2025 Review: Is Bank of America Business Checking Right for You?
Unleash Your Business Potential: A Deep Dive into Bank of America’s Business Checking
16
kicks in. However, this is easily avoidable if you meet some simple criteria, making it manageable for savvy business owners.
Here’s how you can sidestep that monthly fee:
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Make $500 in net-new qualifying purchases using your Bank of America business debit card. Plus, purchases made with linked employee debit cards contribute to your total!
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Join the exclusive ranks of Bank of America Preferred Rewards for Business members.
To become a Preferred Rewards member, maintain an active Bank of America business checking account paired with a three-month combined average daily balance of at least $20,000 across qualifying Bank of America business deposit and Merrill investment accounts.
Who Should Consider Bank of America Business Checking?
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Business owners who seek comprehensive banking services, including loans, credit cards, and merchant services, all in one place.
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Those who can effortlessly meet one of the criteria to waive the monthly fee.
400
(terms apply).
A Quick Look at Bank of America Business Checking
| Business Advantage Fundamentals™ Banking | Business Advantage Relationship Banking | |
| Monthly fee | $0 for the first 12 statement cycles, then $16 (multiple ways to avoid). | $29.95 (multiple ways to avoid). |
| Minimum opening deposit | $100. | $100. |
| APY | N/A. | N/A. |
| Transaction limits | Up to 20 non-electronic transactions per month; $0.45 for each additional. Electronic transactions have no limit! | Up to 500 non-electronic transactions, then $0.45 for each additional. Electronic transactions have no limit! |
| Cash deposits | Up to $5,000 free, then $0.30 per $100 deposited. | Up to $20,000 free, then $0.30 per $100 deposited. |
| Bonuses | N/A. | N/A. |
How to Kickstart Your Bank of America Business Account
With around 3,900 branches and 16,000 ATMs across 37 states plus Washington, D.C., accessing your funds is convenient. Just keep in mind, there are no branches or ATMs in Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
What You Need to Open Your Account
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Your legal business name.
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Your address and phone number.
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Details of your business formation, including where and when it was established.
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Personal information (date of birth and Social Security number) for you and any owners with 25% or more stake in the business, along with managing members.
A minimum deposit of $100 is required to open your account.
Why Bank of America Business Checking Shines
Plus, the business checking accounts come equipped with cutting-edge digital tools such as Zelle, Cash Flow Monitor, and Business Advantage 360. This platform allows you to manage statements and transactions, pay bills effortlessly, and customize your account alerts, all while keeping track of your cash flow.
Bank of America’s Cash Flow Monitor gives you the power to visualize your credits and debits, forecast your cash flow based on upcoming transactions, and receive expert guidance from small-business specialists. You can even integrate third-party apps like ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify, and TurboTax into your dashboard!
To enter this exclusive club, simply maintain an average daily balance of $20,000 over three months, which can be distributed across multiple Bank of America accounts.
