Author Topic: Huge offer through Bank of America...let's do this!!!  (Read 3896 times)

aceyou

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Huge offer through Bank of America...let's do this!!!
« on: July 26, 2015, 11:04:19 AM »
Last week Huntington Bank sent me an offer in the mail for $250 if I opened a checking account and placed 5k in it.  I did that Friday morning and the one hour of work netted me $250. 

It got me searching for more things like this, and I found this:  http://www.hustlermoneyblog.com/bank-of-america-business-advantage-checking-review/

It's a Bank Of America offer, and you have to open a business checking account with them.  Has anyone done this, and if so, what information will they require. 

A year ago I filed for an LLC in Michigan, and ran a business all summer long.  I profited about $9,000 from it.  My wife and I had a second child this year, so I didn't renew the LLC, and I decided to spend all summer with my wife, son, and daughter.  So, I have all kinds of paperwork showing that I've ran a business very recently, I have saved all receipts, I have tax returns showing the legitimacy of the business, but I have let my LLC expire a few months ago (and closed out my business account at my main bank). 

How can I make this work?  Any help would be appreciated.  Heck, if I really have to refile for the LLC, I can do that for $50 if that's what it takes to go after this huge bonus:) 

Mirwen

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #1 on: July 26, 2015, 11:59:36 AM »
I don't think you'd have an issue with using your business paperwork.

However from the article you linked:
Quote
Select Business Accounts Requirements:
Small Business Credit Card: Apply, be approved and spend at least $2,000 on your small business credit card within 60 days of opening your Business Advantage checking account.
Business Loan or Line of Credit: Apply, be approved for and and open a new loan or line of credit within 60 days of opening a business advantage checking account.
Bank of America Merchant Services Account: Open and activate a merchant services account and settle funds into your Business Advantage account within 60 days of opening a Business Advantage checking account.

Are you really planning on getting a business loan and a merchant account?  How much do their merchant accounts and equipment cost? 

wienerdog

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #2 on: July 26, 2015, 01:19:34 PM »
Santander bank is giving $20 a month in their checking account if you make direct deposits of $1500 a month and pay 2 bills per month via their bill pay system ($10 for each item). Just need $10 in savings and $25 in checking.  I just divert $750 each paycheck there to cover the mortgage and 2 monthly bills.  You can send anything left over to Vanguard each month.

https://www.santanderbank.com/us/personal/banking/checking/extra20-checking




Rosy

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #3 on: July 26, 2015, 06:03:42 PM »
The Fine Print

Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist


This is a targeted offer.

Hower, I checked for the offer at: http://www.doctorofcredit.com/bank-of-america-2000-in-branch-business-checking-bonus/

He laid it all out in detail and I think you will find the comment section of particular value - on how to possibly claim this offer. Maybe not the $2000, but I think the $1000 looks easy enough to follow through on.

aceyou

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #4 on: July 26, 2015, 06:06:31 PM »
I don't think you'd have an issue with using your business paperwork.

However from the article you linked:
Quote
Select Business Accounts Requirements:
Small Business Credit Card: Apply, be approved and spend at least $2,000 on your small business credit card within 60 days of opening your Business Advantage checking account.
Business Loan or Line of Credit: Apply, be approved for and and open a new loan or line of credit within 60 days of opening a business advantage checking account.
Bank of America Merchant Services Account: Open and activate a merchant services account and settle funds into your Business Advantage account within 60 days of opening a Business Advantage checking account.

Are you really planning on getting a business loan and a merchant account?  How much do their merchant accounts and equipment cost?

I'm only planning on going for the $1000 by opening the credit card.  The rest wouldn't be worth it to me. 

aceyou

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #5 on: July 26, 2015, 06:20:04 PM »
The Fine Print

Offer only available to customers who receive this offer via a direct communication from a Bank of America small business specialist


This is a targeted offer.

Hower, I checked for the offer at: http://www.doctorofcredit.com/bank-of-america-2000-in-branch-business-checking-bonus/

He laid it all out in detail and I think you will find the comment section of particular value - on how to possibly claim this offer. Maybe not the $2000, but I think the $1000 looks easy enough to follow through on.

Thanks a bunch Rosy.  I read that over, and here's my game plan:

1.  Call the nearest Bank of America branch tomorrow morning.
2.  Tell them I'm unhappy with my current bank and am looking to set up a business account elsewhere. 
3.  Tell them I compared banks online, that I'm considering theirs, plus I saw that their bank has an offer. 
4.  Ask if they would be willing to extend that offer to me if I came in.
5.  Ask what documents they want me to bring in. 
6.  If all that goes well, head out to the bank and make it happen (by opening a credit card and bank account).
6.  Go home and celebrate with a salad from my garden. 

If anyone sees a better plan of attack, let me know.  $1000 of Bank of America's (soon to be my) money is at stake here, so let's not screw this up!!!

kendallf

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #6 on: July 26, 2015, 09:04:07 PM »
Note that all of the cash bonuses for opening bank accounts are taxable as income.  If you do this in your business name, they will likely send a 1099 in that business name.  I don't know what the implications will be at tax time if your business is closed down, but it's something to consider.

Rosy

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Re: Huge offer through Bank of America...let's do this!!!
« Reply #7 on: July 26, 2015, 09:18:09 PM »
Sounds like a plan to me aceyou :)
Good Luck and I hope it works at the first branch you call.
Don't forget to share your success over at the doctor of credit, wish I could.