Bank Of America Business Account Review

Pros

• Suite of business services
• Built-in cash flow & credit score management
• Strong integrations
• Physical branch access

Cons

• Low APY
• Transaction limits
• Higher fees

What Is Bank Of America Business Banking?

Bank of America Business Banking refers to Bank Of America’s two business checking accounts and its business savings accounts.

With a history dating back to 1904, Bank of America is an established financial institution and FDIC member serving approximately 66 million customers, including small business owners, through more than 4,000 physical branches, 17,000+ ATMs, and online.

Services Offered By Bank Of America Business Banking

Bank of America business banking offers everything a small business owner should need, including your choice of checking accounts, savings accounts, and lending options. Because of its large amount of services and its unique features (including a digital assistant to help you streamline your banking), Bank of America earns a 5-star rating for this section and a spot on our list of the best online business bank accounts as the best online/in-person hybrid business bank account.

Here’s a rundown of the financial services Bank of America offers:

• Checking
• Savings
• Credit cards
• Merchant services
• Lines of credit
• Small business loans
• Payroll

Bank Of America Business Rewards & Perks

Bank of America may shine when it comes to features and services, but it is lacking when it comes to rewards — as reflected in our 1.5/5 rating. Likely, BoA is such a large name that it doesn’t feel the need to entice customers with rewards as much as up-and-coming online banks. If rewards are important for your business, you may want to do some comparison shopping.

There are no cashback or APY reward options with Bank of America’s checking accounts. Bank of America’s savings account does offer APY, but the rates are dismal. You’ll only get 0.01% to 0.04% APY, which is lower than the national average and significantly lower than other high-yield business bank account options.

The trade-off, again, is that BoA offers a suite of features that other online banking and fintech companies don’t have the means to provide, such as built-in cash flow and credit score management.

Preferred Rewards For Businesses

Bank of America offers a Preferred Rewards For Businesses program that gives added rewards and bonuses to business owners, including:

• Waived banking fees
• 25% bonus rewards on the Business Advantage Credit Card
• 0.25% interest rate discount for Business Advantage Financing, Business Advantage Auto Loans, and Commercial Real Estate Loans
• 0.05% processing rate discount on BoA Merchant Services
• Discounts on payroll
• Professional financial advisor

For all the flak we gave BoA on the lack of banking rewards, these perks — while not doing much to remedy the lack of interest-earning opportunities — do give a solid amount of discounts on additional business services your company might need.

Better yet, there’s no fee to join this rewards program. You’ll just need an active Bank of America business checking account and an average daily balance of $20,000 over a combined three-month period.

Bank Of America Business Pricing & Fees

Overall, you’ll find far more fees with Bank of America than you will with more untraditional online banks. This is one of the trade-offs of a traditional bank: traditional banks can provide more features and services, but they don’t have to sweeten the deal with low fees or high perks. BoA is no exception and has high fees and potentially problematic transaction limit allowances, which we took into consideration when rating BoA 3.1/5 for its pricing and fees.

Bank of America offers two types of checking accounts for small businesses: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Here’s a breakdown of the fees associated with each:

If you open a Business Advantage Fundamentals Banking account, you can waive the monthly fee by maintaining a $5,000 combined average monthly balance, spending at least $250 in new net qualified debit card purchases, or becoming a Preferred Rewards Business member.

If you open a Business Advantage Relationship Banking account, you can waive the monthly fee by maintaining a $15,000 average monthly balance or becoming a Preferred Rewards Business member.

If you upgrade to the Business Advantage Relationship Banking account, you can expect the following:

• Free introductory check package (checks, deposit slips, and endorsement stamp)
• Free Online Business Services Account Management
• Free stop-payment orders
• Free incoming domestic and international wire transfers
• Free check image service and copies of checks
• Free statement copies
• Free ATM and debit card replacement, including rush orders

Finally, some miscellaneous fees inclde:

• Out-of-network ATM fees: $5 or 3% of the transaction up to a maximum of $10. That includes $2.50 fees for balance inquiries
• Foreign transaction fees: 3% of the US dollar amount of each transaction, and $5 for transactions including withdrawals, transactions, and balance inquiries at non-Bank of America ATMs overseas
• Overdraft and NSF fees: $35 each or $12 per transfer with overdraft protection
• Excessive Transactions Fee: If you exceed 200 transactions for the Business Advantage Fundamentals account or 500 transactions for the Business Advantage Relationship Banking account, you could face a $0.45 fee for each additional transaction.
• Cash Deposits Fee: For the Fundamentals account, the first $7,500 in cash deposits per statement cycle incur no fee. The cap is $20,000/month with the Advantage account. After that, expect to pay a fee of $0.30 for every $100 you deposit.

Business savings accounts come with their own benefits and fee schedules. The monthly fee of $10 can be waived by maintaining a $2,500 minimum daily balance, by becoming a Business Advantage Relationship Banking customer, or by joining Preferred Rewards for Business, which allows up to four free savings accounts. Savings accounts include 25 free deposits, after which a $0.45 charge occurs. This fee does not apply to deposits made online or via ATM. Up to $5,000/month in cash deposits are allowed; after that limit, you’ll pay $0.30 per $100.

Overall, it seems to us that Bank Of America designed its fee structure so that business owners would have to use the more expensive monthly plan if they want low fees. If low fees are important to you, check out these top business checking accounts as alternatives.

Bank Of America Business Eligibility Requirements

Bank of America Business bank accounts are available to all US businesses, from sole proprietorships and partnerships to professional corporations and associations, resulting in a 4.6/5 star rating for this section.

Bank Of America Business Features

When it comes to features, Bank of America’s status as a large, established bank allows it to offer a seriously impressive suite of banking features, including a couple of incredibly unique perks like credit score monitoring, advanced cash flow management, and even a virtual assistant called Erica who can help you manage your day-to-day banking operations.

The only place Bank of America falls short is with some low transaction limits. Overall, the company gets a 4.4/5 rating for this section and boasts the following features:

• Physical & digital debit cards
• Mobile check deposit
• Business credit score management
• Nationwide ATM network
• Zelle payments
• Mobile apps
• Cash flow management
• Cash deposits at BoA locations
• Employee management
• Financial reporting
• Link personal and business profiles for easy management
• Virtual assistant
• QuickBooks integration
• Payroll integration
• Bill pay
• Same-day wire transfers

Transaction Processing Times

Bank of America imposes standard processing times on deposits and transfers. Here’s a summary of funding availability:

Bank Of America Application Process

Each business type has a different list of documentation required to open a business account. The documentation required is in line with industry standards.

Applications may be completed in person, over the phone, or online, with approval as soon as 24 hours. There’s a $100 minimum initial deposit once your application is approved. For its easy application process and fast approvals, we rated BoA 4.7/5 in this category.

Bank of America Sales & Advertising Transparency

Bank of America is an established bank with a strong web and social media presence. While most information about Bank of America’s business accounts is available online, it’s not always the easiest to find and some information is missing entirely. I had to reach out the customer support directly for information like opening deposits, which is pretty important information for businesses.

For this reason, Bank of America gets a 3.2/5 star rating for sales and advertising transparency.

Bank Of America Business Customer Service

Bank of America offers most of the online support options you’d expect with a modern bank, as well as the traditional, in-person bank support for those who want it — so long as you are close to a Bank of America branch.

While there are thousands of physical BoA branches, some states only have a couple of locations or none at all, so the in-person support is not as robust as it could be. While most business owners probably prefer online customer support, the discrepancy in BoA branch locations could be a problem if your business needs cash deposits.

While there are a good amount of support options with Bank of America, customer satisfaction regarding support is a mixed bag. Overall, we rated BoA’s customer support 2.9/5.

Bank of America Business Reviews & Customer Complaints

Bank of America is accredited with the Better Business Bureau and has an A+ rating there despite a recent rash of complaints. The company gets a third-party review site aggregate score of 3.2/5 stars. However, Bank of America business reviews and personal Bank of America consumer reviews all get lumped together, unless you go down the rabbit hole of Bank of America business account Reddit forums.

When looking at Bank of America reviews, keep in mind that many users note that their customer service experiences and their impression of the bank have changed according to which physical branch location they are dealing with, so it’s likely that your experience with Bank of America will depend on where you do business.

Negative Bank of America Business Account Reviews & Complaints

• Difficult to reach customer service
• Problems with international use
• Added fees
• Declined transactions

Positive Bank Of America Business Account Reviews

• Nationwide access
• Online banking is convenient and easy to use
• Easy to open an account
• Responsive service reps

Is Bank Of America Business Safe?

As a member FDIC, Bank of America accounts are insured to the legal maximum of $250,000 per depositor. The bank says that users are never liable for unauthorized purchases or transactions, as long as they are reported promptly.

As far as the mobile apps go, Bank of America incorporates industry-standard safety features to ensure security. Additionally, the bank provides an online and mobile banking security guarantee that includes protection and promises the security of your financial information.

Final Verdict: Is A Bank Of America Business Account Worth It?

Bank of America is a tried and true option for business banking services. It’s an option that combines the best of brick-and-mortar with the online banking services users today demand. Based on the research we performed for this Bank of America business banking review, the bank does well in meeting the needs of both its online clientele and the customers who walk through the physical doors.

Bank of America shines in terms of features and business services offered. If you’re looking for one suite where you can manage banking, merchant services, loans, and more, Bank of America could be a good option. Overall, we rated it a 3.6/5.

The downside is that Bank of America has worse APY and cash-back offerings than other online banks. There are also more fees and limits on the number of transactions allowed. If you need cash deposits but aren’t near a physical branch, then you’re out of luck.

Check out our lists of the best business checking accounts and the best business savings accounts to see how Bank of America holds up to the competition.

Bank Of America Business FAQs

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

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