BANK of America is giving consumers a chance at free money this summer, but there are some steps that must be followed.
The funds come as part of a bonus from the financial institution.
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Those who open a new checking account, specifically the Advantage Plus Banking option, could get as much as $300 in extra cash.
To get it, interested customers must first open the account through a specific offer page on Bank of America’s website.
After completing that process, consumers would then need to make at least $2,000 in direct deposits within the first 90 days of the Advantage Plus Banking checking account being open.
Eligible direct deposits include regularly monthly checks from a salary or government benefits.
Those that are ATM-based or person-to-person, such as through Zelle or Venmo, do not qualify.
After meeting the direct deposit requirement, the third step would be for account holders to monitor their transactions.
Bank of America posts the $300 free money as part of the promotion within 60 days after becoming eligible.
SINGLE EXCEPTION
There’s only one exception to the bonus catch to watch out for.
Those consumers who have had a Bank of America personal checking account within the last 12 months are not eligible.
That means someone with an Advantage SafeBalance Banking account can’t upgrade to the Advantage Plus Banking and get the money.
New customers who are getting the Advantage Plus Banking account and plan to go for the $300 should also be aware of some details.
There’s an initial deposit of $100 required to open it, for example.
That’s not far off the average, but it isn’t necessarily low.
There’s also a monthly maintenance fee for the account of $12, but it could be waived in two different ways.
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The first would be by having a qualifying direct deposit monthly of $250 or more, and the second would be through maintaining a balance of $1,500.
The Advantage Plus Banking account also has an out-of-network ATM fee of $2.50 for domestic and $5.00 international.
There’s also an overdraft fee of $10.
CHASE CASH
Other financial institutions are also running similar promotions this summer, including Chase Bank.
Those who sign up for a Chase Freedom Unlimited credit card could get $200 in free cash.
Requirements only include signing up for and activating the card along with spending $500 within the first three months of having it.
Those who budget their expenses could easily get the money.
For example, those who had already saved up to get a big purchase worth $500 or more could put it on the credit card, pay it off immediately, and still get the $200 statement credit.
More information can be found on Chase Bank’s website.
Wells Fargo also recently offered consumers as much as $2,500 through a unique deal.
Citibank has at least $325 in bonus cash as well.
