If you have a Bank of America credit card open you will be eligible for this promotion or possibly any other BOA customer besides a checking account holder that is existing which is not eligible. I have just about every other card but a BOA card right now so I doubt I would quality. BOA normally only does $100 bank bonuses so this is generous of the bank.
You receive a $300 bonus from Bank of America when you open a new eligible checking account by April 10, 2015 and make two qualifying direct deposits of $2,000 or more within the first 90 days of account opening. Eligible accounts are BofA interest checking & core checking to get the bonus. Offer is exclusive to Bank of America customers who don’t already have a checking account or had an account within the past six months as and ones who have received offer via direct communication with Bank of America.
A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, social security or other eligible regular monthly income. The $300 Bonus will be deposited within 60 days of meeting the requirements. You’ll need to complete a W-9 or W-8 form if applicable before you get the bonus and as usual all bank account bonuses are treated as income/interest and as such you have to pay taxes on them.
From what we understand you can use a regular ACH bank transfer to count as a direct deposit. Such as transferring money from ETrade Bank to BOA or from HSBC.
The $12 monthly fee is waived if you meet one of the following requirements on the Core Checking-
Have at least one qualifying direct deposit of $250 or more
Maintain an average daily balance of $1,500 or more
Are a student under the age of 23
Interest Checking $25 Monthly Fee for those that for some reason think they my earn a few pennies per month on interest. I would not bother.
The interest rate on this account is laughable 0.03% APY. The monthly fee on this account is waived if you hold balances of $10,000 or more in your eligible linked accounts. Bank of America does not charge any early account termination fees according to their fee schedule.
I am hoping to open a core checking account then use a credit card for the initial fund if possible making sure that card had no cash advance limit on the card. I would then put in an ACH from my Etrade Bank account of $2,000. Then send another ACH for another $2,000. Then transfer all but $1,500 out to keep it fee free. Then wait 60 days for my bonus to post and transfer rest of the money out