[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:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times