DOC Compass — Offers, decoded

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Offer at a glance

Maximum bonus amount: $500
Availability: Nationwide
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Soft, as long as you opt out of overdraft protection
ChexSystems: Mixed datapoint, most say they don’t pull
Credit card funding: None, but you can fund with a debit card up to $250
Monthly fees: $4.95, avoidable
Early account termination fee: None
Household limit: None
Expiration date: December 31, 2024

The Offer

Direct link to offer

Bank of America is offering a $500 bonus when you open a new checking account with promo code MCC500CIS and complete the following requirements:
- Deposit $15,000 or more in new money directly into the new checking account within 30 days of account opening
- Maintain your checking account balance at $15,000 or above daily from days 31 to 120 after opening your account. Actively use the account by doing one of the following within 120 days of opening to receive a $500 bonus:
  - Make at least one qualifying direct deposit
  - Send a payment through Zelle® using your newly acquired checking account
  - Make a Bank of America Mobile Check Deposit
  - Use Bank of America Bill Pay to send a payment

The Fine Print

Offer valid through December 31, 2024. This is a limited time offer and is not available for use in combination with other offers. Bank of America may change or discontinue this offer at any time without notice before that date.
Offer limitations: You are not eligible for this offer if you were an owner or co-owner of a Bank of America personal eligible checking account within the last twelve (12) months. The new checking account must be owned or co-owned by one or more individuals only. Non-personal, fiduciary or trust accounts will not satisfy the checking account requirement. Offer limited to one incentive per client. Clients must have a U.S. domestic address (this includes Puerto Rico and P.O. Boxes) to qualify for this offer. Clients with any foreign address are not eligible for this offer.
Bank of America Advantage SafeBalance Banking®, Bank of America Advantage Plus Banking® and Bank of America Advantage Relationship Banking® for Wealth Management accounts are eligible for this offer. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
How it works:
- Open a new eligible Bank of America checking account by December 31, 2024 here. See above for a list of eligible checking accounts.
- If you have questions, please contact your financial advisor or Wealth Management Banking Specialist.
- Deposit $15,000 in “new money” directly into the new eligible checking account within 30 days of account opening. New money is money not currently or previously held in other accounts at Bank of America, Merrill, Bank of America Private Bank, or retirement plan accounts administered by Merrill or Bank of America.
- Maintain a daily $15,000 balance in your new eligible checking account during the “maintenance period.” The maintenance period begins 31 days after opening the checking account and ends 120 days after account opening. During the maintenance period, if your daily balance drops below the minimum balance of $15,000 you will no longer be eligible for the cash bonus.
- Bank of America checking account must be deemed “active” within 120 days of opening the new account by:
  a. Sending a payment through Zelle®4 using your newly acquired checking account, making a Bank of America Mobile Check Deposit5 or Bank of America Bill Pay6 or;
  b. Having a “qualifying direct deposit” made into the account. A qualifying direct deposit is a direct deposit of regular monthly income — such as your salary, pension or Social Security benefits, which are made by your employer or other payer — using account and routing numbers that you provide to them. Examples of transfers and deposits that are not a qualifying direct deposit include the following: teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, Online and Mobile Banking transfers or deposits, or transfers from a bank or brokerage account or Merrill account.
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Both SafeBalance Banking & Advantage Plus Banking don’t earn interest. SafeBalance is the easier of the two to keep fee free. That account has a $4.95 monthly fee that is waived if any of the following are met:

An owner of this account is under the age of 25
Maintain a minimum daily balance of $500 in your account
Are a member in our Preferred Rewards program

Advantage Relationship Banking earns 0.01% APY so that isn’t worth considering.

Early Account Termination Fee

This account has no early account termination fee.

Our Verdict

Ideally you’d deposit the $15,000 close to day 30 and then hold it from then until day 120. Basically a 90 day hold period. If you put the $15,000 into a 5% APY account you’d earn ~$185 during that period (although rates are on the way down). There is a $200 bonus with much easier requirements as well. I think this bonus is better if you’re okay with locking up $15,000 for a period of time and will add this to our best bank bonuses.

Hat tip to Jay

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