Bank Of American Checking Account $50 Bonus

Are you using Bank of America Checking Account?

If you are not, then you can get a $50 bonus if you become a customer of Bank of America. Right now, the nation’s largest bank by market value is running a promotion, which gives $50 free money to anybody opening a new checking account with them.

Based on the information on the promotion page, the promotion is from now till February 27, 2009. The account can be opened either online or at a branch office in your area (click here to find a location near you), using promotion code AOU261208. More details from the fine print regarding this offer:

Offer does not apply to second or multiple checking accounts and/or existing checking customers. Student checking accounts are not eligible for this offer. Bank of America associates are not eligible for this offer. All accounts are subject to our normal approval process. This form must be presented at the time the account is opened if account is opened in a banking center. This minimum deposit required to open a new, personal checking account and receive the $50 offer is $100. We will make every attempt to directly deposit the $50 into your new Bank of America checking account. If for any reason we are unable to do so, a check will be issued as a replacement. We will deposit the money within 90 days of opening your new account. Limit one check per household. To the extent required by law, Bank of America will report the value of the offer to the IRS on Form 1099.

With the Bank of America Checking Account, you get free online billpay and a check card that allows you to save with their “Keep The Change” program. Besides, there’s no monthly fee for the account as well.

I have been using Bank of America for many years and am generally satisfied with their services. Since I use the account mostly for receiving deposits and paying bills online, there aren’t many services I actually use. Despite interest checking offers from online banks such as ING Direct Electric Checking and IGoChecking which allow me to earn some interests, which are not available from Bank of America, I stick with them because

1. I like a bank with local offices so I can withdraw money without having to pay any fee. Online banks have ATM fee reimbursement programs, but there are usually limitations.
2. The interests earned from a checking account, whose interest rate is quite low compared to that of a savings account, won’t be too much since I usually keep a very low balance in the checking account.

So I am still using a checking account that pays me zero interest. But that’s fine with me.

BTW, Bank of America also has a personal interest checking account that pays a nice 0.05% APY. Better than nothing, right?

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