Incfile

7.0/10

Ease of Use

8.0 /10

Customer Service

9.0 /10

Cost Value

Brand Info

  • Founded in 2004
  • Origin in Houston, Texas
  • Available across all US states

Feature

  • Preparation & filing of article of organization
  • First year free registered agent service
  • Company name verification
  • Free basic business formation

About The Brand

Incfile is one of the most popular online LLC formation or business incorporation services. Since opening its door in 2004, IncFile has helped more than half a million businesses in various ways.

Essentially, IncFile has managed to carve out a prominent space for themselves in this highly competitive industry because of their cheaper LLC formation service. Their basic formation package is free. Despite that, they have an interesting collection of features in their formation packages, some of which are unique to the company. 

One of these unique features is their partnership with the Bank of America. The relationship presents an offer to an IncFile customer willing to open a business bank account with the Bank of America.  

This simply means that if you registered business with IncFile, they can help you set up a business bank account with the Bank of America cheaper than you would without IncFile. This is because the IncFile Bank of America checking account comes with an offer that will help you save some cash. Read on to find out the details of what the IncFile Bank of America business account offer entails and whether it is a great deal.

What Is the IncFile Bank of America Offer?

IncFile has partnered with the Bank of America to offer a bonus when you open up a business bank account with the bank.  According to the information provided by IncFile on their site, if you register a business with them, they will help you set up a business bank account with Bank of America and get a bonus worth $450. 

This is a unique offer to IncFile and it aims at helping small businesses set up a business checking account for better asset protection and financial security. However, there is no more information than the note indicating this offer has a $450 value. For you to get more information, you will have to contact IncFile for clarification.

 Well, we did just that to get answers to various questions that most of our clients have been asking on this site including 1) what the offer includes and 2) whether the offer is a good deal.

What Does This Offer Include?

The $450 bonus with a new small business checking account, credit card, and Bill Pay is a pile of bonuses. We can break it down into the following bonuses: 

Earn $100 bonus

IncFile bank of America is offering a $100 bonus when you open up a new and eligible Bank of America business checking account with a small business specialist. 

To qualify, you must enroll in the offer through the Bank of America promotional page by basically opening a new business checking account. You then need to activate the bank account you have established by making a Qualifying Deposits of $1,000 or more within the first 60 days of new account opening. 

“Qualifying Deposits” are basically deposits made into your new small business checking account that are new to Bank of America. These include salary, pension, and Social Security payments that you receive regularly. Any bonus cash received, a transfer done via ATM, online, teller, BoA consumer account or brokerage accounts such as a Merrill account are not part of Qualifying deposit.

Note: this offer is only available to the Bank of America new customers and those who have not had a Bank of America checking account within the last 12 months. 

Earn an additional $50

You earn this when you pay not less than 2 bills through the Bank of America bill pay feature in the first 60 days of account opening. 

To earn the additional $50 Bank of America checking account bonus:

  • Ensure you meet all the requirements necessary to earn the initial $100 checking account bonus. 
  • Pay not less than 2 bills through the Bank of America bill pay feature in the first 60 days of the new small business checking account opening. 

Note: you may incur internet provider fees because Bill Pay requires enrollment in online banking which will require internet access. 

Business Advantage Cash Rewards Credit Card: $300 Statement Credit Cash value: $300

  • Minimum deposit: $3,000
  • Expiry date: None

To get this, apply, get approved, and open a small business Bank of America credit card account then link it to your business checking account. Make not less than $3,000 in new net purchases with the credit card within the first 90 days of card account opening.

The net purchase includes any cash advances, returns, adjustments, and transaction fees. 

Terms and Conditions: Applications are subjected to approval and only one statement credit is allowed per company. 

If you add up these bonuses ( $100 + $50 + $300 = $450), you get the $450 value that we have been talking about. 

IncFile Bank of America Offer a Good Deal

To stand a chance of getting the IncFile BoA offer, you must register a business with IncFile. For that reason, we will start by looking at whether IncFile is a great business formation service. This is because the benefit you will get from the whole thing starts from your business formation expenses. 

That said, IncFile is one of the best LLC formation services. The company basic plan will help you file the articles of organization for free with the only state filing fee and agrees to pay. If you are forming an LLC in Arizona for instance, your order at the initial stages will look something like this:

Even though the two higher tiers are a bit overpriced, they come with several added features. In addition to the preparation and filing of the articles of organization, all three packages include a year of registered agent service for free and other vital features like operating agreement, order tracking among others. 

The two top tiers offer additional features such as employer identification number or Federal Tax ID, banking resolution, Business KIT with company embossing seal, and more. The topmost package has expedited filing speed that will suit a business owner who wants things to move a bit faster. 

The company’s customer support service also receives a great customer review. For that reason, IncFile is a great LLC formation service. 

LLC is formed mainly for liability protection. That is to say, every LLC-owned asset is separate from those of the company. When the company gets sued, the business owners and their assets will not be liable for the debts. 

A business entity bank checking account is very key to helping you sustain liability protection. That is, it helps prove the business and the business owner are separate entities. For small business owners, however, a business checking account provides added finance protection as well. 

That said, you really need a business bank account for your business entity. The good news, IncFile can help you open a business checking account with the Bank of America and stand a chance of enjoying a great offer from the bank. 

So, is the IncFile Bank of America a good deal? To find out if IncFile Bank of America’s offer is a great deal, let’s compare it with the following current offers from the bank.

The Current Offers You Get When You Open a New Bank of America Business Bank Account

One of the biggest selling points of Bank of America is the bonuses. At the time of this writing, there are other bonuses offered in addition to the “450 value” bonuses discussed above. 

Their top-ranked premium credit card gives up to $500 cash value. To qualify, you have to spend a minimum of $3,000. You can get it by opening a BoA business account online or by phone and use the card to make at least $3,000 in purchases within 90 days. 

Another important bonus is the cash reward credit card with a cash value of $200 for new cardholders. To qualify, you only need to open an account online or by phone and make at least $1,000 in purchase within 90 days.

Lastly, the Bank of America is offering 25,000 bonus points with a cash value of $250 when you open a new Travel Rewards credit card and spend $1,000 within the first 90 days. To get it, open an account online or by phone then make at least $1,000 in purchases within 90 days.

With that being clarified, you will agree with me if I say IncFile Bank America’s offer isn’t anything special. When you stack up these offers, you will realize that the IncFile BoA is considerably less impressive.

But that doesn’t mean it is not a good deal. A bonus is a bonus and every bonus will help you save some cash. So, yes! The IncFile BoA offer is a good deal. 

Conclusion

While you may find the IncFile Bank of America a great perk, you have to be reminded that the offer expires or the bank may simply change their offers from time to time. Therefore, bonuses should not be the only reason you choose a bank or a business formation service. 

Besides, some banks may not offer a lot of bonuses but require very little maintenance fee while others may have bonuses but with hefty maintenance fees. At the same time, some business formation services may partner with the banks just to cover their expensive formation charges. 

In those factors considered, the IncFile BoA business checking account isn’t a bad option. 

IncFile is one of the best companies to form an LLC while BoA is one of the best banks you can go for when opening a business checking account.

Frequently Asked Questions

How long does Incfile take to process your application?

Once the papers are filed and submitted, it will only take less than a week to be processed. However, this will depend on the state filing timeline. IncFile is one of the many LLC formation companies whose turnaround time depends on the state filing speed.

How long does it take for Bank of America to review your application?

The Bank of America will process your application in 1 to 2 days. Once it is processed, they will send you an email or a letter to let you know if you are approved for your account. The account documents will be submitted via US email within 7 to 10 days.

How do I open a Bank of America business advantage checking account?

To open a Bank of America business advantage checking account, you must be approved and open a line of credit within 90 days. You must open and activate the merchant services account and settle $10,000 of funds into your Business Advantage Account within 90 days of opening it.

What can IncFile Bank of America offer to do for a small business?

IncFile customers have an exclusive offer from Bank of America to assist them to establish a small business checking accounts. If you register a business with IncFile they will help you establish the Bank of America business account for your small business with a lot of bonuses that will help you save a lot.

Is there an offer from Bank of America for IncFile?

IncFile has an opportunity to receive an offer from the Bank of America to help you establish the Bank of America business account for your small business. The current offer has a $450 value.


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