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.
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Last updated onUpdated
REVIEWED BY
Editor & Senior Staff Writer
| Total Rating |
3.9 |
|---|---|
| Fees & Rates3.3 | |
| Services5.0 | |
| Rewards1.4 | |
| Features4.4 | |
| Eligibility Requirements5.0 | |
| Application Process4.7 | |
| Sales & Advertising Transparency3.2 | |
| Customer Service3.3 | |
| User Reviews3.1 | |
Monthly Fee Range
$0 - $29.95/month (waivable)APY Range
0% - 0.04%Account Types Offered
Checking and savings accountsTable of Contents
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.
| Services5.0 |
|---|
| Banking Services 5.0 |
| Online Portal & Mobile App 5.0 |
Bank of America business banking offers everything a small business owner should need, including your choice of checking accounts, savings accounts, and lending options.
It offers a wide range of services has unique features, including a digital assistant to help you streamline your banking.
Here’s a rundown of the financial services Bank of America offers:
| Rewards1.4 |
|---|
| Quality & Value Of Earned Rewards 1.4 |
Bank of America may shine when it comes to features and services, but it is lacking when it comes to rewards. 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% - 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.
Bank of America offers a Preferred Rewards for Businesses program that gives added rewards and bonuses to business owners, including:
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.
| Fees & Rates3.3 |
|---|
| Pricing 3.5 |
| Transaction Fees 2.8 |
| Transparency 4.0 |
Overall, you’ll find far more fees with Bank of America than you will with fintechs and 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.
| Bank Of America Business Banking Plans | Price | When To Use |
|---|---|---|
| Business Advantage Fundamentals Banking | $16/month (waivable) | You want a basic business checking account with up to 200 free transactions each month |
| Business Advantage Relationship Banking | $29.95/month (waivable) | You need a business checking account with lower fees and up to 500 free transactions each month |
| Business Advantage Savings Account | $0/month with checking account or $10/month (waivable) | You to add a business savings account to your BoA checking account or want a basic stand-alone savings account option for your business |
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:
Finally, some miscellaneous fees include:
| Bank Of America Business Banking Category Fees | Value |
|---|---|
| Monthly Fee Range | $0 - $29.95/month (waivable) |
| Monthly Checking Fee | $0 - $29.95/month (waivable) |
| Monthly Savings Fee | $0 - $10/month (waivable) |
| ATM Fee | None for in-network ATMS ($5 for out-of-network ATMs) |
| Overdraft Fee | $10 - $35 |
| ACH Fee | Varies |
| Incoming Domestic Wire Transfer Fee | Varies |
| Outgoing Domestic Wire Transfer Fee | Varies |
| Incoming International Wire Transfer Fee | Varies |
| Outgoing International Wire Transfer Fee | Varies |
| Wire Transfer Fee Start Point | Varies |
| Wire Transfer Fee Range | Varies |
| Cash Deposit Fee | Varies |
| Foreign Transaction Fee | 3% |
| Excessive Transactions Fee | $0.45/each |
| Stop Payment Fee | $30 |
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.
| Eligibility Requirements5.0 |
|---|
| Eligibility Qualifications 5.0 |
| Eligibility Availability 5.0 |
| Eligibility Transparency 5.0 |
Bank of America Business bank accounts are available to all US businesses, from sole proprietorships and partnerships to professional corporations and associations.
| Features4.4 |
|---|
| Transaction Types Supported 5.0 |
| Transaction Limits 2.0 |
| Standard Banking Features 5.0 |
| Finance Management Features 5.0 |
| Extras 5.0 |
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.
Notable features include:
Bank of America imposes standard processing times on deposits and transfers. Here’s a summary of funding availability:
| Transaction Type | Processing Time |
|---|---|
| Cash Deposits | Immediate |
| EFT Transactions | Same day |
| Mobile Check Deposits | Next-day |
| Zelle | Within minutes |
| Application Process4.7 |
|---|
| Ease & Transparency Of Application 4.0 |
| Application Timeline 5.0 |
| Opening Deposit Requirements 5.0 |
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.
| Sales & Advertising Transparency3.2 |
|---|
| Sales Practices 3.0 |
| Web Presence 4.0 |
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 to customer support directly for information like opening deposits, which is pretty important information for businesses.
| Customer Service3.3 |
|---|
| Personal Support 3.9 |
| Self-Service 3.0 |
Bank of America offers most of the online support options you’d expect with a modern bank. It also has the traditional, in-person bank support for those who want it, as long as you’re close to a Bank of America branch.
| Bank Of America Business Banking Customer Service | Availability |
|---|---|
| Phone Support | |
| Email Support | |
| Support Tickets | |
| Live Chat | |
| Dedicated Support Representative | |
| Knowledge Base or Help Center | |
| Videos & Tutorials | |
| Company Blog | |
| Social Media |
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 is a good amount of support options with Bank of America, customer satisfaction regarding support is a mixed bag.
| User Reviews3.1 |
|---|
| User Feedback 3.0 |
| Review Site Aggregate 3.2 |
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.
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.
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.
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 stacks up against the competition.
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