When you fill out Incfile’s LLC 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 “$500 bonus”:
We teamed up with Bank of America® to help you take advantage of perks they offer to entrepreneurs to help their small businesses 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 $500 value, we couldn’t find any more info on the Incfile website. With this in mind, we contacted their customer support team to get some answers to our questions.
You can find more information about it by following the affiliate link from Incfile’s website to Bank of America. They broke down the “$500 value” claim as follows:
As you can see, the offer does add up to a potential $500 value, but you can only access the $300 statement credit portion if you also open a business credit card account.
Looking for an Incfile alternative? Check out this list of the best LLC services. Interested in examining your options for business bank accounts? Take a look at ZenBusiness Banking for just $5/month.
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 included Bank of America’s Business Fundamentals checking account.
However, it’s crucially important to note that timing is everything in the world of business bank account bonus offers. In fact, there are times when Bank of America isn’t offering any sign-up bonuses at all. In these situations, Incfile’s BoA offer gets more inviting.
Either way, 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 list. 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.
Overall, we want to point out that Incfile’s Bank of America offer isn’t a bad option for business checking accounts, and if you like BoA’s business credit cards, it can be appealing. That said, if you’re looking for another option, we think our ZenBusiness Banking offer is well worth a look.
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