Business Checking Bonus of up to $2,500 In Branch at Bank of America
Bank of America has a great offer for business owners. You can get as much as $2,500 in bonuses when you go in branch and ask about the offer. There’s no public link for this, so the only way to get it is to talk to a small business specialist.
The Offer
- Receive a $1,000 bonus when opening a Business Advantage checking account plus one of the Select Business Account listed below. You also must deposit $50,000 of outside funds into the checking account within 90 days
- Receive and additional $500 for opening each of the other three accounts listed below; open three for an additional $1,500 bonus ($2,500 total bonus)
These are the four Select Business Account that you can choose from to go along with the Business Advantage checking account:
- Small Business Credit Card: Apply, be approved and spend at least $2,000 on your small business credit card within 90 days of opening your Business Advantage checking account.
- Business Term Loan: Apply, be approved for and and open a new term loan within 90 days of opening your business advantage checking account.
- Business Line of Credit: Apply, be approved for and and open a new line of credit within 90 days of opening your business advantage checking account.
- Bank of America Merchant Services Account: Open and activate a merchant services account and settle $10,000 of funds into your Business Advantage account within 90 days of opening it.
Fees
The Business Advantage checking account has a monthly fee of $29.95 which is waived for the first three months. After that you have these options to waive it:
- $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 (be sure the credit card is linked to the bank to get the fee waiver; people have had problems with this in the past)
- Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service
Key Terms
- Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist
- New Business Advantage checking account must be opened by 2/28/2017
- You must not be an owner or signer on a Bank of America business checking account that is open or that was closed within the last six (6) months.
- Cash bonus will be deposited directly into your Business Advantage Checking account within 90 days from the end of your qualifying period.
- Your account does not qualify for the bonus until you provide all of the information we require in connection with opening the account by the promotion end date. This includes information we require to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W-8 (as applicable).
Analysis
The maximum bonus that you can receive is $2,500, but you have to open a few different account to get it. The easiest part of it is a $1,000 bonus for opening the Business Advantage checking account and a BofA credit card. Credit card must be linked to business checking account. You would also get the credit card sign up bonus, separately from this bonus, so that should add up to at least $1,200. Don’t gorget that you also need to deposit $50K into the checking account.
Then you can try opening the other three accounts if they make sense for you, to get $500 bonus for each one of them.
Conclusion
This is a great bonus, and requirements are relatively easy for part of it, as long as you have the money to fund the account. Not everyone has $50K lying around, but if you do and can keep them in the account for 90 days, then I would definitely visit a branch ans ask about this offer.
HT: Doctor of Credit
Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card is the old king of travel rewards cards. Right now
bonus_miles_full
Learn more about this card and its features!
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
What a crock. BOA will claw back all the incentives in misc. fees within 6 mos. …and that is if you get approved for all the credit applications…using a personal guarantee. Look elsewhere.
As a small business (“C” corp. with multiple owners) who has banked w/ BOA for the past 10 years, we are doing everything we can to move our business elsewhere. Customer satisfaction is zero here. Their small biz programs are only tailor to sole-proprietors and “C” corps who do $25M/yr in revenue. Nothing in between. If you want biz credit of any sort with them, even a biz credit card or secured line, be prepared to put up personal guarantees from EVERY owner of the business. Do even get me started on their deposit holds.