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Bank of America Checking and Credit Card Bonuses

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Bank of America
Bank of America has a $75 checking account promotion for BoA credit card customers. Here's the promotional page link. Last year, I posted on a similar promotion. Unfortunately, the bonus amounts are going down. It was $100 last year. Here's a summary of this new promotion:
  • Open a new MyAccess Checking account online with offer code CH75TAD
  • Fund your new account with $25 within 30 days
  • Receive your $75 within 90 days of account opening
  • Online-only offer for Bank of America credit card customers only
  • Make sure Offer Code CH75TAD appears in the application

And here is some of the important small print:
  • MyAccess Checking has no monthly maintenance fee when opened online
  • offer does not apply to current checking customers
  • offer expires on 11/30/2008

Many have reported that Bank of America does a hard credit inquiry on your first checking account. No additional ones are done for subsequent accounts.

Here are some of the readers' experiences and suggestions with this promotion from last year's comments:
  • You should monitor your statements to see if a fee is charged. Save the promo page and other paperwork and be prepared to dispute.
  • By and large, branch personnel are clueless as to what's being offered on the web. Your best bet is to follow the online instructions, and open the account online.
  • I opened an account online using this $100 promo code in mid-April. I deposited $40 at the end of April into the account. In mid-May, I got the $100 credit. I have not been charged a fee for the account, even though a disclosure about MyAccess they included in the mail when I opened the account suggested there would be a fee without direct deposit or bill pay
  • 2 months after opening the account with the promo code, they started charging the $5.95 fee for My Access. I called and talked to customer service and they waived the fee and noted on my account that there should be a fee waiver. The person told me that the waiver would last 1 year and then I would need to call in again to reactivate the waiver for another year.

Bank of America also has a $50 checking account bonus that's available for non-credit card customers (see post).

Bank of America's Keep The Change Program

If you do sign up for this checking, you may also want to enroll in Bank of America's Keep the Change program. If you can use the debit enough in the first 3 months, you should be able to make $250 from this program. You do have to wait a year to receive this bonus. Let me know in the comments if you've had success with this.

A savings account is required for this KTC program. As is typical, most of their savings accounts pay practically no interest. You can get a little higher interest on their MyExpressions Money Market Savings Accounts. Last year this money market account was paying well over 5%. Now it's paying only around 2.40% APY (see post).

Bank of America Credit Card Bonus

Bank of America often has $50 bonuses for its credit cards. Every now and then you can get a bit more. Here's one in which you can earn $80. It's for the MLB Extra Bases MasterCard Credit Card, and it's being shown on BoA's credit cards page. You can get 10,000 bonus points after your first qualifying purchase using the credit card. As you can see on this rewards page, 10,000 bonus points can be redeemed for $80 cash in addition to Mets merchandise. The small print for the bonus is contained in the Terms and Conditions. Here are the important details:
To qualify for this offer, your new account must be used to make any combination of purchase, cash advance or balance transfer totaling at least $75 (exclusive of transaction fees, if any). Please allow 8-12 weeks for the 10,000 bonus points to be credited to your account after qualifying. ... You may use your bonus points to redeem for the jersey or for any other available redemption.

Credit for this credit card bonus find goes to this SlickDeals thread.

  Tags: checking account, Bank of America

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Comments
11 Comments.
Comment #1 by Anonymous posted on
Anonymous
$75 checking account is a scam for those who think they will be able to permanently forgo fees on the account.

It says specifically they can change the offer at any time. That means that they can begin to charge fees if you don't have enough to bypass minimum balance fees.

And knowing Bank Of America they will indeed charge fees in the future which will eat up earnings. So lets say you make $75 on this offer, you may get charged on a per month basis.

Because of the wording in the fine print, I believe one should avoid this offer.

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Comment #2 by Anonymous posted on
Anonymous
I applied at the branch for a promotion they had for $250. you get back if you follow all the codes and disclosure information. Which I did.

I only had to spend $250. in charges but spent over $1500. and thought I had no problems.

It took almost one year to get the funds I should have gotten in two months. Many phone calls and excuses like you obtained the wrong credit card, which they gave me, to it had been discontinued before you received it.

I went into the branch and made numerous phone calls. Finally, the rep who opened the account went to bat for me and demanded that they pay me.

I will NEVER do business with Bank of America again.

I had heard all the stories and postings and said not me, I can handle this.

Buyer beware they are notorious for dragging these promotions out hoping you will let go.

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Comment #3 by Anonymous posted on
Anonymous
I am no fan of BOA but I have done several of these promotions and they have paid the bonuses every time without argument or me even having to call them. I have taken advantage of both the credit card bonuses and the My Access Checking account bonuses. I just thought I should post my experiences with these bonuses since the only other posters all had negative experiences.

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Comment #4 by Anonymous posted on
Anonymous
I'm no great fan of BofA.... They were a very good bank for me...in terms of BASIC services like main checking account and easy ATMs...when I lived in CA... Tho I never deposited large amounts with them...because usually their interest rates sucked... However, now I live abroad and they are useless for anyone living outside the U.S.

Having said that, I applied for and received two of their credit cards a few months ago...during a time they were having the web promotion for $100 and/or $75 back after minimum purchases using the new cards. They ended up crediting the bonuses to my account right on time at the end of the first month, without me having to do anything... So, can't complain about that... Lately also, the interest rates on their cards typically have been 9.99%, which is pretty good as a non promo rate.

1
Comment #5 by Anonymous posted on
Anonymous
" This offer may be withdrawn or modified at any time without notice. "

I take this to mean the no minimum balance requirement on the account.

I did not do other offers from Chase and the like including a $125 offer. The take on the bonuses are small and they require steps that don't pay to take. The Bank Of America $75 could mean longer term problems down the road with fees tacked on.

The only reason I use Bank Of America is because I have used the MBNA Bill Pay feature for multiple years now and they have not discontinued the feature. However I will not and do not use the Credit Card for anything else since they keep modifying terms and conditions which are more and more unfavorable to me and if they cancelled the MBNA bill pay feature I would no longer use Bank Of America anymore.

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Comment #6 by Anonymous posted on
Anonymous
I haven't had too much trouble with my BOA bonuses. The most recent one was deposited after I emailed an inquiry as to its status. I was able to self-refer and get a referral bonus ($25) as well as the bonus BOA was offering on a new small business checking account.
If you'd like an additional $25 referral bonus when utilizing one of these offers, email me at tsmyr@earthlink.net.

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Comment #7 by Jeremiah (anonymous) posted on
Jeremiah
Here's an interesting tidbit about bank of america:
If you don't have any offline transactions on your checking account within a 9 month span (even if you have incoming and outgoing transfers online) then they mark your account as "dormant" and remove all your access to it. despite the fact that I just ach transfered a large sum the day before.

No notification whatsoever. just the next time I logged in, my account was nowhere to be found.

It's my fault for not writing checks, they tell me.
Now I have to visit a branch and make a physical deposit or withdraw to "reactivate the account"

I gotta tell you, it feels like Bank of america stole my wallet and are now holding it for ransom.

I'm very angry.

Thanks for letting me vent.

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Comment #8 by Jeremiah (anonymous) posted on
Jeremiah
I should say: "despite the fact that I just ach transfered /deposited a large sum into the account the day before"

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Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Did they say this is a new dormant account policy? In the past ACH transferes seemed to be adequate to prevent dormant status. Forcing customers to do offline transactions like this is definitely a bad policy, and it's made worse without giving you notification.

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Comment #10 by Anonymous posted on
Anonymous
I was told while making application to buy a CD that the date of the CD would be the date of the application. Now BOA says the date is the date of transfer of funds which cost me 8 days of interest and I told them they were a "dishonest business" in my opinion and to cancel the CD application!!!!!!!

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Comment #11 by Anonymous posted on
Anonymous
Thanks Bank Guy, I just used the promo link and it worked. Also, very cool blog you got going on, I'll definitely be coming back to check out other bank deals.

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