Bank of America Business Checking: Loyalty Pays, if You Can Afford It
Bank of America's full-featured business checking rewards businesses that go all-in with loyalty perks that get better as your deposits grow.
The bottom line:
Bank of America business checking rewards commitment with loyalty perks like waived fees, interest rate discounts and bonus rewards. But businesses running lean on cash reserves will balk at the bank’s high fees.
Bank account details
Monthly fee
$16.00
$0 for the first 12 statement cycles.
APY
N/A
Bonus
$400 or $750
Click 'Learn More' for details
Requirements to qualify
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)
Cons
$100 minimum opening deposit.
Fee for using out-of-network ATMs.
$16 monthly fee after introductory period ends.
Compare to other bank accounts
4.5
NerdWallet rating
at Bank of America, N.A., Member FDIC
4.5
NerdWallet rating
5.0
NerdWallet rating
Monthly fee
$16.00
$0 for the first 12 statement cycles. Monthly fee
$15.00
Waived with $2,000 minimum balance Monthly fee
$0
APY
N/A
APY
N/A
APY
1.30%
With $0 min. balance for APY
Need more options? Check our picks for best business bank accounts of 2026
Businesses that want the big-bank experience should take a close look at Chase Business Complete Banking® too. It matches or beats Bank of America® Business Advantage Fundamentals™ Banking on branch access, transaction limits and cash deposit allowance. But Chase Business Complete Banking® offers more built-in business tools, including invoicing and payment processing. For instance, with Chase QuickAccept℠, you can accept tap-to-pay payments from the Chase mobile app.
Bank of America rewards loyalty if you hit a deposit threshold. Bluevine Business Checking rewards you from the start. The free business checking account features invoicing with payment links, bill pay with approval flows and in-app payment processing. You also get free incoming wires and earn up to 1.30% on your checking balance. Terms apply.
Full review
Bank of America business checking is built for businesses that want a long-term banking partner. And it’s willing to help you get there.
There’s no fee for the first year on the bank’s entry-level account, Bank of America® Business Advantage Fundamentals™ Banking. And the Preferred Rewards for Business program delivers tangible perks — waived fees, better rates and rewards bonuses — that compound the more you work with the bank.
The capital required to unlock those perks is steep, though. You need a $20,000 combined average daily balance over three months to qualify for the lowest tier. The best benefits kick in at $100,000. That's a real barrier for businesses running lean or still finding their footing.
Fall short of that threshold and you're looking at a $16 monthly fee after year one. The account also has steep wire transfer fees and no invoicing or in-app payments, regardless of your loyalty status.
Bank of America business checking is best for small-business owners who:
- Want a combo of in-person support and digital-first banking tools.
- Can qualify for loyalty perks through the Preferred Rewards for Business program.
- Don't rely heavily on wire transfers.
Bank of America business account details
| Business Advantage Fundamentals™ Banking | |
| Monthly fee: | $0 for the first 12 statement cycles, then $16 (multiple ways to avoid). |
| Minimum opening deposit requirement: | $100. |
| APY: | N/A. |
| Transactions: | 20 in-person transactions and/or paper checks per statement cycle; 45 cents for each additional transaction. Electronic deposits and withdrawals* do not count toward the monthly limit. |
| Cash deposits: | Up to $5,000 free, then 30 cents per $100 deposited. |
| Wire transfer fees: | Incoming wires: $15. Outgoing wires: $30 domestic; $45 international. |
| Bonus: | $400 or $750. Terms apply. |
| *Electronic transactions include ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online and at a Bank of America ATM. | |
Bank of America offers two main business checking accounts, a business savings account and three different business CD options.
For business checking, we rate the entry-level account. That allows us to fairly compare accounts, apples-to-apples.
Other accounts from Bank of America include:
- Business Advantage Relationship™ Banking.
- Business Advantage Savings.
- Business CDs: Flexible CD, Featured CD, Fixed-Term CD.
Where Bank of America business checking stands out
No fee for the first year
Bank of America® Business Advantage Fundamentals™ Banking has a $16 monthly fee. But Bank of America waives that fee for the first 12 statement cycles.
We collect data on fees for more than 50 business checking accounts. This is the only one that wipes that fee out for the first year. (Of course, there are many free business checking accounts that never charge this fee.) This leeway gives business owners a chance to grow their operation, and build their cash reserves, without losing precious capital to banking fees.
You can avoid the fee after the first year too. Just do one of the following each billing cycle:
- Maintain a combined average monthly balance of $5,000 across eligible, linked Bank of America business accounts, including business savings and business certificates of deposit.
- 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.
Electronic transactions don't count toward monthly limit
Most business banking happens online, not at the teller counter. Bank of America® Business Advantage Fundamentals™ Banking reflects that reality.
Electronic transactions — including ACH transfers, debit card purchases, electronic debits and mobile check deposits — all fall outside the monthly cap. So you can run your business without counting every transaction. This is common with online business accounts, like Bluevine and Grasshopper, but less so with big brick-and-mortar banks.
Among those institutions, Bank of America was an early adopter of this model, along with Chase Business Complete Banking® and Capital One Business Basic Checking®. U.S. Bank Business Essentials switched to unlimited electronic transactions in 2025.
But not every bank has caught up. Wells Fargo and regional banks like PNC, Truist and Huntington still count every transaction toward your monthly limit.
Cash flow tracking and business app integrations
The Bank of America business checking accounts include Cash Flow Monitor and Business Advantage 360 — the bank's online banking platform for businesses. Together, these tools let you manage statements and transactions, pay bills, sync activity to QuickBooks and set custom account alerts. You get free access to your Dun & Bradstreet business credit score via Business Advantage 360 as well.
Cash Flow Monitor goes further. It tracks credits and debits, projects cash flow based on scheduled transactions and connects you with small-business specialists. You can also plug in third-party apps including ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify and TurboTax.
Loyalty perks that grow with your balance
Bank of America's Preferred Rewards for Business offers exclusive benefits to business owners who make it their go-to business bank. You can earn waived fees, better interest rates and bonus rewards on Bank of America’s business credit cards.
To qualify, you need 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.
Benefits scale with your balance across three tiers. Gold members get a 25% rewards bonus on eligible business 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. Platinum and Platinum Honors unlock progressively better perks.
Chance to earn a bonus of up to $750
Bank of America® Business Advantage Fundamentals™ Banking currently has one of the best business bank account bonuses for new customers. To qualify, you need to meet deposit requirements within the first 30 days and then maintain that balance for at least 90 days from account opening.
- For a $400 bonus: Deposit at least $5,000 in new money.
- For a $750 bonus: Deposit at least $15,000 in new money.
Some competitors have higher offers — up to $1,5000. But some reserve the best bonus for premium business accounts. And others require a six-figure deposit to qualify.
U.S. Bank currently has a bonus of up to $1,200, for example, but the top tier is only for its Platinum Business Checking Account. For its entry-level option, Business Essentials, new accounts are only eligible for a $400 bonus.
BMO Simple Business Checking has four different bonus tiers: $400, $750, $1,000 or $1,500. You need to deposit $25,000 in new money to earn the $750 bonus — that's $10,000 more than Bank of America requires.
Where Bank of America business checking falls short
High wire transfer fees
Bank of America's wire transfer fees are on par with most other brick-and-mortar banks. But they're still a deal breaker for businesses that frequently send or receive wires.
All incoming wires are $15. Outgoing wires are $30 for domestic transfers and $45 for international wires.
Get paid via wire? Relay Business Checking, Axos Basic Business Checking and Wells Fargo Initiate Business Checking℠ Account all have free incoming wires.
Send a lot of wire transfers? Brex, Mercury and Rho all have free wire transfers. Period.
Several online business checking accounts, including Grasshopper, Bluevine and Lili, have free incoming domestic wires. Inbound international wires range from $5 to $15, depending on the account.
Out-of-network ATM fees
Bank of America charges $2.50 for withdrawals at non-Bank of America ATMs in the U.S. and $5 internationally — and the ATM owner may pile on an additional fee. With around 15,000 ATMs across its network, you'll often find one nearby. But if you regularly bank outside that footprint, those fees add up.
Business owners who want to avoid ATM fees entirely have better options. Banks and credit unions that partner with large nationwide networks like MoneyPass or SUM offer fee-free access to tens of thousands of ATMs. Axos Basic Business Checking goes further — no ATM fees and reimbursement for fees charged by other domestic ATMs.
No invoicing, in-app payments
Bank of America's Business Advantage 360 does a lot, but other business bank accounts do more.
Chase Business Complete Banking® includes invoicing and features Chase Quick Accept — a pay-as-you-go credit card processing service built into the bank's mobile app. U.S. Bank Business Essentials includes a free mobile card reader and payment processing software. You just pay the processing fees.
And some online business accounts operate as all-in-one platforms, with a full suite of business tools included.
Bluevine Business Checking, for example, gives you unlimited custom invoices, secure payment links, bill pay with approval workflows and in-app payment processing. All of that comes with the free plan — no upcharge. Bluevine's free business checking account also earns interest: 1.30%. Terms apply.
How we evaluated Bank of America business checking
NerdWallet considers more than 20 data points for each business checking account we rate, scoring each on fees, perks and software tools, among other factors (view our complete ratings methodology). We gathered this information from Bank of America's website and company representatives.
Accounts are scored from one to five stars overall, as well as on individual areas that are important for business banking. If a bank offers multiple accounts, we rate the entry-level account.
Here's how Bank of America® Business Advantage Fundamentals™ Banking stacks up:
- Transactions: Unlimited electronic. In-person/paper: 20 per month; 45 cents per additional transaction. Electronic transactions include: ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online and at a Bank of America ATM.
- Domestic ATM access: No fee at ~15,000 Bank of America ATMs; $2.50 per transaction at out-of-network ATMs.
- Cash deposits: Up to $5,000 per fee statement cycle.
- Wire transfers: International and domestic wire transfers available (incoming and outgoing).
- Minimum opening deposit: $100.
- Checks: Can order checks online.
- Human support phone hours: Extended business hours: 7 a.m. to 11 p.m. ET Monday-Friday, 8 a.m. to 8 p.m. ET on Saturday.
- App store rating: 4.76 (weighted average of the Apple and Google Play app stores).
- Ease of website use: Easy to navigate.
- Branch access: Nearly 3,600 branches in 38 states and the District of Columbia.
- Account availability: Nationwide.
- Account opening options: Online, in-person and by phone.
- Live chat support: Yes.
- Monthly maintenance fee: No fee for the first 12 statement cycles. Then, $16 per month. Monthly fee waived with a $5,000 combined average monthly balance or $500 in new purchases on your Bank of America business debit card. No fee for Preferred Rewards for Business members.
- ATM withdrawal fee: $2.50 per withdrawal at out-of-network ATMs.
- Cash deposit fee: Up to $5,000 per month, then 30 cents per $100.
- Wire transfer fees: Incoming: $15. Outgoing: $30 domestic; $45 international.
- Overdraft fee: $10 per item (up to two per day). No fee on items ≤ $1 or if you're overdrawn by $1 or less.
- APY: Bank of America® Business Advantage Fundamentals™ Banking does not earn interest.
- Sign-up bonus: $400 or $750. Terms apply.
Bank of America® Business Advantage Fundamentals™ Banking earned additional points for software features thanks to the following:
- Zelle for Business.
We also look at public forums (like Reddit, myFICO and Quora) and online reviews (via sites like Trustpilot and the App Store/Google Play) to understand business owner sentiment about banking with Bank of America. We use AI tools to help gather some of this information for evaluation.
People post anonymously in these spaces, so we cannot confirm their individual experiences or circumstances. This data does not influence our star ratings. However, NerdWallet does contact financial institutions regarding negative feedback that we consistently observe.
How to open a Bank of America business checking 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 3,600 branch locations and 15,000 ATMs across 38 states plus Washington, D.C. The bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin and Wyoming.
What you need to open a BofA business account
What you need to open a business bank account with Bank of America includes:
- Your legal business name.
- Your address and phone number.
- Where and when your business was formed.
- 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.
Notes from providers
The information about the Bank of America® Business Advantage Fundamentals™ account has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.