Closing account after getting free cash for opening

[syracusa]

Is there a minimum amount of time that you must keep an account open (checking/savings) after having opened it with a "free cash" offer - and keep the rewards?
I am OK with my current bank but I opened an account with BoA based on a free cash offer. I don't intend to keep it for too long because it is just too complicated to deal with so many accounts. I would like to close it after a while but how soon can I do that without being penalized or losing the initial reward?

[safari]

Usualy it says in the fine print what the rules are. Did you open your account online? Can you go back to that page and read the fine print? The rules vary depending on the bank and on the account type. Some banks will charge a penalty for closing an account withing the first 3 or 6 months. You have to contact BofA and ask them about the specific rules that apply to your account.

[syracusa]

Yes, I opened it online.
They don't say anything in fine print on the offer page (why would they...) but I am sure there is a minimum amount of time you have to stay with them to keep those rewards. 6 months is a lot - but heck, I got all excite about getting the 125 bonus.
We'll see....

[poundwise]

I couldn't find any hard proof of this but I have seen (on blogs and forums) that Bank of America will charge penalty fees for closing any account before 6 months or 180 days. I also found a user who disputed that saying that he closed his accounts right after he received his bonus money, though he did not elaborate.

You should also be aware that BoA's checking accounts carry fees unless you opened a basic checking (called MyAccess Checking) and have Direct Deposit. Of course, fees will reduce your benefit from the bonus offer.

[syracusa]

Originally Posted by poundwise

I couldn't find any hard proof of this but I have seen (on blogs and forums) that Bank of America will charge penalty fees for closing any account before 6 months or 180 days. I also found a user who disputed that saying that he closed his accounts right after he received his bonus money, though he did not elaborate.

You should also be aware that BoA's checking accounts carry fees unless you opened a basic checking (called MyAccess Checking) and have Direct Deposit. Of course, fees will reduce your benefit from the bonus offer.

But they said that if you have a minimum daily balance you can avoid the fees. Do they charge fees for inactivity too?

[poundwise]

Originally Posted by syracusa

But they said that if you have a minimum daily balance you can avoid the fees. Do they charge fees for inactivity too?

It will depend on which offer you responded to when you opened your account. The offer that included MyAccess Checking has a $5.95 monthly fee unless you have Direct Deposit.

If you hold a Regular Checking or an Advantage Checking account, then you can avoid their respective fees by meeting their balance requirements.

FYI: I did some more looking into the question and, from the information BoA supplies, you can apparently close your account the day after the bonus posts to your account without any penalty.

[mrvirgo]

You can call customer service to find out about the policy on your particular account. Generally, the reps give you reliable information.I opened a My Access Checking with BofA last year. After a zillion calls, I did get $100 posted to my account and I actually got one rep to make sure I am never charged a penny even with zero balance as long as I keep the account open. Pure luck I guess since I have indeed not been charged anything in spite of a few months with zero balance. The offer came in the mail and you had to have a BofA credit card to get this deal which I did have but never use since it gives no cash back.

[ScrimpAndSave]

I did this with Wachovia and closed it after a few months.

[skydivingchic]

It all depends on the details of the offer you signed up for. I took advantage of a similar offer with BofA last year. They offered me $100 if I opened a checking account online with at least $25 and kept it open for at least 60 days. Direct deposit was not required for the offer I received. After the 60 days was up, BofA credited my account $100 and I closed it within a few days of that deposit. There were no fees associated with the closing.

[ActYourWage]

There is a bank here in town that is offering $100 to open up an account. I did so last year and I thought about having my wife open one up and get the $100 dollars, but I feel like I would be cheating the bank since the promotion is to generate business and not for people to open up an account just to get the money and then close their account. That's my thoughts though.

[cooliemae]

All banks should have a schedule of fees posted on their website or available through mail, that should explain what fees will be associated with the account you opened. The schedule of fees includes any maintenance fees or closing fees.

[noppenbd]

Originally Posted by ActYourWage

There is a bank here in town that is offering $100 to open up an account. I did so last year and I thought about having my wife open one up and get the $100 dollars, but I feel like I would be cheating the bank since the promotion is to generate business and not for people to open up an account just to get the money and then close their account. That's my thoughts though.

Personally I don't see a moral problem with opening up an account for everyone in my family. If the bank wanted to prevent this, they could easily restrict the bonus to one per household. If they choose not to restrict it then I see no moral problem.