Bank of America offerssmall-enterprise checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking (previously Business Fundamentals Checking and Business Advantage Checking).
With four,three hundred department locations throughout 37 states, plus Washington, D.C., Bank of America’s business money owed are virtual-friendly alternatives for small-business owners who want some get right of entry to to in-person banking.
Moreover, Bank of America commercial enterprise checking stands out amongst country wide and nearby brick-and-mortar-primarily based competition by means of imparting limitless fee-loose digital transactions, high coins deposit limits and 3 specific approaches to open an account.
Bank of America commercial enterprise checking is best for small-commercial enterprise owners who:
Want as a way to do some of their business banking in person.
Don’t thoughts paying a month-to-month charge or can qualify to waive it.
Operate a cash-heavy commercial enterprise.
Would want to take advantage of additional banking or monetary offerings from their bank within the destiny.
Pros
Unlimited fee-unfastened digital transactions.
Access to 17,000 Bank of America ATMs and 4,three hundred department places across the U.S.
High cash deposit limits: $7,500 according to month fee-loose for Business Advantage Fundamentals and $20,000 consistent with month charge-loose for Business Advantage Relationship.
Includes Business Advantage 360 on line banking platform, with cell banking, included cash-glide monitoring device, bill pay and mobile test deposit.
Three methods to use for an account — on line, over the cellphone or at a branch area.
Cons
No loose business checking account option.
Fees for withdrawals at non-Bank of America ATMs: $2.50 for U.S. ATMs, $5 for global ATMs (ATM owner may additionally charge an extra fee).
Fees for outgoing cord transfers no longer available online.
Bank of America business checking at a look
Business Advantage Fundamentals Banking
Business Advantage Relationship Banking
$16 (waived with a $5,000 mixed common month-to-month stability or through spending $250 in internet new qualifying purchases on a commercial enterprise debit card)*
$29.95 (waived with a $15,000 combined common monthly balance)*
Minimum commencing deposit requirement:
Rates vary primarily based to your vicinity.
Unlimited price-unfastened electronic transactions (ACH, debit card transactions, digital debits, deposits made with cell test deposit, faraway deposit online or at a Bank of America ATM).
Up to 2 hundred rate-loose non-digital transactions (assessments paid, different debits, deposited items), then forty five cents in step with item.
Unlimited charge-unfastened digital transactions.
Up to 500 price-free non-electronic transactions, then forty five cents per object.
Up to $7,500 free, then 30 cents in line with $100 deposited.
Up to $20,000 loose, then 30 cents according to $a hundred deposited.
No charges for forestall payments, incoming wires, take a look at photo service, copies of assessments and statements, ATM/debit card replacements.
No fee for on-line account control services.
No price for introductory test package with assessments, deposit slips and endorsement stamp.
One Business Advantage Relationship Account and one Business Advantage Savings account to be had for no additional monthly costs.
*You also can waive the month-to-month expenses on both of these debts with the aid of turning into a member of Bank of America’s Preferred Rewards for Business software. To be eligible, you have to have an active Bank of America enterprise checking account and a three-month combined average daily balance of $20,000 or extra in qualifying Bank of America enterprise deposit bills and/or Merrill business investment debts.
Additionally, for each the Business Advantage Fundamentals and Business Advantage Relationship bills, Bank of America will waive the monthly price for the first 3 months after you open your account — assessing the price once your 0.33 announcement cycle closes.
How Bank of America business checking works
Account options: Bank of America offers the Business Advantage Fundamentals Banking and Business Advantage Relationship Banking debts — previously called Business Fundamentals Checking and Business Advantage Checking, respectively.
In addition to those two center alternatives, the bank offers the Full Analysis Business Checking account for organizations with high balances and extra cash management desires, as well as a Public Service Trust Account.
Location availability: Bank of America has 4,three hundred department places and 17,000 ATMs across 37 states, plus Washington, D.C. The financial institution does no longer 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.
Unlike a few brick-and-mortar banks, but, your commercial enterprise does now not must be located in a country with a Bank of America branch so that you can be eligible for a business checking account. In reality, you could use the Bank of America website to check fee and charge facts for any of the 50 states, plus Washington, D.C.
How to use: Apply for a Bank of America enterprise checking account via finishing and submitting an software online, over the cellphone with a small-commercial enterprise banking representative or in person at a department place.
Required statistics:
Basic information about yourself and your business including your Social Security variety, date of start, prison business name, the date your enterprise turned into shaped, agency identification quantity and nation of commercial enterprise formation.
Bank of America additionally requires fundamental non-public statistics (such as date of beginning and Social Security variety) for all owners with 25% or extra possession in the enterprise, in addition to any controlling managers (e.g., leader economic officer, handling member).
Required documentation:
Business formation file (varies based totally in your entity type) and one form of presidency-issued ID for you, all proprietors with 25% or extra possession within the business and any controlling managers.
If your enterprise is running the usage of a DBA, or "doing enterprise as," a fictitious name, alternate call or assumed call, Bank of America requires that you provide the applicable certificates that indicates your commercial enterprise’s adopted name.
If you apply for a Bank of America commercial enterprise checking account on-line, you may send your supplemental files to the financial institution by using fax or email after you’ve completed your application. You have 11 days after submitting your online software to send your documents before your software might be declined and you will want to resubmit. Once Bank of America has acquired each your application and assisting files, your account might be accredited and opened in as little as 24 hours.
Next steps: After your account has been approved, you may make your starting deposit through transferring money from an existing Bank of America account or from every other financial institution, in addition to through using a Visa or MasterCard debit card, test or cash order. You also can sign up for online banking, down load the Bank of America cell app and begin managing your account.
If you ordered a enterprise debit card or exams with your preliminary software, you need to count on to get hold of them inside 5 to seven enterprise days. Additionally, you could request a debit card for yourself, in addition to your personnel, by using signing into online banking, calling Bank of America small-commercial enterprise customer service or with the aid of travelling a branch area.
Where Bank of America enterprise checking sticks out
Unlimited price-free digital transactions: Both of the Bank of America enterprise checking accounts offer unlimited charge-unfastened digital transactions, including ACH transactions, debit card transactions, electronic debits and deposits made the use of cellular test deposit, far flung deposit on line or at a Bank of America ATM.
With this selection, Bank of America enterprise checking sticks out among brick-and-mortar competition specifically, as most traditional banks have a fixed monthly limit that encompasses each electronic and non-electronic transactions.
Cash deposits: The Business Advantage Fundamentals account consists of up to $7,500 in price-loose coins deposits, and the Business Advantage Relationship account consists of as much as $20,000 in price-free coins deposits in line with month.
Compared to different base-tier enterprise checking bills, the $7,500 threshold of the Business Advantage Fundamentals account stands proud amongst brick-and-mortar competitors. For instance, the Chase Business Complete Checking℠ account, Wells Fargo Initiate Business Checking account and Capital One Spark Basic Business Checking account every have a price-unfastened cash deposit restrict of $5,000.
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