[Expired] Bank of America $300 Checking Promotion

Update 4: This bonus has now expired, you can view the best deals here. Or a full list of banking bonuses.

Update 3: A reader has confirmed getting this bonus even though they didn’t get an e-mail about it. Because of that I am going to sign up for this bonus myself and I am also republishing this post so more people see it.

Update 2: Offer has been extended until April 10th, 2015.

Update: Shawn on twitter contacted Bank of America and they stated that this offer was available to all BofA customers. I would call yourself to confirm and get a reference number as they might reneg on the deal later.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Nationwide, but you must have received this offer by direct communication with Bank of America. (Update: It seems as long as you have a Bank of America credit card open, you will be eligible for this promotion)
  • Direct deposit required: Yes, two qualifying direct deposits of $2,000+
  • Additional requirements: None
  • Hard/soft pull: Soft
  • Credit card funding:None, but you can fund with a debit card up to $250
  • Monthly fees: Waive-able
  • Early account termination fee: None
  • Expiration date: February 28th, 2015 April 10th, 2015 May 29th, 2015

The Offer

Direct link to offer

  • Receive a $300 bonus from Bank of America when you open a new eligible checking account by February 28th, 2015 and make two qualifying direct deposits of $2,000 or more within the first 90 days of account opening.

The Fine Print

  • Eligible accounts are BofA interest checking & core checking
  • Offer is exclusive to BofA customers who don’t already have a checking account (must not have had an account within the past six months as well) and received offer via direct communication with Bank of America.
  • A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, social security or other eligible regular monthly income
  • Bonus will be deposited within 60 days of meeting the requirements
  • You’ll need to complete a W-9 or W-8 form if applicable before you get the bonus
  • Limit of one bonus per person
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Core Checking $12 Monthly Fee

The $12 monthly fee is waived if you meet one of the following requirements:

  • Have at least one qualifying direct deposit of $250 or more
  • Maintain an average daily balance of $1,500 or more
  • Are a student under the age of 23

Interest Checking $25 Monthly Fee

The interest rate on this account is 0.03% APY, so I really wouldn’t bother personally. The monthly fee on this account is waived if you hold balances of $10,000 or more in your eligible linked accounts. Combined balances include the following:

  • Average daily balances for the statement cycle in eligible linked checking, savings and money market savings accounts
  • The current balances, as of the end of the checking statement cycle in linked personal CDs and IRAs
  • The current balance, as of two business days before the end of the checking statement cycle, in your eligible linked Merrill Edge®and Merrill Lynch® investment accounts

Early Account Termination Fees

It looks like Bank of America does not charge any early account termination fees according to their fee schedule.

Our Verdict

Update: I’m signing up for this bonus, wish me luck!

Bank of America almost always offers a $100 bonus if you work with one of their “Bank At Work” partners but this $300 offer is so much better. Unfortunately I did not receive this targeted promotion, otherwise I would definitely be opening up an account. Here is what I’d do if I was eligible:

  • Open a core checking account, using a credit card to initially fund if possible (although I’d use a card with the cash advance limit set to $0).
  • Direct deposit $2,000, this would satisfy half the bonus requirements and keep the account fee free
  • Direct deposit another $2,000, this would satisfy the other half of the bonus requirements (+$300)
  • Transfer all but $1,500 out of the account to keep it fee free but also allow me to earn interest on those funds
  • Wait 60 days for my bonus to post
  • Transfer rest of the money out
  • Close account

I can now change my employer payroll pretty easily so I’d just do that. In the past ACH transfers have triggered this direct deposit requirement for Bank of America, but this may no longer be the case. Click here to see up to date data points on this.

Did you receive this targeted promotion? Has anybody had any success calling up and asking it be applied to your account? Please let us know in the comments. Because it’s a targeted promo we haven’t added it to our list of the best bank promotions, but it is in our complete listing of checking promotions.

Direct link to offer | Screenshot of offer

Hat tip to Aureliano who stands to win $225 by letting us know about this bonus.
    William Charles
  • On March 17, 2015, 09:45

View Comments (147)

    • Yup, it's on the to-do list to write up about, but I'm still unclear if this is targeted or not (meaning - will it work for everyone) so it fell down on the to-do list because of that.

  • I failed my $500 offer as well.
    I've always disliked BofA but I've never hated them so much as right now :P

  • Fail. I had skirted the DD requirements so I'm not surprised to be denied the $300 offer. I did fully meet the requirements for the $100 offer but because I didn't apply in branch or have the offer noted on my account I was denied for that as well. I'm a little peeved with BofA's customer service right now.

  • BofA also had a $500 offer which had all of the requirements of this one but also: 1) that you need to deposit $20,000 in a money market & keep it there for 60 days within the first 90 days of opening your account and 2) you must have opened your account online.

    I opened my account in person during the promo period & wasn't specifically targeted for this. Trying to get the bonus now but am running into some trouble.

    The rep working my claim requested that I send over the offer I received via e-mail so I sent over the PDF for the $500 offer. Now they want to see the e-mail and also noted that I didn't open my account online.

    So it looks like I'm not getting this bonus nor the $300 one that others have gotten. BofA actually has people going through the requirements with a fine tooth comb and ensuring all requirements are met and looking for excuses to not honor the bonus. So beware of this in the future.

    Some reps may have been willing to waive one minor requirement (direct target) but reps apparently definitely are taking a hard line on any other minor requirement (open account online) and not issuing the payout.

  • FWIW, I sent a query asking where my bonus was. As expected I was denied for not meeting the DD requirements:

    "... We understand your concerns and we want to ensure that you are always delighted with your experience with Bank of America.

    Please be informed that after reviewing our records we show that the promotional incentive was declined because did not meet Direct Deposit transaction requirement. ..."

      • I used two different bank transfers (mentioned somewhere in the earlier comments). I've not seen anyone that didn't do a real employer DD get the bonus. (Except one guy on SD that says a check arrived in the mail "for being a new customer" after he called to complain.)

  • Nic,

    I signed up for the $500 offer (need to open MMSaving and deposit $20k for 30 days.)
    And I was getting the same response that there isn't a promotion linked to my account.

    Would you be able to elaborate on how you managed to tell the "marketing online redemption team" to manually add you to the offer?
    I really hope I can get my bonus too. Thank you.

    • I think I got lucky with the 1st rep I talked to who figured it out. At the end of the call I told him my wife had the same and asked what I could tell the next rep to help speed stuff up (and that's where he mentioned the marketing online redemption team) my wife and I called back and after wife have permission I just told them how I signed up on the web page and told them what the terms were. I also told them a friend of mine was told there was a glitch and the marketing online redemption team had to manually add their offer. The rep seemed kind of unsure but my bonus showed up less than 2 weeks later - hope this helps!

      • thanks a lot nic!
        I feel more confident now :)

        I've been charged maintenance fee twice on the money market saving already, really wanna get the bonus! (The $500 offer requires that saving account.)

  • I had the same issues with wife and my acct. never did find the screenshot but called and was able to get bonus. The key is call and tell them that the marketing online redemption team has to manually add you to the offer (the second time I told them I got the info from another agent to try and speed it up). Expect the call to take 20-30 min while they process through it and contact the mort team. I received a letter about a week later offering the offer (I presume the same letter that was originally sent) and then the bonus about a week later.

    • Hey Nic, Did you do employer DD's? Or was it from another bank? I got the letter shortly after getting "marketing" to add the promo to my account, but before my deposits hit. I did five $2000+ deposits (transfers) every two weeks. It has been over 60 days since the last one and no bonus. :-(

        • Yes, well, you followed the rules. I was hoping to get lucky. I may still send a secure message "wondering where my bonus is." I don't hold out hope. But may as well have a go before moving to a simple savings account (to get the BofA cash rewards 10% bonus).

  • I signed up for this offer in mid-May using the link you provided, and I still haven't received the bonus. I contacted BOA and they told me they didn't have any promotions linked to my account. Kind of a bummer since I had to jump through the direct deposit hoop, and then the monthly direct deposits to keep it fee free.

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