Bank of America's $220 Checking Account Bonus

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• Other Bank of America Bonuses and Perks
• Trouble Receiving Bank of America Bonuses
• Bank of America Fees
• Hard Credit Pull
• Other Bank Bonuses

Update 12/08/2010: The expiration date has been moved to 1/21/2011.

Bank of America has a new checking account promotion for BofA credit card customers. Here's the promotional page link, and here's a summary of the offer:

• Open a checking account with offer code CHC220OL using the online application
• Establish Direct Deposit within 3 months and receive $100 in statement credit to your credit card account
• Pay your Bank of America credit card online from your new checking account and earn a $20 credit card statement credit - every month for up to 6 months

And here is some of the important small print:

• This offer expires 12/4/2010 1/21/2011
  
• available to existing Bank of America credit card customers whose accounts are open and in good standing who do not currently have a personal checking account
• Your statement credit(s) will be applied to your credit card account within 60 days after the date of each qualifying transaction

Thanks to the reader Tom who posted on this promo in this DepositAccounts forum thread.

Other Bank of America Bonuses and Perks

For those who are not BofA credit card customers, you can get a 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.

Trouble Receiving Bank of America Bonuses

Readers often comment on problems with past Bank of America promotions. It can take patience and persistence to receive the bonuses. The bonuses that I've received only came after reminding them using their online message system. Others have had to make many calls to a banking rep. Not everyone has been successful.

Bank of America Fees

It used to be that the MyAccess Checking account had no monthly fees when opened online. That is no longer the case. There is no monthly maintenance fee with a qualifying direct deposit to your account or if you maintain an average daily balance of $1500, during each monthly statement cycle. Otherwise, the monthly fee is $8.95. Another checking option is the eBanking account. This is free of monthly fees if all deposits and withdrawals are made electronically or at ATMs (no in-branch transactions). Also, it requires paperless statements through Online Banking. Otherwise, the monthly fee is $8.95. Please refer to BofA's checking account overview for more details.

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.