Skip to content

Bank of America Business Checking Account Review [2022]

Bank of America Business Checking Account Review

If you have a business of your own in America, if you want to open a business account in any bank, then you must have the right information for that. 

Through our article, we will try to get you information about all these aspects. So that you can open a business account in America at the right time, and we will also inform you about those aspects which have already opened a business account. 

We will try to get you the correct information about all the banks so that you can run your business account at the right time while saving time. Let us know how to open a business account in America.

In comparison to its regional and national brick-and-mortar rivals, Bank of America business checking stands out thanks to its unlimited fee-free electronic transactions, large cash deposit limits, and three alternative ways to start an account.

Bank Of America Business Checking Account

Business Advantage Relationship Banking and Business Advantage FundamentalsTM Banking are two of Bank of America’s small-business checking accounts. Although both accounts are covered in this evaluation, only the Business Advantage FundamentalsTM account is given a star rating.

The business accounts from Bank of America are digitally friendly choices for small-company owners who desire some access to in-person banking, with 4,200 branch locations spread over 37 states plus Washington, D.C.

The Business Checking In Bank of America is Best For Small Business Owners who:

  • They would like to be able to conduct part of their business banking in person.
  • willing to pay a monthly fee or eligible for a waiver.
  • run a cash-intensive firm.
  • would prefer to use more banking or financial services in the future from their bank.

Pros And Cons

Pros

  • unlimited transactions online without fees.
  • high deposit limits in cash.
  • There are several ways to open an account, including online, via phone, and in person.
  • access to 4,200 branches and 16,000 ATMs operated by Bank of America throughout the country.
  • includes the Business Advantage 360 online banking system, which also offers mobile banking, a built-in application for tracking cash flow, bill payment, and mobile check deposit.

Cons

  • No choice for a free business checking account.
  • high supplemental costs.
  • Fees for using ATMs that aren’t Bank of America’s:
  • US ATMs cost $2.50, whereas international ATMs cost $5.
  • The owner of the ATM may impose an added cost.

By signing up for Bank of America’s Preferred Rewards for Business program, you can also avoid paying the monthly fees for either of these accounts. You must have a current Bank of America business checking account as well as qualifying Bank of America business deposit accounts and/or Merrill business investment accounts with a three-month aggregate average daily amount of $20,000 or more to be eligible.

How business checking with Bank of America operates

Bank Of America Business Checking Account

Account choices

Business Advantage Relationship Banking and Business Advantage Fundamentals Banking are the two main business checking accounts that Bank of America offers.

The bank provides a Public Service Trust Account and the Full Analysis Business Checking account for companies with big balances and additional cash management requirements.

Location accessibility

There are 16,000 ATMs and 4,200 branch locations operated by Bank of America spread over 37 states and Washington, D.C. Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, and Wyoming are the states where the bank does not have any branches or ATMs.

To qualify for a business checking account with Bank of America, your company does not need to be situated in a state where the bank has a branch, in contrast to some traditional banks. In reality, the Bank of America website allows you to look up rates and fees for any of the 50 states as well as Washington, D.C.

How to use

Fill out and submit an application for a Bank of America business checking account online, over the phone with a small-business banking representative, or in person at a branch.

Details Required

Basic information about you and your company, such as your Social Security number, birth date, legal business name, the date your company was founded, employer identification number, and the state in which your company was established.

All owners who hold 25% or more of the company, as well as any controlling managers, are furthermore required to provide Bank of America with basic personal information (such as their date of birth and Social Security number) (e.g., chief financial officer, managing member).

Bank Of America Business Checking Account

Documentation needed

A business formation document (which varies depending on the sort of entity you are) as well as one piece of government-issued identification for you, each owner who owns 25% or more of the company, and any controlling managers.

You must submit the appropriate documentation proving your company’s adopted name to Bank of America if you are conducting business under a DBA, or “doing business as,” a fictitious name, trade name, or assumed name.

After completing your online application for a Bank of America business checking account, you will send your supplemental documents to the bank by fax or email. After submitting your online application, you have 11 days to deliver your supporting documents before it is rejected and you must reapply. Your account could be authorized and opened in as little as 24 hours after Bank of America receives both your application and accompanying papers.

Next Steps

You can transfer money from an existing Bank of America account or from another bank, as well as using a Visa or Mastercard debit card, cheque, or money order, once your account has been approved. Additionally, you can download the Bank of America mobile app, register for online banking, and begin managing your account.

You should anticipate receiving any checks or a business debit card you purchased with your original application within five to seven business days. Additionally, you can apply for a debit card for both yourself and your staff by logging into your online banking account, calling Bank of America’s small-business customer care, or going in person to a branch.

Where business checking from Bank of America stands out

Fee-free electronic transactions

Unlimited fee-free electronic transactions are available with both Bank of America business checking accounts, including ACH, debit card, electronic debit, and deposit transactions done by mobile check deposit, remote deposit online, or at a Bank of America ATM.

Particularly among brick-and-mortar rivals, Bank of America business checking stands out with this function as the majority of conventional banks have a predetermined monthly limit that includes both electronic and non-electronic transactions.

Cash payments

Up to $7,500 in fee-free cash deposits may be made into the Business Advantage Fundamentals account, and up to $20,000 may be made into the Business Advantage Relationship account each month.

Bank Of America Business Checking Account

The $7,500 threshold of the Business Advantage Fundamentals account stands out among brick-and-mortar rivals when compared to other base-tier business checking accounts. For instance, the fee-free cash deposit cap for each of the Chase Business Complete CheckingSM, Wells Fargo Initiate Business Checking, and Capital One Spark Basic Business Checking accounts is $5,000.

Additionally, the Business Advantage Relationship account’s $20,000 minimum balance requirement is higher than that of some rivals like U.S. Bank and Huntington Bank even though it is equal to that of second-tier business checking services offered by major brick-and-mortar competitors like Chase, Wells Fargo, and Citibank.

Electronic tools

Digital tools like Zelle, Cash Flow Monitor, and Business Advantage 360, Bank of America’s small-business online banking platform that enables you to view and manage statements and transactions, pay bills, download activity to QuickBooks, and customize account alerts, are all accessible through Bank of America business checking accounts.

The Cash Flow Monitor feature is fully connected with Bank of America’s online banking, enabling you to keep track of credits and debits, generate cash flow estimates based on scheduled transactions, and get assistance from small-business specialists. Additionally, you can link third-party applications like ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify, and TurboTax to your Cash Flow Monitor dashboard.

Services available to small businesses

Bank of America offers a variety of other products for small-business owners, including business savings accounts, payment processing, credit cards, and business loans, if you’d prefer to stick with the same bank for your future financial requirements.

In addition, if you enroll in the Bank of America Preferred Rewards for Business program, you will not only be able to forgo the monthly fees for either the Business Advantage Fundamentals or Business Advantage Relationship account but also enjoy discounts on other services the bank provides.

A 25% rewards bonus on eligible business credit cards, a 5% interest rate boost on Business Advantage Savings accounts, and a 0.25 percent interest rate reduction on new Business Advantage credit lines, term loans, and secured lending are a few examples of the benefits available to entry-level Preferred Rewards members.

Where business checking from Bank of America falls short

Monthly costs

Monthly fees for the Business Advantage Fundamentals and Business Advantage Relationship account from Bank of America are $16 or $29.95, respectively.

Although each account offers a few ways to avoid these charges, if you don’t want to fulfill those conditions or have to regularly set aside money for these costs, there are both online and physical competitors who provide free business checking accounts.

High supplemental costs

The ATM owner may also impose additional fees on withdrawals made at non-Bank of America ATMs; these fees are $2.50 for U.S. ATMs and $5 for international ATMs.

Additionally, Bank of America charges variable rates for outgoing wires in addition to an overdraft fee of $10, which is minimal for a physical bank. It’s also crucial to keep in mind that while Bank of America does not charge fees for stop payments, incoming wires, check image service, copies of checks and statements, and replacement ATM and debit cards for account holders of Business Advantage Relationship, they do charge fees for account holders of Business Advantage Fundamentals.

Despite the fact that these kinds of costs are widespread with business checking accounts, particularly those from physical banks, the majority of online business checking accounts offer significantly lower rates.

Frequently Asked Questions [FAQS] 

Is Bank of America good for small businesses?

Low-interest rates, especially for Relationship Rewards users, and high amount of fees are among of their biggest downsides. However, both big and small businesses should consider using Bank of America.

Is Bank of America a good bank for checking accounts?

Customers who prefer the ease of access over higher interest rates should choose Bank of America. Customers who want to: Conduct their banking in person might find it to be especially beneficial. Access to bank ATMs is simple.

Which bank is good for business accounts in the USA?

If you’re a small-business owner seeking a typical banking experience, Chase is your best choice.

Which bank is better, Boa or Wells Fargo?

Bank of America is somewhat superior to Wells Fargo for checking accounts, but Wells Fargo is slightly superior to Bank of America for savings accounts. Here are some more specifics that contrast the two institutions.

Is Bank of America a good bank for LLC?

The best for recurring incentives and affordable cash deposit fees is Bank of America. The best for fee-free digital banking is Novo Relay. Ideal for LLCs that conduct numerous wire transfers.

Which is better: Citibank or Bank of America?

Both banks have excellent tools and technology. Although Citibank has a larger ATM network, Bank of America has significantly more locations. With a staffed contact center open around the clock, Citibank has the advantage if you require live customer care in the middle of the night.

The Conclusion

Through our article, we have tried our best to make you aware of all the important information.  If you want to open a business account in a US country, we have tried to get you all the important information related to it.  We hope our mentioned tips and important information will help you.  Do tell us in the comment section, how did you like our article, or if you have any suggestions related to it, then you can give them to us by going to the comment section.  Do not forget to share our website with your relatives, your small effort will help us to move forward. Thank you.