Last Updated 12 June 2017 | By:

Bank of America Business Checking Review

(Pricing, Features, Customer Reviews & More)

Bank of America Business Checking_ReviewAre 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!

Bank of America Pros & Cons

Pros

  1. 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.

  2. Customers absolutely love their Mobile Banking app! Both their Android and iOS apps have overwhelmingly positive reviews.

  3. 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.

  4. 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.

  5. 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.

Cons

  1. 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 Pricing & Features

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.

Bank of America Business Checking Pricing

In addition to those listed above, the features of these two accounts break down as follows:

  • Business Fundamentals:  Fee waived w/ $3,000 minimum balance, 200 transaction limit.
  • Business Advantage:  Fee waived w/ $15,000 minimum balance, 500 transaction limit.

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.

  • Business Interest Checking: With an interest rate of just 0.01-0.03%, this account’s low yield doesn’t make it worth the tradeoff of a 150 transaction limit.
  • Full Business Analysis: Provides specialized banking service to large companies, including regular wire transfers and a detailed monthly analysis of your accounts. If you’re interested in Full Analysis, give them a call or stop by a local branch. The rate for this service varies by business type and location.

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.

Bank of America Customer Reviews

Customer ReviewsAs 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.

  • Personal and business banking customers agree BoA mobile apps are user-friendly and functional. This is one area where Bank of America stands out.
  • It’s no surprise customers love the convenience of their many ATMs or branches nationwide.
  • Customers are less pleased with the fees associated with some of their business checking accounts. We noted earlier the Business Fundamentals account has fees for many of its features, a fact certainly not lost on their customers.

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.

How Does Bank of America Compare?

Bank of America ComparisonBank 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.

 

Spark Business by Capital One

  • No monthly fees, set transaction limits, or minimum balance requirements. They can save you quite a bit of money simply by not nickel and diming you.
  • Spark Business is 100% mobile/digital. Managing your account with their easy-to-use Android and iOS apps is intuitive and convenient.

 

Chase

  • Universally acclaimed mobile app with well over a million positive reviews. Their business banking management tools are also super-slick and easy to operate.
  • From time to time, Chase offers significant perks for business owners looking to open checking accounts which can mean up to $500 in your pocket simply for signing up!

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.

 

HERE’S A QUICK VISUAL

Capital One
  • Service Fee Starts at
    $0

  • No minimum balance required

  • Perfect for:
    Anyone looking for a startup-friendly, cost-effective business checking account

Visit Website
Chase
  • Service Fee Starts at
    $10/month

  • Maintain minimum balance of $1,500

  • Perfect for:
    Anyone looking for wide variety of financial solutions for their startup business

Visit Website
Bank of America
  • Service Fee Starts at
    $16/month

  • Maintain minimum balance of $3,000 daily & $5,000 monthly

  • Perfect for:
    Anyone looking for business banking with the most number of locations

Visit Website

Frequently Asked Questions

How Easy Is It to Get Set Up?

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.

What Perks Come with Checking Accounts?

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.

How Are Deposits Made?

Make a deposit with their mobile banking app, at a physical ATM, or a Bank of America branch.

Should You Use Bank of America?

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