Many Americans have been pleasantly surprised thanks to a recent announcement from one of the country's most important banks. In times when every dollar counts, receiving a reward just for opening a bank account sounds too good to be true. Bank of America has a promotion that could put extra money in the pockets of thousands of people.
The institution has confirmed a special offer that can benefit new clients who decide to open a checking account online. The reward? A $300 gift, simply for meeting a few basic requirements. This is an initiative that aims to attract new users, but it's also an opportunity for those who want to start managing their finances better.
The promotion is available exclusively for online openings. Interested individuals must choose one of the products available on the Bank of America website. They should select the account that best fits their needs and complete the process.
Once the account is opened, the next step is to activate the direct deposit option and make sure to receive, in total, at least $2,000 (1,814.37 €) within 90 days. If this requirement is met, the bank will make an automatic deposit of $300 (272.16 €).
Bank of America's conditions
However, one must read the details. The minimum amount to open an account varies depending on the type chosen. For example, SafeBalance requires only $25 (22.68 €) to open, has a monthly fee of $4.95 (4.49 €), and doesn't charge for overdrafts or accrue interest.
Plus Banking needs $100 (90.72 €) to open. The monthly maintenance is $12 (10.89 €) and it also doesn't generate interest. Meanwhile, Relationship Banking also requires an initial deposit of $100 (90.72 €), but it does offer interest and the monthly maintenance fee is $25 (22.68 €).
In addition, to be eligible, it's important that the applicant hasn't had a personal checking account at Bank of America during the past 12 months, whether as a primary or joint account holder.
Facilities for opening the account
Opening an account is very simple, but one must have some important documents on hand. Among them are the social security number, a current proof of residence, a valid email address, and a bank account or debit card. If one doesn't have these, it's also possible to make the deposit by check or money order.
This move by Bank of America is undoubtedly an excellent opportunity for many Americans. In a context where banking promotions aren't always so generous, this $300 (272.16 €) gift can make a difference. Especially for those who are starting their financial journey or want to switch banks.