Bank of America sure flipped the switch on their overall outlook to checking accounts. After a short-lived but frenzy-stirring threat to impose monthly checking account fees, Bank of America has not only rescinded that notion but is now offering $50 bonuses to NEW checking account holders.
It is a fairly decent offer when stacked up against some of the other top checking account bonuses this year simply because you’re only required to make an initial deposit of $25 to earn the $50 bonus.
Bank of America has three different checking accounts available that come with the $50 bonus. All of which have the potential of fees if you don’t meet the requirements. Below are the three different accounts as well as their fee structure.
Bank of America Checking Account Options 2012:
(All of the three options come with the $50 bonus. See below for bonus code, terms and conditions.)
1) “ebanking” - No monthly service charge when you choose online paperless statements and make your deposits and withdrawals online or by ATM, without a teller.
2) “My Access Checking” - No monthly service charge when you set up at least one qualifying direct deposit of $250 or more each month, for example with payroll or Social Security payments, or maintain an average daily balance of $1,500 or more in your account. Otherwise the charge is $12 per month.
3) Prima with Tiered Interest Checking - Maintain a $10,000 average daily balance, otherwise $25 monthly service charge.
The first two accounts are excellent options for new checking account holders who are looking for something simple with an easy way to avoid fees. I can’t imagine BofA is having success with the third option though as interest rates may as well be zero. The average daily balance is extremely steep for the threat of a relatively large fee of $25.00.
$50 Bonus for New Checking Account Holders:
1) Fill out our easy online application using Offer Code GROUP50.
2) Set up a qualifying Direct Deposit into your new checking account within 60 days of account opening. Learn how to set up Direct Deposit.
3) Receive your $50 bonus, directly deposited to your new checking account, within 120 days once qualifications are met.
Offer Available through 7/31/2012.