DOC Compass — Offers, decoded

Deal has ended early as predicted, view more bank account bonuses by clicking here.

Offer at a glance

Maximum bonus amount: $300
Availability: Nationwide
Direct deposit required: $4,000 in 90 days
Additional requirements: None
Hard/soft pull: Soft, as long as you opt out of overdraft protection
ChexSystems: No
Credit card funding: None, but you can fund with a debit card up to $250
Monthly fees: $12, avoidable
Early account termination fee: None
Household limit: None listed
Expiration date: August 31st, 2019

The Offer

Direct link to offer

Bank of America is offering a bonus of $300 when you open a new Bank of America Advantage Banking account and complete the following requirements:
- Receive a direct deposit of $4,000 or more within the first 90 days of account opening

The Fine Print

This offer is limited to new checking customers only; you are not eligible for this offer if you were an owner or co-owner of a Bank of America personal checking account within the last six (6) months. Fiduciary accounts (e.g., trust accounts) are excluded. Offer expires on August 31, 2019; however, Bank of America may change or discontinue this offer at any time before this date without notice.
Open a new eligible Bank of America personal checking account by August 31, 2019 (you must use the “Open now” link on the offer page at the time of account opening to be enrolled in this offer); AND (2) set up and receive Qualifying Direct Deposits equaling a total of $4,000 or more in your new personal checking account within ninety (90) days of account opening.
A “Qualifying Direct Deposit” is a recurring direct deposit of regular monthly income-such as your salary, pension or Social Security benefit or other eligible regular monthly income, electronically deposited by an employer or other payer into your new checking account. A transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account is not a Qualifying Direct Deposit. Please see the Personal Schedule of Fees for further explanation of eligible regular monthly income.
After you satisfy all of the requirements, we will attempt to deposit the earned bonus directly into your new personal checking account within sixty (60) days. The new personal checking account must be open and in good standing up to and including the date any earned bonus is paid in order to receive the bonus.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Easiest account to keep fee free seems to be the Bank of America Advantage Plus Banking account. This has a $12 monthly fee that is waived if you do any of the following:

Maintain a minimum daily balance of $1,500 or more
Receive a direct deposit of $250+
Students under age 24 are eligible to have this fee waived while enrolled in high school, college, university or a vocational program.
Preferred Rewards clients get this fee waived (waiver applies to first 4 checking accounts).

Early Account Termination Fee

As far as I know there is no early account termination fee.

Our Verdict

Previously this $300 bonus has always been targeted, but there has been a public $100 bonus. This $300 public bonus is obviously significantly better than that $100 bonus. I think Bank of America will probably end up pulling this before the end date, so if you’re interested in this offer I’d recommend signing up sooner rather than later. This is definitely a strong offer and worth doing if you’re at all interested in bank bonuses, because of that I will be adding it to our list of the best bank account bonuses.

Hat tip to curmudgeon

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