credit card or savings account first and then apply for checking?

johnny d.
johnny d.

Did you end up opening a credit card and then apply for this offer at all?

Mike
Mike

Same question here – anyone know if u have to be existing customer)

Brad

Data Point: I was not targeted with the direct communication. I applied via the link (current BofA credit card customer) earlier this week and received my account information in the mail with no mention of the offer. I called in to BofA and mentioned that I received the offer and wanted to verify the terms. The specialist noted the terms that I expected to hear and put a note on my account that I was indeed eligible in case there was any question down the road.

Doctor of Credit of reports that ACH pushes from other checking accounts count as direct deposits with BofA, making this deal even better/easier:

Kris
Kris

I opened a BOA checking account in 2013 without any opening bonus (I totally had no idea about any bonus by that time). Can I close my BOA checking account and open a new account to get the $300 bonus? I do have two BOA credit card. Thanks!

Tracy
Tracy

Just applied myself. Since I’d just open a BOA CalBar CC ($175 bonus), this checking will get me a 10% on those rewards too. Thanks DOC!

Dan
Dan

Just as a datapoint… I went ahead and opened an account after seeing this offer. The account opened fine and I funded it with my debit card from my credit union. BofA sent me the account agreement and a debit card and I set up online banking. Then 2 days after I received my debit card in the mail I tried to login to online banking but couldn’t. I called them to find out that they closed my account and when I asked why, they refused to tell me – simply stating that either I or the bank can close the account at anytime for any reason and that the bank decided to close my account.

I’ve probably got 5 or 6 Chexsystems inquires in the last year but zero negative items (never bounced a check, never overdrawn, etc.) in the last year and my FICO is over 800. I don’t get it, but I don’t really care, I can’t think of any reason to actually maintain a checking account with them, besides them paying me to.

Jason
Jason

First article I read from you blog, now it’s time to pay back: I did not receive the offer and were not eligible for it but I went to a branch to ask the offer, Banker helped me open the account and made phone call to enroll me into the offer. After a month I received a mail letter states I am eligible for this offer and reminds me to meet the requirement. So far haven’t seen the bonus in my account but I guess I will. Thanks.

M. Smith
M. Smith

I got one of those letters today as well. Dated three days after the promo was applied to my account, but just received today. I hope it is not a sign that real people are going to be reviewing these account to apply the bonus. As I get paid every two weeks, I can’t do an actual employer DD for $2000+. We’ll see.

marshdom
marshdom

Jason – how long did it take you to get the $300 from: a) account opening?, b) and from the time you completed the 2 direct deposits?, and c) did you do ACH’s or “real” employer direct deposits? Look forward to your feedback. Thanks. I’ll post my own experience below.

Jason
Jason

Hi Marshdom: (a) about 7 weeks. (b) 5 weeks after second DD (c) real DD from my employer. Hope it helps.

marshdom
marshdom

Thanks, Jason. Sounds like I should be about a week away from getting my $300 credit, if ACH’s “count” (or quite a bit longer if I have to wait for my second employer DD). At least if “a” and “b” end up being the same for me as it was for you. Thanks again.

gaurav
gaurav

Opened the account online yesterday. Called the number received in email, Rep had no idea on the offer, I gave her the link But she was asking for offer code. she approved my account and put the comments but offer is not confirmed yet.

I should expect to receive a call in next 48 hrs if offer can be extended to me and i would like to continue my account.

Fingers crossed.

P.S. i didn’t receive the offer email.

marshdom
marshdom

Here’s my experience. Hopefully a few data points that might help others. I started this process in early February, after seeing this post (thanks DOC!). The first thing I did was apply for a Merrill Edge IRA account ($250 bonus), large enough to qualify me for Platinum Honors (PH) status. I was not previously a BofA or ME customer (was a BofA customer 4+ years ago). Then I contacted both my ME rep and BofA telephone support to make sure I would qualify for the $300 checking offer (since I was a BofA customer via ME, but did not have a checking account yet). I got it in writing from my ME rep that I qualified. Then I applied for the $300 checking offer via the link, and again confirmed with a BofA chat rep that I qualified. I made 2 x $2000+ ACH’s within a few days, but it’s only been 40 days or so … so no $300 credit yet. I have subsequently made one employer DD, just to be safe (and will make one more if need be). I also applied for 2 BofA credit cards (on the same day to minimize pulls) and here’s where my experience might help someone. One of the cards I got was the Travel Rewards card, which will eventually pay me 2.625% back on everything (1.5% to start), after I qualify for the PH status (due to the size of my ME account). DOC has a great blog post a while back on this card (and some other BofA cards). I had to spend $500 in the first 3 months to get a $100 bonus. Unfortunately, I won’t qualify for PH until 3 months after I open the accounts (bummer!), so I will only earn 1.5% back on the $500 in spending (obviously more if you factor in the $100 bonus!). Not a huge deal (2.625% – 1.5% = 1.125% x $500 … not biggie). I have tried to talk reps via chat, phone, and branch manger to get me upgraded to PH sooner, but no luck. At least the branch manager agreed to waive any fees I might see on my checking account, based on the fact that I will be PH easily/soon. I also learned the hard way that BofA is now treating online Serve loads (until 4/16 anyway!) as a CA. Fortunately, I was able to plead ignorance… Read more »

Jay
Jay

So if I already have a checking account and a checking account with them I won’t qualify?

Jay
Jay

Meant to say checking account AND credit credit*

Mark
Mark

William,
How many chexsystems inquires is “OK”. I know the answer may not be straightforward at all, but was wondering if there are any guidelines.
thanks

Mark
Mark

I called BoA and was told i need to receive direct communication to be eligible for this offer so it sounds like it’s YMMV situation 🙁

Mark
Mark

nm, you can delete my post. you already covered this in here https://www.doctorofcredit.com/an-introduction-to-chexsystems-inc/

Elliot
Elliot

I already have a Bank of America Classic Interest Checking (in addition to a BankAmericard Platinum Plus Visa), and just now a Bank of America representative told me I don’t qualify for this offer because I’m an existing customer. After all, the Additional Terms & Conditions state: “Offer cannot be combined with any other offer and is limited to one cash incentive per new personal checking customer and account.”

Have any existing checking customers had a different experience?

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