Rapid Travel Chai

Bank of America’s business checking accounts have few attractive sign-up bonus offers, and when they do they are usually targeted to specific customers. I have had BofA personal checking for over a decade and various of their business credit cards. I’ve received numerous targeted business checking offers that have no sign-up bonus. I’ve yet to receive one that has a sign-up bonus.

Now through May 31, 2024, we have a $1,000-$1,500 offer available via small business bankers in-branch. I am unaware of any public online application link. Bankers are able to take applications over the phone rather than in-person, through a verification process.

Some BofA small business bankers tell customers they do not have access to certain offers. We see those reports with the regular $500 small business credit card branch offers. I am unsure if it is geography or other reasons such as unwillingness to open small accounts that have a rather involved application process. Interested applicants can contact me for an introduction to my national banker if they do not currently have a BofA small business relationship (disclaimer: I do not receive any compensation for a referral).

Bonus Offers:

Eligible accounts: Business Advantage Relationship Banking or Business Advantage Fundamentals Banking.

Bonus:

• $1,000 for depositing $20,000 in new money within 30 days of account opening and maintaining that amounts as average balance from calendar day 31 from account opening to day 90
• $1,500 for depositing $50,000 in new money within 30 days of account opening and maintaining that amounts as average balance from calendar day 31 from account opening to day 90

Account fees:

Update on monthly fees: anyone that deposits at least $20,000 in the new account in the first 30 days will be eligible for the banker to do an ‘early enrollment’ into the Preferred Rewards program.  That enrollment will lock you in for 12 months of Preferred Rewards and no monthly maintenance fee, even if the balances drop below the Preferred Rewards threshold during the year. If, at the end of the year, you wish to extend Preferred Rewards status, then you again need to meet the criteria to do so.

Consult the various account views and waiver options on the BofA business checking page, summarized here:

My Take:

The bonus I’ve waited for a decade. Would be nice if BofA made their monthly fee waiver requirements more in line with competitors (see post update on using Preferred Rewards ‘early enrollment’ to achieve 12 months of fee waivers).

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