Posted by William Charles on February 20, 2019
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Published on February 20th, 2019 | by William Charles

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[Expired] Bank of America $500 Business “Checking Bonus” – Now Publicly Available

Deal has expired, view more checking bonuses by clicking here.

Update 2/20/19: Deal is back, should be publicly available again as it’s showing up on the small business website. The fine print does state ‘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.’ So I’d make sure you actually see the bonus being advertised on that small business page. Hat tip to NBG.

Offer is now publicly available, should be advertised on the Bank of America website. Click ‘Small Business’ to get it to show. Hat tip to reader Scott

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide
  • Direct deposit required: None
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: $16-$29.95
  • Early account termination fee: None
  • Expiration date: July 31st, 2018 March 29th, 2019

The Offer

Direct link to offer (keep in mind eligibility talk about above)

  • Bank of America is offering a bonus of up to $500 when you open a new Business Advantage Checking account OR Business Fundamentals Checking account by qualifying deposits of at least $5,000 in the first 60 days of account opening. You’ll receive a bonus of $300 if you open one select business accounts below or $500 if you open both:
    • Apply, be approved for and open a new small business credit card account and spend at least $500 on the card within 60 days of opening a new business checking account.
    • Apply, be approved for and activate a Bank of America Merchant Services account and settle funds totaling a minimum of $1,000 into your new business checking account within 60 days of opening a new business checking account

The Fine Print

  • Looks like deposits must be cash or check in branch as well
  • 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.
  • You must open your Bank of America business checking account by July 31, 2018, and the qualifiers of all Select Business Products selected must be met within 60 days of opening your new checking account.
  • Bank of America may change or terminate this offer before this date without notice.
  • Bank of America employees are not eligible for this offer. To redeem this offer, please visit with your Bank of America small business specialist.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is no early account termination fee.

Business Fundamentals $16 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 cardfootnote

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

I think the best option is to not worry about the monthly fee the first three months and then either have a $15,000 average balance (you’d be losing out on $12.5 a month in interest compared to a 1% checking account) or putting $2,500 per month on a linked Bank of America business credit card.

Our Verdict

I don’t think it’s fair to call this a checking bonus, because even to get $300 you need to open a credit card or merchant services. I don’t think merchant services accounts are worth opening in general, if you need them for your business you’d likely be better off just focusing on getting the best rates or service. I guess maybe the $300 bonus is worth considering if you also get the sign up bonus on the business credit card, although Bank of America did once offer a $2,000 business checking bonus and even a $200 bonus last year with no credit card requirement.

If you can stack this with the business credit card bonus (and based on past bonuses I think you do) then it’s worth doing. The 30,000 mile offer on the business Alaska card is probably your best option. I won’t be adding this to the best business checking bonuses as it requires merchant services/credit card opening. Keep in mind that Bank of America business credit cards don’t report to your personal credit reports. This is useful for anybody trying to stay under 5/24 for Chase cards.

Hat tip to readers Vic J, atinge & P

Useful posts regarding bank bonuses:



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tribesman55
tribesman55

I received the email. Thanks for the tip on the Alaska business credit card. I might actually do this offer now.

captainsave
captainsave

How strict is are BOA with made up business and getting a CC at lol/24? Don’t wanna sign up for the checking than be denied for the CC.

Wong
Wong

They hand them out like free candy. Your first cc will be easy shit. I got mine with a 695 TU score. I applied with a sole proprietorship that disposes used books on Amazon. I have an EIN for it and used my name for the business name. I received the $300 bonus within 30 days.

For my case, after I opened the Business Fundamentals, I saw on my offers the Business Advantage travel/cash rewards card, applied for both, and was approved for my first app. If you do it with this offer, you’d get $300 (checking account) + $200 (cash rewards) + $200 for opening up the cc, for a total of $700.

Krista
Krista

I’m a little confused by your post. Did you sign up for both a credit card and merchant processing? From reading the offer it sounds like you’d have to sign up for both the checking and credit card just to get the $300 bonus. You’d also have to sign up for merchant processing to get an additional $200 cash bonus.
(The $200 bonus or Alaska points related to the credit card sign up bonus are entirely separate and of course you get those.)

Wong
Wong

I signed up for only the checking account ($300) and the credit card. I did not actually do this bonus, but just mentioned the potential profits from doing this offer.

artgriego
artgriego

I guess it’s YMMV …I’ve tried for biz cash rewards twice with great score (lol/24 though) and they always want documentation. 2 Merrill + personal cards with them.

Scott
Scott

This offer is now available on the Bank of America website. Click on Small Business from the menu and it as option. Still agree with Will that this isn’t BoA’s best offer but the option is there for anyone that wants to do it.

ay
ay

Other than the 2k offer, can you share the other BOA offers that were better?

MickeyMouse
MickeyMouse

I got the biz checking bonus last year ($200) then closed the account after 8 months. There doesn’t appear to be any language restricting me (ex: This is only available to you if you have not received it in the last 12 months) from getting the $300 bonus anything I’m missing?

John K
John K

Be the data point you want to see! Try it and see if you get the bonus. We’re rooting for you 🙂

Krista
Krista

“You must not be an owner or signer on a Bank of America business checking account that is open or that was closed in the last six (6) months.”..
.
” You must not be an owner or signer on a Bank of America credit card account that is open or that was closed in the last six (6) months. ”

You’re not clear about when you cancelled, but sounds like you might be good.

MickeyMouse
MickeyMouse

Did not see that part. Was closed in December. It goes by when the new account is opened so maybe I’ll try to lag out the paperwork until June? I already submitted the app that’s why.

Glenn
Glenn

Weird. When I go to the small business link on my browser, I don’t see the $500 bonus offer but when I check incognito, I do. Any idea why? I do not have any BoA accounts.

Lil Ol' Me
Lil Ol' Me

I was looking at the terms and conditions (regarding the required business credit card):

“Apply and be approved for a new small business credit card account and make at least $500 in new Net Purchases with your new credit card that post to your account within 60 days from the opening of your new business checking account. “Net Purchases” exclude any cash advances, transaction fees, returns and adjustments. You must not be an owner or signer on a Bank of America credit card account that is open or that was closed in the last six (6) months. The small business credit card you apply for may have an additional incentive not included as part of this promotion. Terms and conditions for this incentive may be different. Please review your disclosures before applying”

[B]You must not be an owner or signer on a Bank of America credit card account that is open or that was closed in the last six (6) months. [/B]

Is this basically saying you may not have ANY BoA credit card or have had one within the last 6 months in order for the credit card to be eligible. That could be a real showstopper right there.

Dani
Dani

I’m also confused on this language. I have the BOA Merrilll and BOA Premium cards so does that mean I can’t get this checking bonus?!? I need a BOA account soon to deposit 250k points. Any other options to cash out the points?

Rahul
Rahul

I had applied for their business card 2 months ago but they asked me to send business documents and tax return so I let it go as I don’t have valid business and just do eBay and Craigslist

BTW I have Chase, Amex and Citibank Business cards without any issues unlike BOA which sucks for Business card application

MoreSun
MoreSun

Same stupid boat, did you try anything to get around it or completely let it go?

J L
J L

I don’t have a legitimate business neither. I literally just went in the with my tax ID and business registration.

go in branch to check it out.
you will need to do a hard pull on your personal credit and IEN. fyi

Jay
Jay

Datapoint:

spoke to multiple business reps (via branch, chat and phone) incl supervisors and the ‘majority vote’ (so annoying to get differing answers all the time, but in the end ppl in charge seemed to agree) was that…

– if you applied within the last 30 days for a personal CC (in my case the Premier Rewards)
– the hard pull can NOT be re-used to apply for a business CC as a sole proprietor with a ‘business’

So sadly no double dipping for me with just a single hard pull… 🙁

Jay
Jay

Just to add to this:
https://www.doctorofcredit.com/card-issuers-that-combine-multiple-credit-pullsinquiries/#Bank_of_America

Everyone I contacted was in agreement that personal CC application followed by another personal one within 30days would only use the initial hard-pull.

Regarding the “YMMV” in above’s link, the last supervisor I spoke to said sth. about it not being possible (combine personal+business) since me being a sole prop. and therefore filling in the “guarantor field with my SSN”, which wouldn’t be the case for a LLC application.
(received so many conflicting answers within last few days though, I’m not sure)

Yoni
Yoni

I’ve been mulling this but I found DP’s that BofA use EXP for Personal cards and HP EQ for Biz cards.

Also from walking thru a trial application it looks like only three Biz cards meet the qualifier “Platinum Visa® Business Card, and Business Advantage [either Cash or Travel] Rewards Mastercard® none of the other BofA Biz cards count. I had been thinking about Applying for the Alaska Biz for the 30k and Companion pass.

Also concerning is the as @Lil Ol’ Me pointed out “[B]You must not be an owner or signer on a Bank of America credit card account that is open or that was closed in the last six (6) months. [/B]

Is this basically saying you may not have ANY BoA credit card or have had one within the last 6 months in order for the credit card to be eligible. That could be a real showstopper right there.”
I have an open Alaska personal card, so that language in addition to the limited card choice (if available and even would count).

Had an appointment (with what I thought was a BRM at a local BofA this afternoon, but it turned out otherwise, (wanted to make sure before going though the motions). So they contacted the BR, who is supposed to F/U tommrow.

vipul
vipul

“[B]You must not be an owner or signer on a Bank of America credit card account that is open or that was closed in the last six (6) months. [/B]”

If somebody finds out regarding this, please do post. I am holding off only because of this

Dani
Dani

I’m also confused on this language. I have the BOA Merrilll and BOA Premium cards so does that mean I can’t get this checking bonus?!

Yoni
Yoni

Working with a branch Manager found two things:
She called and “got the code needed for this promo” (so apparently thier is a code needed -sounds like it could something generic like SB500promo – I’m speculating but will try to get it when I go in this morning.

Branch manager was extremely helpful, I told her I was concerned about fine print, she read over because she thought that it was also vague and not clear (initially thought it might have been an online only offer).

Also when she followed up the following day with info about code, we also read over the open card last six months fine print and so she said she would find out (Friday) on Monday she called and confirmed that it was referring to small biz cards and not BofA personal (also heard that Biz pulls EQ not EXP – will find out soon). I went though a mock app online and it only offered the non co-branded biz cards she said that it should be any BofA Biz card . Also said that she would make sure that she made sure I got the bonuses.

Little back ground set up an appt in branch last week because I thought it was with a Small biz specialist, but apparently you have to check payroll or small biz credit/loans to be directed to set up an appt with SBS (at a branch with a FT SBS).

Dani
Dani

Thank You Yoni!!!!

Yoni
Yoni

@Dani William Charles There is a “MORS” code I will email the screen shot to Will with information as it is semi-targeted despite being publicly advertised (so unless the online application somehow code the promo automatically -you need a code for the MORS system).

Yoni
Yoni

Update: Here it OCR of the offer and code – I emailed the original to Will to post.

Also was denied called biz recon said because my TU was frozen (unfrozen while on the the phone – then the Credit analyst – did a Chase biz like recon asking standard Biz question annual revenue source of income, why applying for CC, operating at P/L etc. – I think it was came up because I called in, otherwise I imagine would have been approved/denied by application information alone. BTW last Aug when I applied for the Alaska card they only pulled EXP, so maybe the EQ/TU for business depends on where your located. I opened the Alaska as it was far more valuable with 30K miles and the $99 companion fare than the $200.

Here is the “MORS” code and the language of the offer with code.

Bank of America I Flagscapce I Consumer & Small Business I News (Header)
“……… Earn $300 + $200 = $500 total graphic”

• Apply, be approved for and open a new small business credit card account and
spend at least $500 On the card within 60 days 01 opening a new business checking
account.
• Apply, be approved for and activate a Bank of America Merchant Services account
and settle funds totaling a minimum of $1,000 Into the new business checking account
within 60 days or opening a new business checking account
$300

• All accounts must be entered into MORS with the correct offer code SMRMOR; if this step is
not completed, the client will not be enrolled in the offer. • r
• Provide Printable Customer Handout (PCH) to clients and walk through offer details.
• Follow up with clients during their eligibility period to remind them of the product qualification
requirement to earn the full $500 bonus.
• If clients do not meet timing and qualification requirements, they will not receive any
incentive payout.
• Offer is limited to one per business owner or entity, regardless of the number of business:
owned or operated by the client.
• Use this offer to introduce clients to Business Advantage Relationship Rewards where they
can get additional benefits and rewards as their business grows.”

Glenn
Glenn

Applied two weeks ago, was approved, mailed debit card, etc. When I went to apply for the Small Business credit card, it must have triggered something because the account got closed by the risk dept. Credit is fine, did the sole proprietor stuff so the only thing I can think of is having very recently having another hard pull before credit card application. That being said, why not just reject that instead of closing the checking account?

MoreSun
MoreSun

Dang! Also got dinged with a requirement to send in a business name filing document or business license. Used my first last for business name, sole-prop, used ssn as tax-id. Listed 2k as revenue, in CA- maybe those matter? I’ve tried sending an email with my ref# saying I don’t have these as they aren’t required by the state of ca but I doubt they’ll let my app through.

MoreSun
MoreSun

And they hard hit my credit. So they processed part of my app at least. Grrr…

MoreSun
MoreSun

Oh duh, I have no existing relationship with them. I had a checking account but closed it last year, maybe that’s why the extra scrutiny?

Dennis
Dennis

Where did you find an email address? They often auto approve and don’t ask for anything. If it goes into pending it seems they are sending out a generic letter not taking the type of business into consideration.

MoreSun
MoreSun

It was at the end of the app where instead of an approval message it told me what docs I needed to send in order to complete my application and it was listed in the email they sent me stating the same. A few people on Reddit have had similar experiences apparently, 2 were approved within a few days and didn’t do anything, 1 had to submit 2 years worth of taxes. Guess I’ll know in a few days.

Dennis
Dennis

What’s the email address?

MoreSun
MoreSun
Dennis
Dennis

Thank you 🙂

MoreSun
MoreSun

Fwiw they apparently have multiple email addresses (but not the same) to send things to. I have been give 2 other similar email address over the last couple weeks, one on the phone and one in the letter I received. I asked the rep on the phone today and they said they have multiple email addresses that go to one box.

tribesman55
tribesman55

Would you by chance have a link to those reddit comments? I applied today and got the same pending message as you.

MoreSun
MoreSun
MoreSun
MoreSun

Approval for the checking account came through today. No word on credit card.

Joe
Joe

Approved yet?

MoreSun
MoreSun

No, I received a letter dated when my checking account was opened requesting a TON of business related documents and 2 years of personal tax returns within 30 days. I called the number they provided and the person said it’s computer generated and looked up my application and said that I didn’t have to submit the business documents, just the 2 years of personal tax returns and gave me the email address to submit them to (which was different from the one in the letter). I wrote the email address and said I am not comfortable submitting 2 years of my personal tax returns so they can go ahead and close my application. I haven’t funded the business checking account yet thankfully so I will just close it as soon as I receive confirmation BoA has denied my credit application.

MoreSun
MoreSun

Never heard back beyond an auto-generated email. Called today and they said apps stay active for 90 days (but I read they have to HP again at 30) and mine was still active. Rep wasn’t very knowledgeable so idk if I would trust that 90 day thing.

I caved and sent my taxes while I’m still in the 30 day window. I would like to establish a relationship of any kind with BoA for credit cards so I figured I’d have to pony them up sooner or later to do so. Gonna be a heck of a discussion if they’re concerned about income not matching what I claimed (only part-time employed before this year) and last year’s taxes detail my bank bonus chasing habits, idk if they care about either of those things so will report back.

Joe
Joe

Ahh ok so I applied today and got in the same situation… Requested biz docs and pulled EQ instantly. I’ll wait it out and see…

MoreSun
MoreSun

May you have better luck than I! I called to check my cc status and they said they got the docs but it was still pending for the analyst to review & she’d get back to me if they need anything else.

Joe
Joe

So checking approval just came in. I could not care less about a checking approval without a biz card approval. I think Biz card was denied… will call around

MoreSun
MoreSun

Some people get approval on the cc a bit later. Others get a letter saying send us all these business docs & 2 years of taxes. Entirely possible you’re still in the running. And yeah, I’m shutting this thing down ASAP if I don’t get the cc as well.

Joe
Joe

That’s what I’m reading on here / reddit… Called in and it was declined, but I have the option of opening a CD to make it a secured card, and bonus is still honored? Will definitely do that, assuming I don’t need to do the tax route. Will keep everyone updated once the letter comes.

MoreSun
MoreSun

That’s a common BoA response. I was not given that option yet. Numerous DPs of people having to do that on Reddit.

MoreSun
MoreSun

Luckier than I. I was denied because my business hasn’t been around long enough and I have sufficient amounts owed. WTF any of that means for my ebay sole prop I have no idea. FICO 766, $2k in student loans, 5% credit utilization. I called and they said they do not have the option to make mine a secured card and the rep made it very clear that was it, nothing else to be considered here.

Knew this was a risk going in, win some lose some. I transferred the money in my checking account out and will close it next week when that clears.

Joe
Joe

Sorry to hear. I have no idea how I was approved. I met the $500 spend with a Simon VGC and got the $200 bonus already for the cash rewards card. (I applied for the travel rewards card for $250 and the cash rewards for $200 and they wouldn’t let me open a CD for the travel rewards, only the cash rewards :/ ). Anyways, deposited $5k last week, just waiting for bonus now.

Definitely a YMMV bonus with no rhyme or reason to approvals… I got lucky and wasn’t expecting an approval without hassle or “biz docs required” to begin with, but I’ll take it!

MickeyMouse
MickeyMouse

Anyone do the merchant services?

If so what does it cost and what do you get on their lowest plan? (Or if you have a link to it).

Was just in branch I asked and they knew nothing about merchant services at all not even a brochure…

J
J

I did a mock application walk through for this and there’s a checkbox for additional applications (The Business Credit Cards). They only listed the BofA non-cobranded cards in this section.

Has anyone received the bonus for apply for the Alaska Biz instead? Or do I need to apply for the checking account and credit card in the same app?

AkJohnny
AkJohnny

if this was just a biz checking bonus I would be all over it. but it’s not… so I won’t.

tribesman55
tribesman55

My $300 posted exactly 3 months after depositing the 5k in my business checking. I had already met the $500 on the business CC spend requirement a couple days before that.

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