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Bank of America Small Business Banking Review – Is It The Right Bank For You?

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Updated on November 9, 2022 by
Bank of America Small Business Banking Review

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Bank of America offers two types of banking: Business Advantage Banking and Business Advantage Relationship Banking. You will be able to switch easily from one bank account to the other, which will allow you to easily adapt your business banking experience to suit your business needs. Check out two different checking accounts offered by Bank of America to help you figure out the best one for your business.

Features

  • There are two fantastic checking accounts that you can use depending on what you want to spend your money on.
  • You can deposit and receive checks, check your accounts and pay bills from a smartphone or tablet.
  • Payroll processing services are offered by ADP and QuickBooks.
  • Cash Flow Monitor, a simple but powerful way to stay on top of cash flows in your business, lets you integrate with other business tools such as accounting, HR, and payroll systems to help you better plan your business.
  • Cards that provide you with both cash and debit cards that allow you to make transactions quickly and easily, like ATMs and wire transfers.
  • Services such as credit cards, loans, savings, and investments are readily available.
  • The Preferred rewards can save money when customers increase as the growth of your business.
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Pros:

  • 200 transactions per month are unlimited.
  • Free tools to measure your business performance.
  • Rewards based on how much you spend.

Cons:

  • Fees per $100 more than the allowed deposit per month.
  • Does not offer free ATM withdrawals.
  • Required $100 deposit.

Why Is Bank of America  A Good Fit?

  • You have many customers who send money by mail or courier regularly. Bank with us lets you bank a total of $7,500 or more with Fundamentals Banking or $20,000 with Relationship Banking per month.
  • You regularly go to your local Bank of America branch to conduct business.
  • If there are more than four of you who want their bank to be the one you use for both business and household accounts, Bank of America has a wealth of checking and savings accounts and loan products. It's a top choice for those who own or lease property and are looking for banks that don't charge a high monthly fee to do business with them.
  • Bank of America is one of the best banks for small businesses that offers savings accounts, certificates of deposit accounts, and investment and lending tools.
  • If you want a cheap bank that charges you no money up front and gives you a great reward for your work: With Bank of America, you'll be rewarded for the time you invest in your business by simply opening an account with us.

Bank of America Small Business Banking Review

Why Is Bank of America Not A Right Fit for You?

  • Bank America offers many great options for business checking, but it may not be the best provider for your business. You may want to think about a different bank if you have a business checking account that doesn't pay interest.
  • If you want a checking account that earns interest, there is nothing worthwhile about checking with Bank of America. Bluevine offers a high interest rate on deposits that you make through their banking network.
  • If you frequently withdraw money from ATMs outside the network of Bank of America, the company will charge you $2.50 to do so, plus another $2 fee for each withdrawal. You often want to withdraw money from ATMs outside the Bank of America network; Novo Cash is able to help you do that; the company will refund a portion of your ATM fees at the end of each month.
  • You need to receive a big cash prize for setting up a checking account: Chase gives a $300 bonus to those who open business checking accounts, provided that some criteria are met.
Small Business Questions Answered
Got A Business? Fast, Affordable Access To Business Experts

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Checking requirements of the Bank of America

You can choose one of three ways to start a checking account: apply online, by phone, or at any of over 4,100 financial centers in the United States. There are generally the same requirements to provide necessary documents, no matter what type of business you are involved in. If you open a bank account online, you may have it approved right away. if it isn't already approved, you can always get a separate approval if it isn't already, and you'll receive the approval within 5 days of making the application. If so, you will have around 11 days from the day that you apply to get the documents that you need.

The Physical & Digital Debit Cards from the Bank of America

Once you open an account with Bank of America, you will start receiving your debit cards and checks in the mail in five to seven business days. Banks or credit unions can temporarily print the cards and provide you with checks to use while you wait for the money to clear. If you sign up for mobile financial services, you can use debit cards that are compatible with your bank accounts.

Debit card fees are never applied to your checking and savings accounts. If something needs to be done urgently, such as a replacement of a certain ATM or a certain debit card, there'll be nothing to pay.

Bank of America's Preferred Reward

By participating in the preferred  rewards program of your company, you will be able to:

  • Expenses are waived each month.
  • 25%-30% rewards points on some credit cards.
  • Savings accounts can earn you up to a 5% – 20% extra yield by putting money in the right accounts.
  • Discounts on certain types of lending products.
  • Payroll cashback for submitting pay-in-full requests.
  • Financial advisors can help you make the right investment decisions.

You must have at least $20,000 in business deposit accounts and/or Merrill investment accounts within the past three months to be eligible for this preferred reward.

Business Services

Bank of America offers business accounts to businesses that enable you to receive credit card payments, get payroll processing from ADP or QuickBooks Online, and access online banking via your bank website. You may want to consider using a company like Bank of America to manage all the cash flows that go into running an organization.

The Alternatives Business Checking to Bank of America

While the Bank offers some wonderful banking options for business customers, it may not be the best choice for your business checking needs. You may also want to receive interest if you open a checking account with a digital bank, or you may want a bonus to open a new account with a digital bank. You might also want to receive a cash rebate on purchases made with debit cards.

There are three great banks that offer business banking to small business owners:

  • Bluevine: Ideally, businesses don't need to have a traditional bank account to earn interest on deposits that they make, but want an account that gives them that interest.
  • Chase: The best bank to get a cash bonus from when they open a business checking account.
  • Grasshopper: The best bank to get cash when you buy things with a debit card.

Conclusion

If you need to do business with a company that offers a more upscale banking experience, Bank of America is an ideal choice. It offers two types of great products that you can easily upgrade to fit your business. It also offers a variety of banking services for business owners, such as checking accounts, savings accounts, loans, investing accounts, and credit card services. Many fees are waived for companies who meet certain requirements. Bank of America can help you with your business needs as your business grows and profits.

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