Senior writer | Small business banking and credit cards, Paycheck Protection Program, consumer spending, and household finances
Kelsey Sheehy is a NerdWallet authority on small business. Her work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the <a href="https://www.today.com/video/christmas-in-july-sales-to-take-advantage-of-now-64075333536">"Today"</a> show, <a href="https://www.nbcnews.com/nightly-news/video/tax-code-changes-leave-many-americans-with-unhappy-returns-1440385091860">NBC News</a> and <a href="https://abcnews.go.com/WNT/video/cost-smartphones-reaching-time-high-54166111">"ABC World News Tonight"</a> and has been quoted by the Los Angeles Times, CNBC and American Banker, among other publications. Email: <a href="mailto:ksheehy@nerdwallet.com">ksheehy@nerdwallet.com</a>.
Senior writer | Small business banking and credit cards, Paycheck Protection Program, consumer spending, and household finances
Kelsey Sheehy is a NerdWallet authority on small business. Her work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the <a href="https://www.today.com/video/christmas-in-july-sales-to-take-advantage-of-now-64075333536">"Today"</a> show, <a href="https://www.nbcnews.com/nightly-news/video/tax-code-changes-leave-many-americans-with-unhappy-returns-1440385091860">NBC News</a> and <a href="https://abcnews.go.com/WNT/video/cost-smartphones-reaching-time-high-54166111">"ABC World News Tonight"</a> and has been quoted by the Los Angeles Times, CNBC and American Banker, among other publications. Email: <a href="mailto:ksheehy@nerdwallet.com">ksheehy@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
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It undergoes a thorough review process involving writers and editors to ensure
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Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
60+ business bank accounts rated with our objective, comprehensive business bank account rubrics (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
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objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Senior writer | Small business banking and credit cards, Paycheck Protection Program, consumer spending, and household finances
Kelsey Sheehy is a NerdWallet authority on small business. Her work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the <a href="https://www.today.com/video/christmas-in-july-sales-to-take-advantage-of-now-64075333536">"Today"</a> show, <a href="https://www.nbcnews.com/nightly-news/video/tax-code-changes-leave-many-americans-with-unhappy-returns-1440385091860">NBC News</a> and <a href="https://abcnews.go.com/WNT/video/cost-smartphones-reaching-time-high-54166111">"ABC World News Tonight"</a> and has been quoted by the Los Angeles Times, CNBC and American Banker, among other publications. Email: <a href="mailto:ksheehy@nerdwallet.com">ksheehy@nerdwallet.com</a>.
Senior writer | Small business banking and credit cards, Paycheck Protection Program, consumer spending, and household finances
Kelsey Sheehy is a NerdWallet authority on small business. Her work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. Kelsey has appeared on the <a href="https://www.today.com/video/christmas-in-july-sales-to-take-advantage-of-now-64075333536">"Today"</a> show, <a href="https://www.nbcnews.com/nightly-news/video/tax-code-changes-leave-many-americans-with-unhappy-returns-1440385091860">NBC News</a> and <a href="https://abcnews.go.com/WNT/video/cost-smartphones-reaching-time-high-54166111">"ABC World News Tonight"</a> and has been quoted by the Los Angeles Times, CNBC and American Banker, among other publications. Email: <a href="mailto:ksheehy@nerdwallet.com">ksheehy@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
60+ business bank accounts rated with our objective, comprehensive business bank account rubrics (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Advertiser disclosure
You’re our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. And while our site doesn’t feature every company or
financial product available on the market, we’re proud that the guidance
we offer, the information we provide and the tools we create are
objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence
which products we review and write about (and where those products
appear on the site), but it in no way affects our recommendations or
advice, which are grounded in thousands of hours of research. Our
partners cannot pay us to guarantee favorable reviews of their products
or services. Here is a list of our partners .
Bank of America® Business Advantage Fundamentals™ Banking
Overview
The bottom line:
Bank of America business checking stands out from brick-and-mortar competitors with fee-free electronic transactions, a large ATM and branch network and its robust suite of business services.
Bank account details
Monthly fee
$16.00
$0 for the first 12 statement cycles.
APY
N/A
Bonus
N/A
Pros & Cons
Pros
No monthly fee for the first 12 statement cycles.
Welcome offer for new accountholders.
Loyalty perks via Preferred Rewards for Business program.
Relatively low overdraft fees ($10 per item, limited to two per day)
Bank of America’s business checking accounts are digital-friendly options for small-business owners who want some access to in-person banking.
Though this review includes information on both accounts, the star rating is specific to the bank’s entry-level option, Business Advantage Fundamentals™, which has no monthly fee for the first 12 statement cycles, then charges $16 per month. While that fee is a downside, it’s not a deal-breaker if you can meet the relatively low bar to avoid it.
You can avoid the monthly fee if you do one of the following:
Spend $500 on net-new qualifying purchases with your Bank of America business debit card. Purchases on linked employee business debit cards count toward that threshold.
Become a Bank of America Preferred Rewards for Business member.
To qualify for the Preferred Rewards for Business program, you need an active Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.
BofA business checking is best for small-business owners who:
Want a full-service business bank and plan to use Bank of America for other services, like business loans, business credit cards and merchant services.
Can meet one of the criteria required to waive the account's monthly fee.
Focused on avoiding a monthly fee? Consider Business Essentials, the rare account at a brick-and-mortar bank that charges no monthly fee. That account also offers a bigger welcome bonus than Bank of America: $400 (terms apply).
Bank of America business checking at a glance
Business Advantage Fundamentals™ Banking
Business Advantage Relationship Banking
Monthly fee
$0 for the first 12 statement cycles, then $16 (multiple ways to avoid).
$29.95 (multiple ways to avoid).
Minimum opening deposit requirement
$100.
$100.
APY
N/A.
N/A.
Transactions
Up to 20 non-electronic transactions (checks paid, other debits, deposited items) per month, then 45 cents per item. Electronic transactions (ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online or at a Bank of America ATM), do not count toward that total.
Up to 500 non-electronic transactions, then 45 cents per item. Electronic transactions do not count toward that total.
Cash deposits
Up to $5,000 free, then 30 cents per $100 deposited.
Up to $20,000 free, then 30 cents per $100 deposited.
Bonus
N/A.
N/A.
How to open a Bank of America business account
You can open a Bank of America business checking account online, over the phone or in person. Different from some brick-and-mortar banks, Bank of America does not require your business to be in a state with a branch for you to open a business checking account.
Bank of America has about 3,900 branch locations and 16,000 ATMs across 37 states plus Washington, D.C. The bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin and Wyoming.
Personal information, including date of birth and Social Security number, for yourself and all owners with 25% or more ownership in the business as well as any controlling managers (e.g., chief financial officer, managing member).
There is also a $100 minimum deposit required to open a Bank of America business checking account.
Where Bank of America business checking stands out
Electronic transactions don't count toward monthly limit: Business bank accounts from traditional banks typically place a monthly cap on electronic and non-electronic transactions, charging a fee for excess transactions. Not Bank of America.
Bank of America's business checking accounts don't count electronic transactions, including ACH transactions, debit card transactions, electronic debits and deposits made using mobile check deposit, toward the monthly limit. So you can stress less about extra charges.
Digital tools: The Bank of America business checking accounts provide access to digital tools including Cash Flow Monitor and Business Advantage 360 — Bank of America’s small-business 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, get cash flow projections based on scheduled transactions and receive support from small-business specialists. You can also connect third-party apps to your Cash Flow Monitor dashboard, including ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify and TurboTax.
Loyalty perks: Bank of America rewards business owners who use it as their main business bank, offering waived fees and perks on other business products via the bank’s Preferred Rewards for Business program. Entry-level members 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 eligible new Bank of America business loans.
To qualify, you need to maintain an average daily balance of at least $20,000 over three months. Those funds can be spread across multiple Bank of America business accounts, including business savings, CD and investment accounts.
Where Bank of America business checking falls short
Monthly fees: Both Bank of America business checking accounts have monthly fees — $0 for the first 12 statement cycles, then $16 for the Business Advantage Fundamentals™ account or $29.95 for the Business Advantage Relationship account.
Although each account provides a few ways to avoid these fees, there are online and brick-and-mortar competitors that offer free business checking accounts if you don’t want to meet those requirements or have to budget for these fees on an ongoing basis.
Out-of-network ATM fees: Extra fees are always a bummer, especially when you’re being charged to access your money. And Bank of America will charge you 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 charge an additional fee.
Bank of America does have a fairly extensive ATM network, with around 16,000 ATMs across the bank’s service area. But business owners keen to avoid these fees altogether should consider a bank or credit union that partners with a large nationwide network, like SUM or MoneyPass.
Another alternative: Axos Basic Business Checking, which doesn’t charge ATM fees and will refund fees charged by other domestic ATMs.