Need advice on whether to open BofA checking account

[neatdesign]

Wow, my first poll. Read the details below and then vote:

I was just on there checking my online credit card statement when I saw that I have an offer from BofA: If I open one of their "MyAccess" checking accounts and have it open for at least 2-3 months, I get a $100 bonus.

I have had a checking account with USAA since forever and am very happy with it, but $100 is a nice chunk of change. However, I'm hesitant about whether I should do it, so I figured I'd ask you lot for your opinions. Here's how I see it:

PROS:
1) There is no minimum balance required.
2) The $100 is deposited about 50 days after the account is opened (and obviously must still be open to get the $100).
3) Once the $100 is in there, I can transfer the money out of the BofA account into my USAA account at no charge, then close the BofA account.
4) Basically, easy money.

CONS:
1) There's a $5.95/month maintenance fee UNLESS I set up direct deposit from my paycheck OR I make at least one online bill payment from the BofA account each month. (There may be other "account-related fees" but I was unable to find out what they might be.)
2) I'm afraid I'll screw something up if I change my existing direct deposit set-up, or if I divide my bill payments between two checking accounts.
3) Signing up for a checking account is probably just asking for TONS more junk mail that I don't need. (This is something I can live with, however.)
4) According to the fine print, "Offer may be withdrawn or modified at any time without notice" -- so there's no guarantee that I'll get the $100 bonus.

SEMI-PRO: Even if I'm charged a $5.95/month fee, if it's only for a couple of months I'm still getting about $80-90 in free cash. Not as good as $100, but better than $0.

So.... What do you think?

VOTE NOW!

~ Jenney

[disneysteve]

Personally, I can't be bothered opening new accounts just to get bonus money. That said, however, I certainly see the appeal in doing so, so I picked the 2nd choice. Open the account and make one bill payment/month.

[neatdesign]

Ok, so of the 8 people who have voted so far in my little poll, 50% of you are saying not to open the account.

Why?

~ Jenney

[tinapbeana]

ok, i voted the second option but it was when i was thinking "i wonder if you could do the monthly bill pay to yourself at your other checking account?" see, i used to do a billpay for my rent, which was to a private individual with no account number. they mailed him a check which he deposited. wonder if BoA's computer system would allow you to set up a bill pay by check back to your regular bank? or to yourself, at a home or work address?

[Broken Arrow]

Personally, it would not be worth the hassle of setting up another checking just to get the bonus, since you'll break even with that $100 bonus within 8 months.

Nor would it be worth it to me to use it for bill pay, since that means you're scattering your banking needs. I'd rather keep it all under 1 checking account. Sometimes, it's good to keep things simple.

So, the only way I would see this as a worthwhile venture is to switch my one checking account needs entirely to BoA, and set up direct deposit on it. Speaking only for myself, I'm still better off staying put at my current credit union, but whether you feel the same way with your current financial institution is entirely up to you.

[gackle]

I'll speak for the "no" crowd. We were enticed to switch to BOA for a $75 Visa gift card. Our adventures since:
- Had to call the bank after never receiving the card. They eventually just deposited the money into our checking account.
- Wife had to go in twice to get her picture taken for debit card because they lost the first one. She got an unauthorized/unrequested credit card sent to her from one of those visits.
- Tellers will ask you almost every time if you want a credit card. BOA has no permanent system to opt out of these requests.
- I was sent an unauthorized/unrequested credit card when I never even had spoken with a teller. See my documentation here.
- Both of our MBNA Visa cards were switched to American Express without our authorization. See my documentation here.
$100? Not worth it in my opinion. We have our mortgage and van loan through USAA. Believe me, you are at the pinnacle of customer service with USAA. Don't spoil what you've got. We are still with BOA only because it is such a pain to change banks. I'm just waiting to see what the next straw will be that breaks this camel's back.

[disneysteve]

Originally Posted by Broken Arrow

Sometimes, it's good to keep things simple.

I agree. As I said earlier, I wouldn't bother opening a new account just to get a bonus. That's one more account to keep track of, one more 1099 at tax time, one more company sending you junk mail, one more company running your credit, etc. If the $100 is really a significant amount for you, then go for it. But for me, the $100 isn't worth the hassle.

[neatdesign]

Sorry for the delay in responding, just been busy -- Christmas and all that! Thanks for everyone who put in their two cents' worth, you've convinced me to ignore the offer and just keep on keepin' on. I appreciate the input!

~ Jenney

[Ima saver]

It is not worth the hassel to me either. That is why I turn down all these offers to try something free for a month. Then they asked for your credit card number and it is a pain to cancel anything! I don't want to spend my life on the phone.

[PauletteGoddard]

I voted no because I think most people would be better off without Bank of America, and because I was not offered $100 in compensation when Bank of America informed me they'd be changing my account to MyAccess. You were offered $100 to offset the waves of disgruntled Bank of America customers who feel they shouldn't have their accounts altered without their permission.

[Snoopy2645]

I would say yes because I just did this deal myself I sat it all up online did nothing else & my checking statement came 2 days ago & bam thiers $100 in the account I will be at BOA this week anyways so I will take it out & close the account!!! Well worth it to me every lit bit helps hopefully taking it out & closing account will not take long so far I only have about 10 mins invested in this $100 BTW I do lots of little things here & thier & this month of Dec I made over $3k by doing so my point is dont under esitmate anything!!!