Dedicated to Deposits: Deals, Data, and Discussion

$50 Checking Account Bonus at Bank of America

POSTED ON BY

Bank of America
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.
Credit for this find goes to this iBankDesign thread. One thing you might noticed is that this promotion appears to be targeted to Bank at Work participants. I asked the Bank of America CSR via the online chat about the offer code GROUP50, and he confirmed that it is a valid offer code for the $50 bonus. He also said that nothing else would be required. So it appears Bank of America is not restricting eligibility of this bonus to only Bank at Work participants. As always with Bank of America bonuses, your miles may vary.

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.

Fees

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.

  Tags: checking account, Bank of America

Related Posts

Comments
11 Comments.
Comment #1 by Dude (anonymous) posted on
Dude
You said that BoA charges for ACH transfers. If I initiate an ACH transfer from my free Wamu checking, will I still be charged for withdrawing from BoA?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It's only if you initiate the ACH transfer from within your BofA account. ACH transfers initiated from another bank shouldn't be charged a fee.

1
Comment #3 by Anonymous posted on
Anonymous
A couple weeks ago, when I called Countrywide to close out my money market account, I was presented with a deal of $50 in return for opening money market & checking accounts with Countrywide's parent, BofA. Like this MyAccess Checking deal, the $50 would appear in my account 90 days from the time of initial deposit, which could be as small as $100, or so I was told. I asked if confirmation would be forthcoming and agreed when the CSR said confirmation would indeed appear in the "welcome kit."

So far, I have found BofA very fragmented, difficult to deal with, hardly customer friendly, hardly worth the $50. I’ve received about five separate mailings but there's been no single "welcome kit" per se nor confirmation of the deal. When I inquired at a branch, I was told there was no “promotion code” in my account indicating such a deal. The bank reps also said they at the branches were not equipped to help as I indicated the accounts were established through the phone, a separate, non-branch channel. Upon calling the 800# listed in the mailings, I’m told by the CSR that I would have to speak with a special department. She transferred me to this department where I got an automated recording saying they were already closed for the day. This was mid-afternoon central time! Arrgh!

At this point, I’m inclined to just close out the accounts and not even bother with the initial deposit.

1
Comment #4 by Andy Hough (anonymous) posted on
Andy Hough
I just posted on my blog another bonus they have available. They have a $50 bonus using the promo code XDUGASIN that must be opened at a local branch. The promo page is located at http://promo.bankofamerica.com/checking_50/.

1
Comment #5 by BloggingBanks (anonymous) posted on
BloggingBanks
Andy,

This other deal seems to be for business customers, isn't that true?

Offer applies to a new Small Business checking account opened before April 6, 2009

1
Comment #6 by Anonymous posted on
Anonymous
The comment about needing a debit card in order to get online access to Bank of America is not true. I have had a checking account with Bank of America for many years (when they merged with Nationsbank in my area) and I have never been issued a debit or ATM card with the account. I can use the online bill paying service and have done funds transfers for a long time with no debit card.

1
Comment #7 by Anonymous posted on
Anonymous
is this avail to existing account holders?

1
Comment #8 by Scott (anonymous) posted on
Scott
BofA bonuses are usually available to existing credit card account holders but not those who already have checking accounts.

FYI, I did a $75 promotion with them last fall and after consistently calling and emailing them for 30 days beyond the 90 day period they quote, I did finally receive a $75 check in the mail (not in my account).

1
Comment #9 by Anonymous posted on
Anonymous
i have found boa not the most honest to deal with..i had free checking account with balance of over $750.. my balance never was less than $7000..!! faithfully every month my account was debited a $8, service charge,,when i called customer service and closed account i was told ''oh were sorry we will refund the charge''' nooo thanks i dont need u i replied

1
Comment #10 by Andy Hough (anonymous) posted on
Andy Hough
Blogging Banks- maybe they serve a different promo page by region. The promo page I see doesn't say anything about small business customers.

1
Comment #11 by BANKMODE.com (anonymous) posted on
BANKMODE.com
Not as much, but I just submitted an article about a new $35 bonus BOA has. Check it out!

1