If you’re looking for an outstanding business checking account offered by a full-service, brick-and-mortar bank, Bank of America is an excellent choice. It offers two business checking account options: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. You can switch between the two to customize your banking experience to your business needs.
With a cash deposit limit of $7,500 on its lower-tier account, Bank of America is a great fit for cash-reliant businesses. Other benefits include digital tools to track business performance and ongoing rewards, which can provide cash back on business credit cards and higher interest rates on business savings.
What We Like
- 200 free transactions per month
- $100 to $200 cash bonus for new business checking accounts
- 没有第二个账户(检查和每月费用savings) under Business Advantage Relationship Banking
- Free incoming domestic and international wires
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements (except for members of Preferred Rewards for Business under the Platinum Honors tier)
- No waived monthly fee for second Business Advantage Fundamentals Banking account
- Requires a $100 opening deposit
Features
- Online and mobile banking
- Two great checking account options that you can switch between to fit your business needs
- Ongoing benefits, including fee reduction under Preferred Rewards for Business program
- Credit card processing and payroll services through ADP and QuickBooks
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Physical and digital debit cards
- Business Employee Debit Cards
- A wide range of business products—such as credit cards, lending, savings, and investments—are available
- Free access to Dun & Bradstreet business credit score information
How Bank of America Stacks Up With Its Competitors
|
Monthly Fee |
Monthly Transaction Limit Before Fees |
Cash Deposit Fee |
Minimum Opening Deposit |
|
|---|---|---|---|---|
Business Advantage Fundamentals Banking |
$16; waivable |
200, then 45 cents per item |
$7,500 per statement cycle free, then 30 cents per $100 |
$100 |
业务完成银行 |
$15; waivable |
20 paper transactions, then 40 cents per item |
$5,000 per statement cycle free, then $2.50 per $1,000 |
None |
Silver Business Checking |
None |
125, then 50 cents per item |
$2,500 per statement cycle free, then 30 cents per $100 per statement cycle |
$100 |
When Bank of America Is a Good Fit
- You deposit large amounts of cash monthly:In our roundup of thebest small business checking accounts, we listed Bank of America as the best provider for low cash deposit fees. Both of its accounts offer high cash deposit limits, with a limit of $7,500 for Business Advantage Fundamentals Banking and $20,000 for Business Advantage Relationship Banking.
- You do a lot of your business banking in person:Bank of America has over 3,900 financial centers around the United States.
- You want to use the same bank for your personal and business accounts:Bank of America offers personal and business checking, savings accounts, and lending products. Business owners will find banking with just one provider convenient, especially real estate investors seeking excellent commercial real estate loans since Bank of America tops our list of theleading banks for real estate investors.
- You’re looking for a full-service business bank:Bank of America has savings, certificate of deposit (CD) accounts, and lending and investment tools, making it one of ourtop-recommended banks for small businesses.
- You’re looking for a bank with low or waivable fees and ongoing rewards for your growing business:With waivable monthly fees and great rewards, Bank of America is one of our top choices for thebest banks for startups. It offers a loyalty program where you get more rewards as your business thrives (we discuss this in detail in our Features section below).
- You want to open an additional business checking or business savings account with no monthly fee:Bank of America lets Business Advantage Relationship Banking account holders open a second account and one Business Advantage Savings account with waived monthly fees, allowing you to separate your business funds.
- You’re seeking to earn a bonus for opening a new business checking account:You’re eligible for a $100 or $200 cash bonus if you open a new account, provided conditions are met.
- You need to issue debit cards to your employees:You can request Business Employee Debit Cards and set the spending limits for ATM and point-of-sale (POS) transactions, giving you more financial control over your business spending.
- You want to monitor your business’s credit health:Bank of America partners with Dun and Bradstreet, a business credit reporting provider. You can access Dun and Bradstreet business credit score information by enrolling in Bank of America’s online banking.
- You receive domestic and international wire transfers often:With Business Advantage Relationship Banking, incoming wire fees are waived.
When Bank of America Isn’t a Good Fit
- You’re looking for a business checking account that draws interest:As neither Bank of America checking account is interest-bearing, you can opt for Bluevine, which offers 2.0% annual percentage yield (APY) on balances up to $250,000. Learn more in ourreview of Bluevine Business Checking.
- You have to make frequent ATM withdrawals from outside of Bank of America’s ATM network:The bank charges $2.50 for out-of-network withdrawals on top of third-party fees. It only waives ATM fees if your account qualifies for the Platinum and Platinum Honors tier in the Preferred Rewards for Business program. Novo is a good alternative, as it refunds all ATM fees at the end of the month. OurNovo Business Checking review箴vides detailed information on the solution.
- You want unlimited fee-free transactions:Bank of America limits transactions to 200 per month for the lower-tier account and 500 per month for the higher-tier account. If you want unlimited fee-free transactions and operate in Washington D.C., Louisiana, Maryland, New Jersey, and New York, then Capital One is the best alternative. Read ourreview of Capital One Business Checkingto find out if it fits your business needs.
- You seek a primary business checking account with no monthly and wire fees:While both business checking accounts have waivable monthly fees, you have to meet fixed balances each month. Also, the bank’s free wires are restricted to incoming transactions under its Business Advantage Relationship Banking product. If your business needs can be satisfied by an online-only provider, you can open an account with Mercury. It has no monthly fees and provides fee-free inbound and outbound domestic and international wire transactions. Check out ourMercury Business Checking reviewfor more information.
Bank of America Business Checking Overview
Business Advantage Fundamentals™ Banking |
Business Advantage Relationship Banking |
|
|---|---|---|
|
Required Opening Deposit |
$100 |
|
|
Monthly Transaction Limit Before Fees |
200, then 45 cents per item after the limit* |
500, then 45 cents per item after the limit* |
|
Monthly Fee |
$16; waivable if conditions are met** |
$29.95; waivable if conditions are met** |
|
Cost of Second Account |
$16 per month |
$0 |
|
Cost of Savings Account |
$10 per month |
$0 |
|
Account Management Capabilities***
|
$0 |
|
|
Domestic Wire Transfer Fees |
Fee varies |
None for incoming; outgoing fee varies |
|
International Wire Transfer Fees |
Fee varies |
None for incoming; outgoing fee varies |
|
ATM Fees |
None at over 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs; $5 international fee |
|
|
Cash Deposit Fee |
Up to $7,500 per month free, then 30 cents per $100, per statement cycle |
Up to $20,000 per month free, then 30 cents, per $100 per statement cycle |
|
APY |
N/A |
N/A |
|
Welcome Bonus for New Business Account |
$100 or $200, provided conditions are met
(see the conditions on Bank of America’s website)
|
|
*Excess transactions refer to checks paid, other deposits, or deposited items. There’s no excess transaction fee for deposit tickets, debit card transactions, electronic debits, and checks deposited through Mobile Check Deposit, Bank of America ATM, or Remote Deposit Online.
**See table for Conditions to Waive Monthly Fees
* * *需要登记在360年商业优势,the small business banking platform and a Bank of America small business deposit account enrolled in Account Management
|
Business Advantage Fundamentals™ Banking
|
Business Advantage Relationship Banking
|
|
|---|---|---|
|
Debit Card |
Free debit card |
Free debit card, no fee for ATM or debit card replacement |
|
Physical Checks |
Cost varies depending on the type of checks ordered |
Introductory check package with checks, deposit slips, and endorsement stamp is free |
|
Software Integrations |
QuickBooks, ADP (for payroll services), Cash Flow Monitor, access control for users, and other connected apps |
|
|
Business Payment Integrations |
Includes Zelle®
|
|
|
Customer Service |
Mondays to Fridays, 7 a.m. to 11 p.m. Eastern time
Saturdays, 8 a.m. to 8 p.m. ET
Reps available from Mondays to Fridays, 8 a.m. to 9 p.m. ET; Saturdays, 8 a.m. to 8 p.m. ET; and Sundays, 8 a.m. to 5 p.m. ET
|
|
|
Invoicing Products |
Merchant services through Expensify and cash flow tools available |
|
|
Additional Features |
Customized access to Bill Pay and Payments and Invoicing via Cash Management |
No fees for Online Business Services Account Management, stop payments, check image service, check copies, or statement copies, Customized access to Bill Pay and Payments and Invoicing via Cash Management |
|
Eligible for Preferred Rewards for Business |
✓ |
|
|
Other Products Available |
Business savings, CDs, lending products, financial analysis through Merrill financial advisor |
|
|
Business Advantage FundamentalsTM
|
|
|---|---|
|
Business Advantage Relationship Banking |
|
Bank of America Business Checking Requirements
To open a business bank account with Bank of America, you can apply directly through the Bank of America website, call a toll-free number, or visit one of more than 3,900 financial centers across the United States. You can alsoschedule an appointment onlineprior to meeting with a small business specialist at a financial center.
The general requirements for documentation are similar regardless of how your business is organized. All businesses will be asked to prepare the following:
- Business employer identification number (EIN) or Social Security number (for sole proprietors and single-member limited liability companies (LLCs) only
- Date business was established
- Country and state of legal formation
- Country and state of primary business operation
- 个人信息;n, such as Social Security number and date of birth, for everyone on the application, including those with at least 25% or more ownership and the controlling manager of the business.
Note that the business formation and operation must be in the US.
If you’re doing business under a different name, you may also need to prepare one of the following:
- Business license, sometimes called an occasional tax license and must include first and last name of owner
- Trade name certificate
- Fictitious name certificate
- Certificate of trade name
- Certificate of assumed business name
- Registration and license with trade name, sometimes called an occupational license
Bank of America might also request additional documentation if they cannot verify on your behalf. Click on your entity type below to see what other requirements you might need to prepare.
- Business license
One of the following:
- Articles of organization
- Certificate of organization
- Certificate of formation
One of the following:
- Partnership agreement
- Certificate of limited partnership (LP)
- Certificate of limited liability partnership (LLP)
- Certificate of good standing
- Partnership agreement with partnership name and partner’s names
One of the following:
- Articles of association (in states where applicable)
- Meeting minutes with the following information:
- Name of association/business
- Date of meeting (may include time)
- Who attended
- Minutes taken during the meeting (what the meeting covered)
- Amendments to previous meeting minutes
One of the following:
- Articles of incorporation
- Articles of organization
- Certificate of authority
- Certificate of formation
- Certificate of incorporation
- Certificate of registration
- Corporate charter
- Certificate of good standing
One of the following:
- Articles of incorporation
- Articles of organization
- Certificate of incorporation
- Certificate of formation
- Certificate of registration
- Certificate of good standing
- Corporate charter
- Articles of association (in states where applicable)
Accounts opened online can be approved immediately if further documentation is not required. If it is, you have up to 11 days after the application to submit the necessary documents.
一旦你准备好open an account, refer to ourarticle on how to open a business bank accountfor guidance on preparing for your application.
Bank of America Business Checking Features
Bank of America’s two small business checking accounts come with several features that can benefit your business. Features that are only available with one of the account types, or differences in fees, will be denoted below.
This promo is exclusive to business owners receiving the offer from a direct communication with a Bank of America Small Business Specialist or Bank of America communication. The offer expires on Dec. 31, 2023, so all qualifying activities must be completed within the maintenance period. Only one bonus offer per business owner is available, regardless of the number of businesses owned and operated by a customer.
Here are the conditions to meet to receive a $100 or $200 Business Advantage Banking cash bonus:
- You must open a Business Advantage Relationship Banking or Business Advantage Fundamentals Banking account by Dec. 31, 2023.
- You must be a new customer. Owners or signers of a Bank of America Business Advantage account within the last six months are ineligible for the offer.
- To earn a $100 cash bonus, make $1,000 qualifying deposits in new money into your new Business Advantage Banking account and maintain a $1,000 average balance within 30 days of account opening.
- To earn a $200 cash bonus, make $3,000 qualifying deposits in new money into your new Business Advantage Banking account and maintain a $3,000 average balance within thirty days of account opening.
Note that only one bonus (either $100 or $200) is permitted per business. New money refers to new funds deposited into your business account from non-Bank of America deposit accounts or non-Merrill investment accounts. The account maintenance period starts 31 calendar days and ends 90 calendar days after opening your account.
Once your account is open, you should receive your debit cards and checks within five to seven business days. A financial center can provide temporary cards and checks in the meantime. Once you’re enrolled in mobile banking, you can be approved to use digital debit cards as well.
Debit cards are free with both types of accounts. With Advantage Relationship Banking, there’s no fee for ATM or debit card replacement or rush replacement, provided you’re enrolled in the Preferred Rewards for Business program effective May 19, 2023.
Bank of America allows eligible debit cards to be added to a digital wallet by converting them into virtual cards with a unique card number for secure and easy in-store, online, and in-app payments. It integrates with Apple Pay, Google Pay, Samsung Pay, and PayPal.
An employee debit card is used to securely and conveniently make ATM deposits into the business checking or savings account. The spending limits for employees for ATM and POS transactions can be set by the account holder.
The business owner or authorized signer can request business employee debit cards by applying at a financial center or signing in to online banking if they’re an existing business checking customer.
The differences between a Business Debit Card and a Business Employee Debit Card are:
- Each business debit card can link up to 15 accounts (checking and savings), while only one checking account can be linked to a business employee debit card
- Daily ATM withdrawal limits is $1,000 for a business debit card, whereas $100 or lower can be set for a business employee debit card
- For daily purchase limits, business debit cards can be used up to the card’s available balance, while for business employee debit cards, the limit is $400 or set lower by the account holder
Both have no ATM fees when they’re used at Bank of America ATMs.
If you have a Business Advantage Relationship Banking account, you can open an additional Business Advantage Relationship Banking account and a Business Advantage Savings account with no monthly fees.
By joining the company’s free preferred rewards program, you can get:
- Monthly fees and inbound wire transfer fees waived
- 25% to 75% rewards bonus on eligible business credit cards
- Interest rate boost on your Business Advantage Savings account
- Interest rate discounts on new Business Advantage select lending products
- Payroll service cash back
- Professional financial advice from a Merrill financial solutions advisor
To qualify for the Bank of America Preferred Rewards for Business program, you need a Business Advantage Relationship Banking or Business Advantage Fundamentals Banking account and to meet Bank of America’s average daily balance requirements across your qualifying business deposit accounts and/or Merrill investment accounts.
The requirements differ depending on your tier of choice:
- Gold Tier:To qualify for the Gold Tier, you need to maintain a three-month combined average daily balance of $20,000 or more.
- Platinum Tier:To qualify for the Platinum Tier, you need to maintain a three-month combined average daily balance of $50,000 or more.
- Platinum Honors Tier:To qualify for the Platinum Honors Tier, you need to maintain a three-month combined average daily balance of $100,000 or more.
Below is a table that lists each tier’s rewards and benefits:
|
Gold |
Platinum |
Platinum Honors |
|
|---|---|---|---|
|
3-month Combined ADB*
|
$20,000 to less than $50,000 |
$50,000 to less than $100,000 |
$100,000 and above |
|
No Monthly Maintenance Fees (Up to 4 Checking & 4 Savings Accounts
|
✓ |
✓ |
✓ |
|
Fee Waivers on Select Banking Services
|
- ATM/ debit card rush replacement
- Cashier’s checks
- Check copies & images
- Domestic inbound wire transfers
- Stop payments
|
Gold tier benefits plus international inbound wire transfers |
Platinum tier benefits plus 4 online outbound wire transfers (per statement cycle) |
|
Bonus Rewards on Eligible Business Credit Cards
|
25% bonus rewards |
50% bonus rewards |
75% bonus rewards |
|
Interest Rate Booster on Business Advantage Savings Accounts
|
5% booster |
10% booster |
20% booster |
|
No ATM Transaction Fees (for United States ATMs)
|
NA |
Up to 12 no-fee ATM transactions per year (one per statement cycle) |
Unlimited no-fee ATM transactions |
|
Interest Rate Discounts on New Business Advantage Credit Line, Term Loan and Secured Lending
|
0.25% discount |
0.50% discount |
0.75% discount |
|
Processing Rate Discount on Merchant Services (Simplified Pricing Plan)
|
0.05% discount |
0.07% discount |
0.10% discount |
|
Cash Back on Eligible Payroll Service Fees
|
$10 cash back |
$15 cash back |
$20 cash back |
*ADB refers to Average Daily Balance.
随着余额增加,成员可以移动到下一个tier and qualify for additional rewards. The program benefits can be kept for at least a full year since qualifications are reviewed yearly. A three-month grace period is also given to restore eligibility in case you fail to meet the required balances.
Note that the Preferred Rewards for Business program is only available to clients of Bank of America Small Business, Merrill Small Business, and Bank of America Private Bank®Small Business. To learn more about it,visit Bank of America’s Preferred Rewards for Business page.
If you use one of the more than 16,000 ATMs in the Bank of America network, there are no ATM fees. Bank of America charges $2.50 per transaction if you go out of network and $5 for international transactions. There may be a third-party ATM surcharge as well. If you are a member of Preferred Rewards for Business, you can get ATM fees waived or ATM operator fees refunded, among other reduced or waived fees.
To access your accounts online, you will have to enroll in Bank of America’s online banking platform, Business Advantage 360. From there, you can:
- View real-time balances, transaction reports, past bank statements, and online check and deposit slip images
- Sync transactions with QuickBooks
- Set up multiple users’ account access
- Access Dun & Bradstreet business credit score information
- Pay bills
- Reorder checks
- Request check stop payments
- Perform fund transfers to other financial institutions
- 当天电汇。
If you’re enrolled in Small Business Remote Deposit Online, depositing checks can also be done without going to the bank.
Reviews for the Bank of America’s mobile banking app are great onApp Store(4.8 out of 5 stars with over 4M ratings) andPlay Store(4.6 out of 5 stars with over 1M ratings). Some users said that it’s easy to sign in and navigate the app, but others had issues setting up scheduled payments and depositing checks. Users also stated that the app is buggy when switching between business and personal accounts. There is also mixed feedback regarding the 24/7 access to a virtual assistant. Some appreciate this feature, whereas others want it removed.
In addition to banking solutions, you can access small business and individual 401(k) accounts and simplified employee pension individual retirement account (SEP IRA) and savings incentive match plan for employees (SIMPLE) IRA accounts through Merrill in conjunction with Bank of America.
Bank of America provides business services to allow your business to accept credit card payments, get payroll services through ADP or QuickBooks, have access to mobile check deposits, and issue permissions with Account Management.
You can also use the company’s Cash Flow Monitor and connected apps to help your business run smoothly. Those apps include ADP, QuickBooks Online, Expensify, Podium, Google Workspace and Analytics, Square, Stripe, and Constant Contact.
Additionally, you can accept payments through the app for free with Zelle®.
Bank of America offers dedicated small business specialists to help. It has a chat feature built into its website, help by email or phone, or direct message through social media.
Business clients can contact the general business hotline at (888) 287 4637 from Mondays to Fridays from 7 a.m. to 11 p.m. ET and on Saturdays, from 8 a.m. to 8 p.m., ET.
Bank representatives are also available to respond to social media direct messages from Mondays to Fridays, from 8 a.m. to 9 p.m., ET. On Saturdays, they can be contacted from 8 a.m. to 8 p.m., ET, and on Sundays, from 8 a.m. to 5 p.m., ET
Other Bank of America Business Products
This account is best for those who hold funds in trust. The interest is paid to a state program, such as an Interest On Lawyer’s Trust Account (IOLTA) program.
The Bank of America Business Advantage Savings account earns interest at a rate of 0.01%. It requires an opening deposit of $100 and charges a monthly fee of $10, which can be waived by completing one or more of the following requirements:
- Maintaining a $2,500 daily balance
- Including one Business Advantage Savings account as part of a Business Advantage Relationship Banking solution
- Becoming a member of Preferred Rewards for Business
Additionally, if you’re enrolled in Bank of America’s Preferred Rewards for Business Program, you can boost your interest rates. You can access higher rates by maintaining higher average daily balances across your qualifying Bank of America business accounts.
- The Gold Tier,which requires a minimum qualifying balance of $20,000, pays 0.02% APY.
- The Platinum Tier,which requires a minimum qualifying balance of $50,000, pays 0.03% APY.
- The Platinum Honors Tier,which requires a minimum qualifying balance of $100,000, pays 0.04% APY.
- The业务特色CDaccount has terms between seven months to 37 months and earns interest from 0.05%–4.05%. It has a minimum opening deposit requirement of $1,000.
- TheFixed Term Business CDaccount has terms between 28 days to 10 years and earns interest at a rate of 0.03%. It has a minimum opening deposit requirement of $1,000.
- Unsecured term loans
- Unsecured lines of credit
- Cash-secured lines of credit
- Auto loans
- Secured business lines of credit
- Secured business loans
- Commercial real estate loans
- Small Business Administration (SBA) Loans
- Equipment loans
- Healthcare practice loans
Bank of America business credit cardsoffer cash back or travel rewards. Many cards offer competitive features, such as no-financing options, low annual percentage rates (APRs), and no annual fees.
Bank of America Business Checking User Reviews
Bank of America has an average 3.2 out of 5 rating on WalletHub1. Recent reviewers gave low scores and had negative feedback about the bank’s customer service. Some stated that calling the direct business line meant being put on hold for almost an hour and then getting transferred to another number. There were also complaints about closed accounts, with no reasons provided. Most of the bank’s positive reviews were written a long time ago.
Bottom Line
Bank of America is a great choice for cash-reliant businesses looking for a traditional banking provider that offers generous limits for both cash deposits and day-to-day transactions. It has two great checking products that you can switch between as your business needs change. Although neither account is free, many of the fees involved can be waived by meeting reasonable account milestones. In addition, it provides a wide selection of business products, including savings, lending, investing, merchant services, and more.
User Review Resource:
