Is Bank of America easy to use?

• Bank of America is good for both small business and bigger businesses in need of checking accounts
• Bank of America has a Business Advantage Relationship Rewards program.  
• $13 monthly maintenance for small business checking account, $29.95 monthly maintenance on larger business checking accounts.
• 4,400 branch locations and 16,000 ATM locations
• No monthly fee for having additional business savings accounts
• It is difficult to avoid the monthly maintenance fees, and there are no sign-up bonuses.
• There are three ways to open a business checking account: online, phone, or by visiting a Bank of America financial center. All require a formal application process.

Check out our roundup of the Best Small Business Checking Accounts

What are Bank of America’s checking account options?

There are two different business checking account types, one for smaller businesses and another for larger businesses:

Business Fundamental Checking

• For businesses that spend at least $250/month on their business debit or credit card with Bank of America and have an average monthly balance that is less than $5,000.

Business Advantage Checking

• For businesses that spend at least $2,500/month on their business debit or credit card with Bank of America and have an average monthly balance that is greater than $15,000.

While signing up does require some organization and features a bit of bureaucratic red tape for the application process, Bank of America is an easy to use business checking account option to streamline finances at one of the biggest banks in the country. All business checking accounts come equipped with standard online banking portals, standard account tools, mobile banking, and debit cards for owners and employees. There is an easy-to-use mobile app, so business owners can bank from anywhere.

Does Bank of America offer checking account bonuses?

While there currently is no introductory offer for businesses looking to open a checking account, but they do have a Relationship Rewards program that provides benefits to businesses as they grow.

Some of the benefits include:

• Feeless services like cashier’s checks, ODP transfers, deposits, and stop payments.
• Bonuses based on using the Business Advantage credit card for purchasing.
• Cash rewards for using the Merchant Services processing.
• An interest rate booster on a Business Advantage Savings account.

What are Bank of America’s banking fees?

One area that Bank of America falls short in is all the different fees that it charges you. If you don’t know the fee structure very well, you could end up paying out a good bit of cash to unimportant things like printing out statements.

• Business Fundamentals Checking Accounts have a $29.95 monthly fee unless the business account meets the following requirements each statement cycle:
  • > $2,5000 monthly spending using a Bank of America business credit card
  • Active use of Bank of America Merchant Services or Payroll Services
  • Maintain an average monthly balance of $15,000
  • Maintain a combined average monthly balance of $35,000 in linked business accounts
  • Be a member of the Business Advantage Relationship Rewards program

• Business Fundamental Checking Accounts have a $13 monthly fee unless the business account meets the following requirements each statement cycle.
  • > $250 monthly spending using a Bank of America business credit card
  • Active use of Bank of America Merchant Services or Payroll Services
  • Maintain an average monthly balance of $5,000 or more
  • Maintain a minimum daily balance of $3,000
  • Maintain a combined average monthly balance of $15,000 in linked business accounts
  • Be a member of the Business Advantage Relationship Rewards program

How big is Bank of America?

Bank of America is the second largest bank in the United States and for this reason, offers an impressive 4,400 offices that businesses can visit around the country. This makes assistance accessible. You can sit face-to-face with financial experts and discuss any issues you might have, or get help with managing your account services. Bank of America also offers approximately 16,000 ATM locations around the country, making it easy to bank on the go without having to pay out-of-network ATM fees.

What are Bank of America’s checking account features?

Bank of America offers a wide variety of Cash Management Tools for businesses like:

• Payroll services
• Remote online depositing
• Account management
• Invoicing and payments by Viewpost®
• Merchant services
• Express tax services
• Treasury services for larger businesses  

How do I open a Bank of America account?

Signing up for a Bank of America Business Checking Account is a simple process and one that you can complete in person at the office or using your computer. You will need different application materials depending on the type of business you are (sole proprietor, corporation, limited liability etc.).  

Gather together all the supplemental documents off the list below that apply to you, and fax them or email them to a Bank of America representative along with your application ID number. The general info you will need to apply as a Beneficial Owner.

• Name and title of person opening account
• Name and address of entity for the account
• Name, date of birth, Social Security number, residential address, and percentage of ownership for each Beneficial Owner.
• Name, date of birth, Social Security number, and residential address for each controlling individual (this information is required even if no equity owner has 25% or greater ownership)
• Certification that information provided on the Beneficial Owner and/or controlling manager is accurate

To be considered a Beneficial Owner you must meet the following requirements:

• Own 25% or more of the equity interests of the entity
• Have significant responsibility for controlling or managing the entity as a senior manager or senior executive officer.

Once the representative has your documents you will be approved, and you can complete your initial deposit and begin enjoying all the different services that a Bank of America business checking account offers you.

Summary

Bank of America is an excellent service to use for its business checking account as long as you are willing to maintain the minimum balance requirements to avoid the maintenance fees and steer clear of the deposit and transaction limits. It does offer a higher limit checking account if your business outgrows the current deposit and transaction limits. Bank of America is a massive network with great additional features, making it an excellent resource for any business owner to rely on. The Bank of America Relationship Rewards program makes Bank of America a top choice for business owners small and large.