As an entrepreneur, a business checking account is a crucial part of protecting your personal assets and legitimizing your business. Because every banking service and financial institution offers different perks, fee structures, and disadvantages, it is important to do your research to determine the best bank for your startup.
We’re here to help with this Bank of America business checking review, featuring the bank’s eligibility requirements, pros and cons, pricing, and key features as well as how it measures up to the competition.
Recommended: Read our full list of the best banks for startups.
Bank of America Business Checking Eligibility Requirements
Bank of America offers two checking accounts for businesses: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. While both of these checking account options have their own set of unique requirements, there are a few general requirements applicants must meet in order to qualify. These include:
- The business must be formed within the United States and provide documentation
- The applicant must be over 18 years of age with a valid Social Security number (SSN)
- The applicant must have a US physical address
Pros and Cons of Bank of America Business Checking
Pros of Bank of America Business Checking
- No fees on monthly maintenance services and inbound wire transfers
- Option to avoid monthly fees by meeting deposit and spend minimums
- All accounts feature customizable access per employee
Cons of Bank of America Business Checking
- Businesses must meet requirements to avoid monthly fees
- Limited monthly transactions (additional transactions subject to fees)
Bank of America Business Checking Alternative
With up to $5 million in FDIC insurance, Mercury is perfect for high-growth tech startups. Start your banking journey today and enjoy a $200 welcome bonus when you deposit $10,000 or more.
Visit MercuryBank of America Business Checking Pricing & Features
Businesses that bank with Bank of America can choose between two checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Each of these accounts boasts access to features for cash flow monitoring, transfers, and QuickBooks integration as well as access to small business specialists.
Customers who choose to upgrade to the Business Advantage Relationship Banking account gain access to additional features, including an extra business checking and savings account as well as no fees on incoming wires, stop payments, or electronic deposits.
Rewards and Benefits
- Access to Zelle, Cash Flow Monitor, and Erica Mobile Check Deposit
- Cash back on eligible payroll service fees
- A 25% to 75% rewards bonus on eligible business credit cards
Interest Rates
- A 5% to 20% interest rate boost on Business Advantage Savings accounts
Fees
- Business Advantage Fundamentals Banking Fees
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- Monthly Fee: $16 per month
- Second Business Advantage Banking Account Fee: $16 per month
- Business Advantage Savings Account Fee: $10 per month
- Business Advantage Relationship Banking Fees
- Monthly Fee: $29.95 per month
Businesses have the option to avoid paying a monthly fee by becoming a Preferred Rewards for Business member or by completing one of the following requirements for their chosen checking account:
- For Business Advantage Fundamentals Banking customers, applicants must maintain a combined average monthly balance of at least $5,000 or spend at least $250 in new net qualified debt purchases.
- For Business Advantage Relationship Banking customers, applicants must maintain a combined average monthly balance of at least $15,000.
Customer Reviews
Here are some verified customer reviews from Trustpilot by people who use the Bank of America Business Checking platform:
“They’ve always done well by me – I have been using them for almost 20 years, and I have never had any substantial issues.”
“I’ve been with BOA for 10 years. I’ve had some awful experiences, but also some great experience[s]. Compared to other financial institutions I’ve dealt with, their customer service is above par, albeit they are fixing their own mistakes from time to time. Best way to get your problems solved is to meet in person with their personal bankers. They take far more accountability in getting your problems solved quickly than the call center reps.”
“I have been a customer of Bank of America since 2010. To date, all accounts operate and always have operated exactly as advertised. Customer service is courteous, knowledgeable, and professional. Whenever I call Bank of America, the wait time is minimal and the customer service is helpful.”
How Does Bank of America Business Checking Compare?
Bank of America is a widely known financial institution that offers a variety of banking services for small businesses. But, how do they measure up against competitors? Below we’ve outlined some of the key features of Mercury, a fintech company that offers banking services for startups, so you can compare how the two services stack up against each other.
Bank of America
Starts at $16 per month
Mercury offers a feature-rich banking solution with virtual cards, up to a 5.4% yield, and extensive insurance coverage.
Visit WebsiteMercury
No monthly fees
Mercury offers a feature-rich banking solution with virtual cards, up to a 5.4% yield, and extensive insurance coverage.
Visit WebsiteFinal Thoughts on Bank of America Business Checking
Bank of America is a widely known, trusted name in business banking with multiple checking account options for small businesses to choose from. If having access to a physical branch of your business banking provider is important to you as a business owner, Bank of America can offer in-person services as well as basic banking features. However, startups seeking a more extensive set of features as well as no fees may prefer a different banking service like Mercury.
Frequently Asked Questions
Is Bank of America good for business checking accounts?
Bank of America is a solid choice for businesses looking for basic banking features, robust security capabilities, and access to physical bank branches. However, for fast-scaling businesses, Bank of America may not include all of the features and functionality of competitors like Mercury.
How long does it take to get a Bank of America business checking account?
Once you have applied and supplied the required supplemental documents, Bank of America customers receive debit cards and checks within five to seven business days.
Which bank is best for a business account?
Mercury is our top choice for banking services for startups. The fintech company boasts no monthly fees and a robust suite of features as well as access to startup funding, such as venture debt.
How long does it take for Bank of America to review business account applications?
Applications for Bank of America business checking accounts often are approved or denied immediately.