Bank Of America $220 Checking Account Offer

This promotion has been extended to 1/21/2011. I have more details in my Bank of America promotion review

Hm, sounds like you'd want to (re-)familiarize yourself with Doctor Faustus before entering into a relationship with B of A...

Hm, sounds like you'd want to (re-)familiarize yourself with Doctor Faustus before entering into a relationship with B of A...

 

Witty, and a great cultural reference, but essentially irrelevant when evaluating whether or not to do this deal.  As far as I know, BoA has no claims on my soul, yet I've benefited greatly from them, including a 4.5% 30-year fixed-rate mortgage, a HELOC at Prime - 0.76% (both ongoing), decent 0% BT offers and other credit card promotions (in the past), and am currently meetiing the requirements for $400 in bonuses ($200 for me, $200 for my wife) for their recently-expired business checking account promotion, the opening of which was online.

Despite my 30-year banking relationship with BoA (which I've been very happy with), most of my funds are in RCAs.  Two key points:  go for financial deals that are worthwhile for you and not let yourself necessarily be dissuaded by a banks so-called reputation, unless it's truly justifiied; and take basic precautions when taking advantage of a promotion or bonus.

Those precautions include:

1.  Saving not just the advertisement of the promotion, ideallly to a PDF file, but doing the same for the terms and conditions and/or specific disclosures concerning the promotion.

2.  Documenting proof of having met the requirements of the promotion.

3.  Being prepared to give copies of items 1 and 2 to a CSR (ideally a manager or supervisor, since they generally have more discretion making decisions than a typical frontline CSR does) should the bank not pay the earned bonus, either deliberately (possible, but unlikely) or from ignorance (must probable).

4.  When speaking with someone at a bank regarding an issue, be polite and respectful, but firm.  (This actually is a good general approach to take regardless to whom you are speaking and what the situation is.)

Gnerally, the lessons learned from Doctor Faustus apply to situations other than deciding on whether you want to take advantage of a BoA bonus offer.  :-)