DOC Compass — Offers, decoded

Offer at a glance

Maximum bonus amount: $300 + $200
Availability: Nationwide
Direct deposit required: No, just $5,000 in deposits
Additional requirements: See below
Hard/soft pull: Soft
Credit card funding: None, but can fund with a debit card up to $250
Monthly fees: $16-$29.95
Early account termination fee: None mentioned
Expiration date: June 30th, 2017

The Offer

No direct link, must go in branch. Should be able to just ask if they have any business checking offers.

Receive a sign-up bonus of $300 when you open a new eligible small business checking account (Business Advantage or Fundamentals) with Bank of America, make qualifying deposits of at least $5,000 within the first 60 days and complete one of the following requirements:
- Apply, be approved for and open a new small business credit card account, and spent at least $500 on the card within 60 days of opening a new account
- Apply, be approved for and activate a merchant services account, and settle funds totaling a minimum of $1,000 in your new business checking account within 60 days of account opening
Receive an additional $200 bonus when you complete both of the above requirements

The Fine Print

Valid until June 30th, 2017
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

There is a public offer for $200 with fewer requirements. I don’t recommend signing up for merchant services (merchant services are the ability to accept card payments. I’m not sure what the fee structure is and I also assume it creates a tax liability) for bank account bonuses so the maximum bonus on this account is actually $300. This requires opening a business credit card, you would still get the sign-up bonus on that card though. The best option would probably be the Alaska card with a 30,000-mile bonus.

It’s a shame this requires going in branch and merchant services for the full $500 bonus. If you live near a branch and plan to open a business credit card in the near future then this is a better deal than the public offer otherwise I’d just stick with that. 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. There is also a $100 personal checking bonus currently available

Big thanks to reader, A P who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses: