bank of america small business account management

One of the largest banks, both in the US and worldwide, the Bank of America has great options for checking accounts. Business Fundamentals Checking, the bank's. You want a flexible small business checking account with few transaction limitations along with essential cash management tools available for enrollment. Small Business Accounting 101: How to Set Up and Manage Your Books To open a business bank account, you'll need a business name.
bank of america small business account management

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Bank of America Business Checking Review

Your business checking account serves as a home base for your business finances. It’s a place where you can receive payments from clients, deposit checks and cash, pay invoices and manage your business transactions and cash flow. Bank of America, the second largest U.S. bank by assets, offers business checking accounts for small business owners, with a range of account features and perks to suit your business needs.

Here is a closer look at the Bank of America Business Advantage Fundamentals Banking account and how it can help your small business grow.

Account Basics

Bank of America’s primary small business checking account is its Business Advantage Fundamentals Banking account. This checking account is designed for small businesses that need essential business banking features and flexible account tools at a low monthly cost.

Key elements of the Business Advantage Fundamentals Banking account include:

  • Online banking and bill pay
  • Mobile banking and mobile check deposit
  • Automatic account alerts via text in case of low balance, bills due soon, suspicious activity
  • Business debit cards with Total Security Protection

In addition to these core features of your business checking account, Bank of America provides a few additional perks and optional add-ons, depending on your needs:

  • Access to a Business Investment Account (savings account) at no additional fee
  • Access to Account Management services, providing more control over accounts and managing access for multiple users, including integration with QuickBooks, for $15 per month
  • Access to Cash Flow Monitor and Connected Apps to track your business’s financial performance

Bank of America charges a monthly fee of $16 for its Business Advantage Fundamentals Banking account. You can reduce this fee to $0 by doing any one of the following actions:

  • Spending $250 per month on your Bank of America business debit card or credit card
  • Maintaining an average monthly balance in your business checking account of $5,000 or more
  • Maintaining a minimum daily balance of $3,000 in your business checking account
  • Keeping a combined monthly balance of at least $15,000 in all of your linked Bank of America accounts
  • Enrolling in the Bank of America Preferred Rewards for Business program

Bank of America also offers Business Advantage Relationship Banking, which provides additional services for larger companies that have a higher volume of business and larger monthly deposit amounts and that need more complex business banking services, such as merchant services and payroll support. As your business grows, you can talk with the bank about expanding or changing to this business checking account.

Business Advantage Relationship Banking has a $29.95 or $0 monthly fee and includes for $0 some additional services for which you would have been asked to pay a separate fee with the basic Fundamentals account.

Distinguishing Features

Bank of America Business Advantage business checking offers powerful digital tools for managing your business’s needs, including Erica, Bank of America’s virtual assistant. With Business Advantage Banking, you also have access to:

  • Zelle mobile payments. Zelle is a fast and secure tool that you can use to send payments to vendors or receive payments from customers with no fees. Many small business owners may be looking for easier ways to receive payments without paying transaction fees. Zelle is an excellent solution for mobile payments and you can use it right from the Bank of America mobile app.
  • Cash Flow Monitor and Connected Apps. Bank of America offers free tools for small business owners to track their cash flow and monitor their business performance. Cash Flow Monitor and Connected Apps can help you automatically analyze your business financial data, identify key insights on how your business is performing and find opportunities to improve efficiency or invest for better profitability. Bank of America lets you connect your account for seamless integration with QuickBooks and ADP, if you use those apps for bookkeeping and payroll processing. Small business bankers also are available if you need help.

Access on the Go

The Bank of America mobile app is very well rated, earning 4.8 stars out of 5 on the App Store and 4.7 out of 5 on Google Play. The app offers a comprehensive range of features for managing your business checking account. Using the app, you can:

  • Manage your account, view balances, make transactions, pay bills
  • Ask virtual assistant Erica to do basic banking tasks, pay bills and get alerts, insights and guidance
  • Use mobile check deposit
  • Secure biometric access with Face ID and Touch ID
  • Send and receive payments with Zelle

Bank of America has locations in 37 states plus the District of Columbia, with 17,000 ATMs and approximately 4,300 retail financial centers, 2,900 lending centers and 2,300 business centers. There is no fee for transactions at Bank of America ATMs. For non-Bank of America ATMs, there is a $2.50 fee bank of america small business account management the U.S. and $5.00 in foreign countries.

Bank of America also has a significant international presence, with operations in 35 countries throughout Africa and the Middle East, the Americas, Asia Pacific and Europe.

If you need general customer service support for your Bank of America business checking account, call customer service at 888-BUSINESS (888-287-4637), available Monday through Friday, 7 a.m.–11 p.m. ET, and Saturday, 8 a.m.–8 p.m. ET. If you have specific questions about other business banking services like remote deposit or online banking, you can call additional dedicated service lines.

Pros

  • Comprehensive small business banking services with a low monthly fee
  • Easily waivable monthly fee, with qualifying minimum transactions or deposit balances
  • Large national footprint with prefab shipping container homes for sale in north carolina ATMs and thousands of brick-and-mortar locations
  • Highly rated mobile app for iOS and Android
  • Large international presence in case you do business outside the U.S.

Cons

  • No 24-hour customer service. In case you have a problem with your business checking account, you may have to wait until business hours to talk with a real person.
  • With Fundamentals account, additional $15 monthly fee for Account Management services (customized multiple user access, QuickBooks integration, multiple login chime account account management)
  • Transaction fees when using non-Bank of America ATMs: $2.50 U.S., $5.00 foreign countries

How Bank of America Stacks Up

Bank of America offers two attractive business checking accounts that provide the essential banking features that you would expect from a major bank. Plus, it provides some added value in the form of special tools like Cash Flow Monitor and Connected Apps.

Being able to send and receive payments via Zelle—with no fees, instantly from the mobile bank of america small business account management make a big difference for small business owners who want to accept mobile payments without the costs and complexity of a larger merchant services account, and without paying transaction fees to a third-party payment processor.

Bank of America has a massive nationwide footprint, with locations in 37 states plus Washington, D.C., 17,000 ATMs and thousands of brick-and-mortar locations, in case you need to talk with a loan officer or otherwise do in-person banking for your business. The bank’s significant global presence, in 35 other countries worldwide, may also add value for small business owners that do business internationally.

Getting started with a business checking account is often the beginning of a larger banking relationship. Bank of America’s Business Advantage Fundamentals Banking account provides a solid business checking foundation with versatile features. Bank of America also offers a wide variety of additional business banking features, including savings accounts, business management tools and services, credit cards, lending and retirement solutions from Merrill Edge.

Frequently Asked Questions (FAQs)

Is Bank of America FDIC insured?

Yes, Bank of America is FDIC insured (FDIC# 3510). When you deposit money into an FDIC-insured account at Bank of America, christmas tree in the park san jose money is protected in the event of bank failure in the amount of up to $250,000 per depositor, for each account ownership category.

Does Bank of America offer small business loans?

Yes, Bank of America offers a full range of small business financing options, including SBA loans, unsecured business lines of credit, business term loans, secured loans, equipment loans, business auto loans and more.

Does Bank of america small business account management of America offer overdraft protection for business checking accounts?

Yes. You can get overdraft protection for your business checking account by signing up for and linking additional Bank of America business accounts, such as a Business Investment Account (savings account) or business credit card. Overdraft protection fees will vary depending on the account.

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Источник: https://www.forbes.com/advisor/banking/bank-of-america-business-fundamentals-checking-review/

Bank of America Business Checking Review
Is It Worth It? (Pros, Cons & More)

Bank of America Business Checking Review

Do you need to open a business bank account, but you’re not sure which bank has the features and convenience you need for your company? With how many companies offer business banking solutions, it can be tough to figure out which one is the best fit for you.

To supplement your own research, my team and I invested countless hours researching the best business banks. My goal is to give you the information you need to make a fully informed decision for your company.

In this Bank of America business banking review, I’ll walk through the pros and cons, pricing and features, customer feedback and much more. Let’s find out if they’re the right bank for your business!

Pros & Cons of Bank of America

Pros of Bank of America

  • With 4,600 bank branches and 16,000 ATMs, there’s (almost) 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 making credit/debit card purchases.
  • All of their checking accounts come with account activity alerts, so there’s never any statement surprises. They’ll do you get sedated for a root canal set up one of their business savings accounts for free with any business checking account.

Cons of Bank of America

  • While there are ways to avoid monthly account fees, their Business Fundamentals checking package includes several fees, like charges for additional checking accounts, wire transfers and account management tools.
  • Their business savings accounts bring in miniscule interest, with rates currently running at 0.02-0.04% APY.

Bank of America Business Checking Alternative

Capital One's lack of fees, minimums, and their digital banking platform make it quite convenient. Read Review

Capital One

Bank of America Pricing & Features

With Bank of America, bank of america small business account management can choose between two primary checking accounts: Fundamentals and Advantage. Take a look at how they compare:

Bank of America Business Checking Pricing

Fundamentals

What It Includes: 200 monthly transactions, $14 monthly fee (waived with $5,000 average balance, or $3,000 minimum balance, $250 debit/credit card purchases, etc.), $12 monthly fee for additional checking account, $15/month account management, $15 incoming wire transfers.

Who It’s Right For: If all you need is a basic checking account, Fundamentals is great for nasba register for cpa businesses. However, if you foresee requiring any of the advanced features, know that they can add up in a hurry.

Advantage

What It Includes: 500 monthly transactions, $29.95 monthly fee (waived with $15,000 average balance, or $2,500 credit card purchases, Payroll or Merchant Services subscription, etc.), account management tools, no fees for additional accounts or incoming wire transfers.

Who It’s Right For: Any business needing multiple checking accounts or regular wire transfers will enjoy the unlimited nature of those features with the Advantage package.

Recommended Package

In my union savings bank com, both of these packages are well-rounded values. It really just comes down to whether your company needs the advanced features found in the Advantage package or not.

Savings Accounts

When it comes to savings accounts, I don’t have much good news for you. With interest rates so small you practically need to squint to see them, there’s really not much point to opening a Bank of America business savings account.

  • $0-$49,999 balance: 0.02% APY
  • $50,000-$499,999: 0.03%
  • $500,00+: 0.04%

Customer Reviews

It can be tough to find honest customer reviews for major banks like this, but one place I can always get some good feedback is mobile app reviews. Feedback for the apps themselves is quite good as they have a strong 4.3 average score on Google Play. Historically, their iTunes app hasn’t fared as well, but the latest version of the app has a near-flawless 4.8 rating.

When it comes to other areas, Bank of America is a bit more hit or miss. Their customer support gets mixed reviews, and it’s clear that some business owners get surprised by fees with the Fundamentals account.

Customer Reviews Last Updated 8-21-17
  • Google Play: 4.3 out of 292,755 reviews
  • iTunes (current version of app): 4.8 out of 1,442 reviews
  • iTunes (all versions of app): 3.3 out of 126,074 reviews

Conclusion: Overall, their customer feedback is fairly good. Sure, there are a few issues here and there, but nothing I telephone number chase bank customer service call a bad trend. Customer reviews aren’t a huge point in Bank of America’s favor, but I’ll give them a small bump up the scale.

How Bank of America Compares

I’ve spent so much time researching the best business banks that I’ve noticed some of them have better deals than others. Still, the goal is to figure out which one hits that sweet spot between features and convenience for your company.

Bank of America is one of the top banks for business due to their great apps and low fees. It’s always a good idea to be aware of the competition though, so let’s also look at Spark Business by Capital One, my personal favorite.

Pricing: Spark Business has no fees and no minimum balances.

Features: Spark Business gives you access to 40,000+ ATMs, whereas Bank of America has about 16,000. However, Spark Business is a digital product without physical branch locations, while Bank of America has 4,600 branches nationwide. When it comes to savings accounts, the Spark Business rates of 0.40-1.00% blow away Bank of America’s 0.02-0.04% APY.

Customer Support: These are both huge financial institutions with broad-reaching support teams. As such, opinions on their service department are somewhat mixed. In my opinion, this is inevitable with companies so large — not every single support agent is going to be awesome. Still, in my experience, both Bank of America and Spark Business have helpful reps bank of america small business account management are a pleasure to work with.

Experience: Bank of America opened in 1904 and is the 2nd biggest bank in the US. Capital One is the 8th largest American bank and opened in 1988.

Service Fee Starts at $0

In Business in 1988

Perfect for: Anyone looking for a startup-friendly, cost-effective business bank

Visit Website

Service Fee Starts at $16/month

In Business Since 1904

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 bank account at the nearest Bank of America branch.

What Perks Come with Checking Accounts?

Their checking accounts don’t really have any bonuses, but their business credit cards have some cash back and travel rewards, as most business banking cards do.

How Are Deposits Made?

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

Should You Use Bank of America?

Bank of America gets a bank of america small business account management of 3.9/5 in my book. Their apps are sleekly designed and their massive number of branches is really convenient. That being said, if this doesn’t sound like you perfect fit, check out our Best Business Bank Accounts. 

Источник: https://startupsavant.com/bank-of-america-business-checking-review

Truist Small Business

When determining your company’s financial health and profitability, there are more factors to consider than total earnings. Operating cash flow, or OCF, can be just as important—it measures the actual cash your business generates from the sale of a product or service, after deducting operating costs.

Make $100,000 in sales last month? That’s what you’ll record on your income statement as revenue. Bank of america small business account management what if you’ve only been paid for half of those sales? Last month’s sales dollars will be on the books as $50,000.

Then, some items (like depreciation of supplies) count as a net expense. So it’s possible for your business to have a net loss, but positive cash flow. Want a more accurate view of your business’s financials? Make sure you’re looking at operating cash flow.

Ready to maximize your cash flow?

Contact your local Truist banker for more information on business solutions, or visit Truist.com.

Источник: https://www.truist.com/small-business

Set up a Business Bank Account in 6 Steps: A Small Business Guide

7 Min. Read

Having a business bank account is a more professional way to run your small business. It also makes it much easier to track your income and expenses, according to Inc.

This is hugely important at tax time since many expenses can be written off (deducted from taxes owed). Using a personal bank account for business makes it much harder to pick out potential deductions.

A business bank account also lets an owner plan their budget, deposit payments, receive payments, manage payroll and generate financial reports for potential lenders or investors.

In this article, we’ll cover:

NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.

1. Check What Accounts You Need

You may need different business bank accounts for income, payroll and taxes, according to Inc. It depends on the complexity of your business’ affairs. Ask your accountant for recommendations.

The following business accounts are most common:

  • Checking account
  • Savings account
  • Credit card account
  • Merchant services account (see step six)

Businesses that are just starting out probably only need the four accounts listed above, but especially the business checking account.

2. Select a Bank

Don’t automatically open a business account where you do your personal banking. A credit union may not even offer business banking options.

Choose the bank that will best service your small business. Some banks specialize in specific types of businesses or industries. Their specialized expertise and custom offerings will better suit your needs, especially when it comes to lines of credit or business credit cards.

That said, it’s okay to use your personal bank as a comparison point. Still, there may be better options out there, especially if they offer benefits like lower business banking fees or specialize in your industry.

Another note: your business bank should meet all your needs and be able to grow with you in the future. Compare your options carefully.

The following factors central park apartments san jose important when choosing a bank, according to the Small Business Administration (SBA):

  • Monthly fees waived if a minimum balance is maintained
  • Interest rates for checking and savings accounts
  • Interest rates for business lines of credit
  • Transaction fees
  • Early termination fees (fees to end bank contract)
  • Introductory offers (such as a bonus)

WalletHub recommends Axos Bank Business Interest Checking as the best business bank account overall and BBVA Compass ClearConnect Business Checking for having the lowest fees.

3. Register Your Business Name

Before you talk to your potential new bank, set up your company name--that is, unless you want to operate under your personal name. This is a natural step in setting up your business.

  • For example, a copywriter can set up a company name like “Sarah Smith Copywriting.”

Check your business name isn’t taken by using the U.S. Patent and Trademark Office’s trademark database. Also, search for the name online to make sure your online presence won’t be overwhelmed by similar names.

Now that you’ve chosen a business name, visit your county clerk or state office and pay the required fee to register your business name. It should cost less than $100. This U.S. Small Business Administration guide will tell you where to register.

You can also go the extra step and apply for trademark protection. This costs less than $300.

4. Collect the Necessary Paperwork

You’ll need to gather some information before approaching your chosen bank and opening an account.

You will need, at minimum:

  • A tax ID number (get one via the IRS for free)
  • Social security number (if you’re a sole proprietor)
  • Proof of incorporation (for business structures like LLCs)
  • A business license or business name filing paperwork

Contact your chosen bank to see what paperwork you’ll need to provide to open your account.

5. Contact the Bank

You can usually open your business bank account online. But some companies will have to do so in person at a bank branch. These include companies in the telemarketing, gambling and money service industries. One of the benefits of going in person is that you’ll be able to get your business debit card immediately.

6. Set up a Merchant Services Account

Now that you have a business bank account, go a step further and make sure your company can accept payments. To do this, you need to open a merchant services account that lets you accept payments. For example, a credit card merchant account will let you accept credit card payments.

Check the following criteria when deciding on an account, according to the SBA:

  • Minimum monthly fees
  • Transaction fees
  • Discount rates: percentage charged per transaction processed
  • Address verification service (AVS) fees: help verify a credit card to prevent fraud
  • Low ACH daily batch fees: fees to settle credit card transactions daily

Alternative payment processing services are also popular and connect to your business bank account. If you accept payments online, you can consider online payment systems like PayPal or Shopify. In-person payments can be processed via point-of-sale systems like Square.

People also ask:

What Do You Need to Open a Business Bank Account?

Each bank requires different information to open a business bank account.

At minimum, you’ll probably need:

  • A tax ID number: the IRS will supply you with one
  • Social security number: for sole proprietors or partnerships
  • Proof of incorporation: for corporations like LLCs
  • A business license or business name filing paperwork

Can You Use bank of america small business account management Personal Bank Account for a Small Business?

You can use a personal bank account for a small business, but you probably shouldn’t according to the National Federation of Independent Businesses. Here’s why:

Higher Accounting Fees

While personal bank accounts cost less, this type of account for business will ultimately cost you more in accounting fees because accountant will need to spend more time separating out your business expenses and income from your personal expenses and income.

Harder to Get a Business Loan

Even if you open a separate personal bank account for your business, you’ll have a harder time getting a loan. Lenders don’t usually offer loans to businesses using personal bank accounts because small businesses using business bank accounts usually have more accurate records. And if your personal and business finances are mixed, banks won’t have a clear picture of cash flow nor be able to see an income statement.

On top of this, business bank accounts usually have the option to get a line of credit, which is important in an emergency, according to the SBA.

Taxes Are Trickier

Tax time will probably be a nightmare if you use a personal bank account. Combining your personal and business finance will make getting audited a real problem. Plus, it’s harder to prove that expenses purchased through a personal account were used for business purposes. This makes them more difficult to write off on your taxes.

Can’t Process Payments

Payments are simpler with a business bank account. If you’re making out personal checks, they’ll be processed slower. Plus, personal checking accounts won’t let you connect merchant accounts that can process credit card and debit payments.

How Much Does It Cost to Open a Business Bank Account?

Rates and fees vary from bank to bank. Many bank don’t charge a monthly fee, but they will require you to deposit a minimum amount to open the account.

Minimum deposits can be as low as $25 for a bare-bones business bank account, though this comes with certain requirements like keeping a daily balance of $1500. Some banks even offer no minimum deposits and no minimum balance.

There are also costs associated with getting the required paperwork to open a business bank account:


RELATED ARTICLES

Источник: https://www.freshbooks.com/hub/accounting/set-up-business-bank-account

Business Checking Accounts

Simplify money management with business checking that works for you.

Accounts for most businesses

Transactions include teller deposits, ATM deposits, and check and debit card purchases.

Silver Business Checking Account Package

Best for new or small businesses with basic banking account needs

$0 monthly maintenance fee
125 free transactions per month1
$0.50 fee for each additional transaction

Gold Business Checking Account Package

Best for growing businesses with more banking activity

$20 monthly maintenance fee, waivable
300 free transactions per month1
$0.45 fee for each additional transaction

Platinum Business Checking Account Package

Best for mature businesses with higher balances

$30 monthly maintenance fee, waivable
500 free transactions per month1
$0.40 fee for each additional transaction

Nonprofit Checking Account

Ideal checking account features for nonprofit businesses

$0 monthly maintenance fee
1800 free transactions annually2
$0.50 fee for each additional transaction

Premium Business Checking Account

Premium services for complex banking needs

Analyzed account3
Earn credit on qualifying balances
24/7 telephone support

How to waive the monthly maintenance fees

Male restaurant owner standng in doorway

You can waive the monthly maintenance fee with one of the following:

  • U.S. Bank Payment Solutions Merchant Account
  • $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option
  • $20,000 in combined average collected deposit balances4 or $50,000 in combined average collected balance on interest-bearing option4
  • $50,000 combined average collected business deposits and outstanding business credit balances5
  • $75,000 in combined business deposit and outstanding business credit

You can waive the monthly maintenance fee with one of the following:

  • $25,000 average collected checking balance
  • $75,000 combined average collected business deposits4 and outstanding business credit balances5

Analyzed account;3 maintenance and transaction fees can be offset by an earnings credit based on account balance.

All our business checking accounts include:

More questions about business checking or handling cash flow? We have answers.

Eight ways small business owners manage cash flow

Ambition and unique vision aren’t all you need to have a successful small business. Keeping track of the day-to-day details is also required.

Learn more about managing cash flow

Does a side business really need a bank account?

Once a hobby morphs into a small business, you may find it needs its own business bank account. Here are five reasons why.

Reasons to get a business checking account

Three awkward situations Zelle can help avoid

Whether someone owes you money or you need to manage payroll, mobile payments can solve money matters for small businesses in minutes.

Learn about using Zelle

Top frequently asked questions

To open a business checking account, you’ll need:

  • Your business’s Employer Identification Number (EIN) or tax ID number, or your Social Security number if you’re a sole proprietorship.
  • Articles of Incorporation, Articles of Organization or a wells fargo opportunity checking daily spending limit or similar legal document that indicates when your company was formed. (Not required for sole proprietors.)
  • Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions on behalf of your company.
  • Name, email address and phone number for any additional owners with 25% or more ownership in the company. 

First, you’ll want to determine which features and benefits are the best fit for your business needs. Visit our business banking comparison chart to see all the flexible and convenient account options U.S. Bank has to offer, or take a short quiz to get a personalized recommendation.

  1. Turn over the check to the endorsement section on the back and write the name of the business, your name and title.
  2. Then add any restrictions, like "for deposit only," followed by your business account number.
Start of disclosure content

    Start of disclosure content

    BD-001 Deposit account disclosures

    Источник: https://www.usbank.com/business-banking/business-bank-accounts/business-checking.html

    Bank of america small business account management -

    Bank of America Business Checking Review
    Is It Worth It? (Pros, Cons & More)

    Bank of America Business Checking Review

    Do you need to open a business bank account, but you’re not sure which bank has the features and convenience you need for your company? With how many companies offer business banking solutions, it can be tough to figure out which one is the best fit for you.

    To supplement your own research, my team and I invested countless hours researching the best business banks. My goal is to give you the information you need to make a fully informed decision for your company.

    In this Bank of America business banking review, I’ll walk through the pros and cons, pricing and features, customer feedback and much more. Let’s find out if they’re the right bank for your business!

    Pros & Cons of Bank of America

    Pros of Bank of America

    • With 4,600 bank branches and 16,000 ATMs, there’s (almost) 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 making 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.

    Cons of Bank of America

    • While there are ways to avoid monthly account fees, their Business Fundamentals checking package includes several fees, like charges for additional checking accounts, wire transfers and account management tools.
    • Their business savings accounts bring in miniscule interest, with rates currently running at 0.02-0.04% APY.

    Bank of America Business Checking Alternative

    Capital One's lack of fees, minimums, and their digital banking platform make it quite convenient. Read Review

    Capital One

    Bank of America Pricing & Features

    With Bank of America, you can choose between two primary checking accounts: Fundamentals and Advantage. Take a look at how they compare:

    Bank of America Business Checking Pricing

    Fundamentals

    What It Includes: 200 monthly transactions, $14 monthly fee (waived with $5,000 average balance, or $3,000 minimum balance, $250 debit/credit card purchases, etc.), $12 monthly fee for additional checking account, $15/month account management, $15 incoming wire transfers.

    Who It’s Right For: If all you need is a basic checking account, Fundamentals is great for small businesses. However, if you foresee requiring any of the advanced features, know that they can add up in a hurry.

    Advantage

    What It Includes: 500 monthly transactions, $29.95 monthly fee (waived with $15,000 average balance, or $2,500 credit card purchases, Payroll or Merchant Services subscription, etc.), account management tools, no fees for additional accounts or incoming wire transfers.

    Who It’s Right For: Any business needing multiple checking accounts or regular wire transfers will enjoy the unlimited nature of those features with the Advantage package.

    Recommended Package

    In my opinion, both of these packages are well-rounded values. It really just comes down to whether your company needs the advanced features found in the Advantage package or not.

    Savings Accounts

    When it comes to savings accounts, I don’t have much good news for you. With interest rates so small you practically need to squint to see them, there’s really not much point to opening a Bank of America business savings account.

    • $0-$49,999 balance: 0.02% APY
    • $50,000-$499,999: 0.03%
    • $500,00+: 0.04%

    Customer Reviews

    It can be tough to find honest customer reviews for major banks like this, but one place I can always get some good feedback is mobile app reviews. Feedback for the apps themselves is quite good as they have a strong 4.3 average score on Google Play. Historically, their iTunes app hasn’t fared as well, but the latest version of the app has a near-flawless 4.8 rating.

    When it comes to other areas, Bank of America is a bit more hit or miss. Their customer support gets mixed reviews, and it’s clear that some business owners get surprised by fees with the Fundamentals account.

    Customer Reviews Last Updated 8-21-17
    • Google Play: 4.3 out of 292,755 reviews
    • iTunes (current version of app): 4.8 out of 1,442 reviews
    • iTunes (all versions of app): 3.3 out of 126,074 reviews

    Conclusion: Overall, their customer feedback is fairly good. Sure, there are a few issues here and there, but nothing I would call a bad trend. Customer reviews aren’t a huge point in Bank of America’s favor, but I’ll give them a small bump up the scale.

    How Bank of America Compares

    I’ve spent so much time researching the best business banks that I’ve noticed some of them have better deals than others. Still, the goal is to figure out which one hits that sweet spot between features and convenience for your company.

    Bank of America is one of the top banks for business due to their great apps and low fees. It’s always a good idea to be aware of the competition though, so let’s also look at Spark Business by Capital One, my personal favorite.

    Pricing: Spark Business has no fees and no minimum balances.

    Features: Spark Business gives you access to 40,000+ ATMs, whereas Bank of America has about 16,000. However, Spark Business is a digital product without physical branch locations, while Bank of America has 4,600 branches nationwide. When it comes to savings accounts, the Spark Business rates of 0.40-1.00% blow away Bank of America’s 0.02-0.04% APY.

    Customer Support: These are both huge financial institutions with broad-reaching support teams. As such, opinions on their service department are somewhat mixed. In my opinion, this is inevitable with companies so large — not every single support agent is going to be awesome. Still, in my experience, both Bank of America and Spark Business have helpful reps that are a pleasure to work with.

    Experience: Bank of America opened in 1904 and is the 2nd biggest bank in the US. Capital One is the 8th largest American bank and opened in 1988.

    Service Fee Starts at $0

    In Business in 1988

    Perfect for: Anyone looking for a startup-friendly, cost-effective business bank

    Visit Website

    Service Fee Starts at $16/month

    In Business Since 1904

    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 bank account at the nearest Bank of America branch.

    What Perks Come with Checking Accounts?

    Their checking accounts don’t really have any bonuses, but their business credit cards have some cash back and travel rewards, as most business banking cards do.

    How Are Deposits Made?

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

    Should You Use Bank of America?

    Bank of America gets a score of 3.9/5 in my book. Their apps are sleekly designed and their massive number of branches is really convenient. That being said, if this doesn’t sound like you perfect fit, check out our Best Business Bank Accounts. 

    Источник: https://startupsavant.com/bank-of-america-business-checking-review

    Set up a Business Bank Account in 6 Steps: A Small Business Guide

    7 Min. Read

    Having a business bank account is a more professional way to run your small business. It also makes it much easier to track your income and expenses, according to Inc..

    This is hugely important at tax time since many expenses can be written off (deducted from taxes owed). Using a personal bank account for business makes it much harder to pick out potential deductions.

    A business bank account also lets an owner plan their budget, deposit payments, receive payments, manage payroll and generate financial reports for potential lenders or investors.

    In this article, we’ll cover:

    NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area.

    1. Check What Accounts You Need

    You may need different business bank accounts for income, payroll and taxes, according to Inc.. It depends on the complexity of your business’ affairs. Ask your accountant for recommendations.

    The following business accounts are most common:

    • Checking account
    • Savings account
    • Credit card account
    • Merchant services account (see step six)

    Businesses that are just starting out probably only need the four accounts listed above, but especially the business checking account.

    2. Select a Bank

    Don’t automatically open a business account where you do your personal banking. A credit union may not even offer business banking options.

    Choose the bank that will best service your small business. Some banks specialize in specific types of businesses or industries. Their specialized expertise and custom offerings will better suit your needs, especially when it comes to lines of credit or business credit cards.

    That said, it’s okay to use your personal bank as a comparison point. Still, there may be better options out there, especially if they offer benefits like lower business banking fees or specialize in your industry.

    Another note: your business bank should meet all your needs and be able to grow with you in the future. Compare your options carefully.

    The following factors are important when choosing a bank, according to the Small Business Administration (SBA):

    • Monthly fees waived if a minimum balance is maintained
    • Interest rates for checking and savings accounts
    • Interest rates for business lines of credit
    • Transaction fees
    • Early termination fees (fees to end bank contract)
    • Introductory offers (such as a bonus)

    WalletHub recommends Axos Bank Business Interest Checking as the best business bank account overall and BBVA Compass ClearConnect Business Checking for having the lowest fees.

    3. Register Your Business Name

    Before you talk to your potential new bank, set up your company name--that is, unless you want to operate under your personal name. This is a natural step in setting up your business.

    • For example, a copywriter can set up a company name like “Sarah Smith Copywriting.”

    Check your business name isn’t taken by using the U.S. Patent and Trademark Office’s trademark database. Also, search for the name online to make sure your online presence won’t be overwhelmed by similar names.

    Now that you’ve chosen a business name, visit your county clerk or state office and pay the required fee to register your business name. It should cost less than $100. This U.S. Small Business Administration guide will tell you where to register.

    You can also go the extra step and apply for trademark protection. This costs less than $300.

    4. Collect the Necessary Paperwork

    You’ll need to gather some information before approaching your chosen bank and opening an account.

    You will need, at minimum:

    • A tax ID number (get one via the IRS for free)
    • Social security number (if you’re a sole proprietor)
    • Proof of incorporation (for business structures like LLCs)
    • A business license or business name filing paperwork

    Contact your chosen bank to see what paperwork you’ll need to provide to open your account.

    5. Contact the Bank

    You can usually open your business bank account online. But some companies will have to do so in person at a bank branch. These include companies in the telemarketing, gambling and money service industries. One of the benefits of going in person is that you’ll be able to get your business debit card immediately.

    6. Set up a Merchant Services Account

    Now that you have a business bank account, go a step further and make sure your company can accept payments. To do this, you need to open a merchant services account that lets you accept payments. For example, a credit card merchant account will let you accept credit card payments.

    Check the following criteria when deciding on an account, according to the SBA:

    • Minimum monthly fees
    • Transaction fees
    • Discount rates: percentage charged per transaction processed
    • Address verification service (AVS) fees: help verify a credit card to prevent fraud
    • Low ACH daily batch fees: fees to settle credit card transactions daily

    Alternative payment processing services are also popular and connect to your business bank account. If you accept payments online, you can consider online payment systems like PayPal or Shopify. In-person payments can be processed via point-of-sale systems like Square.

    People also ask:

    What Do You Need to Open a Business Bank Account?

    Each bank requires different information to open a business bank account.

    At minimum, you’ll probably need:

    • A tax ID number: the IRS will supply you with one
    • Social security number: for sole proprietors or partnerships
    • Proof of incorporation: for corporations like LLCs
    • A business license or business name filing paperwork

    Can You Use a Personal Bank Account for a Small Business?

    You can use a personal bank account for a small business, but you probably shouldn’t according to the National Federation of Independent Businesses. Here’s why:

    Higher Accounting Fees

    While personal bank accounts cost less, this type of account for business will ultimately cost you more in accounting fees because accountant will need to spend more time separating out your business expenses and income from your personal expenses and income.

    Harder to Get a Business Loan

    Even if you open a separate personal bank account for your business, you’ll have a harder time getting a loan. Lenders don’t usually offer loans to businesses using personal bank accounts because small businesses using business bank accounts usually have more accurate records. And if your personal and business finances are mixed, banks won’t have a clear picture of cash flow nor be able to see an income statement.

    On top of this, business bank accounts usually have the option to get a line of credit, which is important in an emergency, according to the SBA.

    Taxes Are Trickier

    Tax time will probably be a nightmare if you use a personal bank account. Combining your personal and business finance will make getting audited a real problem. Plus, it’s harder to prove that expenses purchased through a personal account were used for business purposes. This makes them more difficult to write off on your taxes.

    Can’t Process Payments

    Payments are simpler with a business bank account. If you’re making out personal checks, they’ll be processed slower. Plus, personal checking accounts won’t let you connect merchant accounts that can process credit card and debit payments.

    How Much Does It Cost to Open a Business Bank Account?

    Rates and fees vary from bank to bank. Many bank don’t charge a monthly fee, but they will require you to deposit a minimum amount to open the account.

    Minimum deposits can be as low as $25 for a bare-bones business bank account, though this comes with certain requirements like keeping a daily balance of $1500. Some banks even offer no minimum deposits and no minimum balance.

    There are also costs associated with getting the required paperwork to open a business bank account:


    RELATED ARTICLES

    Источник: https://www.freshbooks.com/hub/accounting/set-up-business-bank-account

    Best Banks for Small Businesses

    Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links.

    If you run a small business, a bank account isn’t an option, it's a requirement. Every business should have its own dedicated checking account, and possibly savings, credit cards, and other accounts, to keep cash safe and build a financial record for the business.

    But don’t just head to the closest bank and think they will offer the best deal or even all of the features you need in a small business bank. It is important to do research to choose the best bank for your unique business needs. When reviewing accounts, consider some of these features, which may or may not matter for your business: cash deposits, mobile check deposits, free ATMs, keeping all accounts at one bank, interest-bearing checking accounts and in-person customer service.

    And while keeping in mind that business bank accounts tend to charge higher fees than personal accounts, you should still seriously consider the costs of a bank account. Major fees for business bank accounts include monthly account fees, excess transaction fees and excess cash deposit fees.

    Because every business is different, there is no perfect account for small businesses. Some small businesses may be happy with an online-only bank that does not charge any monthly fees. Other businesses care more about frequent cash deposits and will never need to deposit a check from their phone.

    The only universal desire in small business bank accounts is low fees, so be on the lookout for fees that you may be charged unless you meet specific criteria to avoid them.

    Now that we have all that out of the way, let's take a look at the best banks for small businesses.

    Best Banks for Small Businesses in 2021

    • Best Overall: Chase
    • Best for Online-Only Checking: Axos Bank
    • Best Credit Union: Navy Federal Credit Union
    • Best for Number of Branches: Wells Fargo
    • Best for Business Analysis: M&T Bank
    • Best Fee-Free Brick-And-Mortar Checking: US Bank

    Best Overall: Chase


    If you want the traditional bank experience, Chase is your best option as a small-business owner. Chase has locations around the country, offers business checking with no fee as long as you maintain a $2,000 minimum balance, plus one of the best online banking and mobile banking systems available.

    Chase is also a great bank for business credit cards. Chase Ink Business Preferred, for example, offers high-value rewards you can use toward free and discounted travel. If you have your checking and savings accounts at the same place, it is easier to manage everything with one online banking login.

    In summary, Chase takes the top spot because it offers everything your business might need, lots of locations, and options to dodge monthly service fees. Both small, solo businesses and brick-and-mortar businesses with many employees can easily find their needs met at Chase.

    Best for Online-Only Checking: Axos Bank


    While Capital One put its Spark Business Checking on hiatus, Axos Bank jumped up to claim the spot for the best online checking account that is currently available for small businesses. Axos Bank opened in 2000 and was a pioneer of online-only banking in the United States. The company has ample experience in providing banking services for both business and personal customers.

    The Business Interest Checking account is free with a rather large $5,000 average daily balance, otherwise, you’ll pay a $10 monthly fee. The account includes up to 50 free items per month, so it is not ideal for the busiest businesses with a huge number of transactions or a smaller business that keeps a low daily balance. But it does offer interest, currently 0.80 percent, and great online and mobile banking options.

    Axos also offers a basic business checking account with no monthly fee, up to 200 free items per month and other goodies with no interest. Depending on your needs, this may be better than the Business Interest Checking account.

    Axos also offers money market and savings accounts for businesses, CDs, and a full suite of cash management services. It’s pretty impressive for any bank, not just online banks. If you don’t need to work with cash but do need a serious bank, consider Axos Bank for your small business banking needs.

    Best Credit Union: Navy Federal Credit Union


    While it is not technically a bank, Navy Federal Credit Union offers top quality business banking services perfect for a wide range of small businesses. Those include business checking and savings, loans, credit cards, payment processing and even retirement and insurance for you and your employees.

    Credit unions are not-for-profit entities. This means they tend to charge lower fees and offer higher interest rates on savings than for-profit banks.

    To open a business bank account at Navy Federal, you’ll first need to become a business member. This requires you to join the credit union yourself as an individual first. You’ll also need a $250 opening deposit for sole proprietorships or $255 for business entities to get started as a business member. Additionally, you already need to be a regular member of the credit union which requires a $5 deposit into a savings account.

    Credit unions are typically geared more toward consumers than businesses​ but don’t overlook the big opportunity to save money with a business checking and savings account at a credit union.

    Best for Number of Branches: Wells Fargo


    Wells Fargo is a hugely popular bank, despite some recent bad PR. It is the largest Small Business Administration lender for SBA loans and has more branches than any other bank in the United States.

    Wells Fargo offers four different business checking accounts. These accounts all have monthly fees, but you can avoid them with a minimum balance requirement in most cases. For the Initiate Business Checking Account, the minimum is $500 to avoid fees.

    Because Wells Fargo is so big, it offers virtually any service your business might need. That includes things like payroll, HR and business tax services. But you may pay more to get many of those services from Wells Fargo than some companies that specialize in those various services.

    If your small businesses use a lot of cash, Wells Fargo is one of your best options. Not only can you deposit cash at the largest branch network, but you can also withdraw fee-free from its massive network of ATMs.

    Best for Business Analysis: M&T Bank


    If you live on the East Coast, consider M&T Bank for your small business banking needs. M&T has 700 branches in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Washington, D.C., Virginia, West Virginia, Vermont, and Massachusetts. But M&T stands out for more than its branch network.

    M&T Bank offers relationship managers who do more than offer you bank accounts and help you with customer service questions. These bankers review your business finances inside and out to help you better understand them and achieve best small business success.

    M&T Bank is a top 10 SBA lender and offers a range of bank accounts. There are five checking options that may be a fit for most small businesses, plus specific accounts for medical and professional services industries. The biggest downside is that you need to maintain a big balance to avoid fees in most of those accounts. To avoid the $10 fee on the basic Simple Checking for Business account, you have to maintain a $2,500 average balance.

    Best Fee-Free Brick-And-Mortar Checking: US Bank


    US Bank isn’t quite as big as some of its competitors, but it still offers a large network of branches and ATMs around the United States. The biggest standout for small businesses is the Silver Business account, which offers checking with no monthly maintenance fee.

    That account is great for smaller businesses with less than 150 transactions per month (you’ll pay .50 each for additional items). You can deposit up to 20 mobile checks each month with no fee and pay the same .50 for additional mobile deposits.

    Like others on this list, US Bank offers additional services through a bundle including credit card processing, payroll servicing and invoicing. Other checking accounts have a higher number of free transactions, but require a large balance to avoid monthly services fees up to $25 per account.

    Источник: https://www.thebalancesmb.com/best-banks-for-small-businesses-4169476

    Bank of America Business Banking Review

    Bank of America Business Banking Review Image

    Whether you’re just starting a business or own an established company, Bank of America has a variety of business bank account options that can work for you.

    This review will go over the details of business banking with Bank of America and explain how it compares to other banking services on the market. Read on to find out if Bank of America is the right choice for you.

    Recommended: Read our Best Banks for Small Businesses review to find the right bank or credit union for your business’s specific needs.


    Summary

    Bank of America offers a basic variety of bank accounts focused on providing resources for small and large businesses. Bank of America sets themselves apart from most banks by offering a great user experience with their easy to navigate website and mobile app. Bank of America also makes it easy to waive monthly fees, add additional accounts, and receive some nice perks with their Business Advanced Relationship Rewards Program. One of the oldest and most well known banks, Bank of America has 67 million clients, 16,100 ATMs, and 4,400 branches, making them a great option for many businesses.

    The Truic Flame Logo

    Who is Bank of America right for?

    Any business, big or small, can benefit from a business bank account and banking resources Bank of America offers.

    Open an Account

    PROS

    • 4,400 branches and 16,100 ATMs nationwide.
    • Great mobile app and website.
    • Set up a savings account or additional checking accounts with an existing checking account.
    • There are several ways to easily waive monthly fees.
    • The Business Advantage Relationship Rewards Program offers special interest rates, significant credit card reward bonuses, fee free banking, and more.

    CONS

    • Low interest rates, even with Bank of America’s Business Relationship Rewards Program.
    • Many added fees for things like wire transfers, account management tools, and additional deposits and transactions.
    • Accounts are not as tailored to different types of businesses like some competitors’ offerings.

    Chase Bank offers banking options for every business owner, no matter the size of your company.

    Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

    Read our Chase Business Bank Account review

    Pricing

    Bank of America offers a few different pricing tiers. With a low monthly fee and transaction limit, Business Fundamentals Checking is designed for small businesses. Business Advantage Checking, their top tier checking account, is a great choice for businesses with a large cash flow. Bank of America also offers two savings accounts, the Business Investment Account for small businesses, and the Business Advantage Savings Account for larger businesses looking to put aside more money. You can also get a Certificate of Deposit (CD) for high interest savings at a variety of rates.

    Base Features

    • Access to Bank of America Online and Mobile banking
    • A variety of ways to waive monthly fees
    • Additional accounts can be added to existing accounts without monthly fees
    • Checking account holders receive business and employee debit cards
    • Savings account holders receive deposit and ATM cards

    Business Fundamentals

    Bank of America’s Business Fundamentals Checking account includes:

    • A $14 monthly fee that can be waived if you do one of the following:
      • Spend $250 in net purchases with a BOA debit or credit card
      • Maintain an average monthly balance of $5,000 or more
      • Keep a minimum daily balance of $3,000
      • Maintain a total monthly balance of $15,000 or more in a linked BOA account
      • Enroll in the Business Advantage Relationship Rewards program
    • Limit of 200 transactions, then 45 cents per transaction (no additional fee for ACH transfers, debit card transactions, online bill pay electronic deposits, and checks deposited)
    • No fee for the first $7,500 cash deposits, then 30 cents per $100
    • Incoming wire transfers:
      • Domestic - $15/transfer
      • International - $16/transfer
    • Features:
      • A Business Investment Savings Account can be included without any additional monthly fees
    • Account management for $15/month

    Cost:

    $14 per month

    The Truic Flame Logo

    Who should open a Business Fundamentals checking account?

    The Business Fundamentals account is a basic checking account that includes easily waivable fees, a low transaction limit, and the option to include a Business Investment Savings Account. This makes it a good match for startups and small businesses.

    Business Advantage

    Bank of America’s Business Advantage Checking account includes:

    • A monthly fee of $29.95 a month that can be waived if you do one of the following:
      • Spend $2,500 on a business credit card
      • Maintain a combined average monthly balance in all Bank of America accounts of at least $35,000
      • Maintain an average monthly balance of $15,000 or more
      • Actively use one or both of these business services:
        • Bank of America Merchant services
        • Payroll services
      • Enroll in the Business Advantage Relationship Rewards Program
    • Limit of 500 transactions, then 45 cents per transaction (unlimited digital transactions)
    • No cash deposit processing fees for the first $20,000, then 30 cents per $100
    • Features:
      • A Business Advantage Savings account can be added without monthly fees
      • An additional Business Advantage Checking account can be added without monthly fees
      • No fee introductory check package that includes checks, deposit slips, and an endorsement stamp
      • No fee for online business services account management
      • No fee for incoming domestic and international wire transfers

    Cost:

    $29.95 per month

    The Truic Flame Logo

    Who should open a Business Advantage checking account?

    If you’re running a small/medium sized business that will have a high balance and are looking for a higher transaction limit, then the Business Advantage Checking account will be a good match for you.

    Business Investment Savings

    Bank of America’s Business Investment Savings account includes:

    • 0.02% Interest rate and APY
    • $100 opening deposit
    • $5 monthly fee that can be waived if you:
      • Maintain a $2500 minimum daily balance
        -OR-
      • Include one Business Investment Account as a part of your Business Fundamentals Checking account
        -OR-
      • Enroll in the Business Advantage Relationship Rewards program
    • Up to 6 wire transfers and withdrawals per month
    • Deposits:
      • No fees for first 25 checks, then 45 cents per check
      • No fees for deposit tickets
      • No fees for first $5000 cash, then 30 cents per $100
    • Features:
      • Overdraft protection when you link your savings account to your Bank of America Checking account
      • Business ATM card for withdrawals and transfers
      • Business Deposit card for making deposits to your Bank of America accounts at an ATM
      • Ability to write up to 3 checks per statement cycle

    Note: The Business Investment Savings account cannot get the interest rate boost from the Business Advantage Relationship Rewards program.

    Cost:

    $5 per month + $100 opening deposit

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    Who should open a Business Investment Savings account?

    The Business Investment Savings account is good for businesses that expect to have a low balance and minimum transactions, particularly small businesses or startups.

    Business Advantage Savings

    Bank of America’s Business Advantage Savings account includes:

    • Interest rates of 0.02%-0.04%
      • 0.02%-0.08% for Business Advantage Relationship Rewards members based on their relationship (gold, platinum, or platinum honors)
    • $100 opening deposit
    • $15 monthly fee that can be waived if you:
      • Maintain a $5000 minimum daily balance
        -OR-
      • Include one Business Advantage Savings account as part of your Business Advantage Checking Solution
        -OR-
      • Enroll in Business Advantage Relationship Rewards
    • Limit of 6 wire transfers and withdrawals per month
    • Deposits:
      • No fees for first 25 checks, then 45 cents per check
      • No fees for first $5000 in cash, then 30 cents per $100
    • Feature:
      • Link this account to checking account for overdraft protection
      • Business ATM card for withdrawals and transfers
      • Business Deposit card for making deposits to your Bank of America accounts at an ATM
      • Eligible for interest rate booster with the Business Advantage Relationship Rewards Program

    Note: You can’t write checks or use a debit card for purchases (point-of-sale transactions) with this account.

    Cost:

    $15 per month + $100 opening deposit

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    Who should open a Business Advantage Savings account?

    The Business Advantage Savings account is tailored for established businesses with larger balances, as well as businesses who may plan on enrolling in the Business Advantage Relationship Rewards Program.

    Business Featured CD

    Bank of America’s Business Featured Certificate of Deposit:

    • 0.08% APY
    • 12 month term
    • $10,000 minimum opening deposit

    Cost:

    $10,000 minimum opening deposit

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    Who should open a Business Featured CD?

    If you’re looking to make a quick investment with higher yield, the Business Featured Certificate of Deposit may work for you.

    Standard Term CD

    Bank of America’s Standard Term Certificate of Deposit:

    • 0.03-0.80% APY depending on term and balance
    • 7 day to 10 year terms
    • Minimum opening balance:
      • $15,000 for 7 to 27 day term
      • $1,000 for 28 day to 10 year term

    Cost:

    $1,000 or $15,000 minimum investment depending on term length

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    Who should purchase the Standard Term CD?

    Business owners looking for long term investments with a high yield may find the Standard Term Certificate of Deposit beneficial.

    Business Advantage Relationships Rewards Program

    Bank of America offers a Business Advantage Relationship Rewards Program for qualified businesses with multiple Bank of America checking accounts, credit cards, or savings accounts. Depending on how much money you have at Bank of America, the Business Advantage Relationship Rewards Program gives special interest rates, bonuses and discounts, significant credit card reward bonuses, fee free banking, priority services, and access to Merrill Edge online investing.

    For more information, check this program out here.

    Ratings

    Value - 4/5

    Catering to companies ranging from startups to large businesses, Bank of America offers a fairly good selection of bank accounts compared to their competitors. Unless you’re enrolled in the Business Advantage Rewards Program, the interest rates are low, with 0.04% APY, compared to up to 0.08% APY in the rewards program. While avoiding monthly fees has never been easier, there are a lot of additional fees that you can regularly incur. On the other hand, Bank of America has a great website, mobile app, and customer service, making banking with them a seamless experience.

    Customer Service - 4.5/5

    Based on our own experience as well as online reviews, we have mostly good things to say about Bank of America’s customer service. The customer service is easy to get a hold of, responsive, friendly and knowledgeable. They can be reached through phone, online chat, mail, and in person at any Bank of America branch. The quality of their customer support stands up to their major competitors.

    Ease of Use - 5/5

    Bank of America’s website and mobile app are some of the best we’ve seen. Banking is made quick and easy with their organized and user friendly interface.

    Included Features - 4/5

    The main feature Bank of America offers is their Business Advantage Relationship Rewards Program. The Relationship Rewards Program includes features such as special interest rate bonuses and discounts, and fee free banking. The interest rate bonuses and APY top out at 0.08%, which is about even with Chase bank. Credit card bonuses offer an additional advantage, allowing card holders to earn up to 3.75% cash back on some purchases, or up to 2.62 points on all purchases.

    Conclusion

    With 67 million clients, 16,100 ATMs, and 4,400 branches, Bank of America is one of the oldest and most well known banks in the United States, and can be a great option for many businesses. Bank of America’s variety of bank accounts for small and large businesses, and great website and mobile app, set them apart from their competition. Their Business Advantage Relationship Rewards Program caters to and rewards their dedicated customers. Their major drawbacks include low interest rates - even for Relationship Rewards customers - and a large number of fees. Overall, though, Bank of America is a great choice for businesses large and small.

    The Truic Flame Logo

    Who is Bank of America right for?

    Any business, big or small, can benefit from the banking resources Bank of America offers.

    Open a Business Bank Account
    Prices vary by package

    Chase Bank offers banking options for every business owner, no matter the size of your company.

    Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

    Read our Chase Business Bank Account review

    Источник: https://howtostartanllc.com/reviews/bank-of-america-business-bank-account-review

    Bank of America Business Checking Review

    As a business owner, it’s considered best practice for you to keep your personal and professional finances separate—even if you are doing business as a sole proprietor or independent contractor. Opening a checking account just for your business expenses is an important first step in managing your company’s finances, and will save you time and stress at tax time. What’s more, if you anticipate borrowing in the future there are many lenders who will not approve a business loan application if you don’t have a business checking account.

    If you’re not sure where to start, consider Bank of America business checking accounts. The company offers two robust options that can work for small business owners, offering low fees and useful perks to streamline your business operations. In this Bank of America business account review, you’ll learn about the different options and how to choose the right account for you. 

    Just keep in mind as you read this that some accounts, services, and fees vary from state to state. 

    Features of Bank of America business checking accounts

    Bank of America offers two primary types of checking accounts available to small business owners, and you can switch between them as your needs change. Both of these are non-interest bearing accounts. 

    1. Business Advantage Fundamentals Banking

    If you have a new business or if your average monthly balance tends to be relatively low, a Bank of America Fundamentals account may be for you. When you open a Business Advantage Fundamentals Banking, you’ll get access to Bank of America’s Small Business Online Banking platform. Use it to send one-time or recurring electronic payments (bill pay), receive bills from companies online, and download transactions to QuickBooks for easy accounting. 

    You’ll also get business and employee debit cards so you can track your business spending more easily. 

    With a Business Advantage Fundamentals Checking account, there is a $16 monthly fee. However, that fee will be waived in the following cases you meet of the following requirements each statement billing cycle:

    • You spend $250 in new net purchases on a linked Bank of America business debit card or  
    • You maintain an combined average monthly balance of $5,000 or more
    • Alternatively, you qualify for and enroll in the Preferred Rewards for Business program 

    There is a monthly account management fee of $15. Incoming wire transfers will cost you $15 per domestic transfer, and $16 per international transfer. 

    There are no fees for your first 200 transactions, including checks paid or deposited. After that, Bank of America will charge you $0.45 per item. For cash deposits, there’s no charge for the first $7,500. After that, there’s a $0.30 fee per $100 deposited. There are no excess transaction fees for certain transactions including debit card transactions, Remote Deposit Online, Bank of America ATM, or checks deposited through Mobile Check Deposit. 

    2. Business Advantage Relationship Banking

    If your business is more established, you spend at least $2,500 per month on your business card, or maintain an average monthly balance of $15,000 or more, consider signing up for a Business Advantage Checking account. 

    As an account member, you’ll get access to a Business Advantage Savings Account with no additional monthly fee. And, you can open a second Business Advantage Checking account without having to pay another monthly fee. 

    You’ll get access to the Small Business Online Banking platform, and get business and employee debit cards to manage your spending. 

    As an added perk, there is a special $300 credit card offer for Business Advantage Checking account members. Spend at least $3,000 in new purchases within the first 90 days of opening an eligible business Bank of America credit card account, and you’ll get a $300 statement credit. 

    This business bank account has a simple fee structure: $29.95 per month. However, that fee will be waived if you meet one of the following requirements: 

    • You spend $2,500 in net new purchases on a business credit card
    • You maintain an average monthly balance of $15,000 or more
    • You maintain a combined average monthly balance in your linked Bank of America accounts of at least $35,000
    • You actively use Bank of America Merchant Services or Payroll Services
    • You qualify for and enroll in the Preferred Rewards for Business program 

    There are no additional account management fees, and there is no fee for wire transfers. 

    In terms of a transaction fee, there are no fees for your first 500 transactions. After that, you’ll be charged $0.45 per item. There is no cash deposit fee for the first $20,000, then you’re charged $0.30 per $100. 

    What do I need to open a business checking account at Bank of America?

    To apply for a Bank of America business checking account, you’ll need the following information: 

    • Business documentation such as filing documents, articles of organization, articles of incorporation and/or certificate of resolution
    • Business Tax ID (EIN)
    • Name and address of the business
    • State in which the business operates
    • State in which the business was formed
    • Date the business was established
    • SSN, address and DOB of the business owner

    Once the bank has your application and all the appropriate documents, your account could be open and available for use within 24 hours. You will need to supply documentation within a certain number of days, so be prepared to provide it. 

    Once your account is open, you should receive a debit card and checks (if you’ve ordered them) within 5-7 business days.

    How a Bank of America business account works

    A Bank of America business account typically includes one of a couple of different types of checking accounts listed above. If you need a more full-service relationship, you can link a second Business Advantage Relationship Banking account, Business Economy Checking, Business Interest Checking, Business Advantage Savings, Business Investment Account and Business CDs. You may want both a business checking and business savings account, especially as your business grows.

    You can open a Bank of America business account online but once your account is approved you’ll either need to mail a signature card or take it to a local financial center. You can then put funds into your account while applying by using a debit card, transferring money from another account or writing a check. You can open most banking accounts with an opening deposit of $100 or more. 

    You’ll get a debit card giving you access to thousands of ATMs, mobile banking, bill pay, and access to Zelle for your business.

    Pros and cons of a Bank of America checking account

    If you’re thinking about opening a Bank of America small business checking account, keep these benefits and drawbacks in mind. 

    Benefits

    • Monthly fees can be waived: While there is a monthly fee, you can have that fee waived if you meet certain criteria. 
    • Robust banking platform: You’ll have access to the Small Business Online Banking platform, a program you can use to manage your finances, accept and send payments, and sync with QuickBooks. 
    • Bricks-and-mortar locations: Bank of America has thousands of branches nationwide. If you need in-person customer support, you can visit a branch and speak to a live representative for help. 

    Drawbacks

    • Fees: While it’s possible to get your monthly fees waived with a Bank of America checking account, not all businesses will qualify. And there are other fees that may impact your business.
    • High monthly balance requirements : To have your monthly fee waived, Bank of America requires you to have an average monthly account balance of $3,000 to $15,000. That’s higher than some other free business checking account offerings. 
    • Mobile app gets mixed reviews. The Bank of America mobile app (not specifically for business banking) gets mixed reviews and does not appear to be as robust as some designed specifically for small business owners. 

    FAQs

    Here are the answers to some common questions about Bank of America’s business checking accounts: 

    1. What is the Bank of America business checking bonus? 

    Occasionally, Bank of America will offer a bonus to new business checking customers. For example, at the time of this writing, you can earn up to $200 when you open a new Bank of America business checking account over the phone and meet qualifying criteria

    The bonuses are always for a limited time, and are subject to change. Currently, you can earn $100 to $500 to support your small business. Learn more here.

    2. What are the Bank of America business checking account fees?

    The fees for your checking account depend on what kind of account you have.

    Business FundamentalsBusiness Advantage
    Monthly Maintenance Fee$17$29.95
    Account Management Fee$15$0
    Wire Transfer Fees$15 per domestic transfer,
    $16 per international transfer
    $0
    Excess Transaction FeesNo fee for first 200 transactions,
    then $0.45 per item
    No fees for first 500 transactions,
    then $0.45 per item
    Cash Deposit FeeNo fee for first $7,500,
    then $0.30 per $100
    No fees first the first $20,000,
    then $0.30 per $100

    3. Can I open a Bank of America business checking account online? 

    Yes, you can open a Bank of America business checking account online. You can also open an account by visiting a financial center in-person or by calling 866-543-2808. 

    4. Should I get a Bank of America business credit card? 

    If you’re a small business owner and are signing up for a business checking account, it’s a good idea to sign up for a business credit card, as well. Having a separate credit card will help you track your spending, allowing you to maximize your deductions. And, a good credit card can help you earn valuable rewards. 

    You can also set up your Bank of America business credit card as overdraft protection. 

    Bank of America offers several excellent credit card options for business owners. For example, you can earn 3X points per $1 spent on travel purchases and 1.5X points per $1 spent on all other purchases with the Business Advantage Travel Rewards card. 

    Or, you can opt for the Business Advantage Cash Rewards MasterCard and earn 3% cash back on your choice of one of the following six categories: gas stations, office supply stores, travel, television and wireless services, and computer services or business consulting services. 

    The Platinum Visa carries no annual fee, and you can earn a $300 statement credit if you spend $3,000 on net purchases within the first 90 days of opening an account. 

    *Information about Bank of America business credit cards has been collected independently by Nav. These cards are not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.

    Opening a business checking account

    Ultimately, the best business checking account is the one you use. A business checking account can invaluable as you grow your business, and even when it comes to qualifying for small business loans.

    Bank of America is just one of many banks that offer business checking accounts. If you’re thinking of opening a new business checking account for your company, choosing one of Bank of America’s checking accounts is an option to consider. With fees that may be waived and branches across the U.S., Bank of America can help you manage your business’ finances and streamline your bookkeeping.

    This article was originally written on September 17, 2020 and updated on November 2, 2021.

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    Kat Tretina

    Kat Tretina is a personal finance writer who is focused on helping people pay down debt, boost their incomes, and start their own businesses. Her work has appeared in publications like The Huffington Post, Entrepreneur, MarketWatch, and more.

    Источник: https://www.nav.com/blog/bank-of-america-business-checking-review-191520/
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