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Banking

Business checking review: Bank of America Business checking account comparison

Bank of America has two checking account options for medium-sized businesses, Fundamentals and Advantage. Here are the details on both so you can decide which might be right for you.

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Due to high demand, BlueVine has temporarily paused new applications. Please visit our list of best business checking accounts to view alternative options that may work for you.

Like individual consumers, small business owners and large corporations alike need a bank where they can stash their money — granted their finances are a bit more complicated. But just because you own a business doesn't mean you're want to pay big monthly fees for your banking needs.

Bank of America offers two checking account options for business owners, each designed for companies at different stages of growth: The Bank of America Business Fundamentals® Checking and the Bank of America Business Advantage Checking have two different monthly fees (with easy ways to waive) and minimum balance requirements for businesses with small, medium and large revenues.

If you operate a traditional (cash) business and need a brick-and-mortar financial institution designed for handling daily deposits, read on to learn the ins and outs of Bank of America's business offerings. (Learn more about our methodology below.)

Bank of America Business Checking reviews

Quick comparison: Bank of America Business checking accounts

Business Fundamentals® Checking Business Advantage Checking
Monthly fee$16 or $0 per month (see ways to waive fee below)$29.95 or $0 per month (see ways to waive fee below)
Good forSmall-to-medium sized businesses in need of an account for the essentialsMedium-to-large-sized businesses in need of account management and/or multiple accounts
Business savings account add-onBusiness Investment Account (no additional monthly fee)Business Advantage Savings (no additional monthly fee)
Account management servicesNot included (Add for $15/month or upgrade to Business Advantage)Included
Incoming wire transfer feeDomestic: $15/transfer International: $16/transferNo fee
Other perksNoneFree stop payments and wire transfers; add on additional account for no charge

Access to your cash

Users can withdraw cash for free at over 16,900 Bank of America ATMs around the country or by visiting one of the 4,300 branches nationwide.

Here are the fees and limits for depositing money (whether your business handles cash, checks or electronic transfers):

Business Fundamentals

  • Cash deposits up to $7,500 per statement cycle are free (then 30 cents per $100)
  • Maximum of 200 check deposits/other debits per statement cycle, then 45 cents per item (will be waived for Mobile Check Deposits or ATM deposits for billing cycles beginning after January 30, 2021; may vary by state)
  • Unlimited free ACH, debit card, electronic debits and check deposits through Remote Deposit Online

Business Advantage

  • Cash deposits up to $20,000 per statement cycle are free (then 30 cents per $100)
  • Maximum of 500 check deposits/other debits per statement cycle, then 45 cents per item (will be waived for mobile check deposits or ATM deposits for billing cycles beginning after January 30, 2021; may vary by state)
  • Unlimited free ACH, debit card, electronic debits and check deposits through Remote Deposit Online

Perks

Bank of America's business checking accounts come with some tailored tools to help account holders stay on top of their day-to-day responsibilities.

  • Mobile banking: Deposit checks, request transfers, pay bills and monitor pending transactions from the palm of your hand with the Bank of America mobile app.
  • Account balance alerts: Receive notice when your balance dips too low or there is unusual activity.
  • Business debit cards: Track expenses with employee debit cards that let you set spending limits.
  • Digital tools: Plan ahead while monitoring your balance, payments and revenue with Cash Flow Monitor.

Additional Advantage account perks

  • Flexible account access: Share and hide details of accounts with certain employees for different job-related purposes.
  • Easy cross-account management: Manage multiple accounts with just one online ID.
  • Easy sync with QuickBooks and ADP: Manage invoicing and payroll seamlessly with no-hassle integration.
  • Free stop payments and wire transfers: Avoid getting nickel-and-dimed on qualifying payments.

Fees

The Business Fundamentals account has a $16 monthly maintenance fee. The Business Advantage account is $29.95 per month.

However, both accounts offer ways that customers can avoid the monthly fees:

Business Fundamentals

Do one of the following each statement cycle:

  • Maintain a $5,000 combined average monthly balance across your linked Bank of America accounts
  • Use your Bank of America business debit card to make at least $250 in new net qualified purchases
  • Qualify for and enroll in the Preferred Rewards for Business program

Business Advantage

Do one of the following each statement cycle:

  • Spend $2,500 in net new purchases on a Bank of America business credit card
  • Maintain a $15,000 combined average monthly balance across your linked Bank of America accounts
  • Actively use Merchant Services and/or Payroll Services
  • Qualify for and enroll in the Preferred Rewards for Business program (first four checking accounts per enrolled business)

Bottom line

Business owners handling up to $20,000 in monthly cash deposits should consider either the Bank of America Business Fundamentals® Checking or the Bank of America Business Advantage Checking. The Business Fundamentals has a few more features, including the option to add one additional checking account for employees (or other purposes) at no extra cost and perks to help busy business owners manage their money.

Entrepreneurs, sole proprietors and nonprofits who average less than $5,000 in their accounts or conduct mostly digital transactions should consider an online, fee-free checking account like BlueVine Business Checking for a more affordable way to bank.

Bank of America Business Fundamentals Checking

On Bank of America's secure site
  • Special offer

    N/A

  • Monthly maintenance fee

    $16 or $0 per month

  • Minimum deposit to open

    $100

  • Minimum balance

    $5,000 to waive the monthly fee

  • Annual Percentage Yield (APY)

    None

  • Free ATM network

    16,900 Bank of America ATMs

  • ATM fee reimbursement

    No

  • Small business perks

    Digital cashflow tools, mobile banking, account balance alerts

  • Overdraft fee

    Accounts are automatically set to decline transactions when there are insufficient funds, free overdraft protection when linked to an eligible Bank of America account.

  • Mobile check deposit

    Yes

Terms apply. Bank of America is a Member FDIC.

Bank of America Business Advantage Checking

On Bank of America's secure site
  • Special offer

    N/A

  • Monthly maintenance fee

    $29.95/month, with options to waive

  • Minimum deposit to open

    $100

  • Minimum balance

    $15,000 to waive the monthly fee (or $5,000 for the lower-tier Bank of America Business Fundamentals account)

  • Annual Percentage Yield (APY)

    None

  • Free ATM network

    16,900 Bank of America ATMs

  • ATM fee reimbursement

    No

  • Small business perks

    Ability to sync with Payroll Services by Intuit®

  • Overdraft fee

    Accounts are automatically set to decline transactions when there are insufficient funds, free overdraft protection when linked to an eligible Bank of America account.

  • Mobile check deposit

    Yes

Terms apply. Bank of America is a Member FDIC.

Our methodology

To determine which business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.

We compared each checking account on a range of features, including:

  • Fees
  • Minimum balance requirement
  • Mobile banking ease
  • Small business tools and support
  • Large ATM network
  • Account accessibility
  • Customer reviews, when available

All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.

The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rate.

Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.