In their suite of business banking, Bank of America offers two distinct commercial checking options–Business Advantage Fundamentals Checking, and Business Advantage Relationship-Based Checking. Overall they are both excellent. Bank of America business accounts are noteworthy for the variety of ways they can pay the service fee in full in addition to their access to both mobile and online bank tools. In this light Let’s dive into the specifics, beginning by looking at The Bank of America Business Advantage Fundamentals account.
Service Fee Bank of America Business Account
The monthly cost for BoA Business Advantage Fundamentals will be $16 per month. BoA Business Advantage Fundamentals will start at $16 monthly.
Bank of America also allows the addition of a Business Advantage Savings account to the Advantage Fundamentals Checking account, for the cost of $10 per month.
How to Waive This Service Fee?
In the paragraphs above, one of the advantages for the Bank of America business accounts is that you are able to eliminate the fee for service.
When you open this business account You’ll be able to access three ways of getting the fee waived.
- You can make $250 net of new transactions on a corporate debit
- Make sure you have a monthly average balance of not less than $5,000
- You can qualify for and join Preferred Rewards for Business and enroll in Preference Rewards for Business Program.
In general, your corporate checking account gives the user (at minimum) two options to have your fee reduced. This makes this an extremely unique benefit of Bank of America business banking.
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Transaction Allowance
If you have business Advantage’s Business Advantage Fundamentals Checking account it is possible to perform 200 transactions each month without charge. Once you reach this limit, you’ll need to pay $0.45 per transaction over 200.
Also, it’s important to note it is the case that Bank of America does not add an extra transaction charge on the ACH transfer or debit card transactions bill to pay debits that are electronic and checks that are deposited via remote deposits online.
Cash Deposit Allowance
For cash deposits for cash deposits, this Bank of America business checking account lets you pay $7,500 every month, without charge.
If you’re required to deposit more than the amount in cash within a month, you’ll need to pay a $0.30 charge for every $100 you put in above $7500.
Wiring Policy
In addition, you’ll be able conduct wire transfers, both domestic and international through the Bank of America small business checking account.
That being said, every transfer you send using the business account is always subject to a charge. The fees depend on your place of residence and may be changed at any point.
Within the New York area, for example, you’ll have to pay $15 for domestic transfers as well as $16 for international transfer.
Contact the nearest Bank of America financial center for further information about the fees for wire transfer.
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Additional Features
We have mentioned before that one of the best-known characteristics that comes with Bank of America business accounts Bank of America business accounts are their mobile and online tools for banking. According to this, the BoA Business Fundamentals account includes:
- Online banking, with no-cost bills pay and alerts, statement and self-service request for account information
- Mobile banking and mobile check deposit
- The chip-enabled debit cards for employees and business are available. cards
- Tools for managing cash online
- Transfer transactions from QuickBooks QuickBooks
Business Advantage Relationship Checking
If you require greater amounts of monthly transactions, wires, and deposits and you are able to pay (or eliminate) an additional service charge it’s time to take the time to look into your second Bank of America business checking account The Business Advantage Relationship checking.
Service Fee
If you choose to use Business Advantage Checking, then the cost of your monthly service is set to $29.95.
At this rate it is possible to establish another Bank of America business checking account for free, with no additional monthly cost.
There is the option of adding an Bank of America business savings account – the Advantage Savings account, without an additional monthly cost.
In addition, you’ll be able to access BoA Online Banking Account Management tools at no cost if you want to include this feature in your Advantage Fundamentals account, however the cost would be 15 dollars monthly.
How to Waive This Service Fee?
Contrary to that of the Business Advantage Fundamentals account, the Business Advantage Relationship account from BoA provides only two options to reduce the service charge per month.
- Make sure you have a balance in your account each month that is at least $15,000
- Enroll in Preferred Rewards for Business and enroll in Preferred Rewards for Business program
Transaction Allowance
This Bank of America business account will allow you to access 500 monthly transactions at no cost (which will be more than two times more than that of the Advantage Fundamentals account).
If you go over the limit, every operation you complete in the month will incur a charge in the amount of $0.45.
In addition, as with other accounts like the Advantage Fundamentals account, you won’t be charged an additional fee to cover ACH as well as debit card transactions. electronic bill payments and checks that are deposited in the remote deposit option online.
Cash Deposit Allowance
The business Advantage Relationship account gives you the ability to deposit as much as $20,000 cash-inserts for no cost each month.
In addition to this monthly cash deposit amount, you’ll be required to be charged $0.30 per $100 that you pay in cash.
Wiring Policy
This Bank of America business checking account, you’ll have more access to wires that are fee-free as opposed to an account called the Business Advantage Fundamentals account.
Actually, Bank of America will remove all the usual charges for wiring that are associated when wires are inserted into your system, both domestic and international.
However it’s still necessary to pay fees that are standard for each wire that is made with your Business Advantage Relationship Account.
Additional Features
Additionally, similar to similar to the Advantage Fundamentals account, this Bank of America business account includes:
- Mobile and online banking
- Employee and Business debit cards
- Tools to manage cash
But, the Advantage Relationship Account for Business-Checking also comes with other benefits, including:
- Complete QuickBooks integration for no charge
- Check package for introductory checks that is free
- There are no fees associated with:
- Stop payment
- Check Image Service
- Copies of check
- Statements in the form of copies
- ATM and Debit card replacement such as rush replacement
Pros and Cons of Bank of America Business Checking Accounts
It is evident, with relatively low service fees, large transactions and cash limit on deposits, in addition to a strong emphasis on mobile and online tools for banking, Bank of America offers two highly competitive business checking accounts.
What do you need to know? determine whether the Bank of America business account will be the best choice for your needs?
Let’s look at some of the advantages and disadvantages of these accounts so that you’re able to compare the points with other accounts you’re thinking about.
Pros of Bank of America Business Banking
There is no doubt that some advantages of one among these Bank of America business checking accounts is the points we’ve highlighted so far.
The first is that both accounts have multiple methods to avoid the charge (making these accounts more likely to turn into complimentary corporate checking accounts)–which can be a feature that you’re unlikely to find with any other bank account for business.
In addition, both accounts allow the highest cash deposits specifically in relation to competitors such as Chase and several online banks that aren’t able to accept cash deposits.
In addition, both Bank of America business accounts have useful tools which, in general, will aid you in managing your money, particularly if you wish to use other products for business that are offered by BoA.
If you have one of the Advantage Fundamentals or Advantage Relationship account, you have the option of linking other savings or checking accounts with low fees (or absolutely free) and use both the online and mobile banking options, and also access additional options for accounting and banking.
In the end, if you’re searching for a low-cost, easy to access and small-business-friendly check account at a standard bank, any of these BoA corporate checking accounts are beneficial options.
Cons of Bank of America Business Banking
But As is the situation in all products of the business banking industry There are a few drawbacks that you should be aware of when it comes to the BoA small-sized commercial checking accounts, too.
The first, and most importantly, even though Bank of America has relatively affordable fees and allowances for transactions for a conventional small-business bank when compared with banks that operate online, digitally first it could cost you an enormous amount for managing your cash through BoA.
If you’re considering Bluevine, NBKC, or Novo there’s a chance that you have access to the unlimited amount of transactions without charges for monthly usage, regardless of the amount you’ve got in your account at any given moment. In general the accounts are free of charge and will have access to the most effective tools available in the world of online and mobile banking.
As a result, many of these accounts online let you make wire transfer payments for no charge and at a minimum, for free ACH payment and give users more choice in options to receive and transfer funds for no charge.
The other side in the range, one could discover that while Bank of America only offers two business checking accounts, others brick-and-mortar rivals, such as Chase as well as Wells Fargo, offer up to three distinct accounts, which can be adapted to accommodate companies that are different in size.
Top Alternatives to Bank of America Business Checking
After we analyze the two Bank of America business accounts, You may conclude that you’ve located the perfect business checking account.
If you don’t have one yet, or you just would like to think about every one of the options available, there’s a good chance that you’re looking at the best alternatives for a BoA small business check account.
The best options for these accounts are in three types:
- Digital bank accounts offer greater flexibility
- Brick-and-mortar rivals with different characteristics
- Business savings accounts are a distinct type of bank account
To put this into perspective, we’ll look into a few BoA alternatives to be considered:
First, suppose you require more flexibility than the two Bank of America business checking accounts. In that case, you should shift your attention to digital-first or banks that are exclusively online, such as Bluevine. Opening a Bluevine commercial bank account swiftly and conveniently online is possible. The account comes with unlimited transactions, two complimentary checkbooks, a business-friendly debit card, and mobile and online banking, all this while earning high APR and not charging charges for service monthly. Furthermore, there is a Bluevine business checking account. Bluevine corporate checking account does not charge NSF charges, the minimum requirement for deposit opening is not required, and no minimum balance requirements, there are no ACH fees, and there are no fees for wire transfers. The only charges you’ll have to be charged are the fees for wires that you send out–$15. Additionally, the bank account grants you access to more than 38,000 ATMs that are fee-free across the U.S. and more than 90,000. Green Dot locations–where you can pay cash in exchange for a fee, which is only sometimes the case for online-based business accounts. Additionally, you can manage your entire account online. Pay suppliers and bills, perform transfers between and to other accounts, make regular and one-time payments, and so on. Overall, Bluevine is an excellent option for accessibility, flexibility, and affordability–especially if you’re looking for digital tools and the ability to earn interest on your funds.
The Bottom Line
Overall, Bank of America business checking accounts provide one of the top features and the lowest costs of any checking account available, particularly within traditional banking.
However, it’s your responsibility to determine if one of the Bank of America business accounts will suit your particular business or if you can find another option to meet your needs better.
In the end, it is based on how your company operates and the results you’re seeking about many aspects we’ve covered, including:
- Service charge (and options to get it waived)
- Transaction allowance
- Cash deposit allowance
- Wiring Policy
- Additionally, any other aspects that are crucial to the success of your company
On the final day, if you require an extensive monthly amount of transactions, a money deposit limit, and a minimal (and waivable) monthly cost, Bank of America distinguishes itself from brick-and-mortar rivals. But, on the opposite side, if you want a completely free banking experience, You’ll probably want to switch your search to online banks or other sites that allow you to establish a company checking account online.
At Last
5 Star Processing offers a secured platform that offers a variety of payment solutions that are designed to satisfy a variety of business requirements. They are committed to safety, and their solutions ensure the security of transactions. Whether you’re an aspiring business seeking an ideal financial base or an established company looking to improve your bank experience, exploring well-known institutions such as Bank of America for business banking services is an intelligent choice. Examining their products can assist you in locating tailored business checking accounts that match the needs of your changing business and ensure you have a secure financial platform for the business you run.
