Bank of America has two business checking account options. The Business Advantage Fundamentals Banking account is geared toward smaller business models and currently has no monthly fee for the first 12 months. Meanwhile, the Business Advantage Relationship Banking account has a built-in fee structure to support multiple business accounts and a robust online banking platform with high transaction volume.
There are few drawbacks to these accounts. One way to waive the monthly fee for both is to maintain a balance of $5,000 for the Fundamentals account and $15,000 for the Relationship account—and even customers meeting this requirement and maintaining a high balance do not earn any interest on their deposits. Also, there is a limit to the monthly transactions requiring customers to pay fees for any overage.
The Fit Small Business Editorial Policy is driven by our company mission, which is to “Deliver the best answers to people’s questions.” Fit Small Business is an industry leader covering several business categories. We offer practical information helping business owners by introducing them to new ideas and business solutions.
We use the following parameters to define whether we have provided the best answer to our readers: accuracy, clarity, authority, and accessibility. To ensure we are constantly rising above the rest, we ask ourselves who, what, what else, where, and how. As a result, over 80 million readers have been turning to us for answers to their small business questions since 2013.
Bank of America is one of the largest banks in North America. It serves over 69 million customers, so there is plenty of online information and reviews. I evaluated many sites for customer satisfaction and feedback. Also, the Bank of America site has extensive information explaining the features of its accounts. I compared its product offerings with similar in-person banks to develop a well-rounded review of the checking accounts offered for business banking.
Pros
- $200 enrollment bonus through December 2024
- Robust online banking
- Preferred Rewards for Business program
- Physical and digital debit cards
- Mobile check deposit
- QuickBooks integration
Cons
- No interest-earning options for business checking
- Fees charged for transactions over the monthly limit
- Overdraft fees charged
- ATM usage can result in out-of-network fees without reimbursement
- Requirements to waive monthly fee Includes high monthly deposit balance, minimum debit card spending, and enrollment in the Preferred Rewards for Business program
Special Offer | $16 monthly maintenance fee waived for 12 months; visit Bank of America for the $200 cash bonus, which you can earn after meeting deposit qualifications |
Opening Deposit Requirement | $100 |
Monthly Maintenance Fee | No fee for the first 12 months; then a $16 waivable fee will apply |
APY | N/A |
Free ATM Network | Yes, if using a Bank of America ATM. The network has over 15,000 ATMs.
|
ATM Fee Reimbursement | N/A |
Other Standout Features |
|
- Business needing access to a branch: This account is a good fit for small businesses seeking access to a branch for cash deposits and in-person customer service. Bank of America has branches in Washington, D.C., and 38 states Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington , making banking convenient for business customers within the banking footprint.
- Businesses looking for an affordable business account: The Business Advantage Fundamentals Banking account is a great option for small businesses. Currently, the $16 monthly maintenance fee is being waived for 12 months making this account more affordable. There are multiple ways to waive the fee after the initial promotion period ends. This account also allows $7,500 in cash deposits and 200 transactions before accessing a fee.
- Business seeking upgraded financial tools: The Business Advantage Relationship Banking account is a great fit for businesses needing multiple accounts and comprehensive financial tools at their fingertips. The fee structure is designed to add a second account with reduced fees. The first 500 transactions are free, and you can deposit $20,000 cash each month without an additional charge.
Bank of America Business Checking Alternatives & Comparison
Best For | Learn More | |
|---|---|---|
 | Businesses seeking a large bank with nationwide branches: Although Bank of America has a large banking footprint, Chase Bank has more branches and may be more convenient if you live outside of Bank of America’s service area. The Chase Complete Business Banking account is best for businesses with a moderate transaction volume. It allows customers to make 20 in-person transactions and deposit up to $5,000 in cash without a fee. | |
 | Small businesses needing an affordable checking account with moderate transaction volume: While Bank of America has an account with no maintenance fee for 12 months, U.S. Bank has the Silver Business Checking account with no qualifications to meet and a $0 maintenance fee each month. This account is suitable for business owners who need in-person banking and have a moderate transaction volume. It allows for 125 free transactions per statement cycle. | Read our U.S. Bank business checking review |
Bank of America Business Checking Reviews from Users
No client has left a Bank of America business checking review as of this writing. The comments below are from customers who reviewed the bank as a whole.
| Users Like | Users Dislike |
|---|---|
| Has plenty of branches to choose from | Has fees that can add up quickly |
| Offers online banking, which is user-friendly and allows linking of personal and business accounts | Has long wait times for in-person and phone customer service |
| Provides integrations and digital tools, making money management easier | Takes an extensive amount of time to resolve account disputes |
Overall, customers seem to be satisfied with Bank of America’s online banking service. It’s built on a very powerful platform with many extra features. It also offers Zelle money services and allows users to link their business and personal online accounts together.
Most of the negative reviews were based on two issues. The heavy customer volume has led to very long lines when visiting the branch—many mentioned they waited over an hour for assistance. Also, the phone-based customer service had extremely long hold times.
As a test, I contacted customer service through the chat feature on the website. I only waited a few seconds before a representative from Texas nicely introduced herself and answered my question. Other issues mentioned often in reviews were the large amount of fees being charged in comparison to other banks.
Here’s how Bank of America scored on third-party review sites:
Bank of America Business Checking Overview
Bank of America Business Checking Requirements
As part of the Bank of America business checking requirements, you’ll need the following information to open an account:
- The address and phone number of your company
- The full legal names of everyone who will be listed as account owners
- Personal Identification: Passport or driver’s license
- Documentation that proves the existence of the business such as an Operating Agreement or Articles of Organization
- Federal tax Identification number also known as the Employee Identification Number (EIN)
- Your Social Security number (SSN) if you are a sole proprietor
- The minimum deposit required to fund and activate the account
How to Open a Business Checking Account at Bank of America
- Step 1: Visit Bank of America.
- Step 2: Pick Small Business from the tabs across the top.
- Step 3: Click Checking.
- Step 4: Click Explore Business checking solutions.
- Step 5: Click Open Account.
- Step 6: Choose between the Fundamentals or the Relationship account.
- Step 7: Complete the application, and submit it.
- Step 8: Wait for confirmation your account is approved then follow the steps to set up online banking.
Bank of America Business Checking Features
Description | |
|---|---|
Physical and Virtual Debit Cards | Available to business account holders and employees designated by the account holder |
Integration with QuickBooks | Easy QuickBooks integration to simplify daily bookkeeping (read our QuickBooks Online review) |
Zelle Money Transfers | Zelle for business allows you to send and receive money directly between eligible bank accounts in the US |
Linked Personal and Business Accounts | Easily manage and view business and personal accounts under one login |
Cash Flow Monitor | Online tool for cash flow projections, transaction monitoring, and category balances |
Dun & Bradstreet Credit Score | With Business Advantage 360, view and monitor your Dun & Bradstreet business credit score |
Prefered Rewards for Business Program | No fees on select products including business checking if criteria met, 25%-75% Rewards bonus on eligible credit cards, savings account interest rate boost, cash back on eligible payroll services |
Debit Card Liability Guarantee | Covers fraudulent transactions made by others using your Bank of America Business Debit Cards |
Business Advantage 360 | Bank of America’s Robust Online Banking Platform |
Other Bank of America Business Banking Products
- Business Savings Accounts
- Business CD accounts
- Business Credit Card
- Payment Solutions
- Merchant Services
- Payroll Services
- Remote Deposit Capture
- Cash Flow Monitor
- Business Line of Credit
- Commercial Real Estate Loan
- Unsecured Loan
- Commercial Auto Loans
- SBA Loans
- Franchise Financing
- Small Business Investing
- Small Business 401K
Frequently Asked Questions (FAQs)
Yes, Bank of America is great for businesses needing an in-person bank especially if you need to deposit cash. There are two business checking accounts to choose from. Small businesses are typically better suited for the Business Advantage Fundamentals Banking account, whereas businesses that need multiple accounts and have a higher transaction volume can look into the Business Advantage Relationship Banking account.
If you apply through the Bank of America website, approval is done through the online portal, and many businesses instantly find out if the account is approved. If you choose to open the account in the branch, the accounts representative will be able to tell you if the account is approved while you are there.
A Bank of America business checking account can be opened with a $100 opening deposit.
Bottom Line
Overall, Bank of America has a robust business banking platform. Business Advantage Fundamentals Banking is a great fit for small businesses looking for an in-person bank that allows cash and check deposits, while Business Advantage Relationship Banking is generally used by mid- to large-sized businesses that need to open multiple accounts or have a higher transaction volume. After picking the perfect account for your business, you can add additional features like Cash Flow Monitor or Preferred Rewards for Business.
[1]WalletHub
[2]Trustpilot
