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Get it on the App Store
Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.
Or we can send you a link by email
Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Get it on Google Play
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Android is a trademark of Google Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd.
Get the mobile banking app
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FAQs
Can you open a business Bank of America account online?
You have the choice of opening a business savings account at any of our banking centers, by phone or online.
How much money do I need to open a Bank of America business account?
Bank of America business checking at a glance
| Business Advantage Fundamentals Banking | |
|---|---|
| Monthly fee: | $16 (waived with a $5,000 combined average monthly balance or by spending $250 in net new qualifying purchases on a business debit card)* |
| Minimum opening deposit requirement: | $100 |
| APY: | None |
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How Long Does It Take Bank of America to approve business account?
Your application will be processed in 1 to 2 business days. We’ll send you either an email or letter letting you know if you are approved for your account. You will receive your account documents via U.S. Mail within 7-10 business days.
How much money do I need to open a business account?
Generally, in order to get started, banks require an opening deposit ranges from $5 to $1,000. Others have no initial deposit and some have a monthly maintenance fee.
What documents do I need to open a business bank account?
Opening a business bank account requires proof of identification for both you and your business. Examples include your state-issued driver’s license or passport, your business license or your partnership agreements. Your business also may need to provide additional materials.
Is Bank of America good for small businesses?
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.
Do I need an EIN to open a business bank account?
To open a business bank account, you will need your articles of incorporation, employer identification number and personal identification documents. You can set up a business checking and savings account.
Does LLC need its own bank account?
A corporation or limited liability company (LLC), however, is a legal entity separate from its owner. That entity needs its own bank account to maintain legal separation between owner and business, protecting the owner from legal liability.
Do I need a business bank account for LLC?
As an LLC owner, neither federal law nor state LLC statutes require you to have a separate business bank account. Still, there are several reasons accountants, lawyers, and some banks recommend you do.
What kind of bank account should I open as an LLC?
Anyone who forms an LLC should get a business bank account to help maintain liability protection for the company’s members. One of the pros of forming an LLC (limited liability company) is having the protection that this business structure offers against creditors.
Business Checking Accounts for Your Small Business
Business Checking Accounts for Your Small BusinessSkip to main contentAn all-in-one businesschecking accountAn all-in-one businesschecking accountAn all-in-one businesschecking accountBusiness Advantage Banking — business checking accounts designed to move your business forward with financial tools, services and dedicated support, all in one place.Complete your saved applicationChoose your account settingRemember, if your business needs change, you can switch anytime.please wait while the page loadsBusiness Advantage Fundamentals™ BankingEssential tools for your business needs.$XXXX or $0Avoid this monthly feeEfficiency tools like Cash Flow Monitor®, Erica, Mobile Check Deposit & moreZelle® for your businessAccess to dedicated small business specialistsFraud protection & securityBusiness Advantage Relationship BankingRobust financial solutions to help manage your business.$XXXX or $0Avoid this monthly feeAll Business Advantage Fundamentals™ benefits plus:Easy QuickBooks® integrationCustomize account access per employeeOne extra Business Advantage Relationship Banking account and one Business Advantage Savings account can be included for no monthly feeNo fees for incoming wires, stop payments, electronic deposits & moreCompare business checking accountsFundamentals™ BankingBusiness Advantage Fundamentals™ BankingRelationship BankingBusiness Advantage Relationship BankingMaintain a $XXXX combined average monthly balanceSpend at least $XXXX in new net qualified debit card purchasesMaintain a $XXXX combined average monthly balanceA full scope of tools and services — all in one placeImprove efficiency and complete daily tasks easier with these tools.Profile linkingEasily view and manage personal and business accounts with just one login.for your businessA fast, safe and easy way for businesses to send, request and receive money directly between eligible bank accounts in the U.S.Cash Flow MonitorGet cash flow projections, monitor transactions and view category balances.Account ManagementCustomize employee account access and seamlessly integrate bookkeeping with QuickBooks®No fee with Advantage Relationship BankingErica®Your virtual financial assistant can help transfer or send money, search transactions & more.Digital debit cards Start using your debit card immediately for in-store and digital purchases.Help when you need it — from our resource center to Small Business SpecialistsPrivacy & securityEnjoy business debit cards with our $0 Liability Guarantee and fraud monitoring services. Plus, if there’s ever an issue, our fraud department is here for you 24/7. For more information about protecting your business online, visit our Security Center.Dedicated specialistsGet access to our team of dedicated Small Business Specialists, ready to provide assistance or guidance when you need it.Small Business ResourcesFind in-depth articles, tools and great information designed to help business owners start, run or grow their business.Enrolling is easy and there’s no fee. Members have access to a wide range of benefits and rewards.No feeson select banking services like monthly maintenance fees, inbound wire transfers, and more.25%-75% Rewards Bonuson eligible business credit cards.5% – 20% Interest Rate Boosteron Business Advantage Savings accounts.Interest rate discountson new Business Advantage credit lines, term loans and secured lending.Payroll Services Cash Backon eligible payroll service fees.Professional adviceComplimentary financial analysis with a Merrill® financial solutions advisor.To qualify for Preferred Rewards for Business, you’ll need:An active, eligible Bank of America Advantage Banking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.Preferred Rewards for Business Overall Program Rules:The Preferred Rewards for Business program is only available to Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i) your average daily balance for a three calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at…
Small Business Banking, Credit Cards & Loans
Small Business Banking, Credit Cards & Loans – Bank of AmericaGet it on the App StoreBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.Or we can text a download link directly to your phonePhone Number * In 999-999-9999 FormatPlease enter a valid 10-digit phone numberBy providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Get it on the App StoreBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.Or we can send you a link by emailPlease enter a valid email addressApple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Get it on Google PlayBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.Or we can text a download link directly to your phonePhone Number * In 999-999-9999 FormatPlease enter a phone numberBy providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.Android is a trademark of Google Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd.Get the mobile banking appBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their polices.Continue We’ve sent you a download linkWe sent an email with the download link to We sent a text message with the download link to We couldn’t send the linkWe’re sorry we weren’t able to send you the download link. Please try again, or use your mobile device to get the app from its app store.
Business Checking, Saving & CD Account FAQs
Business Checking, Saving & CD Account FAQs Small BusinessBusiness Deposit FAQsSelect Your StatePlease tell us where you bank so we can give you accurate rate and fee information for your location.SavingsCDs Do you automatically renew CDs at the time of maturity? Yes. Bank of America will automatically renew the account by reinvesting funds on the maturity date, which is the first day after the term ends. We reinvest both principal and interest. You can elect to receive the interest earned on the account, a portion of the account or the entire amount of the account. The term for the automatically reinvested deposit is the same length as the previous term of the account.
Small Business Checking Account FAQs – Bank of America
Small Business Checking Account FAQs Business AdvantageSign inLog inLocationsShow/Hide Menu related links View questions about:Select FAQ topicFrequently Asked QuestionsExpand all panels | Collapse all panels How do I apply for a business checking account? What is a Beneficial Owner? What does a Beneficial Owner need to apply online? How long does it take for my account to be opened online? How do I make an initial deposit for an account that I just opened online? Can I reorder my business checks online? Do I pay an additional fee for Bank of America Small Business Online Banking? How can I order or reorder a business or employee debit card? Information for:ZIP code Please select your countySelect a countyGoEnter your zip codePlease enter the zip code for your business address so we can give you accurate rate and fee information for your location.Zip code GoConnect with us866.283.4075Mon-Fri 8 a.m. – 10 p.m. ET866.283.4075Mon-Fri 8 a.m. – 10 p.m. ETSchedule an appointment
Fees at a Glance – Small Business – Bank of America
Fees for Business Checking & Savings Accounts at Bank of AmericaFees at a GlanceSelect Your StatePlease tell us where you bank so we can give you accurate rate and fee information for your location.
Apply for a Business Advantage Fundamentals™ Banking …
Apply for a Business Advantage Fundamentals™ Banking AccountSkip to main content Business AdvantageBefore You Applyplease wait while the page loadsGet the most out of your Business Advantage Banking experience. You can add these additional products: Select to add Additional Business Advantage Fundamentals™ Banking account(s)Manage funds separately for payroll or merchant settlements with a separate banking account Select to add Business credit cardSeparate your business card expenses from your personal card expenses Select to add Business Advantage Savings account(s)Earn interest and save for the future while retaining access to your funds$XXXX/month (waived with qualifiers)Please select your countyEnter your zip codePlease enter the zip code for your business address so we can give you accurate rate and fee information for your location.Connect with us866.283.4075Mon-Fri 8 a.m. – 10 p.m. ET
Online Business Banking Account with Bank of America Small …
Online Business Banking Account with Bank of America Small BuisnessSkip to main content Business AdvantageBusiness Advantage 360Safe. Simple. Streamlined.Get convenient, secure account access.Run your business more efficiently and effectively while keeping your finances simple and secure.Secure, easy access to your account Real-time balance information and pending transactions12 months of sortable online transactions—view check and deposit slips online18 months of online checking and savings statements, plus an option to go paperlessSync transactions automatically with QuickBooks Online or download transactions to QuickBooks DesktopAutomatic alerts informing you of changes and updates to your accountSelf-service account requests, including check and deposit slip reorder and check stop paymentManage checking, savings, CDs, loans, lines of credit and credit cardsIndustry-standard online securityFree access to a Dun & Bradstreet business credit score.Online bill payment and transfers Send one-time or recurring electronic payments and checks to companies and individualsReceive bills from some companies electronically and get email notifications when a bill is paidWire money same day or transfer money next day or third business day inside or outside the U.S.—you control the speedTransfer funds to your Bank of America consumer checking account from your checking or brokerage accounts at other financial institutionsFeatures and services chartLearn more about payroll services and the full suite of features that can benefit your business.View the chartOnline Banking means businessWith Small Business Online Banking, you enjoy confidence and control.Sign up nowGo PaperlessYou can save paper and avoid messy filing by requesting that we stop mailing your paper statement.After you log in to Online Banking, look for the leaf icon ( ) or simply go to the Profile & Settings and click on the Paperless settings link.We will send you an email every month when your statement is available for viewing online. If there are changes to account terms and conditions or other legal notifications, they will also be presented online, along with your account statements. You can always resume delivery of your paper statements at a later date.Automatic alertsAutomatic alerts allow you to receive notices via email or text message based on conditions you specify, for example: insufficient funds in your checking or saving account, irregular card or account activity and balances approaching your credit limit or dropping beneath a specified amount.Easy, accurate payrollSelf-service or full-service payroll, the choice is yoursManage your finances with confidenceAccount Management tools give you more flexibility and control over your accounts so you can get back to what matters most—your business.Online check depositsRemote Deposit Online lets you manage your business on your schedule.Accept any kind of paymentFast and easy electronic payments from one of the top merchant services processorsLog in to other services
Bank of America Business Checking: 2022 Review – NerdWallet
Bank of America Business Checking: 2022 Review – NerdWalletBank of America business checking stands out among national and regional brick-and-mortar-based competitors by offering unlimited fee-free electronic transactions, high cash deposit limits and three different ways to open an account.Bank of America offers two small-business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking.With 4,200 branch locations across 37 states, plus Washington, D.C., Bank of America’s business accounts are digital-friendly options for small-business owners who want some access to in-person banking.Bank of America business checking is best for small-business owners who:Want to be able to do some of their business banking in person.Don’t mind paying a monthly fee or can qualify to waive it.Operate a cash-heavy business.Would like to take advantage of additional banking or financial services from their bank in the future.Pros and consProsUnlimited fee-free electronic transactions.High cash deposit limits.Multiple ways to open an account: online, over the phone or in person.Access to 16,000 Bank of America ATMs and 4,200 branch locations across the U.S.Includes Business Advantage 360 online banking platform, with mobile banking, integrated cash-flow monitoring tool, bill pay and mobile check deposit.ConsNo free business checking account option.High incidental fees.Charges to uses non-Bank of America ATMs: $2.50 for U.S. ATMs, $5 for international ATMs (ATM owner may charge an additional fee).Bank of America business checking at a glanceBusiness Advantage Fundamentals BankingBusiness Advantage Relationship BankingMonthly fee:$16 (waived with a $5,000 combined average monthly balance or by spending $250 in net new qualifying purchases on a business debit card)*$29.95 (waived with a $15,000 combined average monthly balance)*Minimum opening deposit requirement:$100$100APY:NoneRates vary based on your location.Transactions:Unlimited fee-free electronic transactions (ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online or at a Bank of America ATM). Up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items), then 45 cents per item.Unlimited fee-free electronic transactions. Up to 500 fee-free non-electronic transactions, then 45 cents per item.Cash deposits:Up to $7,500 free, then 30 cents per $100 deposited.Up to $20,000 free, then 30 cents per $100 deposited.Bonus:NoneNone*You can also waive the monthly fees on either of these accounts by becoming a member of Bank of America’s Preferred Rewards for Business program. To be eligible, you must have an active Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.How Bank of America business checking worksAccount options: Bank of America offers two primary business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking.In addition to these core options, the bank offers the Full Analysis Business Checking account for businesses with high balances and greater cash management needs, as well as a Public Service Trust Account.Location availability: Bank of America has 4,200 branch locations and 16,000 ATMs across 37 states, plus Washington, D.C. The bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin and Wyoming.Unlike some brick-and-mortar banks, however, your business does not have to be located in a state with a Bank of America branch in order to be eligible for a business checking account. In fact, you can use the Bank of America website to check fee and rate information for any of the 50 states, plus Washington, D.C.How to apply: Apply for a Bank of America business checking account by completing and submitting an application online, over the phone with a small-business banking representative or in person at a branch location.Required information:Basic details about yourself and your business including your Social Security number, date of birth, legal business name, the date your business was formed, employer identification number and state of business formation.Bank of America also requires basic personal information (including date of birth and Social Security number) for all owners with 25% or more ownership in the business, as well as any controlling managers (e.g., chief financial officer, managing member).Required documentation:Business formation document (varies based on your entity type) and one form of government-issued ID for you, all owners with 25% or more…