gabrielYour business bank account is the central hub for your business’s financial records. Bank of America provides two options for business checking accounts tailored to the needs of small to large business owners.
This review of Bank of America highlights why selecting the second-largest bank in the United States, based on assets, could be the optimal decision for your business.
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Bank of America offers two attractive business checking account options encompass essential banking services characteristic of a leading financial institution. Whether you belong to a small business or a large corporation, Bank of America provides generous cash deposit limits and access to their Business Advantage 360 online banking platform.
This online platform features convenient bill payment, mobile check deposits, a top-notch mobile application, and an integrated tool for monitoring cash flow.
Bank of America’s business accounts come with unlimited fee-free electronic transactions, encompassing ACH transactions, debit card transactions, online remote deposits, and electronic debits.
Pros
Cons
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Bank of America provides business bank account options to facilitate invoice payments, client receipts, cash and check deposits, and overall business transaction management. Recognized as one of the top choices for small businesses, a Bank of America business account proves advantageous for businesses with substantial cash volumes.
Under the Fundamentals business account, users can deposit up to $7,500 in cash per statement cycle without incurring fees. Beyond this threshold, a fee of $0.30 per $100 applies. Additionally, there’s a limit of 200 checks or other deposits per cycle, after which a charge of $0.45 per item is levied.
Opting for the Relationship business account allows up to $20,000 in free cash deposits per statement cycle and a maximum of 500 check deposits or other debits per cycle. Regardless of the chosen plan, both options offer unlimited free ACH transactions, debit card usage, check deposits, and electronic debits through Remote Deposit Online.
Bank of America distinguishes itself from competitors through its user-friendly online portal and mobile application, ensuring a seamless banking experience for account holders. Moreover, account holders can easily waive fees, add supplementary accounts, and access benefits through the Business Advanced Relationship Rewards Program.
Bank of America is the premier choice for entrepreneurs and businesses seeking a blend of traditional banking services and exceptional mobile app functionalities. It’s also the preferred banking option for those who prioritize in-person banking at physical branches.
Furthermore, Bank of America’s substantial global footprint enhances its appeal for small businesses engaged in international transactions, offering added value and convenience in navigating the complexities of international business operations.
Bank of America provides two business bank accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Both accounts offer efficiency tools such as Cash Flow Monitor and Mobile Check Deposit. However, the Business Advantage Relationship Banking account includes additional features.
| Business Advantage Fundamentals Banking | Business Advantage Relationship Banking | |
| Monthly Fee | $16 to $0/month (see ways to waive fee below) | $29.95 to $0/month (see ways to waive fee below) |
| Minimum combined average monthly balance to waive monthly fee | $5,000 | $15,000 |
| Spend $250 in new net qualified purchases to waive monthly fee | Yes | No |
| Become a member of Preferred Rewards for Business to waive monthly fee | Yes | Yes |
| Minimum opening deposit | $100 | $100 |
| Good for | Small to medium-sized businesses | Medium to large-size businesses |
| Account management services | Not included | Included |
| Additional perks | None | Free stop payments and wire transfers |
| Zelle for your business | Yes | Yes |
Bank of America provides various methods to waive monthly fees, as evident. Additionally, both plans grant access to Zelle. Bank of America offers two distinct checking account options. Fundamentals caters more effectively to small businesses, whereas Relationship is geared towards larger enterprises requiring integration tools and robust account management capabilities.
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Let’s delve into the key features outlined in our Bank of America business account review. These features distinguish Bank of America from other financial institutions.
Business Advantage Fundamentals Banking is Bank of America’s foundational business bank account. It charges a monthly fee of $16.
However, this fee can be waived by maintaining a minimum combined average balance of $5,000, making $250 in new net qualified purchases each statement cycle, or being a rewards program member.
Opening a second Business Advantage Banking account costs an extra $16 monthly, and opening a Business Advantage Savings account costs $10 monthly. However, these fees are waived with the Business Advantage Relationship Banking account.
The Fundamentals plan offers $200 worth of teller transactions and monthly checks at no cost. Bank of America charges fees for incoming wire transactions, $15 for domestic transfers and $16 for international transfers.
For those seeking fee-free business account options, detailed reviews of Chase Bank, NBKC Bank, and U.S. Bank offer insights into their pros, cons, and alternatives, including fintech companies.
The Business Advantage Relationship Banking account is the recommended choice for businesses at a more advanced stage of development.
This plan entails a monthly fee of $29.50, which can be waived by maintaining a minimum combined average balance of $15,000 or more, enrolling in the rewards program, or becoming a Preferred Rewards for Business member.
Notably, the Relationship plan eliminates fees on incoming wires and stops payments. Additionally, it grants access to account management capabilities that typically cost $15 per month with the Fundamentals plan. These services encompass managing access for multiple users and integrating with QuickBooks.
Moreover, the Relationship plan provides complimentary access to a Business Advantage Savings account and Cash Flow Monitor, facilitating easy tracking of your business’s financial performance.
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Both Bank of America business accounts provide unlimited fee-free electronic transactions, setting Bank of America apart from its competitors in the brick-and-mortar banking sector.
Unlike most traditional banks, which often impose a combined monthly limit on both electronic and non-electronic transactions, Bank of America’s approach offers enhanced flexibility and value to business account holders.
Bank of America boasts one of the highest-rated mobile apps, with an impressive 4.8-star rating out of 5 and over 3 million total reviews on the Apple App Store. This stellar rating is attributed to the app’s comprehensive suite of tools tailored for managing your business checking account.
The app lets users conveniently pay bills, oversee account activity, check balances, and execute transactions. It supports mobile check deposits and facilitates seamless payments through Zelle.
Notably, the app prioritizes security with cutting-edge protocols, offering biometric access via Face ID and Touch ID for enhanced peace of mind.
Bank of America’s business bank accounts provide a range of digital tools designed to streamline your operations. These include Zelle, Cash Flow Monitor, Erica, profile linking, digital debit cards, and account management tools.
Zelle is a secure platform for receiving customer payments or sending payments to vendors without incurring fees. It is conveniently integrated directly into the Bank of America mobile app.
The Cash Flow Monitor tool empowers you to delve into your business’s financial data, enabling you to unearth crucial insights into performance and efficiency. This invaluable information can drive improvements in both efficiency and profitability.
Erica, Bank of America’s virtual financial assistant, stands ready to assist with tasks such as transaction searches, money transfers, and bill reminders, enhancing convenience and efficiency.
Bank of America’s profile linking tools facilitate the seamless management of personal and business accounts with a single login, streamlining the user experience and ensuring accessibility across all accounts.
Bank of America extends a complimentary rewards program, Preferred Rewards for Business, available for free enrollment. This program encompasses three tiers: Gold, Platinum, and Platinum Honors, each presenting a spectrum of benefits, such as discounted loan interest rates, payroll service refunds, and heightened savings account interest rates.
For instance, under the Gold tier, participants enjoy a 0.25% discount on financing interest rates and a 5% boost in savings account interest rates. Furthermore, they receive a 25% bonus on credit card rewards and a 0.05% rewards enhancement on merchant services.
To qualify for program enrollment, your Bank of America business checking account must maintain balances of $20,000, $50,000, or $100,000, depending on the desired tier.
Choosing the appropriate business bank account can influence your future business financial management. Here are some notable alternatives to contemplate:
Bank of America offers various financing choices for small businesses, such as SBA loans, secured loans, equipment loans, business term loans, and unsecured business lines of credit.
Indeed, Bank of America is FDIC insured. Funds deposited into your FDIC-insured Bank of America business checking account are safeguarded up to $250,000 per depositor for each account ownership category.
Bank of America provides superior banking options for businesses compared to Chase. Chase’s basic plan includes only 100 free monthly transactions, whereas Bank of America offers 200. Additionally, Bank of America allows you to deposit monthly cash without extra charges.
To learn how to open a business bank account with Bank of America, you have three options: apply online, call Bank of America, or visit a Bank of America branch.
Bank of America’s checking accounts are ideal for businesses that maintain minimum balances to waive the monthly fee. With a Bank of America checking account, you can access comprehensive banking tools, significantly simplifying your business operations.
