This article is part of a larger series on Business Banking.
If you’re looking for an outstanding business checking account offered by a full-service, brick-and-mortar bank, Bank of America is an excellent choice. It offers ongoing rewards, which can provide cash back on business credit cards and higher interest rates on business savings. It also provides great digital tools to track business performance.
Bank of America provides two options for checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking. You can switch back and forth between the two, allowing you to customize your banking experience to your business needs. Before you decide to open a business checking account, check out Bank of America’s two checking accounts to see which is right for your business.
How Bank of America Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Up to $7,500 per month free*, then 30 cents per $100 per statement cycle
Free at 16,000-plus ATMs nationwide; $2.50 per transaction out-of-network
$100 to open;
no requirement to maintain
$2.50 per $1,000 after you deposit $5,000 in a billing cycle
$2.50 per transaction at any non-Chase ATM, plus ATM operator fees
2.0% on balances up to $100,000
$4.95 per deposit; accepted at Green Dot locations
No fees at 38,000-plus MoneyPass ATMs nationwide
*$20,000 with Relationship Banking
**Provider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine).
When Bank of America Is a Good Fit
- Your business deposits large amounts of cash monthly: Bank of America allows you to deposit up to $7,500 with Fundamentals Banking and $20,000 with Relationship Banking for free every month.
- You do a lot of your business banking in person: Bank of America has more than 4,100 financial centers around the United States.
- You want to use the same bank for your personal and business accounts: Bank of America offers personal and business checking and savings accounts and lending products. It’s one of our top-recommended banks for real estate investors.
- You’re looking for a full-service business bank that includes savings, certificate of deposit (CD) accounts, and lending and investment tools: Bank of America has all of these offerings, making it one of our leading banks for small business.
- You’re looking for a bank with low or no fees and ongoing rewards for your growing business: With waivable monthly fees and great rewards, Bank of America is one of our top choices for the best banks for startups.
When Bank of America Isn’t a Good Fit
While Bank of America provides two great business checking options, it might not be the right provider for your small business. You might consider an alternative to Bank of America in these situations:
- You’re looking for a business checking account that draws interest: Neither Bank of America checking account is interest-bearing. Bluevine is an excellent alternative with a high-interest yield on qualifying deposits.
- You have to make frequent ATM withdrawals from outside of Bank of America’s ATM network: The company charges $2.50 for out-of-network withdrawals on top of third-party fees. Novo is a good alternative, as the company refunds all ATM fees at the end of the month.
- You want a cash bonus for opening an account: Chase offers a $300 cash bonus for business checking accounts, as long as certain conditions are met.
Bank of America Business Checking Overview
Bank of America Business Checking Requirements
Bank of America gives you three options for opening up a checking account. You can apply directly through the Bank of America website, call a toll-free number, or visit one of more than 4,100 financial centers across the United States.
The general requirements for documentation are similar regardless of how your business is organized. Click the link that corresponds to your business organization method to see Bank of America’s specific document requirements.
- Limited liability company (LLC)
- Sole proprietor
- Limited partnership
- General partnership
- Unincorporated association
- Professional association
- Professional corporation
Accounts opened online can be approved immediately if further documentation isn’t required. If it is, you have up to 11 days after application to submit the necessary documents.
Before opening an account, check out our guide on opening a business bank account, which includes a free downloadable checklist.
Bank of America Business Checking Features
Bank of America’s two business checking accounts come with several features that can benefit your business. Features that are only available with one of the account types, or differences in fees, will be denoted below.
Bank of America Physical & Digital Debit Cards
Once your account is open, you should receive your debit cards and checks within five to seven business days. A financial center can provide temporary cards and checks in the meantime. Once you’re enrolled in mobile banking, you can be approved to use digital debit cards as well.
Debit cards are free with both types of accounts. With Advantage Banking, there’s no fee for ATM or debit card replacement or rush replacement.
Preferred Rewards for Business
By joining the company’s preferred rewards program, you can get
- Monthly fees waived
- 25% to 75% rewards bonus on eligible credit cards
- 5% to 20% interest rate boost on your savings account
- Interest rate discounts on select lending products
- Payroll service cash back
- Professional financial advice from a Merrill financial solutions advisor
To qualify for the Bank of America Preferred Rewards for Business, you need a Business Advantage Relationship Banking account and a three-month combined average daily balance of $20,000 or more in qualifying business deposit accounts and/or Merrill investment accounts.
Free ATM Usage in the Bank of America network
If you use one of the more than 16,000 ATMs in the Bank of America network, there are no ATM fees. Bank of America charges $2.50 per transaction if you go out of network. There may be a third-party ATM surcharge as well. If you’re a member of Preferred Rewards for Business, you can get ATM fees waived, among other reduced or waived fees.
Savings Accounts, Business Credit Cards & Business Lending
As a full-service bank, Bank of America provides great additional accounts for your business needs. For $10 a month, you can get a business savings account. That fee can be waived in the following situations:
- Maintain a $2,500 daily balance
- Open a Business Advantage Relationship Banking account
- Become a member of Preferred Rewards for Business
In addition, Bank of America offers business credit cards and lending products, including secured and unsecured loans and lines of credit, auto loans, commercial real estate loans, SBA loans, and franchise financing.
Access to Investment Solutions With Merrill Edge®
In addition to banking solutions, you can access small business and individual 401(k) accounts and simplified employee pension individual retirement account (SEP-IRA) and savings incentive match plan for employee (SIMPLE) IRA accounts through Merrill in conjunction with Bank of America.
Bank of America provides business services to allow your business to accept credit card payments, get payroll services through ADP or QuickBooks Online, have access to mobile check deposits, and issue permissions with Account Management.
You can also use the company’s Cash Flow Monitor and connected apps to help your business run smoothly. Those apps include ADP, QuickBooks Online, Expensify, Podium, Google Workspace and Analytics, QuickBooks Online Payroll, Microsoft 365, Constant Contact, and TurboTax.
Additionally, you can accept payments through the app for free with Zelle®.
Bank of America Customer Service
Bank of America offers dedicated small business specialists to help. It has a chat feature built into its website, help by email or phone, or direct message through social media.
Bank of America Business Checking Pros & Cons
|200 or 500―depending on which account you choose―free transactions per month||Cash deposit fees charged per $100 over monthly allowance|
|Free digital tools to track business performance||Doesn’t offer ATM fee reimbursements|
|Ongoing rewards program for cash back on business credit card and higher savings interest rates||Requires a $100 opening deposit|
If you’re looking for a business checking account from a traditional bank, Bank of America gives you two great options. If you find yourself going over the maximum free cash deposits every month, those fees can add up quickly. At the most basic levels, there are no ATM fee reimbursements, although as your accounts grow and you increase your tier of preferred rewards, those fees can disappear.
Bank of America’s app is very well received on both the Apple App Store and Google Play Store. It has a rating of 4.8 out of 5 stars on the App Store out of more than 3.5 million ratings, while it has 4.6 out of 5 stars on the Play Store with just shy of a million ratings.
Reviewers raved about the easy and dependable nature of the app experience with a clean interface. A few of the drawbacks left by reviewers indicate some issues with the mobile check deposit feature.
Alternatives to Bank of America Business Checking
While Bank of America provides two great business banking options, it might not be the best choice for your business checking needs. If you’re wanting to earn interest, seeking a digital-only bank, looking for a bonus for opening an account, or requiring cash back on debit card purchases, you may want to consider an alternative.
Here are three options:
- Bluevine: Best digital-only bank for businesses that don’t need to deposit cash but want an account that earns interest for qualified deposits.
- Chase: Best overall traditional bank for companies looking for a cash bonus for opening a business checking account.
- Grasshopper: Best digital-only bank for cash back on debit card purchases.
See more providers in our guide to the best small business checking accounts.
If you’re looking for a traditional banking experience for your business, Bank of America is an excellent choice. It has two great checking products that you can switch between as your business needs change. In addition, it provides a plethora of business products, including savings, lending, investing, merchant services, and more. Many of the fees involved can be waived by meeting reasonable account milestones. Bank of America is a company that can help you as your business continues to grow and prosper.