It is through Bank of America. You must open a checking account(by July 31, 2015) and make two "eligible" direct deposits of $2,000 each within the first 90 days of having the account. Once that is done, they will deposit the air miles to your account within 60 days of that time frame. I see the account must still be open so looks like a minimum of 90 days. 30 days to get your deposits in and up top another 60 days to get the miles deposited(you hope). Probably four months is more realistic.
Seems easy enough, but what will this account cost me each month, which is the first thing I think of when I hear bank and checking account? I notice these words on the sign up page
No monthly maintenance fee when you meet certain requirements each statement cycle. Otherwise, a $12 monthly maintenance fee.
They don't tell you what those requirements are, you have to search that separately and here are those requirements.
No monthly maintenance fee when you meet one of the following requirements each monthly statement cycle:
- Have at least one qualifying direct deposit of $250 or more; or
- Maintain an average daily balance of $1,500 or more; or
- When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)
So worse case you eat $36 probably, maybe $48 depending on how that times out. The fact that is an average may help a lot of folks, or if you have some money in savings just throw it in this new checking account for a few months. Looking at about 90 days total, maybe 120.
Last thing you should check (and I will before proceeding) is to see if pulling my direct deposits from my current credit union accounts will affect my account status as all with them. If not I may roll the dice on this one. Either way, I wanted to share. And remember to cancel everything once the miles have been deposited.
Am I missing anything else?
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