Bank Of America Business Account Review
Bank of America is a tried and true option for business banking services that combines the best of brick-and-mortar with the online banking services today's users demand.
Bank of America Business Account At A Glance
- FDIC member bank with physical branches & online access
- Business checking and savings accounts
- Debit cards, including digital cards
- Suite of business services
- Built-in cash flow & credit score management
- Strong integrations
- Physical branch access
- Low APY
- Transaction limits
- Higher fees
Table of Contents
- Services Offered By Bank Of America Business Banking
- Bank Of America Business Rewards & Perks
- Bank Of America Business Pricing & Fees
- Bank Of America Business Eligibility Requirements
- Bank Of America Business Features
- Bank Of America Business Customer Service
- Bank of America Business Reviews & Customer Complaints
- Is Bank Of America Business Safe?
- Final Verdict: Is A Bank Of America Business Account Worth It?
- Bank Of America Business FAQs
Services Offered By Bank Of America Business Banking
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. While those are impressive numbers, they don’t tell you if Bank of America’s services are a good fit for your small business.
Bank of America business banking offers everything a small business owner should need, including your choice of checking accounts, physical and digital debit cards, savings options, a mobile app, and more. There’s even a digital assistant, called Erica, that you can use to set up transfers, send payments, search financial transactions, and so on.
Furthermore, because of its thousands of physical locations, Bank of America business banking customers have options that aren’t available with online-only banking services, such as depositing cash, putting it as our top online hybrid business bank account. Business users can access credit options, including credit cards and loans and lines of credit, and even merchant services. Those all are vital services for small businesses looking to flourish and grow.
Here’s a rundown of the financial services Bank of America offers:
- Business checking and savings accounts
- Debit card, including digital options
- Nationwide ATM network
- Online payment with Zelle
- Credit card
- Line of credit and loan options
- Merchant services
- Rewards on eligible cards
- Interest rate booster on select accounts
- Discounted rates
- Payroll services
- Professional advice
- Virtual assistant
- QuickBooks integration
- Mobile app
- Bill pay
- Same-day wire transfers
Bank Of America Business Rewards & Perks
Bank of America offers some valuable perks and rewards to its business customers. Some are fairly traditional for a bank, like interest-bearing accounts and a payment app like Zelle. Others are a little more out of the ordinary, like Erica, Bank of America business’s virtual assistant. You’ll also find some money management tools among Bank of America’s business perks, including a cash flow monitor and account management tools.
The best rewards are tied to the top-tier Preferred Rewards for Business and include interest rate discounts, freedom from some fees, and more. Qualifying for Preferred Rewards is straightforward; it’s open to small businesses that have an active Bank of America Advantage Banking account and a three-month minimum combined daily average balance of $20K or more in business bank accounts and/or Merrill business investment accounts. Benefits activate within 30 days of enrollment in the program or new account opening.
Preferred Rewards include the following:
- Fees reduced or eliminated
- Rewards bonus of up to 75% on eligible business credit cards
- Interest rate boost of up to 20% on Business Advantage Savings accounts
- Interest rate discounts on new Business Advantage lines of credit, term loans, and secured lending
- Cash back on eligible payroll services
- Professional advice, at no charge, from Merrill financial solutions advisors
Finally, we note that business savings accounts with Bank of America can earn lower interest than the national average and significantly lower than other high-yield business bank account options.
As an example, today the average savings account interest rate nationally is about 0.63%. A Bank of America business savings account with a balance between $10,000-$24,999 will earn an APY of 0.01%. Savers who enroll in Preferred Rewards for Business can boost that APY up to as much as 0.04%. That’s better, but still below far the national average, making BoA a poor choice if high APY is a must for your business.
The trade-off is that BoA offers a suite of features that other online banking and fintech companies don’t have the means to provide like built-in cash flow and credit score management.
Bank Of America Business Pricing & 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:
|Business Advantage Fundamentals Banking
|Business Advantage Relationship Banking
|200 teller transactions and checks written/month
|500 teller transactions and checks written/month
|$16 or $0
|$29.95 or $0
Overall, Bank of America Business fees are relatively easy to avoid. For example, if you open the Business Advantage Fundamentals Banking account, the monthly fee is listed as either $16 or $0, with a clear explanation of how to get the fee waived: Maintain a $5,000 combined average monthly balance, spend at least $250 in new net qualified debit card purchases, or become a Preferred Rewards Business member.
The Business Advantage Relationship Banking account offers similar requirements for avoiding the associated fees, which are listed at $29.95 or $0. To access the $0 rate, users must maintain a $15,000 average monthly balance or become a Preferred Rewards Business member.
Each account also comes with transaction limits. The Business Advantage Fundamentals Banking account, for example, allows up to 200 free transactions each month. That includes teller transactions and checks you write but does not include debit card transactions, electronic debits, and checks deposited online or through the app. Exceed that limit, and you’re looking at a hefty $0.45 per transaction fee. The Business Advantage Relationship Banking account allows 500 free transactions/month.
Bank of America allows cash deposits at its physical locations, which is a service you won’t find with many online-only banks. 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.
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
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.
Finally, some miscellaneous fees:
- 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
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. Each business type has a different list of documentation required to open a business account. The documentation required is industry standard. As an example, sole proprietors should be prepared to present their business tax ID, the date the business was formed and in what county, legal business name or DBA, and some personal identification for the owner or account manager.
Applications may be completed in person or online, with approval coming in as soon as 24 hours.
Bank Of America Business Features
Bank of America offers everything a business needs to keep its financial engines running, from deposit accounts to merchant services to access to credit. And it offers a nice mix of in-person and online access, which makes it appealing to all kinds of users.
|Use the Bank of America debit card for free at 17,000+ ATMs, with no limits
|Add funds via mobile check deposit, ACH, direct deposit, or wire transfer
|Add a business savings account; fees vary
|Deposit cash at branch locations; limits apply
|Free app available for iOS and Android
|Free online bill pay
|Access To Credit
|Credit cards, lines of credit, and loans are available
|Available to US-based merchants only
You’ll find a few extra features included with Bank of America business banking as well, including these:
- Mobile Banking: Handle most of your business banking transactions through Bank of America’s highly-rated mobile app, available for both iOS and Android devices.
- Profile Linking: View and manage your personal and business accounts with a single login.
- Zelle: Safely and quickly send, request, and receive money directly between eligible US bank accounts.
- Virtual Assistant: Let “Erica” help you with functions like transferring or sending money, searching transactions, and more.
- Digital Cards: Use the mobile banking app and you can use your debit card for in-store and digital purchases.
- Account Management: Integrate your account with QuickBooks to make bookkeeping easier. Additional fees may apply.
- Financial Advice: Users who enroll in the Preferred Rewards for Business program can receive free financial analysis from a Merrill advisor.
Bank of America imposes standard processing times on deposits and transfers. Here’s a summary of funding availability:
|Mobile Check Deposits
|Next business day
Bank Of America Business Customer Service
If you need help setting up, accessing, or managing your Bank of America Business account, you can choose from these contact options:
- In-Person: With thousands of physical branches scattered across the country, you are likely to find a location within driving distance, if you’re inclined to seek face-to-face assistance from an actual human being.
- Phone: Call your local branch directly or dial the nationwide 800 number. Spanish language services are available.
- Email: When you are signed in to Bank of America’s online banking, select Contact us under the Help & Support menu. If agents are available for the topic you select, you’ll see an option to email. You should receive a response to your email query within two to four business days.
- Live Chat: A chatbot initiates the connection, but if you respond to it you’ll quickly be connected to a live agent. The man I spoke with was helpful, polite, and efficient in answering my questions and directing me to the answers I was seeking.
- In-App Support: Sign in on a web browser or in the mobile app to schedule an appointment with a business banking specialist.
- Social Media: The bank is active on different sites including Facebook, Instagram, LinkedIn, Pinterest, YouTube, and Twitter. On Facebook, for example, a message pops up displaying service hours and inviting you to start a private conversation. Bank of America seems to respond well to customers who post messages on their public pages.
- Videos: Bank of America’s YouTube channel contains hundreds of videos with general information and specialty topics. Curiously, the bank has a special YouTube account for its business services — there are over 3,000 subscribers but no videos to be found there.
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 that give the bank a composite rating of 1.7/5 stars on the site. A brief review of the complaints shows they are almost exclusively from individual consumers upset about problems like missing debit cards and autopay errors and not anything related to business banking.
It’s a similar story on Trustpilot, where the bank has over 1,000 ratings and a composite 1.3/5 stars and 86% of users rate the bank “Bad.” In general, the 1-star reviews seem to be based on a specific personal situation where, for example, a debit card transaction was declined and the user was greatly inconvenienced. Many users note that their customer service experiences and their impression of the bank have changed according to which location they are dealing with, so it’s likely that your experience with Bank of America will depend on where you do business.
Also note that users rate the mobile apps highly, with a solid 4.8/5 stars on the Apple App Store and 4.6/5 stars on the Google Play Store.
Negative Bank of America Business Account Reviews & Complaints
- Easy to find a nearby branch
- Nationwide access
- Online banking is convenient and easy to use
- Easy to open an account
- Responsive service reps
Positive Bank Of America Business Account Reviews
- Difficult to reach customer service
- Problems with international use
- Added fees
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. And 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 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. And 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, with a strong and functional app, and the customers who walk through the physical doors.
Businesses that need a cash-deposit option will especially appreciate Bank of America’s offerings. In contrast to most online-only banks, Bank of America allows business customers to make cash deposits at any of its nationwide branches. Just be aware that you’ll run up against monthly limits and pay a fee for deposits after you hit those caps.
Although the bank charges monthly fees for business accounts, there are several ways to bring those fees down to $0, so we’re not too put off by them. If your business is looking at options for financing, you’ll probably like Bank of America for the lines of credit, credit cards, and loan options.
There are a few negatives of note, most particularly Bank of America’s relatively low-interest rates. If your business has large cash reserves, this might not be the right choice for maximizing your returns. Also, if you do business overseas frequently, take note of the foreign transaction fees, including out-of-network ATMs. Fortunately, you can find a host of partner network ATMs to access and avoid the added fees.
Overall, we like how Bank of America has a foot in both spheres of business banking, online and in-person. While we think online-only banks have a lot of good features to offer, at the same time we know not everyone will be completely comfortable operating in an online-only world. For those customers who take comfort in visiting their local bank and the personal service they’ll find there, Bank of America business banking services may be just right.
Bank Of America Business FAQs
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