Banks Offer Existing Customers More Than Monetary Bonuses

Banks Offer Existing Customers More Than Monetary Bonuses

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Does the honeymoon have to end after the promotional rates for new accounts end? Not always. Many banks, like Bank of America, offer more benefits - just for being a customer.

To lure new customers, it's a common practice for banks to offer customers low introductory APRs (for credit cards) and monetary bonuses (like $50 statement credits) for new deposit accounts. However, if you’re already a customer, does that mean all the special offers are off-limits? Not necessarily.

While existing customers are often ineligible for many promotions and specials, you should always check to see whether or not your bank offers any ongoing relationship bonuses that you can get just for being a customer. For example, Bank of America is offering existing online banking customers free McAfee Internet Security for 12 months. This McAfee security product includes a firewall, spam protection, phishing alerts, and protection from things like viruses, spyware and adware. After the end of the 12-month free period, the subscription will automatically renew for another 12 months at 50% off. If you don’t want the automatic renewal, you will have to call McAfee customer support prior to the cancellation of the free offer.

Existing customers of Bank of America can also take advantage of their Keep the Change program, a program designed to help build your savings painlessly. Once you are enrolled in Keep the Change, the bank will round up all debit card purchases to the nearest dollar amount and transfer the difference from your checking account to your savings account. Additionally, Bank of America will match 100% of your Keep the Change savings for the first three months, up to a maximum total match of $250.

While many people think that credit unions are the only type of financial institution that offers additional benefits and programs, examples like Bank of America demonstrate that even big national banks can offer customers perks, if you just know where to look.

Click here to find a Bank of America branch close to you.

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