This offer is only for existing Bank of America credit card customers. It may be targeted, so it's labeled "your miles may vary" (YMMV). Offer is scheduled to end on 6/30/2012. Credit for this find goes to this FW thread
Earn a $150 bonus directly into your new account after qualifying transactions. Open your checking account with a minimum deposit of $500 by June 30, 2012, and use it to pay your credit card electronically, such as through Online Banking or by phone, for the first three months.
Important small print:
Offer is available only to those customers who receive a direct offer from Bank of America. To be eligible for this limited-time offer, you must be an existing Bank of America credit card customer whose account is open and in good standing and must not currently have a personal checking account with Bank of America. You are not eligible for this offer if you were a signer on or owner of a Bank of America personal checking account within the last 12 months. Bank of America may change or terminate this offer before this expiration date without notice.
Bank of America had been advertising a $100 checking account bonus, but this ended on June 4.
Of course you have to be careful to avoid fees. I have more details in my post on Bank of America Checking Account Fees