About Nick Reyes

Nick Reyes is a (fairly) regular guy with an animalistic passion for maximizing the value of miles and money to travel the world in comfort and style. There is little in life that he loves more than finding a fantastic deal and helping you shop smarter & harder to achieve your travel dreams.

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Comments

  1. Ah yes, easy. Because a large portion of America has $50k in cash sitting around in non-tax-advantaged accounts to transfer over…

    • Yeah, that’s why the title says easy(ish) — you’re right that it won’t apply to everyone. That said, as noted, it may be possible to do with a smaller amount of cash transferred in, withdrawn, and transferred in again as many times as is necessary (YMMV). Those with a small business, or who buy and resell merchandise or third party gift cards (and thus have constant cash flow coming in) will probably find that pretty easy if it works — and I know many readers are involved in those types of activities with constant cash flow. If that doesn’t work, you would need to have the $50K in cash — which obviously doesn’t apply to everyone, but does apply to some — and it’s a pretty easy thousand bucks for those who do.

    • There are plenty of small business owners that can deposit the required $50,000 for this bonus. Obviously BOA is targeting people that can bring money to their table, and they want high balances parked in their accounts.

      If this isn’t you there are plenty of other bank bonus deals you can get in on with much lower requirements.

    • I did this last year but only went for the $1000 by opening a business checking account and a credit card. I wasn’t sure I could do it because I didn’t have $50k, but I tried it anyways by rotating funds. I can confirm it is doable by rotating funds. Here are some things I did. A bulk were from rotating an initial $10k and I completed the requirement in under 60 days.
      – ACH into the BOA account from other external bank accounts
      – ACH paycheck from job
      – Withdraw the funds from BOA as cash or bill pay, then redepositing them to other external accounts. Then sending it back to BOA in another form, like writing a check this time or cash deposit (different amounts and dates) instead of ACH.
      – I also asked family to write me a check in exchange for cash, which I deposited.
      – Linked it to PayPal and sent funds down to BoA from eBay sales.

      * Note the bonus did not post until 90 days after I completed the requirements. I also kept rotating the funds past $50k through the 90 day period cause I wasn’t sure what qualified for the deposits.

    • From the fine print:

      You must not be an owner or signer on a Bank of America business checking account that is open or that was closed within the last six (6) months.

      As long as you closed it more than 6 months ago, you should be good to go.

  2. Do you know how long to keep the deposited to keep the bonus? How long should the checking account remain open?

  3. Thank Nick – I’ll probably take advantage of this, especially as I hate Wells Fargo’s nickel-and-diming and there’s no time commitment to keeping the $50,000 in the account. Nothing like an incentive to try someone else!

  4. I sent this offer to 2 family members. The first one said “I wouldn’t touch BOA with a 10-foot pole: they screwed up our office accounts Horribly several years ago.”
    The second one just called me to report: “Last week I deposited a check for $75,000. BOA recorded it as $75 -and that’s what they took out of the payer’s account too. I also sold my house last week and they overcharged fees on closing my line of credit. Now they won’t stand behind what they told me. And they’ve never heard of this bonus offer.” This was Richmond, VA. YMMV

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