Is It Worth It? (Pros, Cons & More)
Are you in need of a new business checking account, but you don’t know which bank to choose? How are you going to figure out which bank works best for your company and also won’t drain your account with fees? Bank of America is definitely worth consideration.
In this Bank of America business checking review, we’ll go over some pros and cons, customer reviews, pricing, features, and more. A couple minutes from now, you’ll have a solid idea whether they’re a good choice or if you should continue investigating other options. Enjoy!
With 4,600 bank branches and 16,000 ATMs, there’s always a Bank of America right around the corner no matter where you are in the US.
Customers absolutely love their Mobile Banking app! Both their Android and iOS apps have overwhelmingly positive reviews.
Their fees are low to begin with, but Bank of America also offers customers a number of ways to avoid paying them entirely, for example maintaining minimum balances and credit/debit card purchases.
All of their checking accounts come with account activity alerts, so there’s never any statement surprises. They’ll also set up one of their business savings accounts for free with any business checking account.
In terms of security, banking with an institution of this size provides a certain peace of mind – encryption, high-level firewalls, alerts, fraud protection, etc.
While there are ways to avoid monthly fees, their Business Fundamentals checking package includes several fees, charges for additional checking accounts, wire transfers and account management tools.
Bank of America has two primary options for business checking accounts: Business Fundamentals and Business Advantage. Take a look at the screenshot below to learn their commonalities and differences.
In addition to those listed above, the features of these two accounts break down as follows:
Bank of America also has two other specialized business checking accounts, though we’re confident the vast majority of our readers will use the Fundamentals or Advantage packages.
We don’t see much reason for anyone to use their Business Interest Checking, and the Full Business Analysis is a product that only appeals to large companies that don’t have their own accountants.
That brings us back to the two primary options of Fundamentals and Advantage. Which one is best for you comes down your company’s unique requirements, so choose the set of features that fits your needs.
As one of the largest banks in the nation, Bank of America has piles of customer reviews across the web. Since most of these are personal banking customers complaining about overdraft fees or loan rates, sifting through them to find the business banking reviews takes some hunting.
Their customer service receives mixed reviews. We did find a couple of people who praised their fraud protection department, otherwise there were more than a few complaints about long wait times and miscommunication issues.
Overall, Bank of America doesn’t have the greatest customer feedback, so if that’s a crucial factor for you, it might serve you well to check out their competition.
Bank of America could be a great option to start building your business checking account.
Their Mobile Banking app is incredibly popular and they have branches and ATMs in every corner of the country. But, to get a broader perspective on your options, let’s briefly look at Spark Business by Capital One and Chase.
We prefer Spark Business by Capital One. However, if you need to make lots of cash deposits or simply aren’t comfortable with an entirely mobile bank, we’re fans of Bank of America because of their accessibility and business banking options.
Service Fee Starts at
No minimum balance required
Anyone looking for a startup-friendly, cost-effective business checking account
Service Fee Starts at
Maintain minimum balance of $3,000 daily & $5,000 monthly
Anyone looking for business banking with the most number of locations
It’s so simple that you can do it online. Of course, if you’d rather speak with one of their representatives in person, you can open your business checking account at the nearest Bank of America branch.
Their checking accounts don’t specifically have any perks, but if you add a business credit card you’ll get a sign-up bonus (currently $200), along with cash back and rewards.
Make a deposit with their mobile banking app, at a physical ATM, or a Bank of America branch.
Bank of America is clearly one of the top banks for business checking accounts. We love their easy-to-use mobile app and no matter where you are in the US, you’re never far away from one of their branches or ATMs.
Use the links below to get started with Bank of America today, or, continue exploring your options through our comparison guide. Cheers!Visit Bank of America Or Visit Other Options