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Bank of America $75 Checking Account Bonus for Existing Credit Card Customers

POSTED ON BY

Bank of America
Bank of America has a $75 checking account promotion for BofA credit card customers. Here's the promotional page link. Here's a summary of this new promotion:
  • Open a new MyAccess Checking account online with offer code CH75OL1
  • Fund your new account with $125 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 CH75OL1 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
  • Limit one $75 incentive per household every 6 months
  • offer expires on 12/04/2009
I've posted on similar promotions in the last couple of years. Credit for this latest find goes to FW member bakalao2k who posted it in this FW thread. For those who are not BofA credit card customers, there's a $50 checking account bonus that's still available (see post).

Watch Out for 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.

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

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Be aware that, if you have Billpay Choice (the old MBNA bill pay system) and you open a BofA checking account, it will be replaced with Bank of America's own bill pay system.

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Comment #2 by Anonymous posted on
Anonymous
I opened an account yesterday. I chose not to fund it at that time, as we are given 30 days to fund it w/$125. Today, while the account shows online, I can find no where to set up the funding. The CSR I chatted with was no help. Does anyone know how to fund it with a debit card or external linked account?

1
Comment #3 by anonymous77 (anonymous) posted on
anonymous77
My impression from my own experience and from what I've read is that BofA has to be watched like a hawk to ensure fulfillment of its 'bonus' offers.

I have never had a problem before with bonuses of his type with any other bank, but with BofA I am really having a time of it getting the bonus that was promised with a ready smile but for reasons no one at the Bank seems to be able to figure out, isn't turning up in my account well after the date when it was due.

1
Comment #4 by Anonymous posted on
Anonymous
Apparently if you have a checking account with them you can close it, then after a while open a new one to get the bonus.

1