Posted by William Charles on December 27, 2016
Bank Account Bonuses

Published on December 27th, 2016 | by William Charles


Bank of America $200 Business Checking Bonus – Nationwide & Online

Update: Some readers aren’t getting the full $200 bonus, with Bank of America claiming that merchant services is needed. Merchant services is mentioned in the fine print (but not as a bonus requirement). If this is actually a requirement, it needs to be added as one.

We’re reposting because this has been extended until December 31st, 2017. It’s even more unlikely we will see anything like the $2,000 bonus again so I’d recommend going for this bonus if you’re eligible.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: Nationwide
  • Direct deposit required: No, just $1,000 in deposits
  • Additional requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: None, but can fund with a debit card up to $300
  • Monthly fees: $16-$29.95
  • Early account termination fee: None mentioned
  • Expiration date: December 31st, 2017

The Offer

Direct link to offer

  • Receive a sign up bonus of $200 when you open a new eligible small business checking account (Business Advantage or Fundamentals) with Bank of America and complete the following requirements:
    • Make at least $1,000 in Qualifying Deposits (less cash received) into that new business checking account within sixty (60) days of account opening

bank of america $200 business checking bonus

The Fine Print

  • 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) month
  • Offer is available only online and not available in a financial center or by phone
  • “Qualifying Deposits” are deposits of funds into your new Small Business checking account new to Bank of America. A transfer done via ATM, online, or teller, or a transfer from a Bank of America consumer account or brokerage accounts such as Merrill Edge® or Merrill Lynch account is not a Qualifying Deposit.
  • If you meet the Requirements to Receive the $200 Bonus, we will make every attempt to deposit the earned $200 Bonus directly into your new business checking account within ninety (90) days of meeting the Requirements to Receive the Bonus. If we are unable to make the deposit, a check will be issued
  • The new business checking account must be open and in good standing, up to and including the date the earned Bonus is paid in order to receive the Bonus
  • Offer cannot be combined with any other offer and is limited to one bonus per new business customer and account
  • Offer does not apply to personal or second or multiple business checking accounts
  • 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

They offered a much bigger $2,000 bonus last year, but I doubt we’ll see that come back anytime soon. They also offer a $100 bonus with the same requirements listed above, I smartly recommended waiting for a better bigger bonus. The nice thing about this bonus is that you can get again if you’re business checking account has been closed for six months or more.

Here is what I’d do if I wanted to get this bonus:

  • Sign up for a business fundamentals account
  • Deposit $3,000 (this will keep the account fee free and also trigger the bonus requirement)
  • Wait for bonus to post
  • Withdraw funds & close account

I’m going to add this bonus to our best business checking bonus page, because I doubt we’ll see anything like the $2,000 bonus again and it’s possible to churn this bonus every ~9 months or so (remember the account has to be closed for 6 months before getting another bonus). There is also a $100 personal checking bonus currently available & a bigger in branch business bonus.

Useful posts regarding bank bonuses:

237 Responses to Bank of America $200 Business Checking Bonus – Nationwide & Online

  1. Rob says:

    Do business accounts show up on your personal Chex report?

    • Bill says:

      It could depend on the bank, but I’ve seen a few credit unions (Affinity, DCU), Chase, and Capital One all make inquiries onto the personal Chex report.

      • Rob says:

        Thank you for the response.
        On the other hand; when you open a business checking account, will it show up as a new account on your personal check report?

        • Bill says:

          I don’t recall seeing a list of active checking accounts on the disclosure I looked at, only the inquiries.
          Yes, the Chex inquiries for a business account can appear on your personal Chex, much like being the Personal Guarantor on a business credit card.
          If the account became delinquent, it’s possible that the negative information could appear on the personal Chex, just like traditional credit reports.

  2. Andres says:

    In the application, when you select the “Sole Proprietorship” option, it asks for:

    Business name filing document, or
    Business license (if a business name filing document was not filed)

    If you fill the application as a Sole Proprietorship with your SSN, will BoA ask for those documents?

    • L T says:

      I applied the day after DoC posted as a Sole Proprietorship w/ SSN. BoA chat mentioned no need for those 2 documents, as long as “the name of the business includes the business owner’s last name.” If that’s the case, “then you would not need any documents and can apply with just the owner’s SSN as a Sole Proprietor. For example Jane Smith’s Shop.” (chat rep response in quotes)

      I was able to see the new Business account in my BoA login, not sure if I had to activate the debit card for that to happen or not, hadn’t logged on in a few days before that. Mobile deposit is possible w/ smartphone app, which is how I’m transferring the funds to keep the account fee free (besides initial deposit made on account application)

      They sent a signature card which I returned back today, as well as acct # and debit card/pin # in the mail yesterday. Easy process so far.

      • L T says:

        Seems others have been given different information in re: requirements for opening. I am in NH, perhaps requirements vary by state for sole proprietorship applications? Inquire via their chat… I didn’t need any additional state documents, though. YMMV.

  3. Den says:

    What does Business Checking mean? Do I need to run a business to open it?

  4. John K says:

    I’m also seeing a $100 personal checking account offer. My only business with BoA is a personal travel rewards card which I opened in January 2016, and this offer popped up on the right side of my screen when I was logged into my account this week (3/30/16). Here are some relevant details below, copied and pasted directly from the source. I’m thinking about pulling the trigger since I want to open some cash back cards and could get a bonus amount if I apply the bonuses to my BoA account. Also, the Core checking fee waiver requirements seem reasonable. Cheers

    ‡Eligibility: Offer only available to customers and Bank of America employees who receive this offer via a direct communication from Bank of America. New personal checking account must be opened by December 31, 2016. Bank of America may change or terminate this offer before this date without notice. You are not eligible for this offer if you were a signer on or owner of a Bank of America personal checking account within the last six (6) months.

    Requirements to Receive the $100 Checking Account bonus: You must (1) Open a new Bank of America Core Checking® OR Bank of America Interest Checking® personal checking account by December 31, 2016, in a participating financial center or online AND (2) set up and receive two Qualifying Direct Deposits of $250 or more each to your new personal checking account within 90 days from account opening. A “Qualifying Direct Deposit” is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account. A transfer from a brokerage account or 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.

    Additional Terms and Conditions: If you meet all the requirements to receive the $100 Checking Account bonus, we will make every attempt to deposit the earned bonus directly into your new personal checking account within sixty (60) days of meeting the qualifications for the earned bonus. 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 earned bonus.

  5. David says:

    Thanks for the post. FYI BoA’s online debit card funding is now up to $300

  6. Darv says:

    William: if I fund the account opening with $3,000 from any external source then I just leave it there for $200 bonus? I am not understanding the “qualifying deposits” requirement. Thanks!

    • “Qualifying Deposits” are deposits of funds new to Bank of America and/or Merrill Lynch®. You need to keep a minimum 3k daily balance to keep the account fee free, only need 1k in qualifying deposits to trigger the actual bonus.

  7. annex1982 says:

    It seems that you do need to have a business license to open this account. I thought this was similar to applying a business credit card where you can use your SSN as part of the application.

    Subscribing to this anyway

  8. annex1982 says:

    It seems that you do need to have a business license to open this account. I thought this was similar to applying a business credit card where you can use your SSN as part of the application.

    Subscribing to this anyway..

  9. Darv says:

    I have rental property and file a schedule C. I am sole and use my SSN. That won’t work?

    • annex1982 says:

      I would recommend that you try it and let us know how it goes….

      • Darv says:

        I am waiting to hear back from William about the deposit requirements. I won’t tie up $3,000 if this won’t work. If it is simply funding the account with $3,000 and leaving it in there until the bonus posts, that will work. Or do I fund it and then transfer in $3,000?

  10. Darv says:

    Hi Folks, I have an update. Your business must be registered with your state to be eligible for a business checking with BofA. Sole proprietorships that are not filed are not eligible. They will not accept applications. I chatted with a small biz CSR. I told that I filed schedule C, have rental property and conduct business. And it is legitimate. But they won’t do an app unless I have registration information from the state that says the business name and owner on it. I even have a renter’s license from the city and they won’t accept that.

    • PG says:

      Here in Oregon, it costs $50 per year to file with the state. I have about 13 years of City Business licenses. Too bad they won’t use those. Not worth it IMO, unfortunately… Chase wanted me to have the state license to apply for the Ink card in branch as well.

    • Darv says:

      I have an update. I went ahead and applied. Was not notified of approval but they have sent debit card, signature card letter. The account popped up the next day in my profile. I transferred $3,000 in from Ally. It is now floating pending the bonus post.

      Oh and I did send them the rental license but never heard back.

      FWIW, I don’t think their supposed restrictions are enforced. Go for it.

  11. Anonymous says:


    The account seems to be opened without me providing any documentation of the business. It shows on my online banking, and I already did a BoA transfer to put some money into the account. The only problem is that I haven’t received any debit cards on the mail or anything at all to notify me that the account was indeed opened. What do you people recommend? Do I call them and see what is up?


  12. Mingus says:

    Opened as sole proprietor, no documentation requested

  13. rfclub says:

    tried to fund with vgc. failed.
    account opened with 0 balance.

  14. Daniel says:

    Bonus posted last week, will close out my account this week. Thanks!

  15. Jeff says:

    Just did the online app. Have an Amazon FBA biz, sole proprietor, have an EIN. Got an email that it’s pending, but that I have to go in-branch, as this application can’t be completed online… Guess I’ll have to go in. Only biz doc I have is my EIN confirmation letter from the IRS.

    • JASON says:

      The EIN confirmation letter is good enough because that’s what my banker needed when I was there. But on the other hand, this is online only so if you go to the branch to open one, I don’t think you would get the bonus though.

      • Jeff says:

        Yep. I went in branch and the banker pointed out that the offer was online only. He recommended just applying with my SSN online. I did that, and still got the message that they weren’t able to verify me. He said if that didn’t work, I could call and ask if they would honor the offer in branch since it couldn’t be opened online.

  16. Steven says:

    DP: Bonus just got credited to my account.

    9/30 – Opened account & transferred $200 from personal checking account (BofA)
    10/7 – Deposited cash amount of $1025
    10/19 – Bonus showed up on account (says 10/20 on transaction though)

  17. Bravo Romeo says:

    I opened using a debit card notorious for account freezes. Opened with 300. Got credited for the $300 at 1 percent from debit card issuer for cash back. Purchase came up as “Sales Fulfillment” in Phoenix.

  18. Peter says:

    “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.”

    Where did you get this from?
    I don’t see it on the offer website nor on the fee avoidance popup.

    Thank you

  19. Curmudgeon says:

    10/11/16: Opened account online (corporation). Had to send in some documentation (I forget what it was but it was simple to get). Did not open with any funding.
    11/04/16: Deposited $3000
    11/23/16: $200 bonus deposited into account

    Note on ACH for corporate account: Can only do ACH push, not pull from another business account, but can ACH push & pull to a personal account. I’m going to set up my other company checking but call it a personal account and see if I can pull from it.

    Bank account bonuses received in the past 3 months: $650, on track for $2025 total in the next few months.

    Thanks DoC!

  20. Moose Cow says:

    Well this is strange. I opened this account last week. Got my welcome letter in the mail, and also a letter stating “After a careful review, we’ve made the decision to close your account listed above.” No explanation when I call in, except that I can’t open any future accounts. Have I just been blacklisted for nothing???

    • Gina says:

      My husband ust got this same letter. Why? I signed up and received the bonus. Is it one per household and that’s why they closed it 7 days after applying?

  21. anne says:

    I funded the account with $1050 on Nov. 14 and I have not got the bonus yet. The account was opened as sole proprietorship and I have received two missed calls from BoA. I was wondering if that was for document follow-ups since they did not leave any message.

  22. C says:

    Any recent updates?

  23. Jon says:


    It seems like the offer has been extended until 12/31/2017.

  24. H says:

    William i think for this offer they only want $1000 new money as it’s not restricted to 1000 DD. Say, 1000 cash deposit at ATM would also trigger the offer. I see “Direct deposit required: Yes, $1,000+ (not usual restrictions on this account)” I think you should change this to make it more clear.

  25. J says:

    I just applied and was told “We regret that we are unable to open your deposit account(s) online at this time”and that I should schedule an in-person appointment. Anyone else have this happen? I did sole proprietorship but don’t have time to go in and deal with it.

  26. Marco says:

    I opened an account earlier in the year and got the bonus. I closed it on 8/1/2016. Will I be able to get the bonus again after 2/1/2017? Thanks.

  27. Chris says:

    Great, just notice expiration date was 12/31/2017 and not eoy 2016. really needed this extra time to get in on the deal as vaca will take me away for the rest of the yr.

    Thx Doc!

  28. Rebekka says:

    Does a transfer from an outside account not count as deposit to trigger the bonus? I transferred $900 from other bank’s account and deposited about $400 in cash before the 60 days. Bal over $1000 in new money on 11/23/16. Still haven’t received bonus. Thinking they will not count the outside transfer as a deposit? Does anyone have any data points on this?

  29. Ken says:

    Applied as a Sole Prop, my biz has been operating for almost 10 years now. I do have a business license for my state, so if they ask for that I’ll send it to them.

    How long does it normally take for them to approve and open the account?

    • Wyle says:

      Applied late on 12/31/16. Approved by email a few days later. Debit card, welcome kit, etc. arrived. First cash deposit made in-branch yesterday (missed funding via CC online). Early email said I needed to send in business paperwork to process account. Haven’t done that (yet), but it looks like that might not be a hard requirement. Signature card request received via postal mail.
      I also got info to set up a separate business login, but it is attached to my existing online login. Snagged a business MasterCard during the app as well. $200 bonus for $500 spend if I remember correctly.

  30. Bigl says:

    Has anyone gotten a bonus post recently?

  31. Justin says:

    Account was opened today after applying yesterday as sole prop. Any issue with depositing an MO as the $1k? I can do cash but MO is just easier

  32. John says:

    I opened a Business Fundamentals Checking account online, as a sole prop on 1/9. Any business can qualify as a “sole prop” as long as the DBA is your legal name. Transferred $3,000 via ACH from a credit union on 1/13. $200 Bonus posted on 1/27.

  33. Allen says:

    I know the post states soft pull only, but I’ve seen language similar to this on other (cc, etc) apps that results in a HP:

    “By clicking Continue, you authorize us to obtain a credit report or other report or account information from credit or information services agencies to help verify the information you provided in this application; for consideration of other accounts and services; and for any other lawful purpose.”

    Can somebody reassure me BofA won’t pull a sneaky HP on me for this biz bonus..?

    • They haven’t done a hard pull in the past, but as always YMMV. People usually update us if they get hit with a hard pull.

      • bobwinkle says:

        No hard pull for me. Applied 05-JAN, submitted requested docs 10-JAN, account confirmed 17-JAN, funded 24-JAN, and bonus is pending as of today (08-FEB).

        • Ken says:

          Hmm, I opened mine 5 days after you and have not received anything yet. My DD was Jan 17th, so I should actually be ahead of you. I uploaded my documents to them almost immediately too.

  34. Adrian says:

    The BECU offer has expired as of 12/31/16

  35. David says:

    Recently received a letter from BoA stating that I didn’t meet the requirements for the $200. Spoke with a CSR and they eventually said that using an ACH to fund the account is not the same as a “qualifying deposit” which they claim has to be done at an ATM or teller in cash. I find this preposterous and am waiting to speak with a supervisor.

    • Ken says:

      That’s BS. Usually qualifying deposits are any funds not already held by the bank. So a transfer from an existing account to the new account wouldn’t count. But ACH, teller, ATM, etc should all work. They don’t know what they’re talking about. Up until a few months ago there wasn’t a single BOA in my state, so how would I deposit at a teller in that case?

      • David says:

        Exactly. They are now requesting I contact them by snail mail to make my case. Ridiculous

        • Ken says:

          Even in the terms it states what a qualifying deposit is. They must honor that. No mention of teller/ATM deposit which is such BS. I hate HATE when people make stuff up. I’d call back and immediately ask to speak to a supervisor and threaten to file a CFPB claim. If they don’t cave file the claim.

          “Qualifying Deposits” are deposits of funds new to Bank of America and/or Merrill Lynch®.

          And unfortunately they have recently removed the ability to do online chat, and sending a message hasn’t been possible in years. So now the only way to contact BOA is by calling which I hate to do. Even the chat for Preferred Clients has been eliminated.

    • Rebekka says:

      I’m in the same situation. Received the letter the other day. My $1k was a mix of both ACH and cash deposits. I haven’t had the heart to call them about it. Thank you for sharing what you’ve experience so far. I will call in and let you know how it turns out.

      • Darv says:

        How about you, Rebekka? How long after you opened the account did you receive your letter? How long after you completed the deposits requirement (or believed you did)?

        • Rebekka says:

          I haven’t called yet. I’ll try to do it tomorrow or Friday. I am really not looking forward to it! I opened my account on 11/3/16. My ACH put me over $1k in new money on 11/22/16. I just received the letter last week.

          • Darv says:

            Well I appreciate you posting here. I just opened my new biz checking on 2/1. After seeing your message, I am going to stop into a local branch and make a teller deposit to satisfy the requirements.

            I thought these were auto processed. But it sounds from yours and David’s above experiences, that perhaps these bonuses are being applied manually.

            There’s no language in their terms that says the deposits have to be teller, or cannot be electronic deposits. If I were you, and the window for satisfying has lapsed, I would tell them to post the bonus or a complaint will be filed. If they don’t post your bonus after making that clear, I would file a complaint with the CFPB.

            Thanks for updating.

    • Darv says:

      How long after you opened the account did you receive this letter?

  36. Ken says:

    The terms state that you have 60 days from account opening to deposit the funds, so you could always go into a branch and make the deposit if you have one in your state. We have the mortgage centers in my state but no branches with tellers yet I don’t think.

  37. bobwinkle says:

    I received my bonus and defunded – what is the best way to close the account? Tried calling but there’s a 3 hour wait… and secure chat doesn’t appear available for closing an account. I read some articles saying it can be quite a pain, and that you can’t always go into a branch, and that even after trying to close they can leave the account open and charge you fees…

  38. Ken says:

    Well this is weird. Today I have a pending $100 credit to my account. I’ll wait to see what it posts as, but looks like I’ll be having to call them to find out where my other $100 is since it’s supposed to be a $200 bonus.

    • Ken says:

      Sent BOA a message on the FB app and they called me back while I was opening an account at a Chase branch lol. Completed their investigation and they don’t know why I only got $100, but they said they will issue me a check some time next week and I’ll have it in 7-10 business days. Fine by me.

  39. Bobwinkle says:

    Got thru via phone, closed no problem

  40. Skor says:

    I have a question about the waiver of monthly fee by spending $250 on a linked Bank of America business credit card. Does “linked” mean any other Bank of America business credit card that you may have? Or do you actually have to have a special, separate “linked” business credit card?

    • Terry says:

      Any BOA business credit card. You can usually link a card to an account it doesn’t show up on if it isn’t automatically linked. This is when you are logged into your bank account.

  41. scwam says:

    Damn! That was a fast $200. Within 3 weeks of account opening using about 4 different banks to DD 1k+ each.

  42. Darv says:

    Sent Twitter message to BofA to check on status because bonus has not posted, been more than 30 days and past experience it posted in about two weeks. Social media rep got back to me that the bonus is $100 for Fundamentals and $200 for Advantage account and that yes, they did see offer applied but it would be $100 for me pending the usual verification. I told them the offer is $200 for either account, told them to make sure it gets corrected. Sent them the offer details from opening day which clearly states the offer. Waiting to hear back.

    In short, much tougher sledding this time.

  43. Rebekka says:

    I finally reached over via Twitter (mainly so I didn’t have to call in) and they ended up calling me anyway. BUT, I had breifly mentioned via DM about not being “eligible” for the bonus, and when I talked to them on the phone, she had already done all the research and contacted someone within BOA to have them look into it.

    She didn’t admit to me on the phone that I would definitely get it, but she said between that transfer, and even without that transfer I should have qualified with my deposits from Square. She did say though that it if were approved, I would receive a check in the mail for the $200, or if it were denied I would receive another letter.

    She said it could take up to 30 calendar days to receive an answer. I will update this thread once I hear back either way!

  44. Allen says:

    Still waiting for my bonus to post-met the deposit requirements within a few days of opening the (fundamentals) account last month. Called today to verify everything was in order, and CSR informed me the bonus is only $100. $200 requires an active merchant services account attached(?) with activity.

    Not too happy. Anyone have any similar experiences or advice? Definitely wouldn’t have bothered knowing that if true…

    • Ken says:

      That’s BS. The $200 offer is still live on their site and has the following terms. Notice a merchant account isn’t even listed. I had this problem and demanded my $100 and they mailed me a check.

      Requirements to Receive the $200 Bonus: You must: (1) be approved for and open a new Bank of America Business Fundamentals® or Business Advantage checking account online by December 31, 2017 AND (2) make at least $1,000 in Qualifying Deposits (less cash received) into that new business checking account within sixty (60) days of account opening. “Qualifying Deposits” are deposits of funds new to Bank of America and/or Merrill Lynch®.

      • Allen says:

        I completely agree its BS, lol. Any idea what dept you spoke with to get it resolved? I just spent a hour on the phone with a biz checking front line rep (mostly on hold), they ultimately passed the buck to their “marketing redemptions” dept..waiting for a callback from them.

        FYI-if you look at the live offer page, in the small disclosures near the bottom (#7) there is language about a merchant services account/eligibility. Though none of the previous fine print references it or item #7… Ugh

        • Ken says:

          Notice the merchant services print has a #7 footnote. That 7 isn’t anywhere else so what I wrote trumps that. Someone forgot to take that out or put the #7 somewhere they were supposed to. Either way they don’t have any leg to stand on.

          It’s hard to think they’re careless with this kind of stuff and then expect people to trust them with their money.

  45. Anne says:

    Account funded 3/1 and bonus received on 3/21. Applied as sole prop and received forms in mail, but never sent in any of the paperwork.

  46. MM says:

    Happy to report I’m in the same boat as Anne above – funded around 3/1, bonus hit today. Sole prop. Funded via ACH. Thx, BoA!

    Honestly, not super impressed with their online banking layout/functionality. Fees for ACH transfers out, wonky billpay features, just not a very clean, user-friendly interfact. Wasn’t leaning toward keeping it anyway, but my experience so far certainly hasn’t changed my mind.

  47. Jey says:

    Another data point: Opened account 2/8. funded fully 2/10, but then wasn’t sure if initial $300 counted, so funded again 3/8. Opened a case with social media team on 3/20; bonus hit 3/21. Not sure if that was a coincidence or not but I’m sure it didn’t hurt.

    Thanks DOC!

    • James says:

      Did you enter your SS# as your business tax id?

      • Jey says:

        Yes, sole prop.

        • James says:

          I tried enrolling but didnt get an account number or login or anything. Just says application processing and gave me a confirmation number.

          Did it open for you automatically?

          • James says:

            Never mind I got approved. I’m surprised how fast they did it

          • Gibunono says:

            Hi James, how long did it take from your application to approval? Did they send you an congrat email or the account just showed up in your online banking?

            Today after I applied I received an email requesting for documents with a confirmation number. Still waiting.

  48. Allen says:

    $100 bonus hit the other day. After 2 calls to different departments, the answer is still no to $200 eligibility both times. Sent a message via the FB app, and filed a CFPB for good measure. Really pissed they’re playing hardball, screenshots (and public offer which is still live) clearly state $200. At a loss here…

  49. Michael says:

    Transferred 3k from Cap1 360 in Jan. Finally got a letter saying I didn’t meet the ‘Qualifying Deposits’ requirement for the account. Called into BofA to dispute. CSR said they’d look into it and get back to me.

    Maybe ‘Qualifying Deposits’ need to be pushed from 3rd party, not a transfer account one has linked already to BofA. I think eDeposits from a checking would work too according to my conversation with CSR.

    • Michael says:

      Gave them a week to respond via normal means. Not a whisper. Submitted a CFPB complaint as ‘qualifying deposit’ is vague and it looks like they wanna play games with me and others on this offer.

      Funniest thing, I got a direct call from BofA indicating that they are looking into this matter now do to contact from CFPB.

      Nothing like lighting the fire…

  50. MM says:

    BTW, closed my acct soon after the bonus posted/I’d transferred all funds out. Honestly, BoA’s online interface/functionality is awful. Even if I didn’t just want the bonus, I would’ve had a hard time keeping this acct – so convoluted and really pales in comparison to other biz accts (i.e., Chase).

    I’ll see you in 6 months, though, BoA!

    • MM says:

      Forgot to add – closing was a piece of cake once I could get someone on the line. Zero questions asked, took like 30 seconds, acct was gone the next day).

  51. Chris says:

    Thanks to the comments here, I was able to get my bonus relatively easily.

    After I opened the account online, I went into a branch and withdrew $3,000 from my personal checking account and deposited that $3,000 into my newly opened business checking account. The teller was about to do it as a transfer, but I asked her specifically if it could be done as two separate transactions (based on some people above saying that they did not having qualified “deposits”). She obliged. I was also able to do this before I got anything in the mail from BoA about the new account. I am already a BoA customer, so for those of you that aren’t, you probably have to wait for the debit card and other documents to show up in the mail before going to the bank. I would assume that a check for $3,000 written from one of your other accounts would work instead of going in the bank and doing a physical deposit of cash, but I have a bank right in front of my neighborhood anyway, so I did it the safest way possible.

    I also just started a business, so I needed this account anyway. It does ask for business related stuff (like local business license) to open the account, which I had. Not sure how hard it is to do this bonus without actually having that.

    The $3,000 deposit was made on 2/27. The $200 bonus posted on 3/21

  52. James says:

    It looks like my account got closed.
    3/24 Opened as sole proprietor with SS# as tax id.
    3/27 Debit card mailed out
    3/30 Received card, Tried to activate it both online and over the phone, number not found
    3/30 Tried to enroll online and no account records found.

    I wasn’t expecting much so not a big deal.

  53. Linda says:

    Could someone clarify the “qualifying deposits”? If I deposit $1000 cash in the account, do I have to leave that $1000 in the account until the bonus posts? i.e. I cannot then use any of that money to pay bills etc? The $1000 deposit must remain in the account until the bonus is awarded?

    • TanT says:

      I deposited a check via their mobile app and it triggers the bonus. For the second question, you don’t have to keep it in your account. I had only $100 in the account when the bonus posted.

  54. Ken says:

    Called 888-287-4637 and I’ve been on hold for 40mins now. Is there a better number to call to close out the account?

    • Ken says:

      They finally picked up at an hour and 10 minutes. They said you can do chat online even though I don’t have the option anymore and I’m a Preferred Client.

      • MM says:

        FWIW, I direct messaged them via Twitter and expressed how frustrating it was to wait 20 mins to speak to a CSR. Got a message back within 15 minutes or so with a direct # to call. Got them on the line immediately and had the acct cancelled in 30 seconds.

        Their standard # is an absolute joke, no doubt.

        (Also, the chat online suggestion, unless something has recently changed, is absolute BS. The reps on chat will very quickly state they can’t do anything with your account the moment you ask the question.)

        • anne says:

          Can you share a direct # please? My husband needs to cancel his account and I was on hold for about 55 minutes to get a CSR to close my account.

          • MM says:

            Gah, I apologize, went back and checked the message and realized they hadn’t given me a # but rather had me message them my #. They called me very promtly after that. Apologize for the misinformation above. If you have any sort of social media – Twitter, FB, etc. – I might try contacting them that way. So sorry and good luck!

        • Ken says:

          Is that number for Biz accounts only or for any BOA checking accounts?

          • MM says:

            Apologies, Ken – see my response to Anne above. They actually had me send my # via DM on Twitter. Got a prompt call after that. Sorry again for the confusion and good luck with getting this thing closed out!

          • Ken says:

            When I tried the FB app it took them a few hours to reply. I’ll try Twitter next time.

          • MM says:

            Ugh, that sucks about FB. I think I picked up the Twitter idea from a Reddit message board or something a while back. Was pretty pleased it worked so well. Definitely give it a shot next time.

  55. JOHN says:

    Can this bonus be churned if 6 months have passed from account closing to new account opening?

    • Marco says:

      No, you can’t unfortunately.

      • MM says:

        The terms seem to suggest you can. I haven’t done it, as I just closed my account in the last month or two, but I’ll be giving it a go later this year.

        If it were, I’d probably wait an extra month or so, just to make sure they don’t try and play any games re: timing. But, again, the terms pretty clearly state you can’t get the bonus if you’ve owned/co-signed on an acct within the last 6 months, suggesting anything longer than that and you’re okay.

  56. whodidntante says:

    For some reason BoA hates me. I can’t apply online. It says online only so I guess I am out of luck.

  57. james says:

    How do you get on the “invite list” to obtain these type of offers from banks?

  58. Marco says:

    Has anyone successfully gotten this bonus more than once?

  59. Dusty says:

    Opened account in the middle of last month as a sole proprietor with EIN, deposited >$1000 in cash at an ATM in two days, and bonus was deposited today (from what I’ve seen it looks like bonuses are batch posted on the 21st of every month). Had to fill out and mail back a form they sent which served as a business formation document. Worked out pretty easy for me, thanks everyone for the previous DPs which helped this go more smoothly.

    • MarcoPolo says:

      Thanks for the DP.
      What kind of Info did they ask you to provide in the “business formation document” document?

      • Dusty says:

        I should have kept a copy of it… It really wasn’t much, just something that identified me as the responsible party of the business. Also, since it’s at the top of the post, I should also add that I did not request or activate terminal services.

  60. Chong says:

    Going to fill out app and I see this clause:

    What you need to apply:
    Business name filing document, or
    Business license (if a business name filing document was not filed)
    Documents must have proof of filing from the state or county.
    If you are conducting business using a DBA (doing business as), fictitious name, trade name or assumed name, please include one of the following additional documents (document must bear the business name you’ve adopted and be current and in good standing):
    Fictitious name certificate
    Certificate of trade name
    Assumed name certificate
    DBA certificate
    You can fax your supplemental documents to 800.435.0051. You can also scan your documents and email them to Please include your application ID on the fax cover sheet or in the email subject line. Applications without supplemental business documentation will be declined after 11 days.

    Is this new or has everyone who applied seen this previously?

  61. Ken says:

    They have always had that. I have a resale certificate so I used that.

  62. Dirah says:

    My Datapoint (x2, including my spouse):
    I signed up for another account after a 6 month gap from when I closed my first accounts.
    Bonus was not forthcoming.
    After about 4 months I called in and they traced it and said I was not eligible because I got the bonus before.
    I told them I had closed it more than 6 months before.
    Rep: 6 months only helps if you’ve had an account but didn’t ever receive the bonus.
    However, if you received the bonus, you can’t get it again.

    Just wondering if anyone had a different experience.
    I had this twice with two different reps.

  63. Ken says:

    Terms state otherwise. CFPB them or escalate to someone who isn’t illiterate.

    “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.”

    • Dirah says:

      So, I contacted them as you suggested, but they also pointed out to me that the T&C’s state:
      “Offer cannot be combined with any other offer and is limited to one bonus per new business customer and account”

  64. Lc says:

    This trashcan bank is just so bad. Opened this account for my SO. Get the card and all documents in mail just for them to put a block on the account that can’t be removed without going into a branch with 2 forms of documents. Why approve me online if I have to go in to a branch? So stupid. I’ll be closing it.

    • Ken says:

      I’ve had other banks do this too. Why not bring the 2 documents into the branch for $200? Close the account after you take $200 from them.

      • LC says:

        My gf and I have an arrangement where she doesn’t mind how many accounts I open to receive bonus’s as long as I do all the housekeeping of it and she doesn’t have to do anything. Of course taking 2 documents into a branch is worth it, but she would have to be the one doing it and that breaks our arrangement.

  65. Datapoint to add. Opened up account sometime in Mid-May. Funded account with a $3,000 check written from my personal bank on May 22, 2017. $200 bonus posted today, June 6th.

    Don’t want to mess things up for other people, so when would you suggest closing the BOA account? I don’t need the $3k I have in there, but also don’t like having it sit there earning no interest.

  66. Alan says:

    now can fund up to $300 with debit card

  67. Darlene says:

    I opened this account and made 3 $1000 deposits. Today I received a letter that states “According to our records, you opened your account with a Small Business Specialist. Your account, however, doesn’t qualify for this offer because you did not meet the deposit funding requirement.”

    Any thoughts on what went wrong?

  68. James says:

    In the terms of the offer, it now states:

    “Qualifying Deposits” are deposits of funds into your new Small Business checking account new to Bank of America. A transfer done via ATM, online, or teller, or a transfer from a Bank of America consumer account or brokerage accounts such as Merrill Edge® or Merrill Lynch account is not a Qualifying Deposit.


    (7) Bank of America Merchant Services
    To qualify, you must have an active Bank of America Merchant Services account that is used for processing payment transactions. In order for your Bank of America Merchant Services account to be considered “active”: (1) it must be open and in good standing; and (2) you must have submitted a qualifying transaction batch during the prior Business Advantage Checking billing cycle.

    I just applied on 6/11, will try a $3k transfer from cap one 360 and hope it triggers immediately and also waive the fees, otherwise will funnel off $350/paycheck from my employer to make sure I hit the $1k

    • Thanks, updated post

    • Laura says:

      It said this when i opened my account, however, I did not open a merchant account and I still go the bonus. I opened the fundamentals business checking. My understanding is that a transfer from another bank may not meet the criteria. It seems they want the $1000 deposited the old fashioned way (at the teller or ATM)

    • seespotjump says:

      Followig up. Did you get your bonus after the transfer from your Cap One 360 account?

  69. Laura says:

    5/15 opened business fundamentals account as sole proprietor with ss# with zero balance.
    6/5 deposited $1000.00 cash at teller
    6/17 $200 bonus credited.

  70. mike t says:

    any updates on merchant services requirement? Debating whether to open this one up or not…

  71. rfclub says:

    I got the $200 last year, and closed the account.
    can i open again and get another $200?

    • L T says:

      You might have to go the CFPB route if they do not honor it within the specified timeframe. See my other comment today.

  72. Gibunono says:

    Anyone who successfully got the bonus recently?

    Opened 6/26 and funded the account immediately. Haven’t see the bonus posted.

  73. Ryan says:

    6/14- opened account for wife (they actually shut mine down, most likely for too many chex inquiries)
    7/3- funded $1000 from Cap One
    7/19- received $200 bonus (even without merchant services)

    Plan on closing this as soon as possible to churn it.

  74. j says:

    just applied as sole proprietorship – received email saying application cannot proceed until I send biz documents: Here’s the business documentation we need from you:

    Gather the required information for your Sole Proprietorship:

    Business name filing document, or
    Business license (if a business name filing document was not filed)

    Documents must have proof of filing from the state or county.

    don’t have any of this…. thoughts?

    • mike t says:

      I just sent in my EIN. that was good enough. as far as i understand, if your sole prop. (or fake sole prop), is done under your name; technically you do not need an EIN. i

  75. David says:

    I applied for the Business Fundamentals a week ago. Does the monthly fee start the first month, or is there a grace period?

  76. Laura Gould says:

    my understanding was that there is a 3 month grace period. It may have changed. I would check with the bank.

  77. L T says:

    Ended up having to file a CFPB complaint, and explain relevant details, after about 2 weeks, they sent a check in the mail for the $200 from their department that handles the signup incentives. This is the 2nd bonus for this type of account for the same SSN, after the cursory 6 month wait. Will probably close again soon to free up the funds. First go-around did not have to file any complaint. If doing this, make sure that the deposit is ATM or teller-based. They might deny bonus if it is an incoming ACH… YMMV.

  78. Nopers says:

    According to the Business Schedule of Fees, the monthly fee on the Business Fundamentals checking account is also waived for the first 3 months (not just on the Business Advantage checking account).

    “To allow time to establish your relationship, the Monthly Fee will not be assessed to your
    account until your third statement cycle closes.” (page 3,

  79. Nopers says:

    The definition of “qualifying deposit” is ambiguous. I plan on using the mobile app to deposit a check from another bank into this account. Will that qualify, or do I have to make it rain cold card cash at a branch?

  80. SC says:

    Chase $3000 ACH on 08/18. Bonus posted 09/08.

  81. James says:

    Applied as sole proprieter with my SSN last night. Received a call this morning (9/15) from BoA; the person on the phone said that I did not need to send in any documentation, but just had to verify my identity. The account was opened right after that.

  82. Nopers says:

    8/23 Approved & opened
    9/1 Deposited a check via mobile deposit from another bank
    9/19 Received the $200

    Never had to talk to anybody. I signed and returned the documents they sent to me, but I never had to send in any of my own documentation about the business. No merchant services required.

    Sole proprietorship “business”. Existing personal BofA banking customer, first time business banking customer.

  83. eclipsor says:

    for those who have just applied, would you mind checking if the $200 offer is actually added to the account. was in the middle of applying today and chatted with a rep to see if I needed a specific offer code in the text box field and was told this:

    You: do i need a different offer code or is it already attached?

    Alexander: It’s my absolute pleasure to chat with you today! The offer would be on the link you apply from. I would like to inform you that the offer has been removed from our page and is no longer available. Since you have a link with that special offer i would recommend after you apply to contact business fulfillment to see if they can still honor it .866.460.1287.

    You: are you sure?
    You: says it expires in december

    Alexander: Yes, we thought that as well and we were pro-actively telling clients about it until our upper management let us know it was taken away. I recommend giving it a try once you apply contact our business fulfillment to speak to them to make sure you get that promotion.”

  84. Jeff G says:

    Is it normal to not be approved automatically?

  85. Adam says:

    a bit late to the party. ignored this post coz DoC said at the onset to wait for the better, $2k offer from a cpl yrs ago to return. but looks like he changed his mind re: his recommendation, and I doublt it will return so went ahead & applied for this offer. here goes nothing.

    I read almost all the comments here. I can only hope for a smooth(er) experience. tho I dont have much trust in BofA for as incompetent as they seem to be for as long as I’ve had a relationship w/em.

    • Jonathan says:

      How did it go? I have been sitting on this one too…


      • Adam says:

        Went well, unlike a bunch of other folks — got approved, no problem. Used SSN, s-prop, deposited a cpl checks at the ATM last week, ez pz. Here’s hoping the bonus posts in the next cpl wks or so.

        • Jonathan says:

          Thanks for replying with your experience.

          Another DP to help others hopefully:

          Applied 10/12 (evening)
          Emailed business docs 10/13 AM
          Received 2 emails indicating approval this afternoon

          Pretty quick and painless so far. I used an LLC so that may have helped.

          Waiting on paperwork in the mail etc now.

          Thanks DOC!

          • Superchurn says:

            maybe i’ll try again with my LLC’s EIN and biz docs

            i really really wanna squeeze BoA, and so far have failed at nearly every turn

  86. P says:

    Ooops, did not get approve. Two credit card denials and now a bank account from BofA

  87. Superchurn says:


    Just applied as a sole prop with my SSN. Rejected after the add authorized signer screen.

    “Thank you, but we’re not able to proceed
    Thank you for your interest in Bank of America. With the information provided, we’re not able to proceed with your application.

    We’ll email you the details on your application status shortly.”

    Will update on email details

    • Superchurn says:

      Email says

      Thank you for your recent application. We regret that we are unable to open your deposit account(s) online at this time.

      For your privacy, we do not share details through email as to why we’re unable to fulfill your request. Please feel free to visit any of our banking centers to have a representative assist you. To locate a Bank of America banking center near you, visit our website.

      If you have any questions, please call us toll-free at 1.866.460.1287, Monday through Friday from 8 a.m. to 7 p.m., Eastern.

      We look forward to the opportunity of serving you in the future.

  88. Ryan says:

    Opened account online with $25 deposit on 9/29. I had two trial deposits from another bank post as i was linking that bank. Then on 10/5 my account was suddenly shut down. I called BoA and all they could tell me was they no longer wish to conduct business with me. This was my first checking account of any kind ever with BoA. Credit history with BoA is Alaska (06/20) and Merril (9/6) . No idea why this happened.

    • Tom says:

      Did they also shut down the credit cards or just the checking?

    • Tom says:

      Did they also shut down the credit cards or just the checking?

      • Superchurn says:

        when it happened to me, just the checking account, but I dind’t wait for them to cancel my CC too, so I shut that down myself

    • Superchurn says:

      exactly the same thing happened to me over a year ago for a personal account. i never did find out why. BoA has been on my shitlist ever since.

      I tried to apply for this account about a week ago, and was still blacklisted

  89. alex says:

    Opened my account 8/15
    DD of 1k in separate payments from place of work by mid september
    Full bonus posted yesterday

  90. Michael says:

    dp. Applied 10/11. Got emails 10/12 & 10/13 that I needed business docs submitted. Signed up under sole prop. Got email 10/14 that account was approved, without any docs submitted.

    • Superchurn says:

      did that third email say you don’t actually need docs submitted, or was it just an approval email?

      i’d be worried that despite being approved, they might close it down later if no docs are submitted

      • Michael says:


        Your application has been approved and we have opened the following account(s):

        Business Fundamentals® Checking Account

        If they close it, oh well!

        • Superchurn says:

          excellent. wife just noticed this email from them as well. no docs sent in. here’s hoping she has the same experience

      • T says:

        They asked me about three times for docs, but they didn’t close my account. The bonus posted within 3 weeks and then I closed it about 3 weeks after that. Also, wait until right after they post a statement because they tried to charge me a fee for having a balance that was below the minimum while I was trying to close the account.

  91. DosBox says:

    DP: Applied for Business Fundamentals 8/16 and Approved 8/17, mailed in tax info 8/27. Depositted $1,000 on 9/4. Bonus posted on 9/19. Account closed 10/17. No monthly fees incurred. Thanks!

  92. Jeff G says:

    DD from local credit union on 10/2, still awaiting bonus. Anyone else receive their bonus recently?

  93. sillysally says:

    am i missing something in DoC’s recommendations?

    wouldn’t it be cheapest to open the business fundamentals (which is fee-free for the first 3 months), deposit just the $1k, catch the bonus, and then close the account?

    it doesn’t make sense to me to tie up $3K in the ridiculousness that is BoA if i can get away with just $1K…

  94. Duke I. says:


    10/5/17 Open Business Checking as Sole Prop with $25 initial deposit. Returned signature card in the mail. Did not return any business documents.

    10/11/17 Use app to deposit $1,000 from another checking account.

    10/28/17 $200 Bonus Posted

    Now I’m waiting for the $300 bonus to post for the personal checking account.

  95. sara says:

    ok, stupid question – if i have credit freezes on the three major bureaus (equifax, transunion, and experian) would that explain the declines i’ve gotten from M&T (just now) and BoA (earlier this week)?

    i’ve only opened one other account (with Wells Fargo, two weeks ago, in branch) and there were no problems with that one.

  96. Superchurn says:

    Any DP on if buying a $250 MO on the debit card for the Business Fundamental account will waive the $16 fee?

    “Make $250 in net new qualifying purchases each billing cycle on your Bank of America business credit or debit cardfootnote”

    That would be cheaper than tying $3000 up

  97. Jeff G says:

    Hmm, still waiting for the bonus. Deposit pushed from local credit union posted on 10/2.

    Anyone else still waiting?

  98. Superchurn says:

    Wife got a voicemail from them today. I suspect it has to do with the missing docs. They approved her account without them, but now I hope she doesn’t get shutdown.

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