Dedicated to Deposits: Deals, Data, and Discussion

Bank of America's New Checking Account Bonuses - $200, $100 & $75 Based on Your State

POSTED ON BY

Bank of America

If you can live with potential fees, you may want to consider a new checking account bonus that Bank of America is advertising on its home page. The amount of the bonus varies based on your state. There's a $100 bonus for 18 states and D.C. An additional $100 bonus is available in 3 states. For most of the other states, the bonus is $75. Like the last promotion, the bonus requires direct deposit. However, this new promotion doesn't have any mention of a specific amount that is required for the direct deposit. The new checking account must be opened by 10/1/2012. Below are the promotion details listed for the 4 groups of states. The promo links may not work for you if you don't select the proper state. The best way to see the promo page is to go Bank of America's home page and select your state.

Residents of 3 states are eligible for a $200 bonus. Below is the small print that's listed in this promotions page:

Offer code CHLHMP must be used when opening an account online or in a banking center.
Offer available only in CT, NJ, NY.
[...]
To receive the $100 bonus: (1) open a new Bank of America personal checking account by October 1, 2012 in a banking center or online with offer code CHLHMP 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.

To receive additional $100 bonus: You will receive an additional $100 if the total combined balances across your eligible linked Bank of America checking, savings and/or CD account(s) and/or eligible Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) investment accounts (excluding trust, IRA and other retirement accounts from Bank of America and/or MLPF&S, and 529 Plan accounts from MLPF&S) linked to your Bank of America checking account have increased by at least $25,000 in new money within the required timeframe described below. ”New money” is net deposits or investments of funds new to Bank of America and Merrill Lynch and does not include transfers between Bank of America and/or Merrill Lynch accounts. To receive the incentives described in this paragraph, you must also open a new Bank of America personal checking account by October 1, 2012.

Residents of 18 states and D.C. are eligible for a $100 bonus. Below is the small print that's listed in this promotions page:

Offer code CHMHMP must be used when opening an account online or in a banking center.
Offer available only in AR, CA, DC, DE, FL, IA, IL, KS, MD, ME, MI, MO, NH, NM, NV, PA, RI, TX, VA.
[...]
To receive the $100 bonus: (1) open a new Bank of America personal checking account by October 1, 2012 in a banking center or online with offer code CHMHMP 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.

Residents of 17 states are eligible for a $75 bonus. Below is the small print that's listed in this promotions page:

Offer code CHLHMP75 must be used when opening an account online.
Offer available only in AL, AK, CO, HI, LA, MN, MS, MT, NE, ND, OH, SD, UT, VT, WV, WI, WY
[...]
To receive the $75 bonus: (1) open a new Bank of America personal checking account by October 1, 2012 online with offer code CHLHMP75 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.

Residents of 9 states are also eligible for the $75 bonus. The only difference I see in the small print is that residents are given the option to open the account at a branch. Below is the small print that's listed in this promotion page:

Offer code CHLHMP75 must be used when opening an account online.
Offer available only in ID, IN, KY, NC, OK, OR, SC, TN, WA.
[...]
To receive the $75 bonus: (1) open a new Bank of America personal checking account by October 1, 2012 in a banking center or online with offer code CHLHMP75 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.

I can't find a checking account promotion for the 3 states of AZ, GA and MA. All 3 of these states have Bank of America branches so I'm not sure why these aren't eligible for this promotion.

Beware of Fees

A one-time bonus may not be worth the hassles of dealing with Bank of America. 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.

Other Bank Bonuses

We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.

You can view my latest bank bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the checking account deals forum.


  Tags: Bank of America, checking account

Related Posts

Comments
13 comments.
Comment #1 by Anonymous posted on
Anonymous
This bank did not honor a promotion for me.......I followed their rules in every step.....and they still did not allow it since I had recveived another promotion long in the past. They made no mention of this. Will NEVER have another bank account with them.......NEVER!!

10
Comment #2 by Anonymous posted on
Anonymous
Careful with this gem of a bank.......they do a really great job of offering promotions......only problem is that  they don't like to honor them. If they do.......it can take about 5-10 calls and requests and months to get it. Good luck. I would not bother........and PS-There is a reason that this bank's stock price has crashed. It's not some coincidence.

8
Comment #4 by Anonymous posted on
Anonymous
I will open an account if I knew what is the amount of qualifying Direct Deposit.

1
Comment #7 by LisaPA posted on
LisaPA
I took a checking account bonus offer a few years back, met all their requirements, but did not receive all of the bonus (it was paid out monthly for something like 6 months). I even got a CSR on the phone who could agree with me that I deserved it, but could not figure out how to credit me the money. I finally gave up and closed the acount.

1
Comment #8 by Anonymous posted on
Anonymous
I think I have finally found a way to access my account, thank you very much for my Federal Reserve Information.I may be on my way to "CASH HEAVEN"

Thanks again!

1
Comment #9 by Anonymous posted on
Anonymous
I also responded to a promotion for $150 and followed all the rules. They did not horor the offer. The reason -- the initial deposit is through bank transfer which is NOT a deposit. Don't waste your time with them.

 

1
Comment #10 by Dee (anonymous) posted on
Dee
Bank of America is notorious for not paying bonuses - they will not pay them within the time frame they say they will - when you call them, they know nothing about the bonus and switch you all over the place. They will fight you tooth and nail to find multiple reasons how you didn't qualify. by saying the activity in your account wasn't qualifying activity. Don't waste your time, reallt - they are from hell!

1
Comment #11 by Joev (anonymous) posted on
Joev
I also opened a checking with BofA for $100 bonus.  It has been 3 months, still no $100.

Called but CSR just transferred me around.  Over the past 10 years, I've never had any issue with Citi, Chase, HSBC, and CapitalOne bonuses.  Their bonus always post within 1-2 months.  Disappointed in BoA.  Will close my account if they don't honor their promo.

1
Comment #14 by Anonymous posted on
Anonymous
are those information mention above are true? or just hearsay.. does bank of America read this column. just curious because I have to open a new account with them with my salary will be on direct deposit...

1