How Much Does Bank Of America Charge For Their Services

Bank of America business checking stands out among national and regional brick-and-mortar-based competitors by offering unlimited fee-complimentary electronic transactions, high cash eolith limits and iii dissimilar ways to open an account.

Bank of America offers two small-concern checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Human relationship Banking.

With four,200 branch locations across 37 states, plus Washington, D.C., Banking company of America's business accounts are digital-friendly options for small-business organization owners who desire some access to in-person banking.

Banking concern of America business checking is best for pocket-sized-business owners who:

Want to be able to practice some of their business banking in person.
Don't mind paying a monthly fee or can qualify to waive it.
Operate a cash-heavy business.
Would like to take advantage of additional banking or financial services from their bank in the future.

Pros and cons

Pros

Unlimited fee-free electronic transactions.
Loftier cash deposit limits.
Multiple ways to open an business relationship: online, over the phone or in person.
Admission to 16,000 Bank of America ATMs and 4,200 branch locations beyond the U.South.
Includes Business organization Reward 360 online banking platform, with mobile banking, integrated cash-menstruum monitoring tool, neb pay and mobile check eolith.

Cons

No complimentary business concern checking business relationship option.
High incidental fees.
Charges to uses non-Bank of America ATMs: $2.50 for U.South. ATMs, $5 for international ATMs (ATM possessor may accuse an boosted fee).

Banking company of America business checking at a glance

	Concern Advantage Fundamentals Banking	Business Reward Relationship Banking
Monthly fee:	$16 (waived with a $five,000 combined average monthly balance or by spending $250 in cyberspace new qualifying purchases on a business debit card)*	$29.95 (waived with a $15,000 combined average monthly balance)*
Minimum opening deposit requirement:	$100	$100
APY:	None	Rates vary based on your location.
Transactions:	Unlimited fee-free electronic transactions (ACH, debit card transactions, electronic debits, deposits fabricated with mobile cheque deposit, remote deposit online or at a Banking company of America ATM). Up to 200 fee-free not-electronic transactions (checks paid, other debits, deposited items), then 45 cents per detail.	Unlimited fee-free electronic transactions. Up to 500 fee-free not-electronic transactions, then 45 cents per item.
Cash deposits:	Up to $seven,500 free, and so thirty cents per $100 deposited.	Up to $20,000 free, so 30 cents per $100 deposited.
Bonus:	None	None

*You tin can as well waive the monthly fees on either of these accounts by becoming a member of Depository financial institution of America'south Preferred Rewards for Business program. To be eligible, yous must have an active Banking company of America concern checking account and a three-month combined average daily balance of $20,000 or more in qualifying Depository financial institution of America business organisation deposit accounts and/or Merrill business investment accounts.

How Bank of America business checking works

Business relationship options: Bank of America offers two master business organisation checking accounts: Business Advantage Fundamentals Cyberbanking and Business Advantage Relationship Cyberbanking.

In addition to these core options, the bank offers the Total Analysis Business Checking account for businesses with high balances and greater cash management needs, too as a Public Service Trust Account.

Location availability: Bank of America has 4,200 branch locations and 16,000 ATMs beyond 37 states, plus Washington, D.C. The banking company does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, W Virginia, Wisconsin and Wyoming.

Unlike some brick-and-mortar banks, nevertheless, your business does non accept to be located in a state with a Banking concern of America branch in order to be eligible for a business checking business relationship. In fact, y'all can use the Depository financial institution of America website to check fee and rate information for any of the 50 states, plus Washington, D.C.

How to utilise: Utilize for a Bank of America business checking account past completing and submitting an application online, over the phone with a small-business concern banking representative or in person at a branch location.

Required information:
- Basic details about yourself and your business including your Social Security number, date of birth, legal business name, the date your business was formed, employer identification number and state of business organisation formation.
- Bank of America besides requires bones personal information (including engagement of nativity and Social Security number) for all owners with 25% or more than buying in the business, besides every bit whatsoever controlling managers (e.g., chief financial officer, managing fellow member).
Required documentation:
- Business formation document (varies based on your entity type) and 1 form of authorities-issued ID for y'all, all owners with 25% or more ownership in the business and whatever controlling managers.
- If your business organisation is operating using a DBA, or "doing concern as," a fictitious proper noun, trade name or assumed name, Bank of America requires that you provide the applicable certificate that shows your business's adopted name.
- If you lot apply for a Bank of America business checking business relationship online, you will transport your supplemental documents to the bank by fax or e-mail after you lot've completed your application. You have xi days after submitting your online application to transport your documents earlier your application volition be declined and you volition demand to resubmit. Once Bank of America has received both your application and supporting documents, your business relationship could be approved and opened in as little as 24 hours.

Next steps: After your account has been approved, you lot can make your opening eolith by transferring money from an existing Bank of America account or from another bank, equally well as past using a Visa or Mastercard debit card, check or money lodge. You likewise can sign upwards for online banking, download the Banking concern of America mobile app and offset managing your business relationship.

If you ordered a business concern debit card or checks with your initial awarding, yous should wait to receive them within v to vii business days. Additionally, you can request a debit bill of fare for yourself, as well every bit your employees, by signing into online banking, calling Bank of America small-scale-business customer service or past visiting a branch location.

Where Bank of America business checking stands out

Unlimited fee-gratuitous electronic transactions: Both of the Depository financial institution of America business checking accounts offer unlimited fee-free electronic transactions, including ACH transactions, debit card transactions, electronic debits and deposits made using mobile check deposit, remote deposit online or at a Bank of America ATM.

With this feature, Bank of America business organization checking stands out among brick-and-mortar competitors in particular, as nigh traditional banks have a ready monthly limit that encompasses both electronic and non-electronic transactions.

Cash deposits: The Business Advantage Fundamentals business relationship includes up to $7,500 in fee-free cash deposits, and the Business concern Reward Relationship account includes upwardly to $20,000 in fee-free cash deposits per month.

Compared to other base-tier business checking accounts, the $7,500 threshold of the Concern Reward Fundamentals account stands out amongst brick-and-mortar competitors. For example, the Chase Concern Consummate Checking℠ account, Wells Fargo Initiate Business Checking account and Uppercase 1 Spark Basic Business concern Checking account each have a fee-free cash deposit limit of $v,000.

In add-on, although the $20,000 threshold of the Business organization Advantage Human relationship account matches that of second-tier business checking offerings from national brick-and-mortar competitors like Chase, Wells Fargo and Citibank, information technology exceeds that of other competitors such as U.S. Bank and Huntington Depository financial institution .

Digital tools: The Banking concern of America business organisation checking accounts provide access to digital tools including Zelle, Cash Flow Monitor and Business Advantage 360 — Banking concern of America'due south small-scale-business organisation online cyberbanking platform that allows you lot to view and manage statements and transactions, pay bills, download activity to QuickBooks and customize account alerts.

Bank of America's online cyberbanking comes fully integrated with the Cash Flow Monitor tool, which allows you to rail credits and debits, get cash menstruum projections based on scheduled transactions and receive support from pocket-sized-concern specialists. You can also connect 3rd-party apps to your Cash Flow Monitor dashboard, including ADP, QuickBooks Online , Google Workspace, Google Analytics, Expensify and TurboTax.

Suite of small-business organization services: If you lot'd prefer to utilize the aforementioned banking concern for your future fiscal needs, Bank of America provides a variety of boosted products for small-business owners, including concern savings accounts, payment processing, credit cards and business loans.

Moreover, if you lot bring together the Bank of America Preferred Rewards for Concern programme, you can receive discounts on other services the bank offers, as well as waive the monthly fees for either the Business Advantage Fundamentals or Business Reward Relationship account.

Equally an case, entry-level Preferred Rewards members tin access a 25% rewards bonus on eligible business organisation credit cards, a five% interest rate booster on Business Advantage Savings accounts and a 0.25% interest rate discount on new Business Reward credit lines, term loans and secured lending.

Where Bank of America business checking falls short

Monthly fees: Both Banking company of America business checking accounts accept monthly fees — $16 or $29.95 — for the Business Advantage Fundamentals and the Business organisation Advantage Relationship accounts respectively.

Although each account provides a few means to waive these fees, there are both online and brick-and-mortar competitors that offer free business checking accounts if yous don't desire to meet those requirements or have to budget for these fees on an ongoing basis.

Loftier incidental fees: Bank of America charges fees for withdrawals at non-Depository financial institution of America ATMs —$2.50 for U.Southward. ATMs and $5 for international ATMs — plus, the owner of the ATM may charge an boosted fee.

Banking company of America also charges a $35 fee for overdrafts, likewise as varying fees for outgoing wires. It's also important to note that while Bank of America waives fees for end payments, incoming wires, bank check image service, copies of checks and statements and ATM and debit menu replacements for Business organisation Reward Relationship account holders, these services all have associated fees for Business Advantage Fundamentals account holders.

Although these types of fees are non uncommon with business organisation checking accounts, especially those from brick-and-mortar banks, you may exist able to find culling options with fewer fees.

Compare business checking accounts

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Monthly fee $16 for Business organization Advantage Fundamentals, $29.95 for Business Advantage Human relationship.	Monthly fee $15 (multiple means to waive)	Monthly fee $ten (waived with balance of $5,000+)	Monthly fee $0
Minimum opening deposit requirement $100	Minimum opening eolith requirement $0	Minimum opening deposit requirement $100	Minimum opening eolith requirement $0
APY None	APY None	APY 0.10% on balances of $v,000+	APY 1.xx% on balances up to $100,000
Transactions Business Advantage Fundamentals: Upwardly to 200 fee-free transactions, and so 45 cents per item. Business Advantage Relationship: Up to 500 fee-gratis transactions, so 45 cents per item. Unlimited fee-costless electronic transactions for both accounts.	Transactions Unlimited electronic deposits; 20 free teller and paper transactions per calendar month.	Transactions Unlimited fee-free transactions	Transactions Unlimited fee-costless transactions
Bonus $200 greenbacks bonus for new accounts (with qualifying activities)	Bonus $300 sign-up bonus (with qualifying activities)	Bonus None	Bonus None
Open account online Yes	Open account online Yes	Open account online Aye	Open up account online Yes
Co-operative access Yes	Branch admission Yes	Branch admission Boston only	Co-operative admission No