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Bank of America® Business Advantage Fundamentals™ Banking
Business Advantage Relationship Banking – Offers fee-free electronic transactions and offers high cash deposit limits (up to $7,500 and $20,000, respectively).
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Monthly fee. Although this fee is a downside, it is not a deal breaker if you can meet the relatively low hurdles to waive the fee.
You can avoid the monthly fee by doing one of the following:
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Use your Bank of America Business Debit Card to spend $250 on eligible net new purchases. Purchases made with linked employee business debit cards count towards that threshold.
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Become a Bank of America Preferred Rewards for Business member.
To qualify for the Preferred Rewards for Business program, you must have an active Bank of America Business Checking Account and an eligible Bank of America Business Savings Account and/or Merrill Business Investment Account with a three-month combined average daily balance of 20,000. Must be at least $1.
BofA Business Checks are ideal for small business owners who:
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You want a full-service business bank with business loans, business credit cards, and merchant services.
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You operate a cash-intensive business and frequently make foreign currency deposits.
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You must meet one of the conditions for waiving the monthly fee.
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(Terms apply).
Bank of America Business Check Overview
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Business Advantage Fundamentals™ Banking |
Business Advantage Relationship Banking |
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monthly fee |
$16 (multiple exemption options available). |
$29.95 (multiple exemption options available). |
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Minimum deposit requirement |
100 dollars. |
100 dollars. |
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AP |
Not applicable. |
Not applicable. |
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transaction |
Fee-free electronic transactions (ACH, debit card transactions, electronic debit, mobile check deposit deposits, and remote deposits online or at a Bank of America ATM). Up to 200 fee-free non-electronic transactions (checks paid, other debits, items deposited), then 45 cents per item. |
Commission-free electronic trading. No fees for up to 500 non-electronic transactions, then 45 cents per item. |
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Cash deposit |
Free up to $7,500, then 30 cents for every $100 deposited. |
Free up to $20,000, then 30 cents for every $100 deposited. |
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Bonus |
How to open a Bank of America business account
Bank of America has approximately 3,900 branches and 16,000 ATMs in 37 states and Washington, DC. This bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
What you need to open a BofA Business Account
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Your legal business name.
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Your address and phone number.
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Where and when the business was established.
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Personal information about yourself, all owners of 25% or more of the business, and controlling managers (e.g., chief financial officer, managing members), including date of birth and social security number.
A minimum deposit of $100 is required to open a Bank of America business checking account.
bank of america sign up bonus
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Deposit $5,000 in eligible new deposits within 30 days.
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Maintain an average balance of $5,000 for the next 60 days.
June 30, 2024
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What makes Bank of America's business checking stand out
Both Bank of America business checking accounts include fee-free electronic transactions, including ACH transactions, debit card transactions, electronic debits, and deposits made using mobile check deposit. So you won't have to stress about extra charges.
However, it's important to note that Bank of America restricts some transactions, particularly in-person transactions and the issuing of checks. Business Advantage Fundamentals™ accounts include up to 200 of these transactions per month, and you will be charged 45 cents per item above that limit. This is still quite generous when compared to other brick-and-mortar business banks.
If the $7,500 limit isn't enough for you, consider upgrading to a Business Advantage Relationship account, which includes up to $20,000 in fee-free cash deposits each month. This account has a higher monthly fee ($29.95) but is waived for Preferred Rewards for Business members and account owners who maintain a total monthly average balance of $15,000 across their Bank of America business accounts. will be done.
Digital tools: Bank of America's Business Checking Account provides access to digital tools like Zelle, Cash Flow Monitor, and Business Advantage 360. Business Advantage 360 is Bank of America's online banking platform for small businesses that allows you to view and manage your statements and transactions, pay your bills, and download activity to QuickBooks. Customize your account alerts.
To qualify, you must maintain an average daily balance of at least $20,000 over a three-month period. These funds can be spread across multiple Bank of America business accounts, including business savings, CDs, and investment accounts.
What Bank of America's Business Check isn't enough for
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$29.95 for Business Advantage Fundamentals™ accounts and $29.95 for Business Advantage Relationship accounts.
Out-of-network ATM fees: Extra fees are always a bummer, especially when they are charged to access your money. Bank of America also charges a fee for withdrawals at non-Bank of America ATMs ($2.50 for U.S. ATMs and $5 for foreign ATMs). Additionally, the ATM owner may charge additional fees.
Bank of America has a fairly extensive ATM network, with approximately 16,000 ATMs throughout the bank's service area. However, business owners who want to avoid these fees altogether should consider a bank or credit union that partners with a large national network such as SUM or MoneyPass.
