Bank of America is celebrating its 70th anniversary in 2023. To commemorate the milestone, the financial institution has been running a promotion offering cash rewards and other incentives to new and existing customers.
However, some people are questioning if the Bank of America 70th anniversary promotion is a scam or legit. This article will analyze the key details of the Bank of America promotion to determine if it is authentic or too good to be true.
An Overview of Bank of America 70th Anniversary
In 2023, Bank of America reaches its 70th year in business. The company was founded in San Francisco in 1904 as the Bank of Italy. It expanded into a national brand after merging with Bank of America Los Angeles in 1928 and took on the Bank of America name.
To celebrate its platinum anniversary, Bank of America launched a promotional campaign from January 3 to February 28, 2023. The key perks of the promotion include:
- Up to $17 in cash rewards: New checking and savings account holders can earn up to $17 in cash rewards. You get $100 for opening a new checking account and another $100 for a new savings account.
- Credit card cash rewards: Customers who open a new Bank of America credit card can earn a $200 cash reward bonus after spending $1,000 on the card within 90 days of account opening.
- Mortgage and refinancing incentives: Special discounted mortgage rates and cash towards closing costs for those taking out a new mortgage or refinancing with Bank of America.
- Referral bonuses: Existing customers can earn up to $100 for each friend they refer who opens an eligible checking account.
- Chance to win prizes: Bank of America is running daily prize giveaways through February 28, with prizes like cash, travel, and experiences.
To qualify for the 70th anniversary offers, you need to meet certain eligibility criteria like being a new customer, opening accounts with minimum deposits, or spending a certain amount on a credit card within a set timeframe.
Bank of America has advertised the promotion heavily via email, website banners, social media, direct mailers, and in branches. The campaign is marketed as a way to get extra rewards in 2023 while celebrating the bank’s 70-year history.
Assessing the Legitimacy of the Bank of America Promotion
With appealing financial incentives dangled in front of consumers, some people are naturally skeptical and wonder – is this promotion from a major national bank too good to be true? Let’s analyze some key factors to determine if the Bank of America 70th anniversary offers are legitimate.
The promotion is advertised directly by Bank of America
This is not some sketchy third-party promotion. All of the advertising and offers come directly from official Bank of America owned channels. The promotion details can be found on the bank’s official website and in materials sent by the Bank of America marketing department. This lends credibility to the authenticity of the offers.
The basic requirements are reasonable
While the promotion has certain requirements for eligibility, the basic qualifying criteria are reasonable. New customers need to open accounts and deposit funds, which is standard practice for banking bonuses. The spending thresholds to earn credit card rewards are also typical for this type of offer. The requirements show this is not a promotion trying to gather excessive personal information or money transfers from participants.
The rewards align with common marketing incentives
The types of incentives – cash bonuses, account credits, travel perks, discounted loan rates – are very common promotional tactics used by major banks and financial service providers. The rewards are not atypical or suspicious. Bank of America has a history of running promotions with similar reward structures.
Bank of America is financially capable of funding rewards
With trillions in assets, Bank of America has deep financial resources. The company can easily fund the promotion’s cash bonuses, credit rewards, and prize giveaways. It’s within their budget capabilities – this is not a scam promotion likely to stiff participants on the rewards.
Bank of America has customer service to handle inquiries
If customers have any doubts or issues with the promotion, they can consult Bank of America’s customer service centers. The bank has branches across the country, customer service phone lines, and online chat services to handle any questions about the 70th anniversary offers. This provides recourse if the rewards are not fulfilled properly.
Considering these factors, the Bank of America 70th anniversary promotion has multiple indicators of legitimacy. While people should understand the full terms and conditions as with any financial offer, the rewards appear to be an authentic incentive program from the well-established bank.
Common Scam Warnings Signs – And Why This Promotion Passes
To provide further analysis, it’s also helpful to compare the Bank of America 70th Anniversary promotion against common red flags of scam offers:
No official branding or contact information
Promotion passes this test – Official Bank of America logos, trademarks, addresses, website, and contact numbers are on all promotion materials.
Vague about offer details and limitations
Promotion passes – Terms and conditions are clearly outlined on the website and in disclosures. Details like reward eligibility, expiration dates, and spending requirements are stated.
Requires unusual personal information
Promotion passes – Customers only need to provide standard info and documentation like SSN, driver’s license, address, and date of birth to open accounts.
Uses high-pressure sales tactics
Promotion passes – Bank of America advertising has been informative about offer details without using aggressive or manipulative sales language.
Requests upfront money for “fees”
Promotion passes – Bank of America is not asking for any advance payments or fees to reserve rewards. Only normal account deposits required.
Near-instant guaranteed approval
Promotion passes – Accounts and loans are subject to standard approval process. There are no instant guaranteed approvals.
Based on these scam warning signs, the Bank of America promotion does not raise any major red flags. The campaign has been conducted professionally using standard retail banking practices.
Who Is Eligible for the Bank of America 70th Anniversary?
Bank of America has outlined clear eligibility requirements to qualify for their 70th anniversary promotion rewards:
- You must be a legal resident of the 50 United States or Washington D.C. aged 18 years or older.
- For the new checking account offer, you cannot have a current personal checking account with Bank of America or have closed one in the past 12 months.
- For the new savings account offer, you cannot have an existing Bank of America personal savings account or have closed one in the last 12 months.
- To earn the new credit card rewards, you must not currently have that Bank of America credit card product.
- For mortgage and refinancing incentives, you must meet standard loan eligibility criteria and lock-in your rate by February 28, 2023.
- To refer friends, you need an eligible checking account and submit referral information by February 28, 2023.
- For prizes, you must be a legal resident of the U.S., aged 18 years or older with a valid email address.
- For all offers, you must activate and maintain the associated account(s). Closing accounts early may forfeit rewards eligibility.
As long as you meet the above qualifications, you can participate in the Bank of America 70th Anniversary promotion as a new or existing customer. Just be sure to carefully read the full terms and conditions.
The Fine Print: Terms and Conditions to Know
Before participating in the Bank of America promotion, customers should review the complete terms and conditions on the bank’s website or disclosures. Here are some key fine print rules to understand:
- Cash rewards and bonuses are subject to IRS Form 1099 reporting.
- You need to maintain the new checking and savings accounts for at least 60 days or the bonus may be forfeited.
- The checking and savings bonuses are limited to one per customer.
- To earn the credit card rewards, you must make purchases to meet the minimum spending thresholds. Exclusions apply.
- Balances may need to be kept in accounts for a certain period to qualify for rewards.
- Bank of America reserves the right to disqualify customers from rewards for any reason.
- All offers are subject to availability. Bank of America may end any promotion early.
Take time to read and comprehend the official rules. Understand any minimum balance obligations, spending requirements, expiration dates, and documentation needed to get the offers. Pay close attention to the fine print sections.
How to Participate in the Bank of America 70th Anniversary Promotion
If you decide the Bank of America 70th anniversary promotion fits your financial needs, here are the basic steps to participate:
- Visit a Bank of America branch – Ask about their 70th anniversary offers and what you need to open new eligible checking or savings accounts. Be ready to present your documentation.
- Apply online – You can submit applications digitally for new checking, savings, credit cards and loans. The offers may be presented during the online application process.
- Schedule an appointment – Make an appointment at your nearest branch if you need to discuss the offers in more depth with a Bank of America representative.
- Refer friends – Once you have an eligible checking account, provide referral information online or use a referral code when sharing the promotion.
- Read all terms – Don’t forget to thoroughly read the offer details so you meet the requirements. If you have any questions, contact their customer service.
- Monitor rewards – After submitting required applications and following through with any spending requirements, monitor your account to ensure rewards are applied. Follow up if they don’t appear within the stated timeframe.
- Maintain accounts – Keep the checking, savings, or credit card accounts open for at least the minimum duration outlined in the terms and conditions.
With some attention to detail, you can take advantage of the Bank of America 70th anniversary promotion for some bonus rewards in 2023. Just make sure to read the fine print!
Common Questions about the Bank of America 70th Anniversary
What are the main rewards I can earn?
The key rewards include $100 for opening a new checking account, $100 for a new savings account, up to $200 back on a new credit card after meeting spending requirements, lower rates on a new mortgage or refinance, and up to $100 referral bonuses.
How long does the 70th anniversary promotion last?
The special offers run from January 3, 2023 through February 28, 2023. New accounts need to be opened and credit cards applied for during this period to qualify.
What are the minimum account balances to qualify?
You need to deposit $100 into the new checking account and $100 into the new savings account to meet minimum balance requirements. Maintaining certain balances may be required to keep rewards.
When will I receive my cash rewards?
Cash rewards and account bonuses related to new checking, savings, and credit cards will typically post to your account within 60 days as long as you meet the terms.
What credit score do I need for special credit card offer?
Credit card offers still require you to meet Bank of America’s standard credit approval criteria. In most cases, you’ll need good to excellent credit for the best approval odds for a credit card.
How do I lock in the special mortgage rates and closing credits?
You’ll need to complete the mortgage application process and officially lock-in your interest rate by February 28, 2023 to qualify for the special mortgage promotion discounts and lender credits.
For any other questions, customers should contact Bank of America customer service for assistance. Be sure to get the details on all reward requirements and expiration dates before the end of the promotion period.
Alternatives for Earning Bank Account and Credit Card Bonuses
The Bank of America promotion provides a nice opportunity to earn some extra rewards in early 2023. But it’s not the only way to earn bonuses when opening banking and credit card accounts right now. Here are some alternatives to consider:
Chase Bank – Chase is offering $200 when you open a new Premier Plus Checking or Premier Checking account and set up direct deposit. Their credit cards often have bonuses too.
Citi Bank – Citibank has a new checking and savings offer worth up to $700 in bonuses. You can earn additional rewards if you apply for one of their credit cards.
HSBC – Qualifying new HSBC checking accounts can earn you a $200 bonus. You can get up to $750 in credit card bonuses too.
Wells Fargo – Earn up to $200 when opening a new Wells Fargo consumer checking account until April 23, 2023.
Capital One – Open a new Capital One checking or savings account to earn a cash bonus up to $500. A number of their credit cards have generous bonus rewards too.
Don’t forget to compare bank account features too – not just bonuses. Weigh factors like minimum balances, monthly fees, ATM networks, digital tools, and branch locations. Make sure you understand all the terms and conditions of any offers as well.
Our Final Take – Is the Bank of America Promotion Worth It?
After reviewing all the details, is the Bank of America 70th anniversary promotion a solid opportunity? And most importantly, is it legit and not a scam?
The consensus is that the promotion offers legitimate rewards that provide real value. Considering the detailed terms, lack of red flags, and Bank of America’s reputation, there is no evidence this is a scam designed to rip off customers. If you meet the eligibility rules, it is reasonable to expect you’ll receive the advertised promotion benefits.
As for whether it’s worth it, the offer value depends on your financial situation. For those already considering new accounts or loans, the promotion provides an added incentive on top of Bank of America’s existing products. If you time applications carefully to qualify during the 60 day enrollment period, the rewards are a nice bonus.
However, you don’t want to participate solely to chase rewards if Bank of America is not already your best option for checking, savings, credit cards, and other banking needs. Be sure accounts align with your long-term financial habits as well – don’t just open accounts for bonuses.
Evaluate your entire situation, read all fine print, understand key conditions and account responsibilities, and use sound money management judgment. If Bank of America accounts with limited time rewards make sense, then their 70th anniversary promotion is likely worth pursuing.
The Final Verdict: Is Bank of America 70th Anniversary Scam?
Based on this extensive analysis of Bank of America’s 70th anniversary offers, the promotion has multiple credible indicators of authenticity. While healthy skepticism is advised for any banking bonus, this offer meets standards of legitimacy.
Our verdict is that Bank of America’s 70th anniversary promotion appears legitimate and not an outright scam. However, everyone should carefully evaluate the terms and ensure the accounts fit their financial lifestyle before participating. As with any major financial decision, educate yourself, analyze the details, and proceed with caution.
If done right, this promotion can be a win-win – extra rewards for customers and added business for Bank of America. Take advantage of the enrollment timeframe if it makes sense for your banking needs, but don’t feel pressured by hype alone. Use good judgment and enjoy the offers! Here’s to many more years of wise money management.
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