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Bank of America Business Checking: Generous Account Limits From a Brick-and-Mortar

Bank of America offers comprehensive, digital-friendly business checking accounts from a brick-and-mortar bank.
Last updated on October 24, 2023
Edited byRyan Lane
Fact checked and reviewed

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Our Take

The bottom line:

Bank of America business checking stands out from its competitors with fee-free electronic transactions and high cash deposit limits — both rare features from a brick-and-mortar bank.
Full review

Bank of America Business Advantage Fundamentals™ Banking

Checking
Member FDIC
Monthly fee
$16.00 Waived with $5,000 minimum balance
Bonus
$200 See offer page for more details
Learn more

at Bank of America, N.A., Member FDIC

Pros & Cons

Pros

  • Fee-free electronic transactions.
  • High cash deposit limits.
  • Business accounts can be opened entirely online.

Cons

  • No free business checking account option.
  • $100 minimum opening deposit.
  • Fee for using out-of-network ATMs.

How does Bank of America, N.A. compare?

Monthly fee

$16.00

Waived with $5,000 minimum balance

Monthly fee

$0

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

APY

N/A

APY

N/A

Bonus

$200

See offer page for more details

Bonus

$800

Requirements to qualify

Bonus

$300

Requirements to qualify

Full Review

Bank of America’s business checking accounts are digital-friendly options for small-business owners who want some access to in-person banking.
The bank’s two main business accounts —
Bank of America Business Advantage Fundamentals™ Banking
and Business Advantage Relationship Banking — offer fee-free electronic transactions and have high cash deposit allowances (up to $7,500 and $20,000, respectively).
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 a $
16
monthly fee. While that fee is a downside, it’s not a deal breaker if you can meet the relatively low bar to waive it.
You can avoid the monthly fee if you do one of the following:
  • 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 $250 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. Members enjoy other perks, too, like discounted rates on Bank of America business loans and extra rewards on Bank of America’s business credit cards.

Bank of America business checking is best for small-business owners who:

  • Want a full-service business bank with business loans, business credit cards and merchant services.
  • Operate a cash-heavy business and make frequent currency deposits.
  • Can meet one of the criteria required to waive the monthly fee.

Bank of America business checking at a glance

Business Advantage Fundamentals™ Banking
Business Advantage Relationship Banking
Monthly fee
$16 (multiple ways to waive).
$29.95 (multiple ways to waive).
Minimum opening deposit requirement
$100.
$100.
APY
N/A.
N/A.
Transactions
Fee-free electronic transactions (ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online or at a Bank of America ATM). Up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items), then 45 cents per item.
Fee-free electronic transactions. Up to 500 fee-free non-electronic transactions, then 45 cents per item.
Cash deposits
Up to $7,500 free, then 30 cents per $100 deposited.
Up to $20,000 free, then 30 cents per $100 deposited.
Bonus
$
200
.
$
200
.

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.

What you need to open a Bank of America 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.

Bank of America sign-up bonus

You can earn a $
200
welcome bonus when you open a Bank of America business checking account and complete the following steps:
  • Make $5,000 in qualifying new deposits within 30 days.
  • Maintain an average balance of $5,000 for the next 60 days.
Terms apply. Offer expires
12/31/2023
.

Where Bank of America business checking stands out

Fee-free electronic transactions: 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.
Both Bank of America business checking accounts include fee-free electronic transactions, including ACH transactions, debit card transactions, electronic debits and deposits made using mobile check deposit. So you can stress less about extra charges.
It’s important to note, however, that Bank of America does limit some transactions — specifically, in-person teller transactions and checks written. The Business Advantage Fundamentals™ account includes up to 200 of those transactions per month and charges 45 cents per item beyond that limit. That’s still pretty generous when compared with other brick-and-mortar business banks.
Chase Business Complete Banking℠
, for example, includes unlimited electronic transactions but allows for only 20 in-person or paper transactions per month. And U.S. Bank Silver Business Checking caps monthly transactions (in person and electronic) at 125 per month.
Generous cash deposit limit: Businesses that make frequent cash deposits will appreciate Bank of America’s generous allowance in this area. The Business Advantage Fundamentals™ account includes up to $7,500 in fee-free cash deposits — most brick-and-mortar competitors cap currency deposits at $5,000, and many online business checking accounts don’t support cash deposits at all.
If the $7,500 limit isn’t sufficient, consider upgrading to a Business Advantage Relationship account, which includes up to $20,000 in fee-free cash deposits per month. This account does have a higher monthly fee ($29.95), but it is waived for Preferred Rewards for Business members and accountholders who maintain a $15,000 combined average monthly balance across their Bank of America business accounts.
Digital tools: The Bank of America business checking accounts provide access to digital tools including Zelle, 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 — $
16
for the Business Advantage Fundamentals™ account or $29.95 for the Business Advantage Relationship account.
Although each account provides a few ways to waive 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.

Learn more

at Bank of America, N.A., Member FDIC