Anybody do the $300 bank of america checking deal and cancel their account?

[Askel]

I've been getting offers from bank of america for about a year now offering a hefty sign up bonus for their checking account if I move my direct deposit there. 

They finally upped it to $350 and I'm finally in a position where moving all my direct deposit there won't be an issue. 

Only question is- has anybody done this and then closed their account yet?  Wondering if this was a hassle free process. Visiting any physical branch will require an overnight trip and lots of driving pretty much negating the bonus. 

[slappy]

I've been getting offers from bank of america for about a year now offering a hefty sign up bonus for their checking account if I move my direct deposit there. 

They finally upped it to $350 and I'm finally in a position where moving all my direct deposit there won't be an issue. 

Only question is- has anybody done this and then closed their account yet?  Wondering if this was a hassle free process. Visiting any physical branch will require an overnight trip and lots of driving pretty much negating the bonus.

When I have to close an account and I can't request it online, I just sent a written request in the mail. Check the account a couple weeks later to make sure it was done, and that's it. There should be no reason to go to the branch. Some banks even let you close the account via secure email.

[Roots&Wings]

I've done the BofA $300 bonus 3 times and have closed by phone (no secure message option with BofA). You aren't on hold long if you call during a slow time (e.g. first thing in the morning), it fairly easy.

[Askel]

Thanks folks!

[phildonnia]

When bonus-churning, I've never had a problem with closing a BofA account over the phone.

The worst hassle for me has always been Chase (which would not close my account even with a letter!).  But even they now allow you to close your account over the phone, due to the whole Covid-19 thing.

[kpd905]

Do it, you can do this bonus about once a year.  It just has to be 6 months since you've closed your last account before you're eligible again.

I've opened and closed countless bank accounts this year for this very reason.  We just broke $9,000 YTD in bank bonuses.

Also, here is a list of data points on closing accounts at all banks: https://www.doctorofcredit.com/complete-list-of-ways-to-close-bank-accounts-at-each-bank/

[Morning Glory]

Yes, I did it just about a year ago. Can't remember if I could close via PM or if I had to call them, but overall it was an easy bonus.

[joleran]

I've opened and closed countless bank accounts this year for this very reason.  We just broke $9,000 YTD in bank bonuses.

Wow, just bank or counting credit cards too?  Either way, really impressive. 

[kpd905]

I've opened and closed countless bank accounts this year for this very reason.  We just broke $9,000 YTD in bank bonuses.

Wow, just bank or counting credit cards too?  Either way, really impressive.

$9,000 from checking/savings, $2900 from credit cards, and should have $850 from IRA transfer bonuses at year end.

[joleran]

I've opened and closed countless bank accounts this year for this very reason.  We just broke $9,000 YTD in bank bonuses.

Wow, just bank or counting credit cards too?  Either way, really impressive.

$9,000 from checking/savings, $2900 from credit cards, and should have $850 from IRA transfer bonuses at year end.

That's got to be a lot of referral bonuses, right?  Even theoretically churning every bank account bonus available including brokerage bonuses I'm having a hard time seeing how to do that otherwise.