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Bank of America Advertising a $100 Checking Account Bonus

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Bank of America

If you can live with potential fees, you may want to consider a new $100 checking account bonus that Bank of America is advertising on its home page. Thanks to DA reader larkin who mentioned this in the forum. Details of the offer are listed in this BofA promotions page. There appears to be two slightly different offers for two groups of states. The offer codes are different and one has a $2,000 direct deposit requirement while the other doesn't list a specific amount for direct deposit. For both cases you must not have had a BofA personal checking account within the last 6 months. Accounts can be opened online or at a branch. The offer is scheduled to end on June 4, 2012.

Below is the small print for the following states: AZ, CA, CT, DE, GA, IA, IL, IN, KS, KY, MA, MD, MI, NC, NJ, NY, OK, TN, VA:

To receive the $100 bonus: (1) open a new Bank of America personal checking account in a banking center or online with offer code UAZHME and (2) set up and receive a qualifying Direct Deposit to your new personal checking account within 90 days from account opening. A "qualifying Direct Deposit" is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account.

Below is the small print for the following states: AR, DC, FL, ME, NH, NM, TX, WA:

To receive the $100 bonus: (1) open a new Bank of America personal checking account in a banking center or online with offer code SZEHME and (2) set up and receive at least $2,000 in qualifying Direct Deposit(s) to your new personal checking account within 90 days from account opening. Qualifying Direct Deposits must be deposited into account within the same calendar month. A “qualifying Direct Deposit” is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account.

A $100 bonus may not be worth the hassles of dealing with BofA. You can read about the new fees being rolled out in my post on Bank of America Checking Account Fees.

There's the additional bonus opportunity with BofA's Keep the Change promotion in which you can earn up to $250 during the first 3 months. You can read in this FW thread how people have been able to make $1,250 from this program. This Keep the Change program has been around for a while so it appears BofA is willing to tolerate the few people who max out the bonus. However, you never know when a bank will start cracking down on people gaming the system.


  Tags: Bank of America, checking account

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Comments
9 Comments.
Comment #1 by Jeffry Pilcher | The Financial Brand (anonymous) posted on
Jeffry Pilcher | The Financial Brand
Isn't the monthly fee for BofA accounts now at $12.50? It's at least $8.95, so you're getting the first 11 months free.

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Comment #2 by Anonymous posted on
Anonymous
Their eBanking account has no fees as long as you do everything electronically, which I think is actually preferred by anyone trying to do this just for the $100. Seems like a simple $100 if you can get a qualifying direct deposit set up.

3
Comment #3 by TruthSeeker (anonymous) posted on
TruthSeeker
I once had a credit card with Bank of America that I acquired in a promotion that promised 25,000 points after I spent $300. I did everything right. I actually spent a lot more than $300. I fulfilled all their requirements, but never received the points. 25,000 points, in their program, at that time, could be cashed in for $250.00. 

Needless to say, I had about 12 phone calls and 12 emails, in several sequential threads worth of my attempts to get them to pay out the points. I am actually very wealthy, and $250 means nothing to me. But, it is the principle that is important. I don't like liars who promise what they don't deliver. At any rate, the customer service agents always would start by claiming that my "offer" didn't include 25,000 points. But, I always kept all documentation on everything (a bit **** on that) and had a copy of the BofA promotion under which I opened the card. I would fax or email that to the agent, and, by the end of each episode, the rep. would promise the points would arrive in a few weeks. Never happened. I guess I ought to sue them for breach of contract, although, because of the tiny amount, it isn't worth my time.

However, I did end up never wanting to do business with them again. I closed my BAC business checking and business credit card. The bus. CC averages thousands and, occasionally, tens of thousands of dollars per month of charges. Of course, they never make more than the amount of commission paid by the retailers, because I am never late on payments, so maybe they don't like me.

In any case, it seems to me that they lost more than I did, because, given the volume, even the fees paid by the retailers (about 3% I think) is significant. But, with a huge mega-bank, no one ever takes responsibility for losing customers.  They don't even know why I left, even though I explained it in my account closure letters. All a big bureaucracy.  Better to bank locally for business and personal checking accounts, as well as credit cards, and buy precious metals (platinum preferred over gold right now) for long term savings.

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Comment #4 by danyoungberg posted on
danyoungberg
Wouldn't trust them with my goldfishes money. Read everything three times befote you sign, especially loan agreements.

2
Comment #5 by Petter Joe (anonymous) posted on
Petter Joe
Make abiding to accumulate a archetype of the codes for after if BOA does not acclaim the Bonuses and asks for the Offer Code.

1
Comment #7 by Anonymous posted on
Anonymous
This bank is the worst bank ever!

1
Comment #8 by Anonymous posted on
Anonymous
I opened a new checking account, and deposit salary, however they said I can not earn $75 due to I am a old customer. Howerver in the adverstment, never mention it is for new customer.

Never trust bank of america, I cancelled all my bank of american account.

1
Comment #9 by Anonymous posted on
Anonymous
this deal is a HUGE ripoff, you personally have to contact them if you want to know why the $100 isnt in your account, opened my account almost 5 months ago, still nothing....BANK OF AMERICA SUCKS !

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Comment #10 by Anonymous posted on
Anonymous
B of A will execpt my direct deposit (from my work place) at any of their branches,but not for the 100 dollar promotion. They WANT your money without spending a dime of theirs........GO SOMEWHERE ELSE.....Plenty of good offers from banks that appreciate your business

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