Bank of America Offers $75 to Entice Credit Card Customers to Open a Free Checking Account
For some time, Bank of America has been offering its credit card customers a cash bonus for opening a new checking account. Today, with $75 dangled in front of me, I decided to take advantage of the offer and went ahead and opened up a free MyAccess Checking account online. Below is a screenshot of the main credit card page with the offer strategically placed in the upper-left quadrant.
While the online account opening process was relatively smooth, there are a number of things the bank could do better, starting with pre-filling the application with my personal info. Even though I have two Bank of America credit cards and I responded to the offer from within the secure online banking environment, I still had to start the application from scratch.
And taking a queue from online retailers such as Dell, the bank drops a number of cross sells into the application process. I'll have a full analysis of the account opening process in our upcoming Online Banking Report on online account opening to be published in first quarter.
Free $200 with Bank of America Business Checking Account
If you’re looking to open a new business checking account, this is a good opportunity to receive $200 for free. All you have to do is:
- Open a new business checking account
- Deposit $1,000 of new money to Bank of America. Account funding the deposit cannot be transferred from another Bank of America account. Credit card funding is not an option.
There are no early termination fees.
From the Bank of America offer page:
- You are not eligible for the $200 Bonus if you were an owner or signer on a Bank of America business checking account within the last six (6) months. - Bank of America may modify or terminate this offer at any time. - Offer is available only online and not available in a financial center or by phone.
If you qualify for the bonus, you’ll receive the $200 within 90 days.
We recommend the Business Fundamentals Checking because it has a lower monthly fee, and the fee is easier to waive.
Avoid a monthly fee of $16 when you meet one of the following requirements each statement cycle: - Maintain a $3,000 minimum daily balance in your primary account - Maintain a $5,000 average monthly balance in your primary account - Maintain a $15,000 combined average monthly balance in eligible linked business deposit OR - Make at least $250 in net new qualifying purchases each billing cycle with your Bank of America business credit or debit