Bank of America is offering a $50 bonus for opening a MyAccess Checking Online. Here's the promotional page. In the online application, make sure to enter the offer code GROUP50. Account must be funded with a minimum deposit of $25 within 30 days. Some of the important small print includes:
- Offer expires on 12/31/2009
- Offer valid only for new MyAccess Checking accounts
- You will receive your $50 credit to your new account within 90 days of opening your new personal checking account online
- Limit one $50 incentive per household every 6 months.
- The value of any premium may be reported to the IRS.
Bank of America had long been offering a $50 checking account bonus related to the USPS. My last post on this was in December. The promotional page for that offer still shows an expiration date of 2/27/09. A reader reported seeing ads from Bank of America for another $50 checking account promotion. This was in the San Francisco area so it may not be available nationwide.
Update: Andy from Bank Bonuses just mentioned another $50 promotion that's only available at Bank of America branches. Here's the promotional page. Mention offer code XDUGASINT. It requires that you maintain $125 minimum balance and monthly direct deposit for 60 days. Offer expires 4/06/09.
According to small print of this new promotion, MyAccess Checking has no monthly maintenance fee when opened online. Make sure you keep an eye on your statements to make sure no fees start popping up. You might want to make a copy of the application where it states that the MyAccess Checking will be free. BofA also charges for things that you might expect are free. For example, if you make an outgoing ACH transfer, there's a $3 charge (see BofA page).
Hard Credit Pull
Many have reported that BofA does a hard credit inquiry on your first checking account. A reader noted in a previous BofA post that he received two pulls when he did this promo in early 2008. A hard credit inquiry can ding your credit score a little for a few months.
One other note about Bank of America checking is that if you want online access, make sure you sign up for a debit card. You'll need that to gain online access.
Other Bank Bonuses
Refer to my Bank Bonus Page for all of my recent posts on checking account bonuses.