Bank Of America Business Account

Opening a Bank of America Business Account

Choosing the Right Account

Bank of America offers several types of business checking and savings accounts to meet the needs of different companies. When opening a Bank of America business account, you’ll want to consider factors like:

– The number of transactions you expect to make each month
– Whether you need to accept payments or issue checks
– If you’ll need cash deposits and withdrawals
– Any fees associated with the account

Some of the most popular Bank of America business accounts include:

Business Advantage Checking

This is a straightforward checking account with no monthly maintenance fees if you maintain a $5,000 minimum daily balance. It comes with 500 free monthly transactions, cash deposits, and online banking and bill pay. This account allows you to write checks and accept payments.

Business Fundamentals Checking

Designed for startups and small businesses, this account has no monthly fee with any balance. It includes 250 free monthly transactions and standard online banking features.

Business Advantage Savings

This offers basic savings account features like earning interest on your balance. There are no monthly fees with a $2,500 minimum daily balance.

When opening your account, Bank of America will help you select the right account for your business needs.

Applying for a Business Account

To open a business account with Bank of America, you’ll need to gather some important documents and information, including:

– Your business name, address, and Employer Identification Number (EIN)

– Your business registration paperwork showing your business is registered with the secretary of state

– An estimate of your average monthly transaction volume

– Identification information like your Social Security Number for business owners

You can apply in person at a local branch or schedule an appointment with a Bank of America business banker to open your account. The banker will guide you through the process.

Funding Your Account

Once your business account is open, you’ll need to fund it to begin using it. You can fund your Bank of America business account through:

– An opening deposit when you open the account

– Transfers from your personal Bank of America account

– Depositing cash or checks at a branch

– Incoming wire transfers from other banks

– Debit card transfers and ATM deposits

– Merchant service deposits from your sales

It’s a good idea to maintain a minimum balance to avoid any monthly service fees on your account. Bank of America offers several options to fund your new business account so you can start using it right away.

Managing Your Account

Bank of America offers online and mobile banking to easily manage your business account on the go. With online banking you can:

– Check your balance and transaction history
– Transfer funds between accounts
– Pay bills online
– Set up account alerts
– Order checks, cards and other account services

You can also use the Bank of America mobile banking app for your business account to handle your banking needs on your phone or tablet. Features like mobile check deposit allow you to deposit checks simply by taking a photo through the app.

With the convenient digital banking tools from Bank of America, you can securely manage your business account anytime, anywhere. Reach out to a Bank of America banker for assistance opening your account today.

Comparing Bank of America to Other Banks

When opening a business bank account, it’s important to compare your options across different financial institutions. Here’s how Bank of America stacks up to some other major banks for business accounts.

Wells Fargo

Wells Fargo offers similar business checking accounts to Bank of America. Their Business Choice Checking account has no monthly fees with a $500 minimum daily balance. Wells Fargo also has a dedicated team of business bankers to help manage your accounts. However, their online banking platform isn’t quite as robust as Bank of America’s.

Chase

Chase Bank provides strong digital tools for business accounts, including a QuickAccept feature to enable credit card payments anytime. Their Chase Business Complete Checking has no monthly fees and comes with 500 free transactions per month. Chase offers good options for small business, but their branch network is smaller than Bank of America’s extensive footprint.

Citibank

Citibank has a popular business checking account called Citibank Account Package that comes with 500 free transactions per month and no minimum balance requirement. They also offer virtual accounts with customizable account numbers to facilitate accounting. However, Citibank branches are located mostly in urban areas, so accessibility can be limited.

HSBC

For internationally-focused businesses, HSBC provides a good option with their HSBCnet mobile and online banking platform. Their Essential Checking account offers 400 free monthly transactions with a $75,000 combined balance. HSBC also has an extensive global presence. But their domestic U.S. branch network is smaller.

TD Bank

TD Bank is another large national bank with several business checking options. Their TD Beyond Checking account has no monthly maintenance fee and 250 free monthly transactions. TD Bank offers characteristic conveniences like 7 day branch banking. Though, they have fewer branches than Bank of America overall.

Local Banks and Credit Unions

Smaller local banks and credit unions often provide personalized service and competitive rates. However, their digital platforms and branch networks are much more limited. They can be a good option for micro businesses with simple banking needs.

Additional Bank of America Business Services

Beyond business checking and savings accounts, Bank of America offers a suite of additional services:

– Merchant services – Accept credit card payments from customers.

– Payroll services – Pay and manage your employees.

– Business loans and lines of credit – Access financing to grow your business.

– Business credit cards – Manage business expenses with unique rewards.

– Retirement plans – Set up 401(k)s and other plans for your employees.

– Treasury management services – Optimize cash flow management.

As your business evolves, Bank of America provides a range of solutions above and beyond just a checking or savings account. Their all-in-one banking approach makes them a compelling choice for many businesses. Comparing across multiple banks is advised to find the right fit.

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