Bank of America Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
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 two business checking account options: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. You can switch back and forth between the two to customize your banking experience to your business needs.
With a cash deposit limit of $7,500 on its lower-tier accounts, Bank of America is a great fit for cash-reliant businesses. Other benefits include digital tools to track business performance and ongoing rewards, which can provide cash back on business credit cards and higher interest rates on business savings.
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
What's Missing
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Two great checking account options that you can switch between to fit your business needs
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP and QuickBooks
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Physical and digital debit cards
- A wide-range of business services—such as credit cards, lending, savings, and investments—are available.
- Preferred rewards can significantly reduce fees as your business grows.
How Bank of America Stacks Up With Its Competitors
Monthly Fee | Transaction Limit Before Fees | Cash Deposit Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Advantage Fundamentals Banking | $16, waivable | 200 fee-free per month, then 45 cents per item | Up to $7,500 per statement cycle free, then 30 cents per $100 | $100 |
 Business Complete Banking | $15, waivable | 20 fee-free paper transactions per month, then 40 cents per item | Up to $5,000 per statement cycle free, then $2.50 per $1,000 | None |
 Silver Business Checking | None | 125 fee-free per month, then 50 cents per item | Up to $2,500 per statement cycle free, then 30 cents per unit | $100 |
When Bank of America Is a Good Fit
- You deposit large amounts of cash monthly: In our list of the best small business checking accounts, we listed Bank of America as the best provider for low cash deposit fees. Both of its accounts offer high cash deposit limits, with a limit of $7,500 for Fundamentals Banking and $20,000 for Relationship Banking.
- You do a lot of your business banking in person: Bank of America has over 3,900 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 our top-recommended bank 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
- You’re looking for a business checking account that draws interest: As neither Bank of America checking account is interest-bearing. Bluevine, which offers 2.00% annual percentage yield (APY) on balances up to and including $250,000 is a great alternative.
- You have to make frequent ATM withdrawals from outside of Bank of America’s ATM network: As 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.
- You want unlimited fee-free transactions: Bank of America limits transactions to 200 per month for lower-tier accounts and 500 per month for higher-tier accounts. If you want unlimited fee-free transactions and operate in Washington D.C., Louisiana, Maryland, New Jersey, New York, and Texas, Capital One is the best alternative. Otherwise, most digital-only banks, such as First Internet Bank, offer unlimited fee-free transactions.
Bank of America Business Checking Overview
 Business Advantage Fundamentals™ Banking | Business Advantage Relationship Banking | |
|---|---|---|
Required Opening Deposit | $100 to open | $100 to open |
Required Balance Minimum | None | None |
Transaction Limit Before Fees | 200 fee-free per month, then 45 cents per item after the limit | 500 fee-free per month, then 45 cents per item after the limit |
Monthly Fee | $16; waivable if conditions are met* | $29.95; waivable if conditions are met** |
Cost of Second Account | $16 per month | Free |
Cost of Savings Account | $10 per month | Free |
Account Management Capabilities | $15 per month | Free |
Domestic Wire Transfer Fees | Fee varies | Free for incoming; outgoing fee varies |
International Wire Fees | Fee varies | Free for incoming; outgoing fee varies |
ATM Fees | Free access to more than 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs | Free access to more than 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposit Fee | Up to $7,500 per month free, then 30 cents per $100, per statement cycle | Up to $20,000 per month free, then 30 cents, per $100 per statement cycle |
APY | N/A | N/A |
Open an Account | ||
*Business Advantage FundamentalsTM monthly fees can be waived by 1) maintaining a $5,000 combined average monthly balance; 2) spending at least $250 in new net purchases on a business debit card; or 3) becoming a member of Preferred Rewards for Business.
**Business Advantage Relationship Banking monthly fees can be waived by either maintaining a $15,000 combined average monthly balance or becoming a Preferred Rewards for Business member.
Business Advantage Fundamentals™ Banking | Business Advantage Relationship Banking | |
|---|---|---|
Debit Card | Free debit card | Free debit card, no fee for ATM or debit card replacement |
Physical Checks | Cost varies depending on the type of checks ordered | Introductory check package with checks, deposit slips and endorsement stamp is free |
Software Integrations | Cash Flow Monitor, ADP (for payroll services), Turbo Tax and other connected apps | QuickBooks, ADP (for payroll services), Turbo Tax, Cash Flow Monitor, access control for users and other connected apps |
Business Payment Integrations | Includes Zelle® | Includes Zelle® |
Customer Service | Phone and in-branch customer service available during business hours, or can message through social media direct messages | Phone and in-branch customer service available during business hours, or can message through social media direct messages |
Invoicing Products | Merchant services through Expensify and cash flow tools available | Merchant services through Expensify and cash flow tools available |
Other Products Available | Business savings, CDs, lending products, financial analysis through Merrill financial advisor | Business savings, CDs, lending products, financial analysis through Merrill financial advisor |
Open an Account | ||
Bank of America Business Checking Requirements
To open a business bank account with Bank of America, you can apply directly through the Bank of America website, call a toll-free number, or visit one of more than 3,900 financial centers across the United States.
The general requirements for documentation are similar regardless of how your business is organized. All businesses will be asked to prepare the following:
- Business employer identification number (EIN) or Social Security number (for sole proprietors and single-member limited liability companies (LLCs) only
- Date business was established
- Country and state of legal formation
- Country and state of primary business operation
- Personal information, such as Social Security number and date of birth, for everyone on the application, including those with at least 25% or more ownership and the controlling manager of the business.
If you’re doing business under a different name, you may also need to prepare one of the following:
- Business license, sometimes called an occasional tax license and must include first and last name of owner
- Trade name certificate
- Fictitious name certificate
- Certificate of trade name
- Certificate of assumed business name
- Registration and license with trade name, sometimes called an occupational license
Bank of America might also request additional documentation if they cannot verify on your behalf. Click on your entity type below to see what other requirements you might need to prepare.
Sole Proprietorship
- Business license
LLC
One of the following:
- Articles of organization
- Certificate of organization
- Certificate of formation
Limited Partnership
One of the following:
- Partnership agreement
- Certificate of limited partnership (LP)
- Certificate of limited liability partnership (LLP)
- Certificate of good standing
General Partnership
- Partnership agreement with partnership name and partner’s names
Unincorporated Association
One of the following:
- Articles of association (in states where applicable)
- Meeting minutes with the following information:
- Name of association/business
- Date of meeting (may include time)
- Who attended
- Minutes taken during the meeting (what the meeting covered)
- Amendments to previous meeting minutes
Corporation
One of the following:
- Articles of incorporation
- Articles of organization
- Certificate of authority
- Certificate of formation
- Certificate of incorporation
- Certificate of registration
- Corporate charter
- Certificate of good standing
Professional Corporation
One of the following:
- Articles of incorporation
- Articles of organization
- Certificate of incorporation
- Certificate of formation
- Certificate of registration
- Certificate of good standing
- Corporate charter
Professional Association
- Articles of association (in states where applicable)
Accounts opened online can be approved immediately if further documentation isn’t required. If it is, you have up to 11 days after the application to submit the necessary documents.
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
- 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 to meet Bank of America’s average daily balance requirements across your qualifying business deposit accounts and/or Merrill investment accounts. The requirements differ depending on your tier of choice.
- Gold Tier: To qualify for the Gold Tier, you need to maintain a three-month combined average daily balance of $20,000 or more.
- Platinum Tier: To qualify for the Platinum Tier, you need to maintain a three-month combined average daily balance of $50,000 or more.
- Platinum Honors Tier: To qualify for the Platinum Honors Tier, you need to maintain a three-month combined average daily balance of $100,000 or more.
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).
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 employees (SIMPLE) IRA accounts through Merrill in conjunction with Bank of America.
Business Services
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.
Other Bank of America Business Products
Business Savings Account
The Bank of America Business Advantage Savings account earns interest at a rate of 0.01%. It requires an opening deposit of $100 and charges a monthly fee of $10, which can be waived by completing one or more of the following requirements:
- Maintaining a $2,500 daily balance
- Opening a Business Advantage Relationship Banking account
- Becoming a member of Preferred Rewards for Business
Additionally, if you’re enrolled in Bank of America’s Preferred Rewards for Business Program, you can boost your interest rates. You can access higher rates by maintaining higher average daily balances across your qualifying Bank of America business accounts.
- The Gold Tier, which requires a minimum qualifying balance of $20,000, pays 0.02% APY.
- The Platinum Tier, which requires a minimum qualifying balance of $50,000, pays 0.03% APY.
- The Platinum Honors Tier, which requires a minimum qualifying balance of $100,000, pays 0.04% APY.
Business Certificates of Deposit (CDs)
- The Business Featured CD account has terms between seven months to 37 months and earns interest from 0.05%–2.50%. It has a minimum opening deposit requirement of $10,000.
- The Fixed Term Business CD account has terms between 28 days to 10 years and earns interest at a rate of 0.03%. It has a minimum opening deposit requirement of $1,000.
Business Lending
The lending products Bank of America offers include:
- Unsecured lines of credit
- Cash secured lines of credit
- Unsecured loans
- Auto loans
- Secured lines of credit
- Secured loans
- Commercial real estate (CRE) loan
- Small Business Administration (SBA) loans
- Franchise financing
Business Credit Cards
The six Bank of America business credit cards offer cash back or travel rewards. Many cards offer competitive features, such as no-financing options, low annual percentage rates (APRs), and no annual fees.
Bank of America Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| 200 free transactions per month for basic accounts | Non-interest-drawing |
| 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. Although neither account draws interest, both offer a high number of fee-free transactions, with 200 for Fundamentals Banking and 500 for Relationship Banking. 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 App Store (4.8 out of 5 stars out of more than 3.5 million ratings) and Google Play (4.6 out of 5 stars with just shy of a million ratings). According to reviewers, the app works reliably well and is easy to navigate thanks to its clean interface. Negative reviews pointed out issues with the mobile check deposit feature.
Alternatives To Bank of America Business Checking
While Bank of America provides two great business banking options, there are more affordable options in the market, especially if you’re willing to sacrifice in-person banking. Today’s online-only banking solutions offer higher interest rates, lower fees, and cost-saving promotions and features.
Here are three alternatives worth considering:
- Bluevine* is the best digital-only bank for earning interest. If you meet its activity requirements, you can earn 2.00% interest on balances up to and including $250,000.
- First Internet Bank is best for full-service online banking. It has business checking accounts, business savings accounts, and lending products, such as lines of credit, term loans, and SBA loans.
- Oxygen* is the best digital-only bank for cash back on debit card purchases. It offers up to 5% cash back on debit card purchases with specific partner retailers.
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and The Bancorp Bank for Oxygen).
Bottom Line
Bank of America is a great choice for cash-reliant businesses looking for a traditional banking provider that offers generous limits for both cash deposits and day-to-day transactions. It has two great checking products that you can switch between as your business needs change. Though neither account is free, many of the fees involved can be waived by meeting reasonable account milestones. In addition, it provides a wide selection of business products, including savings, lending, investing, merchant services, and more.
