Bank of America is one of the largest financial institutions in the U.S., offering a wide range of personal and business banking products and services. Small business owners can open checking accounts, savings accounts and certificate of deposit (CD) accounts with Bank of America while also exploring financing options and other small business services.
If you’re looking for an account from a full-service bank with a large footprint, Bank of America is a top contender. But if you’re hoping to minimize fees and earn interest on your checking balance, you’ll want to look elsewhere.
This review focuses on Bank of America Business Account. All details, rates and fees are accurate as of Sept. 5, 2023.
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Bank of America Business Account Review
Bank of America provides top-rated business online and mobile banking platforms, as well as an expansive branch and ATM network. Their Business Fundamentals checking account may be ideal for cash-heavy small businesses that value access to a vast network of branches and ATMs while forgoing monthly fees.
Bank of America business checking at a glance
Bank of America stands out as an option when searching for a business bank account with generous transaction limits and fee-free electronic transactions, as it has more options and 16,000 ATMs nationwide than its competitors combined. Furthermore, J.D. Power and other customer satisfaction surveys consistently give this bank high marks; additionally, it boasts one of the highest interest-rate savings accounts among its competitors.
To open a Bank of America business checking account, you’ll need to submit personal and company information as well as proof of identity documents for yourself and any owners with 25% or greater ownership in your company. Applications can be submitted online, by phone, or directly at one of their branches.
The bank’s two business checking accounts, the Business Fundamentals Account and Business Advantage Fundamentals Account, offer essential banking features. However, their fees can be prohibitive to businesses that prioritize minimizing costs. To see if they meet your needs, compare them against alternatives like U.S. Bank or Novo Business Checking accounts as well as the new Wise Business Account — an innovative new option with lower barriers of entry – before making your decision.
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How to open a Bank of America business account
Bank of America offers two robust business checking accounts tailored specifically for small businesses, each featuring low fees and useful perks that will help make running your company simpler.
Keep in mind, however, that both BoA business accounts charge monthly fees (unless certain requirements are met to waive it), without earning interest – thus making them less suitable for companies looking for their money to grow.
Still, if you need a solid business checking account with user-friendly features and branches across the U.S., Business Fundamentals Checking could be ideal. Offering lower fees with the possibility of waiving them altogether and the Preferred Rewards for Business program that gives extra perks based on average monthly balance, the Business Fundamentals Checking could be worth looking into as an option for your company.
What you need to open a Bank of America business a
Before opening a bank account with Bank of America, make sure that all necessary paperwork is in order. This should include a business plan, tax forms and a letter from your company appointing you as their banker.
Establish a business credit card with your bank. Doing so will allow you to track spending and earn rewards while giving employees, accountants and others limited access to financial data without giving them full control over bank accounts.
Bank of America’s two business checking options – Business Fundamentals and Business Advantage Relationship Banking – both feature fee-free electronic transactions with high cash deposit limits, as well as top-rated online and mobile banking platforms, along with access to its Cash Flow Monitor tool. However, Business Basics accounts come with monthly fees while the latter requires higher balances to avoid such costs; both provide access to a national network of branches and ATMs – great options for small businesses that value having access to them.
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Where Bank of America business checking stands out
Bank of America’s Business Fundamentals Account is an excellent option for businesses that wish to minimize fees and make a few transactions each month. With no monthly fee and many attractive features such as Zelle money transfers, free domestic wire transfers and check imaging tools. Customers also gain access to cash at Bank of America ATMs across the U.S. without incurring an ATM withdrawal fee.
However, this account doesn’t earn interest and could become costly if you exceed certain transaction or cash deposit limits. Furthermore, if you don’t qualify to waive its monthly fee waiver program then this account could cost more than an online-based competitor with lower monthly fees.
Your best option depends on your spending habits and the amount of cash that is typically kept in an account. If you prefer not to pay monthly fees, consider an account without minimum balance requirements or offers refunds on ATM fees as these could provide optimal solutions.
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Where Bank of America business checking falls short
Bank of America Business Account checking accounts should not be seen as the only choice available – there are other banking institutions who offer competitive products and accounts that could offer greater value to your company.
One such alternative bank is Chase Business. They offer various accounts with customizable fees and features to meet the unique needs of businesses of all kinds, and more locations than Bank of America to choose the branch most convenient to them.
Bank of America Business Account checking accounts are ideal for small and mid-sized companies, while they may not meet the needs of larger enterprises as effectively. Wells Fargo provides accounts that cater specifically to larger companies – making their account an excellent fit. They also have accounts designed specifically to fit smaller firms – including Business Advantage Fundamentals Banking account and Relationship Banking account which offer higher transaction limits before incurring fees as well as relationship perks that could prove valuable in certain circumstances.
Bank of America Business Checking Fees
Bank of America Business Account offer essential banking features and flexible account tools at an attractive monthly fee, including direct deposit and no annual fee credit cards for businesses of any size. They provide two options – the Business Fundamentals account and Business Advantage account – tailored specifically towards these small businesses; both have unique perks; however the Business Advantage account might be better suited to larger organizations thanks to additional features like integration with Quickbooks and direct deposit services.
Bank of America business checking accounts offer no interest on funds and incur several fees, such as monthly account maintenance charges and any charges associated with wire transfers that come and go.
If you’re interested in opening a Bank of America Business Account, there are multiple ways you can apply – either online, over the phone, or by visiting one of their over 3,900 financial centres across the nation.
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Who Is Bank of America Business Checking Best For?
Business owners seeking an effortless online banking experience, mobile apps with rave reviews and the option of depositing large sums each month might appreciate Bank of America’s two business checking accounts. Each has different monthly fees (with ways to waive them), and requirements suited for small, medium or large revenue-generating companies.
Depending upon your tier eligibility, these accounts offer added value such as rewards rates on business credit cards and interest rate discounts on loans. In addition, fee-free ACH and debit card transactions, and unlimited electronic deposits/withdrawals from ATMs as well as fee-free ACH and debit card transactions all add to this equation.
These business checking accounts are ideal for small businesses looking to consolidate all their banking in one location, as well as larger organizations who possess an in-depth knowledge of what features and benefits each bank provides. Entrepreneurs looking to take advantage of Preferred Rewards may also find them suitable. It may also be worth considering these accounts if your POS system uses checks as payments.
bank of america business account customer service
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Wells Fargo vs. Bank of America Business Account Checking
Wells Fargo and Bank of America both offer various business checking accounts. Their more basic offerings, like Initiate Business Checking and Business Fundamentals, accounts, are tailored for small businesses that do not anticipate making many transactions each month and want access to an extensive network of branches and ATMs. Furthermore, these accounts come equipped with business debit cards for added convenience as well as top-of-the-line online functionality and bill pay features.
If you require more, both banks offer higher-tier business checking accounts with additional benefits. For instance, the Business Advantage Relationship Account offers no domestic or international wire fees when meeting certain criteria, including 500 deposits/transfers/withdrawals per month plus $20,000 cash withdrawals per month.
Reward yourself with business credit cards offering rewards, higher loan interest rates, and other perks when reaching certain account balances or transaction thresholds – plus Bank of America and Wells Fargo offer additional business banking services that can help expand your company.
FAQs
What is a Bank of America Business Account?
Bank of America Business Account is a financial service designed to meet the banking needs of businesses, providing them with essential financial tools and resources.
How can I open a Bank of America Business Account?
To open a Bank of America Business Account, you can visit their website, fill out an application, or visit a local branch to get started.
What types of business accounts does Bank of America offer? Bank of America offers a range of business account options, including Business Advantage, Business Fundamentals, and Business Interest Checking accounts.
What are the benefits of a Bank of America Business Account?
Benefits include online and mobile banking, access to business credit cards, merchant services, and the ability to manage your finances efficiently.
Are there any fees associated with a Bank of America Business Account?
Fees vary depending on the type of account and transaction activity. It’s advisable to review the fee schedule provided by the bank.
Do Bank of America Business Accounts offer online banking features?
Yes, Bank of America Business Accounts offer robust online banking features, allowing you to manage your accounts and make transactions conveniently.
Can I apply for a business loan through Bank of America with a business account? Yes, having a Bank of America Business Account can provide you with eligibility for business loans and credit options.
What security measures are in place to protect my business account with Bank of America?
Bank of America employs state-of-the-art security protocols to safeguard your business account, including encryption and fraud protection.
Can I link my Bank of America Business Account with accounting software?
Yes, you can link your account with popular accounting software to streamline financial management and reporting.
What documentation do I need to open a Bank of America Business Account?
Requirements may vary, but generally, you’ll need your business’s legal documents, personal identification, and financial information. It’s best to check with the bank for specific details.
how to close bank of america business account
Closing a Bank of America business account can vary based on your specific circumstances and the type of business account you have. Here are general steps to guide you through the process:
- Contact Your Banker: The first step is to get in touch with your Bank of America business banker or a representative from the bank’s business banking department. You can do this by visiting a local branch, calling their customer service, or using their online banking messaging system. Let them know you want to close your business account and ask for guidance on the specific steps you need to follow.
- Settle Outstanding Transactions: Make sure that all outstanding transactions have cleared your account. This includes checks that you’ve written, pending deposits, and any automatic payments or withdrawals. You may need to wait a few days to ensure all pending transactions are processed.
- Transfer Funds: Transfer any remaining funds in the account to another account of your choice. This could be a personal account or another business account at a different bank. Ensure that your balance is zero.
- Cancel Automatic Payments: If you have any automatic payments or withdrawals linked to your Bank of America business account, make sure to cancel them. You’ll need to provide your new account information to the respective payees to avoid any missed payments.
- Update Contact Information: Ensure that Bank of America has your up-to-date contact information, such as your current mailing address and phone number. This will help them reach you if they have any questions during the account closure process.
- Return Business Debit/Credit Cards: If you have any business debit or credit cards associated with the account, you’ll need to return them to the bank or destroy them, depending on the bank’s instructions.
- Visit a Branch (if required): Depending on the bank’s policies, you may be required to visit a Bank of America branch in person to initiate the account closure process. Some banks may allow you to close the account remotely, but this can vary.
- Request Account Closure: Speak to your banker or the customer service representative and formally request the closure of your business account. They will provide you with any necessary forms or documents to complete the process.
- Verify Closure: After submitting the necessary documentation, ask for confirmation that the account has been closed. Ensure you receive a written confirmation or a closure confirmation number for your records.
- Keep Records: Retain copies of all documentation related to the account closure, including the closure confirmation. This will be useful for your records and to resolve any issues that may arise in the future.