I have taken advantage of Bank Bonuses before but a $2,000 offer is amazing!
Table of Contents
- 1 The Bank of America Small Business Checking Account Bonus Offer
- 2 How to apply for the Bank of America Small Business Checking Account Bonus Offer
- 3 Fees for the Bank of America Small Business Checking Account Bonus Offer
- 4 Conclusion for the Bank of America Small Business Checking Account Bonus Offer
The Bank of America Small Business Checking Account Bonus Offer
Bank of America wants you to sign up for a new Small Business Checking Account AND do one of the following:
– get a Small Business Credit Card
– get a Small Business Loan
– get a Merchant Account
You need to complete at least two and you will get $1,000 as a bonus. If you complete ANY ADDITIONAL it will be $500 more per qualifier.
The offer is valid until October 30th, 2015.
This is the offer as emailed:
The offer also states that you have to be directly targeted for this promotion in order to be eligible.
How to apply for the Bank of America Small Business Checking Account Bonus Offer
First of all you need to not have had a Bank of America Business Checking account within the last 6 months. A personal checking account is not an issue.
Obviously few of us are targeted so you you will need to find a Bank of America branch and phone the Small Business account manager there.
I contacted about a dozen branches (using Google Maps on my iPhone) and only one banker got back to me willing to apply the offer to my account – everyone else was either too puzzled about this offer or never called me back.
The offer does not state that you can not have had a Small Business Credit Card in the last 6 months though.
For most people it is the easiest way to get the first $1,000 to just open a checking account and get a Small Business Credit card for Bank of America.
The best option is currently the 25,000 miles Alaska credit card but there is also a 10,000 Asiana Business Credit Card. You will need to spend $2,000 in the first 60 days on your credit card.
The Small Business Loan is available for companies in Business for at least two years and $250,000 in revenue. So this won’t work for a ‘ebay reselling’ business.
The merchant account is a profitable way to make money for many banks since it locks you into infrastructure and a term agreement. Here is a good review for the Bank of America Small Business Merchant Account. Beware that the Bank of America merchant account usually comes with a 3 year term, $95 annual fee and a $500 early termination fee plus fees per transaction. Ask for a shorter term and/or a waiver for the termination fee. You will obviously need to get this in writing!
A $20 in transactions is required after activation within 60 days to trigger the bonus.
Fees for the Bank of America Small Business Checking Account Bonus Offer
The checking account comes with a $29.95 fee that is waived for the first 3 months. After that period you will need a $15,000 average monthly balance OR $2,500 in spend on your linked Small Business Card or an ‘active Merchant Service’ account. There is no early termination fee listed.
I haven’t been able to determine what ‘active’ means in this definition.
The Small Business Loan comes with its own associated fees incl. closing costs such as flood certificate, title fees, appraisal fees and filing fees. Fees per loan will vary but will be disclosed before you sign.
The merchant account comes with the $95 annual fee an early termination fee (if you should choose so).
Note that the annual fee for the business credit cards is usually not waived with Bank of America.
Conclusion for the Bank of America Small Business Checking Account Bonus Offer
This is a great offer if you are in the market for a new Small Business checking account (I am!). It’s also very lucrative if you can just open up the checking account and wanted to sign up for an Alaska credit card anyways.
This is not a public offer – you will need to go through the local BofA branches and win over a banker to help you set this up.