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Home » Business Bank Account » Bank of America Business Checking Review

Bank of America Business Checking Review 2024

Author: Chandra Dhopatkar
Published: 06/14/2024 6:40 a.m. EST
Last Update: 06/14/2024 6:40 a.m. EST
Edited by: Jennifer Bonilla

Explore account types. Then, evaluate options for Bank of America business checking accounts.

Bank of America business checking review
Bank of America business checking review

This July 2024 Bank of America business checking account review will help you determine if BOA is the best business checking account for your business.

Overview of Bank of America Business Checking Accounts

Our review of the Bank of America business checking accounts aims to provide a detailed overview for business owners considering their banking options in 2024. By evaluating account features, fee structures, transaction limits, and additional services, we offer insights to help determine if a Bank of America business account aligns with your business banking needs.

Quick Review of Bank of America Business Checking

Bank of America’s Business Advantage Relationship Banking is a comprehensive solution designed to support businesses with its range of services, digital banking capabilities, and access to Preferred Rewards for Business. This account is suitable for businesses looking for a blend of traditional and online banking features.

Pros and Cons

Pros:

  • Access to the Preferred Rewards for Business program.
  • No fee for the first 500 transactions, catering well to businesses with moderate transaction volumes.
  • A wide range of additional services available, enhancing the banking experience.
  • Integration with QuickBooks for seamless financial management.
  • No fee for Bank of America ATMs.

Cons:

  • Monthly fee of $29.95, which can be waived under certain conditions but may be high for small businesses.
  • Excess transaction and cash deposit fees may affect businesses with high volumes of transactions or cash handling.
  • Additional fees for services such as wire transfers and stop payments.

Bank of America Business Checking Account Options

Bank of America offers two primary business checking accounts designed to meet the varied needs of businesses, from small startups to more established companies. Both accounts come with flexible options for avoiding monthly fees, catering to different transaction volumes and banking needs.

Business Advantage Fundamentals™ Banking

This account is ideal for businesses seeking essential banking tools and services. With an opening deposit of $100 or more, businesses can access efficient banking solutions like Cash Flow Monitor®, mobile check deposit, and integration with accounting software like QuickBooks®.

  • Monthly Fee: $16, waived with a $5,000 average monthly balance, $250 in net new purchases on a linked business debit card, or membership in Preferred Rewards for Business.
  • Transaction Limit: No fee for the first 200 transactions each statement cycle, with $0.45 per item over this limit.
  • Cash Deposit Processing Fee: No fee for the first $7,500 cash deposited each statement cycle, then $0.30 per $100 over this amount.

Business Advantage Relationship Banking

Designed for businesses that require more robust financial solutions to manage their operations. This account offers all the benefits of the Fundamentals account, plus additional features for higher transaction volumes and banking activity.

  • Monthly Fee: $29.95, waived with a $15,000 average monthly balance or membership in Preferred Rewards for Business.
  • Transaction Limit: No fee for the first 500 transactions each statement cycle, with $0.45 per item over this limit.
  • Cash Deposit Processing Fee: No fee for the first $20,000 cash deposited each statement cycle, then $0.30 per $100 over this amount.

Additional Features and Benefits

There are several business bank account benefits that come attached to a Bank of America business checking account.

Overdraft Settings and Fees

Bank of America provides two overdraft settings: Standard and Decline All, with the former potentially incurring a $10.00 fee per item under certain conditions. This flexibility allows businesses to choose the option that best fits their risk management strategy.

Statement Copies and Check Images

  • Statement copies: $5.00 fee per paper copy, waived for online statements.
  • Check images: No fee for online access to check images, enhancing digital record-keeping.

Ordering Checks and Card Replacement

  • Ordering checks: Complimentary introductory package, with varying fees for subsequent orders.
  • Card replacement: No fee for standard replacement, with a $15.00 charge for rush delivery.

Stop Payment and Wire Transfers

  • Stop payment: $30.00 fee per request, showcasing the cost of managing payments.
  • Domestic wire transfers: $15.00 for incoming, $30.00 for outgoing, offering a necessary service for businesses with banking needs beyond their local geography.
  • International wire transfers: Fees vary, with $15.00 for incoming and up to $45.00 for outgoing in U.S. Dollars, highlighting the global capabilities of Bank of America’s business banking services.

How to Open a Bank of America Business Checking Account

If you want to open a Bank of America business checking account, you can start the process online or visit a local branch. The requirements for account opening include providing necessary business documentation and an initial deposit. Bank of America also offers promotions for new business accounts, so it’s worth checking for any available bonuses or incentives.

Business Advantage Savings Accounts

In addition to checking accounts, Bank of America offers business advantage savings accounts. These accounts can be linked to your business checking account, providing a seamless way to manage your funds. The business advantage savings account offers competitive interest rates and various perks for business members.

Business Credit Cards and Business Services

Bank of America also offers a range of business credit cards and services designed to help you manage your business finances more effectively. These credit cards come with rewards and benefits tailored to business needs. Additionally, the bank provides business tools and services for free, including QuickBooks integration and alerts to help you stay on top of your finances.

Comparison with Other Banks

For a comprehensive understanding of how Bank of America compares with other banks, such as Wells Fargo, consider reviewing our detailed comparison articles. These reviews evaluate features, fees, and benefits side-by-side, helping you make an informed decision about the best business checking account for your needs.

Final Thoughts and Recommendations

Bank of America’s Business Advantage Relationship Banking account offers a robust suite of features for businesses looking to manage their finances efficiently. While the potential monthly fee and transaction limits may require careful consideration, the bank’s additional services and Preferred Rewards for Business program present compelling benefits.

Bank of America’s business checking accounts provide a range of options tailored to different business needs. Whether you are a small startup or a more established company, Bank of America offers the tools and services to help manage your business finances effectively in 2024.

FAQ

How can I waive the monthly maintenance fee for a Bank of America business account in 2024?

To waive the monthly maintenance fee for a Bank of America business account, maintain an average balance or become a member of the Preferred Rewards for Business program. Review the specific requirements in our business checking review for detailed options.

What are the benefits of a Bank of America Business Advantage account?

The Bank of America Business Advantage account offers various perks, including business investment options, access to rewards business programs, and integration with Merrill for comprehensive financial management. Explore our business checking review for more details.

How do I open a business checking account with Bank of America?

To open a business checking account with Bank of America, you can start the process online or visit a branch. Requirements include necessary business documentation and an initial deposit. Check our business checking review for more information.

What features are included in the Bank of America Business Fundamentals account?

The Bank of America Business Fundamentals account includes features like Cash Flow Monitor, online business tools, and free business checking options. For a comprehensive overview, refer to our business advantage fundamentals banking section.

Are there any fees for using non-Bank of America ATMs with a business account?

Yes, there are fees for using non-Bank of America ATMs. Domestic fees are typically $2.50 per transaction, while international fees can be higher. Detailed fee structures can be found in our business checking review.

What are the requirements to open a Bank of America business checking account online?

To open a Bank of America business checking account online, you need to provide business documentation and an initial deposit. Visit our what do you need to open a business bank account guide for step-by-step instructions.

Can I link my Bank of America business account to QuickBooks?

Yes, you can link your Bank of America business account to QuickBooks for seamless financial management. This feature is available in both Business Advantage and Business Fundamentals accounts. See our business checking review for more details.

How can I avoid the monthly fee for a Bank of America business bank account?

To avoid the monthly fee, maintain a combined average monthly balance or qualify for the Preferred Rewards for Business program. Detailed requirements and options are outlined in our business checking review.

What are the options for opening a business bank account with Bank of America?

You can open a business bank account online or at any brick-and-mortar branch. New account options include Business Advantage Banking, which offers various features to help owners who want to efficiently manage their business finances.

Are there free business checking accounts available at Bank of America?

Yes, Bank of America offers free business checking accounts under specific conditions, such as maintaining a certain daily balance or linking eligible business credit accounts. Review our business checking review for a comprehensive list of options and requirements.

Chandra Dhopatakar
Chandra Dhopatkar, MBA

Chandra, founder of “Build Business Credit in 30 Days,” specializes in increasing business valuations by helping companies build strong business credit.