Bank of America Business Checking Review 2024

Bank of America Business Checking Review 2024

Your 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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Our Verdict 

Bank of America

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.


  • Easily waivable monthly fee
  • Over 17,000 ATMs and 4,300 branches
  • All-in-one business banking services with a low monthly fee


  • Lacks 24/7 customer service
  • QuickBooks integration only featured on higher-tier plan
  • Transaction fees when using non-Bank of America ATMs

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Bank of America at a Glance

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.

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Who Bank of America is Best For 

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 BankingBusiness 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 feeYesNo
Become a member of Preferred Rewards for Business to waive monthly feeYesYes
Minimum opening deposit$100$100
Good forSmall to medium-sized businessesMedium to large-size businesses
Account management servicesNot includedIncluded
Additional perksNoneFree stop payments and wire transfers
Zelle for your businessYesYes

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.

>> Use Bank of America’s Business Checking Account >>

Bank of America Features

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 Account

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. 

Business Advantage Relationship Banking Account

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.

>> Use Bank of America’s Business Account >>

Electronic Transactions

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 Mobile App

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.

Digital Tools

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.

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Preferred Rewards for Business Program

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.

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Alternatives to Bank of America 

Choosing the appropriate business bank account can influence your future business financial management. Here are some notable alternatives to contemplate:


Bluevine is an exceptional banking solution for small business owners seeking to segregate business and personal finances. 

With a Bluevine checking account, you can earn 1.5% interest on balances up to $100,000, contingent upon meeting certain spending requirements with your Bluevine Business Debit Mastercard or receiving a specified amount in monthly customer payments.

For small business owners exploring banking options, additional reviews such as Axos, Lili, and Capital One can provide valuable insights to aid decision-making.

Bluevine’s offerings include unlimited fee-free transactions, no ACH transfer fees, and no incoming wire fees. Moreover, users benefit from refunds on withdrawals at over 38,000 ATMs nationwide, ensuring convenient access to funds. 

Setting up a Bluevine business checking account is seamless and takes less than an hour. It is available for a wide range of business entities, from sole proprietorships to corporations.

Pricing: Signing up for a business checking account with Bluevine is free, with no monthly fees or minimum balance requirements. The only associated fees are cash deposits, outgoing wire transfers, and withdrawals from out-of-network ATMs.


  • Unlimited transactions
  • Competitive interest rates
  • No monthly fees or minimum balance requirements


  • No savings account
  • No physical branches
  • Only allow cash deposits through Green Dot Services

>> Try Bluevine >>


Novo is a digital banking solution catering to small-business owners without monthly fees or minimum balance requirements. The account creation process with Novo is straightforward, typically taking just 10 minutes for approval. 

Upon approval, a minimum initial deposit of $50 is required before accessing your business checking account. Ideal for on-the-go entrepreneurs, Novo offers unlimited refunds for ATM charges, an integrated invoicing tool, and seamless integration with leading business applications. 

However, due to its digital focus, Novo doesn’t support cash deposits, making it less suitable for businesses reliant on cash transactions. In such cases, Bank of America may be a more suitable option.

Pricing: Novo offers a completely fee-free business checking account with no monthly fees or minimum balance requirements, making it an attractive choice for small-business owners seeking cost-effective banking solutions.


  • Zero monthly fees
  • No minimum balance required
  • Refunds on all ATM Fees


  • No savings accounts
  • Fees on overdrawn accounts
  • Cannot deposit cash

>> Try Novo >>


Kabbage, known initially as a small-business lender, expanded its offerings in 2020 to include business checking accounts. Kabbage Checking is an online-based, fee-free business checking account with a straightforward application process and minimal fees.

Ideal for businesses seeking a free checking account devoid of monthly fees or balance requirements, Kabbage is particularly well-suited for those accustomed to managing their finances predominantly online.

With Kabbage, businesses can earn 1.10% APY on balances up to $100,000, making it an attractive option for those interested in accruing interest on their checking account funds.

Pricing: Kabbage charges no monthly fees or requires a minimum opening deposit, providing businesses with a hassle-free banking solution.


  • Easy application process
  • No minimum balance requirements
  • Easy line of credit without prepayment charges


  • Digital bank only
  • No integration with other tools
  • Fees up to $4.95 per cash deposit

>> Check Out Kabbage >>

Frequently asked questions

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.

Bottom Line on Bank of America Review

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.

>> Check Out Bank of America >>


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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.