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Update on Bank of America Checking Account Bonuses

POSTED ON BY

Bank of America

Update 8/23/2010: The expiration date has been moved to 12/04/2010.

Bank of America's $100 USPS movers checking promo appears to be no longer available. However, Bank of America still has its $75 checking account promotion for BofA credit card customers. Here's the promotional page link, and here's a summary of the offer:

  • 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 6/26/2010 12/4/2010

For those who are not BofA credit card customers, you can get up to a $75 bonus for signing up for BofA's Cash Rewards Visa Signature Card. And for those who want to make a little more money from BofA, you can sign up for Bank of America's Keep the Change program. You'll have to use your checking account debit card a lot in the first 3 months for this to be worthwhile. Another small perk for BofA debit card and credit card customers is its Museums on Us program.

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
10 Comments.
Comment #1 by Anonymous posted on
Anonymous
Be on the lookout with this offer. I applied and got a letter denying the $75 bonus. It took three calls for someone to finally approve it, although I'm still waiting for the money.

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Comment #3 by Anonymous posted on
Anonymous
If you have a thin credit history, BofA will likely do 2 hard pulls (EXP). Happened to me a year ago doing this promotion

1
Comment #4 by Anonymous posted on
Anonymous
Don't expect to collect the bonus.  Bank of America advertises bonuses to sign up new clients, but is NOT in the habit of paying them.  They still owe me $250 worth of bonus points, for a signup bonus I was entitled to on signing for their credit card.  Never paid.  Two years later, 17 phone calls, repeated promises to send out the check, and I still have not seen the $250.  I ended up closing the credit card after the first 1 1/2 years, because I will never do business with BofA again.  Avoid this bankster company like the plague!

1
Comment #5 by Anonymous posted on
Anonymous
Never got my "past" bill pay bonuses or any other past bonuses.  Bank of America  is a stinking corp.

1
Comment #6 by Jack (anonymous) posted on
Jack
No go on the UPS Movers promo for $100 that I signed up for back in January 2010.

On my account, BOA open by account but for some reason didn't process my my $500 deposit opening deposit in time.

On another account for relative, the $500 deposit was processed but never got the bonus. They said they couldn't find the bonus. Then finally found the UPS mover and said it expires 12/2009. BS. Make like 6 phone calls and escalated multiple times.

So got ****ed over with two fail bonuses.

On the bright side, the Chase bonuses have all worked.

 

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Comment #7 by Monique (anonymous) posted on
Monique
I just applied for my account since my husband's account, which he opened about 3 months ago, just gave him $75 this week.

But I have to agree, Chase is easier to get bonus, $100 or $125, as long as you did not get the same bonus within 12months.

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Comment #8 by Anonymous posted on
Anonymous
I would advise all to be very careful of these BOA promotions.....even when you read the fine print BOA will find a way to say you don't get the promo. I will never open a BOA account again as they refused to honor my promotion. And yes.....I did everything to qualify. Be warned!

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Comment #9 by larkin (anonymous) posted on
larkin
It looks like BOA dropped the waiving of the monthly fee if you open on-line.  Fine print #2 says there is no monthly maintenance fee/service charge with a qualifying direct deposit to your account or if you maintain an average daily balance of $1500, during each monthly statement cycle.  There is nothing about opening on-line.  I believe that option went away when they launched ebanking.

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Comment #10 by bankshoppers posted on
bankshoppers
BOA is too big, unfriendly, and uncaring.  When I had a problem that THEY caused I tried to get it fixed in the branch.  The branch made me call an 800 # and the rep had the nerve to call me negative names.

BOA does have an incredible ATM network.  Best best is to "use" them for their ATM access but keep most of your money elsewhere.

 

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Comment #11 by Anonymous posted on
Anonymous
Bank of America didn't take their words for the promotions for spending $500 you get a bonus of $400.  i got a call from one of their individuals indicating that if i spent $500 i will get the $400 as a bonus to my account and can apply that bonus amount to my outstanding balance in $500 or greater...after spending $500 and have enough of waiting...i called and was told that there was no such a thing we would give you the promotions...and sorry for the inconvience.  i will pay for the spending amount and then close the account immediately.  they will never hear from me as a customer in the future.  i'm writing to let you know that make sure you get it in writing, not over the phone when they call you up for such an offer.

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