Review and Verify Your Account Activity Bank of America

April 19, 2022 Post a Comment

Bank of America business checking stands out amongst national and regional brick-and-mortar-based competitors by offer unlimited fee-costless electronic transactions, high greenbacks eolith limits and three different means to open up an account.

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

With 4,200 branch locations across 37 states, plus Washington, D.C., Bank of America's business organisation accounts are digital-friendly options for modest-business owners who want some access to in-person banking.

Banking concern of America business organisation checking is all-time for small-business owners who:

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

Pros and cons

Pros

Unlimited fee-costless electronic transactions.
High greenbacks deposit limits.
Multiple ways to open up an account: online, over the phone or in person.
Access to 16,000 Bank of America ATMs and 4,200 branch locations across the U.S.
Includes Business Advantage 360 online cyberbanking platform, with mobile banking, integrated greenbacks-flow monitoring tool, bill pay and mobile bank check deposit.

Cons

No costless business checking business relationship option.
Loftier incidental fees.
Charges to uses non-Bank of America ATMs: $2.50 for U.S. ATMs, $5 for international ATMs (ATM owner may charge an additional fee).

Bank of America business checking at a glance

	Business Advantage Fundamentals Cyberbanking	Business Advantage Human relationship Banking
Monthly fee:	$16 (waived with a $5,000 combined average monthly remainder or by spending $250 in cyberspace new qualifying purchases on a business debit bill of fare)*	$29.95 (waived with a $xv,000 combined average monthly residue)*
Minimum opening deposit requirement:	$100	$100
APY:	None	Rates vary based on your location.
Transactions:	Unlimited fee-gratis electronic transactions (ACH, debit card transactions, electronic debits, deposits made with mobile cheque eolith, remote deposit online or at a Depository financial institution of America ATM). Upward to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items), then 45 cents per item.	Unlimited fee-free electronic transactions. Up to 500 fee-free non-electronic transactions, then 45 cents per item.
Cash deposits:	Up to $7,500 free, then 30 cents per $100 deposited.	Upwards to $20,000 free, then thirty cents per $100 deposited.
Bonus:	None	None

*Y'all can too waive the monthly fees on either of these accounts by becoming a fellow member of Bank of America's Preferred Rewards for Business program. To be eligible, you must accept an agile Bank of America business checking account and a 3-month combined average daily balance of $20,000 or more in qualifying Depository financial institution of America business deposit accounts and/or Merrill business investment accounts.

How Depository financial institution of America business checking works

Account options: Banking company of America offers two chief business organization checking accounts: Business organization Advantage Fundamentals Banking and Business concern Advantage Relationship Banking.

In addition to these core options, the bank offers the Full Assay Business concern Checking business relationship for businesses with high balances and greater cash management needs, also as a Public Service Trust Business relationship.

Location availability: Depository financial institution of America has 4,200 branch locations and 16,000 ATMs across 37 states, plus Washington, D.C. The bank does non take branches or ATMs in the post-obit states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Southward Dakota, Vermont, West Virginia, Wisconsin and Wyoming.

Unlike some brick-and-mortar banks, nevertheless, your business does not have to be located in a state with a Banking company of America co-operative in order to be eligible for a business checking account. In fact, yous can use the Bank of America website to check fee and rate data for whatsoever of the l states, plus Washington, D.C.

How to apply: Apply for a Banking concern of America business checking account past completing and submitting an awarding online, over the phone with a pocket-size-business organization cyberbanking representative or in person at a branch location.

Required data:
- Basic details about yourself and your concern including your Social Security number, date of birth, legal business name, the date your business was formed, employer identification number and state of business organization formation.
- Bank of America also requires basic personal information (including date of nativity and Social Security number) for all owners with 25% or more ownership in the business, as well every bit any controlling managers (e.g., main financial officer, managing member).
Required documentation:
- Business concern formation document (varies based on your entity type) and one form of government-issued ID for you, all owners with 25% or more ownership in the business and any controlling managers.
- If your concern is operating using a DBA, or "doing concern equally," a fictitious name, trade proper name or assumed name, Bank of America requires that you provide the applicative certificate that shows your business organization's adopted proper noun.
- If you employ for a Depository financial institution of America business organization checking business relationship online, you will transport your supplemental documents to the bank past fax or electronic mail later y'all've completed your application. You lot have xi days after submitting your online awarding to send your documents earlier your application will exist declined and you volition need to resubmit. Once Bank of America has received both your awarding and supporting documents, your business relationship could be approved and opened in as little as 24 hours.

Side by side steps: After your account has been approved, yous can make your opening deposit by transferring money from an existing Banking company of America account or from another bank, besides as past using a Visa or Mastercard debit carte, check or money society. You lot also tin sign upwardly for online banking, download the Bank of America mobile app and first managing your account.

If you ordered a business concern debit menu or checks with your initial awarding, you should expect to receive them within 5 to seven business days. Additionally, yous can request a debit carte du jour for yourself, as well as your employees, by signing into online banking, calling Bank of America pocket-size-business customer service or by visiting a branch location.

Where Bank of America business checking stands out

Unlimited fee-free electronic transactions: Both of the Bank of America concern checking accounts offer unlimited fee-free electronic transactions, including ACH transactions, debit card transactions, electronic debits and deposits fabricated using mobile check eolith, remote eolith online or at a Bank of America ATM.

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

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

Compared to other base-tier business organisation checking accounts, the $vii,500 threshold of the Business organisation Advantage Fundamentals account stands out amongst brick-and-mortar competitors. For example, the Hunt Concern Complete Checking℠ account, Wells Fargo Initiate Business Checking account and Upper-case letter 1 Spark Bones Business Checking business relationship each have a fee-complimentary greenbacks deposit limit of $five,000.

In addition, although the $20,000 threshold of the Business organisation Advantage Relationship account matches that of second-tier business checking offerings from national brick-and-mortar competitors like Chase, Wells Fargo and Citibank, it exceeds that of other competitors such every bit U.South. Banking company and Huntington Bank .

Digital tools: The Banking company of America business checking accounts provide access to digital tools including Zelle, Cash Flow Monitor and Business Advantage 360 — Bank of America's pocket-sized-business concern online banking platform that allows you to view and manage statements and transactions, pay bills, download activity to QuickBooks and customize account alerts.

Bank of America's online banking comes fully integrated with the Cash Flow Monitor tool, which allows you to track credits and debits, go cash flow projections based on scheduled transactions and receive back up from small-scale-business specialists. You can also connect third-political party apps to your Cash Flow Monitor dashboard, including ADP, QuickBooks Online , Google Workspace, Google Analytics, Expensify and TurboTax.

Suite of small-business concern services: If you'd prefer to use the same bank for your futurity fiscal needs, Bank of America provides a diversity of additional products for small-scale-business concern owners, including business organization savings accounts, payment processing, credit cards and concern loans.

Moreover, if you join the Bank of America Preferred Rewards for Business program, you tin receive discounts on other services the banking company offers, too as waive the monthly fees for either the Business organization Advantage Fundamentals or Business organization Advantage Relationship business relationship.

Equally an example, entry-level Preferred Rewards members tin can access a 25% rewards bonus on eligible business credit cards, a 5% interest rate booster on Business Advantage Savings accounts and a 0.25% interest rate discount on new Concern Advantage credit lines, term loans and secured lending.

Where Bank of America business concern checking falls short

Monthly fees: Both Bank of America business checking accounts have monthly fees — $16 or $29.95 — for the Concern Advantage Fundamentals and the Business Advantage Human relationship accounts respectively.

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

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

Bank of America besides charges a $35 fee for overdrafts, also as varying fees for approachable wires. Information technology's as well important to annotation that while Bank of America waives fees for terminate payments, incoming wires, check prototype service, copies of checks and statements and ATM and debit menu replacements for Business Advantage Relationship account holders, these services all have associated fees for Business Reward Fundamentals business relationship holders.

Although these types of fees are not uncommon with business checking accounts, especially those from brick-and-mortar banks, you may exist able to find culling options with fewer fees.

Compare business organization checking accounts

NerdWallet rating Learn More at Bank of America, N.A., Member FDIC	NerdWallet rating Learn More at Chase, Member FDIC	NerdWallet rating Acquire More than at LendingClub Bank, Member FDIC	NerdWallet rating Learn More at BlueVine, Deposits are FDIC Insured
Monthly fee $16 for Business Advantage Fundamentals, $29.95 for Business Reward Relationship.	Monthly fee $15 (multiple ways to waive)	Monthly fee $10 (waived with balance of $five,000+)	Monthly fee $0
Minimum opening deposit requirement $100	Minimum opening deposit requirement $0	Minimum opening deposit requirement $100	Minimum opening deposit requirement $0
APY None	APY None	APY 0.10% on balances of $5,000+	APY 1.20% on balances upwards to $100,000
Transactions Business Reward Fundamentals: Up to 200 fee-gratuitous transactions, and then 45 cents per item. Business organization Advantage Human relationship: Up to 500 fee-gratuitous transactions, and then 45 cents per detail. Unlimited fee-free electronic transactions for both accounts.	Transactions Unlimited electronic deposits; 20 free teller and paper transactions per month.	Transactions Unlimited fee-complimentary transactions	Transactions Unlimited fee-gratuitous transactions
Bonus $200 greenbacks bonus for new accounts (with qualifying activities)	Bonus $300 sign-upwards bonus (with qualifying activities)	Bonus None	Bonus None
Open account online Yes	Open account online Aye	Open up business relationship online Aye	Open account online Yep
Branch access Yes	Co-operative access Aye	Co-operative access Boston only	Branch access No