Dedicated to Deposits: Deals, Data, and Discussion

Signup Bonus for Bank of America Checking Account

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Bank of America is offering a $50 bonus for opening a MyAccess Checking account. The main drawback of this account is that it requires direct deposit to avoid a $5.95 monthly service charge. Besides this issue, it seems like a good deal. Only $25 is required to open the account and there are no minimum balance requirements. It appears that current Bank of America customers can also take advantage of this deal. This reward incentive expires on 11/30/2005. Here's the promotion page with the official details. This page is linked from BOA's MyAccess Checking page.

This deal was discussed at this Fatwallet thread. It was mentioned that a transfer from an ING Direct account into this account counts as a direct deposit transaction. One transfer per month can satisfy the direct deposit requirement.

Online Bank Transfers and Direct Deposit

There's actually a long thread at Fatwallet that discusses which banks count ACH transfers from ING Direct or other places like PayPal as direct deposits. On page 7 of the thread, a detailed description of direct deposit and ACH was posted. ACH transfers have codes which classify the type of transfer. One common code is PPD (Prearranged Payment and Deposits) which is the code for both direct deposits and transfers like what's done using ING Direct. So banks may not be able to tell the difference. However, I suppose banks could black lists financial instutitions like ING Direct, and prevent transfers from them to count as direct deposits.

I guess the worst that could happen to you is that the bank wouldn't consider the ING Direct's transfer as direct deposit and would charge you a monthly fee. In that case, you can always close the account. Just make sure there's not a high fee for closing accounts.


Comments
Comment #1 by Marion Alphonse (anonymous) posted on
Marion Alphonse
Excellent, that was really well explained and helpful

1