[Expired] Bank of America $500 Business “Checking Bonus” – Now Publicly Available

Deal has expired, view more checking bonuses by clicking here.

Update 2/20/19: Deal is back, should be publicly available again as it’s showing up on the small business website. The fine print does state ‘Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist or from a Bank of America communication.’ So I’d make sure you actually see the bonus being advertised on that small business page. Hat tip to NBG.

Offer is now publicly available, should be advertised on the Bank of America website. Click ‘Small Business’ to get it to show. Hat tip to reader Scott

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide
  • Direct deposit required: None
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: $16-$29.95
  • Early account termination fee: None
  • Expiration date: July 31st, 2018 March 29th, 2019

The Offer

Direct link to offer (keep in mind eligibility talk about above)

  • Bank of America is offering a bonus of up to $500 when you open a new Business Advantage Checking account OR Business Fundamentals Checking account by qualifying deposits of at least $5,000 in the first 60 days of account opening. You’ll receive a bonus of $300 if you open one select business accounts below or $500 if you open both:
    • Apply, be approved for and open a new small business credit card account and spend at least $500 on the card within 60 days of opening a new business checking account.
    • Apply, be approved for and activate a Bank of America Merchant Services account and settle funds totaling a minimum of $1,000 into your new business checking account within 60 days of opening a new business checking account

The Fine Print

  • Looks like deposits must be cash or check in branch as well
  • Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist or from a Bank of America communication.
  • You must open your Bank of America business checking account by July 31, 2018, and the qualifiers of all Select Business Products selected must be met within 60 days of opening your new checking account.
  • Bank of America may change or terminate this offer before this date without notice.
  • Bank of America employees are not eligible for this offer. To redeem this offer, please visit with your Bank of America small business specialist.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

There is no early account termination fee.

Business Fundamentals $16 Per Month

Monthly fee is waived if you do any of the following:

  • A $3,000 minimum daily balance in your primary account
  • A $5,000 average monthly balance in your primary account
  • A $15,000 combined average monthly balance in linked business accounts
  • Make $250 in net new qualifying purchases each billing cycle on your Bank of America business credit or debit cardfootnote

Business Advantage $29.95 Per Month

The Business Advantage checking account comes with a monthly fee of $29.95 per month, but this fee is waived for the first three months. After this introductory period you need to do any one of the following to keep it fee free:

  • $15,000 average monthly balance
  • $35,000 combined average monthly balance of linked business accounts
  • Spend $2,500 per month in new purchases using a linked Bank of America business credit card
  • Actively use Bank of America Merchant Services or Payroll Services by Intuit® or Remote Deposit Online service

I think the best option is to not worry about the monthly fee the first three months and then either have a $15,000 average balance (you’d be losing out on $12.5 a month in interest compared to a 1% checking account) or putting $2,500 per month on a linked Bank of America business credit card.

Our Verdict

I don’t think it’s fair to call this a checking bonus, because even to get $300 you need to open a credit card or merchant services. I don’t think merchant services accounts are worth opening in general, if you need them for your business you’d likely be better off just focusing on getting the best rates or service. I guess maybe the $300 bonus is worth considering if you also get the sign up bonus on the business credit card, although Bank of America did once offer a $2,000 business checking bonus and even a $200 bonus last year with no credit card requirement.

If you can stack this with the business credit card bonus (and based on past bonuses I think you do) then it’s worth doing. The 30,000 mile offer on the business Alaska card is probably your best option. I won’t be adding this to the best business checking bonuses as it requires merchant services/credit card opening. Keep in mind that Bank of America business credit cards don’t report to your personal credit reports. This is useful for anybody trying to stay under 5/24 for Chase cards.

Hat tip to readers Vic J, atinge & P

Useful posts regarding bank bonuses:
    William Charles
  • On February 20, 2019, 10:00

View Comments (101)

  • Looks like my bonus posted today 7/2. Opened on 2/25, 60 days to qualify and then 60 days to pay took me to 6/25, so about a week later it posted (statement roll). Only got the $300 (as expected) since I only opened one part of the bonus. Bonus posted as "ACH CREDIT BANK OF AMERICA PAYMENT ON 07/02".

    • So your $5000 deposit probably cleared around 3/2? And it was 4 months from then until you got your bonus. It's been over 3 months for me and no bonus yet. I also got the Alaska Biz card.

      • Not sure the alaska biz counted -- some comments above say it wasn't eligible but not sure. I did cash rewards biz (I think can't find card at the moment).

  • Any DPs on how long the monthly fee is waived for the Business Fundamentals (lower level account)? I didn't see any after scrolling through.

  • Any data point on when the checking bonus would be posted? I opened both checking and cc on 3/29, and got the cc $200 statement credit on first statement, but no checking bonus so far.

        • Did you get the bonus? I opened in late Feb and didn’t. My calcs showed it was due today but I think I may have screwed up my calcs. Either way will have to reach out to BoA.

          • Nope, according to NBG above, i should get on 6/29. Will let you know in a few days if i get it or not.

          • Got bad news today. I called them for something else (was charged $15 monthly fee) and learned that the stupid woman who opened my accounts (ckg and cc) in the branch totally messed up my account, not only she didn't properly link the cc to the ckg, there was no promotion code assigned to my account. The rep told me he couldn't do anything about the promotion, that i have to go back to that woman in the branch to sort it out. So i wasted 1.5 hrs for nothing (waited for 45 minutes before he answered the phone)! I'm so disgusted by BOA.

          • Yes, I'm very close to do that as i called the stupid woman (who opened my accounts at branch) last Monday and she acted like she doesn't remember such promotion. When i told her i have all the paperwork she gave me which stated the promotion clearly, she told me she will put in a research request and call me back the next day or by Friday. Of course she never called back!! I'm gonna call her again next Monday and then will decide to contact CFPB or not.

          • Stop wasting your time. She and BoA screwed you and have no respect for you and your time or your business dealings with them. File with CFPB and be done. 10 mins if you have a slow computer.

          • Well, after i emailed her on Monday threatening to file a complaint to the CFPB if i dont receive the bonus by July 29 (exactly 4 months), she called me within a few hours telling me they will be mailing me a $300 check since they couldn't deposit into my account (i don't know why). She blamed everything on "the other department ." Whatever! I will close both the checking and the cc as soon as i receive the check. I really hate their business cc web site setup anyways.

  • Can't believe it - application rejected, told me to visit the branch or call to complete the application.

  • Today, I went into a branch to open up and Biz checking account and a biz cc for the bonus. The relationship manager clarified the terms and stated that opening an Alaska Biz card (Currently 40k bonus points) will be eligible for the $200 bonus part.

  • Anyone know if a check deposit via the app will count for the deposit of new money?

    • Did online chat with them a rep confirmed check deposit via app would be a qualifying deposit (assuming funds aren't coming from BoA)

  • FYI for anyone wondering:

    The $35 processor for Merchant Services does NOT count towards qualifying for this bonus because it is a monthly non-contract. The other devices are $25+ month and have contracts, meaning this is most certainly a total waste of time unless you have a full-fledged retail facing business.

    Also within the terms: "Most Bank of America® branded business credit cards (such as the Business Advantage Cash Rewards, Business Advantage Travel Rewards and WorldPoints Rewards for Business credit cards) are eligible to receive the program bonus as long as the card account is open and in good standing."

    More: "You must not be an owner or signer on a Bank of America business checking account that is open or that was closed in the last six (6) months...You must not be an owner or signer on a Bank of America credit card account that is open or that was closed in the last six (6) months."

    Based on this, it is much less desirable as it appears Alaska CC is not eligible.

    • I don't think your conclusion that the Alaska CC is not eligible is correct. The terms you quoted are related to BoA's credit card points program and not the checking account bonus. Also I opened a BoA business checking account and Alaska CC last year in a similar deal and it worked.

  • just wanted to add that this will hard pull both your personal credit and tax ID.

    I went in 2/20 and they said they couldn't complete the process until I lifted the freeze on my personal credit.

    I went ahead and signed up for the basic business checking($300 bonus $250 spend) and the cash advance credit card ($200 bonus $500 spend)

    the good thing is the checking bonus can be met by the CC spending too.

  • Note: I see the offer page when I click on the direct link, but no advertisement shows up for me on the small business website. - Only the $200 offers for the credit cards. Wonder if this varies by state, cookies, etc?

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