IncFile is one of our favorite business formation services available online. They receive tremendous customer feedback, they have excellent pricing (including one of the only free business formation packages we’ve seen), and they also offer an interesting collection of features with their formation plans.
One of these features is their special offer from Bank of America. Typically, we’re not big fans of third-party offers, because they don’t tend to add much value for the customer — they’re often just attempts to make more money by sharing your personal information with other companies.
However, we get quite a few questions from our readers about Incfile’s Bank of America offer, because these are two highly trusted brands in their respective industries. That’s why we’ve decided to take a closer look at this offer.
Read on to get all the details about IncFile’s Bank of America offer, and find out if it’s a good deal for your business.
What Is the IncFile Bank of America Offer?
When you fill out IncFile’s business formation order form, you’ll encounter a third-party offer from Bank of America, providing a business bank account for IncFile customers. Here’s what IncFile has to say on their website regarding this “$450 value”:
We teamed up with Bank of America® to help you take advantage of perks they offer to entrepreneurs to help their small business grow. Incfile clients have the opportunity to receive an exclusive offer from Bank of America® to help establish your small business banking account.”
Other than the note indicating this offer has a $450 value, there is no other information about this offer anywhere on the IncFile website. With this in mind, we contacted their customer support team to get some answers to our questions.
What Does This Offer Include?
When we reached out to IncFile’s customer service representatives, we learned some interesting details about this feature. They broke down the “$450 value” claim as follows:
- Earn $100 – Open a new eligible Bank of America small business checking account and make qualifying deposits of $1,000 or more within the first 60 days of account opening.
- Earn an additional $50 – Pay at least two bills through Bank of America’s online bill-pay feature within those first 60 days.
- Earn a $300 statement credit – Open an eligible small business Bank of America credit card account, link it to your business checking account, and make at least $3,000 in new net purchases with the card within the first 90 days of card account opening.
As you can see, the offer does add up to a $450 value, but you need to sign up for their bill-pay feature to be able to access $50 of that $450, and you can only access the $300 statement credit portion if you also open a business credit card account. Let’s take a closer look at Bank of America’s usual offers, and also discuss whether your business needs checking and credit card accounts to begin with.
Is the IncFile Bank of America Offer a Good Deal for My Business?
In general, we always advise all of our readers to open business bank accounts. This is a crucial step in the separation of personal and business finances, which is a key component in maintaining your LLC or corporation’s corporate veil.
If your corporate veil is pierced, you stand to lose your company’s limited liability protection, which means that if your business is sued, your creditors can pursue your personal assets, as well as the assets of your business. So, in other words, you definitely do need a business bank account — but is the IncFile Bank of America offer a better deal than you’d otherwise find?
Let’s first compare this offer with what Bank of America typically provides. It’s worth noting that their offers can vary a bit depending on your location, but in general, the IncFile Bank of America offer isn’t anything special. We recently published our list of the best business checking accounts for an LLC, in which we had Bank of America’s Business Fundamentals checking account in second place overall.
Here’s what we had to say about this business checking account:
At the time of this writing, Bank of America is offering up to $750 in signup bonuses for any business checking account. You can earn $200 if you deposit at least $5,000 within 15 days of opening your account, and that number jumps to $500 if you deposit at least $20,000, or $750 if you deposit more than $50,000. All you need to do then is maintain that balance for 60 days and make five electronic payments, and you’ll receive your bonus.”
Unfortunately, when stacked up against Bank of America’s current offers, the IncFile offer is actually considerably less impressive. In addition, the credit card statement credit portion of the IncFile BoA offer is identical to what they’re currently offering for any new business credit card customer.
Furthermore, if you take a look at our guide to the best business credit cards on the market today, none of Bank of America’s cards made our top seven. Therefore, the biggest chunk of IncFile’s BoA offer (the $300 statement credit) is tied to a product that we don’t typically recommend.
It’s important to mention that Bank of America’s signup bonuses vary by location, and they also change their offers from time to time. Therefore, it may not always be the case that you can get better offers without using IncFile’s Bank of America offer.
Even if Bank of America discontinues the great bargain currently offered through their Business Fundamentals checking account, the IncFile BoA offer still can’t match our top overall pick for business checking accounts. With Chase Total Business Checking, you can get a $200 signup bonus, and all you need to do to get it is deposit $1,000 and complete five qualifying transactions.
Overall, we want to point out that IncFile’s Bank of America offer isn’t a bad option for business checking accounts. We just feel like you can do better, especially if you get your credit card from a different bank that offers more robust bonus structures.