Bank of America Business Bank Review
Bank of America Business Checking Review (2026): Fees, Pros & Cons
Business Advantage Fundamentals Banking
Bank of America Business Advantage Fundamentals Banking combines business checking, financial-center access, cash deposits, employee debit cards and digital payment tools. This review focuses on Fundamentals, including its ongoing monthly fee, transaction allowances and payment charges. Relationship Banking, rewards benefits and separately priced services are identified separately.
Bank of America Banking Quick Verdict
Who Is Fundamentals Best For? Fundamentals is worth considering for eligible U.S. businesses that want to combine online banking with financial centers, Bank of America ATMs, cash deposits and paper checks. Its documented tools include Bill Pay, employee debit cards, controlled user access and QuickBooks connections.
Check Your Business Needs: The ongoing $16 monthly fee can be avoided by meeting a qualifying condition. Cash deposits above the $5,000 statement-cycle allowance, chargeable transactions above the 20-item allowance, wires and certain card transactions carry separate fees. Consider your actual activity alongside the monthly-fee waiver.
This average covers eight defined comparisons, not every account feature, fee or customer experience.
- Domestic Transfer Costs — : standard outgoing ACH, outgoing domestic wires and incoming domestic wires.
- Monthly and Overdraft Fees — : the ongoing monthly fee and Standard-setting overdraft item fee.
- Cash Deposit and ATM Access — : a documented cash-deposit route and withdrawals without a provider fee at Bank of America ATMs; deposit allowances and other ATM charges are separate.
- Payment Options — : international sending, included Bill Pay, provider-mailed checks and customer-written paper checks.
- Team Access and Included Cards — : controlled additional-user access and employee debit cards.
- Outgoing USD International Wire Fee — : the standard online provider fee, excluding rewards-tier waivers and third-party charges.
- Expedited ACH Fee — : the $5 fee for a $1,000 next-business-day ACH payment. This does not establish same-day ACH availability.
- Foreign-Currency Card-Purchase Fee — : the provider’s 3% fee on a $1,000 foreign-currency debit-card purchase, separate from currency conversion.
Bank of America Business Advantage Fundamentals: Pros and Cons
Pros
- No Monthly Fee for the First 12 Statement Cycles: The introductory period gives new businesses time to establish banking activity before needing to meet an ongoing monthly fee-waiver condition.
- Financial Centers Alongside Digital Banking: Businesses can handle routine payments and deposits digitally while retaining access to financial centers and small-business specialists when a banking issue requires in-person assistance.
- Several Ways to Avoid the Ongoing Fee: Qualifying debit-card spending, eligible combined balances or Preferred Rewards for Business membership can waive the monthly fee, allowing businesses to qualify through spending rather than holding extra cash solely for a waiver.
- Connected Accounting and Everyday Payments: QuickBooks integration, Zelle and Bill Pay can help businesses coordinate bookkeeping and payments through their banking workflow. QuickBooks requires a separate subscription, and Zelle eligibility and transaction limits apply.
- Employee Spending with Tailored Access: Owners can set employee debit-card purchase and withdrawal limits and separately customize online account access, helping delegate routine tasks without giving every employee the same banking permissions.
Cons
- An Ongoing Fee After Introductory Relief: Once the first 12 statement cycles end, missing every waiver condition triggers a $16 monthly fee. Twelve unwaived cycles cost $192, making ongoing eligibility more important than the introductory savings.
- ATM Cash Deposits Share the Allowance: The $5,000 cash-deposit allowance covers ATM and financial-center deposits combined. Depositing $10,000 in a statement cycle leaves $5,000 subject to the $0.30-per-$100 processing charge, adding $15.
- Paper-Heavy Banking Can Generate Item Charges: Only 20 covered items are included per statement cycle, with additional items costing $0.45 each. Debit-card transactions, electronic debits and checks deposited through Mobile Check Deposit, Bank of America ATMs or Remote Deposit Online are excluded from this count.
- International Payments Carry Additional Costs: Outgoing international wires sent in U.S. dollars cost $45 each, while foreign-currency debit-card purchases incur a 3% transaction fee. Foreign-currency outgoing wires have no wire fee, but exchange-rate markups apply.
- Fundamentals Checking Does Not Earn Interest: Business Advantage Fundamentals is a non-interest-bearing account. Businesses holding substantial operating reserves should compare a separate savings option and its access conditions rather than expect the checking balance to generate interest.
Bank of America at a Glance
| Account Detail | Business Advantage Fundamentals Banking |
|---|---|
| Banking Provider | Bank of America, N.A., Member FDIC |
| Ongoing Monthly Fee | $16, avoidable with a qualifying balance, debit-card activity or rewards membership condition |
| Initial Monthly-Fee Treatment | The bank states that it will not charge the monthly fee until the thirteenth statement cycle closes |
| Opening Deposit | Confirm before applying: the Clarity Statement lists $100 or more; the checking page says no minimum deposit is required to open |
| Checking Interest | None |
| Cash Deposits | First $5,000 per statement cycle without a processing fee; then $0.30 per $100 |
| Chargeable Transactions | First 20 per statement cycle without an excess transaction fee; then $0.45 each, with stated exclusions |
| Standard Outgoing ACH | $1 for the documented three-business-day option; eligibility applies |
| Next-Business-Day Outgoing ACH | $5 per transfer |
| Domestic Wires | $30 outgoing; $15 incoming, before qualifying waivers |
| USD International Wire | $45 outgoing, before qualifying waivers |
| Own ATM Use | No Bank of America ATM fee for deposits, withdrawals, transfers or balance inquiries; other account fees can apply |
| Employee Access | Customized user permissions and employee debit cards |
| Paper Checks | Available to order; prices vary |
FinanceProspector Feature Scores
Each score measures a defined feature comparison rather than the entire account. The display scale runs from 7.5 to 9.5, with figures shown out of 10. These comparisons do not evaluate every fee, product feature or customer experience. Read FinanceProspector Editorial Methodology.
| Feature Comparison | Score | What It Measures |
|---|---|---|
| Domestic Transfer Costs | 8.1/10 | $1 standard three-business-day outgoing ACH, $30 outgoing domestic wire and $15 incoming domestic wire. Standard ACH eligibility applies. |
| Monthly and Overdraft Fees | 8.4/10 | The ongoing $16 monthly fee with a published waiver route, and the $10 Standard-setting overdraft item fee. Introductory treatment, daily caps and optional settings are separate. |
| Cash Deposit and ATM Access | 9.5/10 | Cash deposits through the bank’s documented routes and withdrawals without a provider fee at its own ATMs. Deposit-processing fees, allowances and limits are outside these inputs. |
| Payment Options | 9.5/10 | International payments, included Bill Pay, provider-mailed checks and orderable paper checks. Charges and eligibility are separate. |
| Team Access and Included Cards | 9.5/10 | Additional-user permissions and employee business debit cards. This is not a score for every card or approval control. |
| Outgoing USD International Wire Fee | 7.5/10 | The $45 standard online provider charge for an outgoing international wire in U.S. dollars. Rewards waivers, conversion and other banks’ charges are separate. |
| Expedited ACH Fee | 8.9/10 | The $5 provider fee for one $1,000 Next Business Day ACH payment. This is next-business-day service; the score does not establish same-day ACH availability. |
| Provider Foreign-Currency Card-Purchase Fee | 7.5/10 | A $30 provider fee on a $1,000 foreign-currency card purchase, calculated at 3% of the converted U.S.-dollar amount. Currency conversion is separate. |
Invoicing and Accounting Connections is not scored because the evidence does not establish a current included invoicing tool for new customers. Unresolved inputs are not treated as zero, and an unscored comparison is not a low score.
Bank of America Fees and Transaction Charges
Avoiding the monthly fee does not remove transaction, cash-processing, wire or card charges.
| Service | Published Charge | Material Conditions |
|---|---|---|
| Ongoing Monthly Fee | $16 | Avoidable by meeting one qualifying condition per statement cycle |
| Excess Chargeable Transactions | $0.45 each after the first 20 | Debit-card transactions, electronic debits and specified check-deposit routes are excluded |
| Cash Deposit Processing | $0.30 per $100 above $5,000 per cycle | Cash deposited at an ATM or financial center; rounding rules apply |
| Three-Business-Day Outgoing ACH | $1 | Eligibility and account-specific limits apply |
| Next-Business-Day Outgoing ACH | $5 | Confirm the processing date and available limit |
| Outgoing Domestic Wire | $30 | Qualifying rewards-tier waivers are separate |
| Incoming Domestic Wire | $15 | Qualifying rewards waivers are separate |
| Outgoing International Wire in USD | $45 | Other banks’ fees may apply; qualifying rewards-tier waivers are separate |
| Outgoing International Wire in Foreign Currency | No wire fee | Exchange-rate markups and other charges can apply |
| Incoming International Wire | $15 | Qualifying tier waivers are separate; foreign currency is converted at the bank’s rate |
| Bank of America ATM | No ATM fee | Other account transaction fees can apply |
| Other U.S. ATM | $2.50 | ATM-operator fees can also apply |
| ATM Outside the U.S. | $5 | Operator and foreign-currency charges can also apply |
| Foreign-Currency Card Purchase | 3% of the U.S.-dollar transaction amount | Includes qualifying online purchases processed in a foreign currency |
| Standard-Setting Overdraft Item | $10 | Maximum two such fees per day; exceptions apply |
| Stop Payment | $30 per request | Separate qualifying waivers may apply |
| Check Order | Varies | Depends on the style selected |
Avoiding the Monthly Fee
The bank states that it will not charge the monthly fee until the thirteenth statement cycle closes. Thereafter, the published waiver routes include meeting one of these conditions each cycle:
- A combined average monthly balance of at least $5,000 in eligible linked business deposit accounts.
- At least $500 in qualifying new net purchases using a linked business debit card.
- Preferred Rewards for Business membership, subject to its terms.
Linked-account and card-purchase qualifications matter. The bank’s documents and checking-page footnote differ on aggregating employee-card purchases toward the $500 threshold. Confirm the treatment before relying on spending across multiple cards to avoid the fee.
FinanceProspector’s Take — Choose a Waiver You Can Meet Consistently
Use your normal banking activity to assess the waiver. If you rely on the balance route, check the eligible linked accounts and the combined average monthly balance rather than a balance on one day. If you rely on debit-card spending, confirm which purchases and cards count. Then budget separately for cash deposits, wires and chargeable items.
Understanding the 20-Item Allowance
The allowance covers checks paid, other debits and deposited items. The bank excludes debit-card transactions, electronic debits and checks deposited through Mobile Check Deposit, a Bank of America ATM or Remote Deposit Online.
It is not a limit of 20 total account transactions. The materials do not clearly establish how every electronic credit is classified, so confirm the treatment of a particular transaction type if it materially affects your costs.
FinanceProspector’s Take — Count the Items That Actually Attract a Fee
Map your paper-check and deposit activity to the bank’s exclusions before estimating an excess transaction charge. A check deposited through an excluded digital or ATM route has different allowance treatment from a chargeable deposited item. Payment frequency alone is not enough to estimate this fee.
Bank of America Illustrative Payment-Cost Examples
These examples apply the documented fees to eligible activity. They exclude monthly fees, unrelated charges and conditional waivers unless stated. They do not guarantee transfer approval or delivery.
| Example | Calculation | Provider Charge |
|---|---|---|
| One $1,000 Three-Business-Day ACH Payment | 1 × $1 | $1 |
| One $1,000 Next-Business-Day ACH Payment | 1 × $5 | $5 |
| Two Outgoing Domestic Wires and One Incoming Domestic Wire | (2 × $30) + $15 | $75 |
| Thirty Chargeable Items in One Statement Cycle | (30 − 20) × $0.45 | $4.50 |
| $8,000 in Cash Deposited in One Statement Cycle | ($8,000 − $5,000) ÷ $100 × $0.30 | $9 |
| One $1,000 Foreign-Currency Debit-Card Purchase | $1,000 × 3% | $30, separate from conversion |
The cash example uses an exact $100 increment. The bank rounds cash amounts to the nearest $100 under its stated rules, and processing fees can appear on a later statement.
Bank of America Funding, Transfers and Access to Money
Cash and Check Deposits
The documented routes include financial centers, Bank of America ATMs and Mobile Check Deposit. Route availability and acceptance conditions apply. The mobile app shows the applicable monthly check-deposit limit after an account is selected; this review does not assume a universal limit.
The first $5,000 in cash deposited per statement cycle carries no cash-processing fee. Above that allowance, the fee is $0.30 per $100 under the bank’s rounding rules. ATM access does not make all cash deposits free of account-level charges.
FinanceProspector’s Take — Budget for Cash Above the Allowance
Estimate your full statement-cycle cash receipts, rather than treating each deposit as receiving a fresh $5,000 allowance. At $8,000 deposited, the illustrated excess-cash charge is $9. Include that recurring cost when comparing accounts, even if you qualify for the monthly-fee waiver.
Standard and Next-Business-Day ACH
The Online Banking Service Agreement lists outbound three-business-day ACH for small business customers at $1 and outbound next-business-day ACH at $5. Eligibility for the three-business-day option depends on the bank’s criteria.
The agreement lists a $5,000 small-business per-transaction sending limit for each of these routes, with an 8 p.m. Eastern cutoff. Daily and monthly limits may also apply, and higher limits may be available with additional security arrangements. Check the limits and processing date presented for your account.
The inbound linked-account ACH-pull rows in that agreement are for consumer accounts. Do not assume the same external-account pull workflow is available to a business account. Receiving a payment pushed by someone else is a different transaction.
Domestic and International Wires
Online and mobile domestic wires carry a standard $30 outgoing fee. The published cutoff is 5 p.m. Eastern, with same-business-day arrival described as typical rather than guaranteed.
Outgoing international wires in U.S. dollars carry a $45 provider fee. Sending in foreign currency has no wire fee, but Bank of America applies exchange-rate markups. Recipient or intermediary charges can also affect the total cost or amount received.
The small-business agreement lists a $5,000 per-transaction online sending limit for domestic and international wires, while allowing for other limits and possible increases. Confirm the available route and limit before committing to a large payment.
Preferred Rewards benefits are separate from the default Fundamentals pricing. Platinum Honors can waive the first four outgoing domestic and USD international wire fees per statement cycle through qualifying online channels; CashPro wires are excluded. Incoming-wire waivers vary by membership tier.
FinanceProspector’s Take — Price Both Directions of Your Wire Activity
Include incoming charges as well as outgoing charges when estimating wire costs. Two outgoing domestic wires and one incoming domestic wire total $75 at the standard listed fees. A rewards waiver changes that calculation only if you qualify and the payment meets the channel and cycle conditions. Foreign-currency wires also require an exchange-rate comparison.
Funds Availability
The Clarity Statement describes cash, direct deposits and wires as available on the day received. Checks and mobile check deposits are usually available the next business day when submitted before the applicable cutoff, subject to holds and the relevant deposit terms.
New accounts, larger check deposits and other circumstances can receive different treatment. A submitted check image or displayed balance does not by itself establish that money is available to spend. Use the bank’s deposit notice and available balance when scheduling payments.
Bank of America Sub-Accounts and Cash Organization
The evidence reviewed does not establish included budgeting sub-accounts or reserve buckets for Fundamentals. Linked accounts used for balance calculations, an additional deposit account and a user’s online account view are different concepts.
If you need separate pots for taxes, payroll or reserves, confirm the available account structure, separate-account fees and access permissions before relying on that workflow.
Bank of America Team Access and Cards
Account Management lets businesses create additional users with individual IDs and customized access, including view or transactional access. The bank describes establishing these access levels without an additional fee.
Employee business debit cards have owner-set purchase and ATM withdrawal limits. The card’s access is distinct from an online user’s permissions; an employee debit card does not provide the same account-information access as an administrator login. A Business Deposit Card is another account service and should not be confused with a purchasing card.
Review the permissions granted to each user rather than assuming that card access, account visibility and payment authority are interchangeable.
Bank of America Accounting, Invoicing and Bill Pay
Bill Pay and Paper Checks
Small Business Online Banking supports one-time and recurring payments to businesses and individuals. Bill Pay delivers payments electronically where supported; otherwise, a check is issued and mailed to the payee.
The bank describes Bill Pay without a service fee, while noting that certain payment features can have additional charges. Allow delivery time for a mailed check and check the processing date shown. Bill Pay is separate from purchasing a checkbook, paying for a wire or using an ACH transfer option.
Accounting Connections and Statements
Bank of America documents automatic transaction syncing with QuickBooks Online and transaction downloads to QuickBooks Desktop. QuickBooks is purchased separately. Connected Apps can bring supported tools and account information into a dashboard; that does not establish that every connected service is included in Fundamentals.
Online banking includes statements and transaction information. Do not assume a particular API or export format without confirming it for your intended workflow.
Invoicing Availability
The Business Services Addendum identifies Payments and Invoicing as closed to new enrollment. That legacy service is not presented here as an available Fundamentals benefit for new customers. The evidence does not establish a replacement included invoicing tool, so the combined Invoicing and Accounting Connections comparison remains unscored.
Bank of America Additional Products and Services
Fundamentals is one account within a wider small-business offering. These products and arrangements have separate terms:
- Relationship Banking: another checking option with a published $29.95 monthly fee and different allowances and benefits. Its features do not automatically apply to Fundamentals.
- Business Savings and CDs: separate products; Fundamentals itself does not earn interest.
- Preferred Rewards for Business: a relationship program with qualifying balances, enrollment requirements and tier-specific benefits. Membership is not automatic with Fundamentals.
- Remote Deposit Online: a scanner-based check-deposit service with a published $15 monthly charge after a 30-day trial, a two-year commitment and a $250 early termination fee under the stated conditions. Approval and availability requirements apply.
- Merchant Services and Payroll: separate services whose pricing and arrangements should be reviewed independently.
- Business Credit Cards and Lending: separate applications and eligibility requirements; opening checking does not establish credit approval.
- Balance Connect: an optional arrangement that can transfer available funds from eligible linked backup accounts. Transfers have no Balance Connect transfer fee, but credit-based advances can incur interest or other charges.
Using Bank of America’s Public Website
- Start with the Fundamentals documents: compare the Clarity Statement, Schedule of Fees and applicable agreements.
- Check the route: ordinary ACH, next-business-day ACH, Bill Pay and wires have different fees, limits and delivery conditions.
- Separate account and rewards benefits: confirm whether a waiver requires a particular membership tier.
- Locate the service you need: use the bank’s locator for financial centers and ATMs, and review local services before visiting.
- Confirm application requirements: use the page for your business structure and resolve the opening-deposit requirement before applying. Visit Bank of America Website
Bank of America Eligibility and Application Requirements
The reviewed application guidance requires a U.S.-formed business with primary operations in the U.S. The bank lists application requirements for multiple structures, including sole proprietorships, LLCs, corporations and partnerships. Requirements vary by structure and location.
The business-formation requirement should not be treated as a complete statement of every owner’s residency or citizenship eligibility. Confirm applicant requirements for your ownership structure. Some complex business types require an in-person financial-center visit.
Information and Documents to Prepare
The bank’s requirements pages identify information about the business, applicants, significant owners and the controlling manager. Be prepared to supply:
- Business identity, structure, address and applicable tax information.
- Personal information requested for applicants, owners with at least 25% ownership and the controlling manager, including Social Security number and date of birth where required.
- LLCs, if verification documents are requested: a state-filed organizing document, such as Articles of Organization, Certificate of Organization or Certificate of Formation.
- Businesses using another name: applicable trade-name, assumed-name or business-license documentation where required; state exceptions apply.
- Documents appropriate to other entity types and states, following the bank’s specific requirements page.
- Any additional information the bank requests during review.
The reviewed materials include LLC and sole-proprietor requirement pages; they do not establish one complete document checklist for every entity. Applicants also authorize a credit or other financial report under the application guidance. Do not assume that this means a particular type of credit inquiry or a guaranteed effect on a credit score.
Application and Review
The bank offers online, telephone and financial-center application routes, subject to eligibility and business-type restrictions. It may request supporting documents or clarification. Application submission is not approval, and this review does not promise a fixed approval time.
The opening-deposit statements differ: the Fundamentals Clarity Statement lists $100 or more, while the business checking page says accounts can be opened without a minimum deposit. Confirm the requirement and funding deadline for your application rather than relying on either statement alone. Visit Bank of America
Bank of America Support Channels and Contact Options
- Existing small-business accounts: 888.287.4637, also shown as 888.BUSINESS. The contact page lists Monday–Friday, 7 a.m.–11 p.m. Eastern, and Saturday, 8 a.m.–8 p.m. Eastern.
- New accounts: 866.283.4075. The contact page lists Monday–Friday, 8 a.m.–10 p.m. Eastern.
- Small-business Online Banking: 866.758.5972. Published hours differ between the contact page and service agreement; confirm the current hours for this channel.
- Financial centers: location-based services and appointments are available; check the service and location before visiting.
- Written and digital contact: availability depends on the channel and topic. A public virtual assistant or general chat description does not establish staffed live chat for an existing Fundamentals account.
A listed channel does not establish response time or service quality. Do not share account numbers or confidential information in public social-media posts.
Bank of America Account Security and Controls
The bank documents business debit-card lock and unlock controls, account alerts and individual user access. Available alerts include account activity and customer-selected balance conditions.
Authentication depends on the action and device. The reviewed materials describe identity verification on a new device, additional checks that may be required and optional enhanced login security. Wire-transfer authentication is a separate requirement. These statements do not establish that an identical second-factor step is mandatory at every login.
Set user and employee-card permissions deliberately, review alerts and follow the bank’s security instructions for your account. Documented controls do not constitute a guarantee against fraud or loss.
Bank of America Legal Disclosures and Deposit Protection
- Fundamentals is a bank account provided by Bank of America, N.A.; its Clarity Statement identifies the bank as Member FDIC.
- Deposit-insurance eligibility and limits depend on the applicable rules and ownership category. Confirm your particular account coverage, especially if other deposits are held at the same bank.
- Check availability, payment approval and overdraft payment remain subject to the applicable terms. An overdraft fee disclosure is not a promise that an unfunded payment will be paid.
- Foreign-currency conversion, intermediary charges and separate product agreements can affect costs beyond the provider fee used in a feature score.
- A checking account does not itself approve a credit card, loan, merchant service or other separately offered product.
Standard Overdraft Setting and Decline All
Standard is the bank’s automatic setting. It can permit a payment that overdraws the account and can incur a $10 overdraft item fee, with a maximum of two such fees per day and stated exceptions.
Decline All is an optional setting intended to decline or return transactions when funds are insufficient. The bank states that it does not charge an Overdraft Item Fee under that setting; a payee can still impose a charge. Balance Connect is a separate optional funding arrangement, not the same as changing the overdraft setting.
FinanceProspector’s Take — Separate Payment Decisions from Backup Funding
Choose the overdraft setting deliberately and understand what happens to scheduled payments if funds are unavailable. Decline All can avoid the bank’s overdraft item fee, but it does not ensure that a bill gets paid. If you use linked backup funds, check account eligibility, available money and any credit-advance costs separately.
Compare Fundamentals with Other Business Banking Accounts
Compare the functions and conditions your business needs rather than treating averages of different feature sets as an overall ranking.
| Review | Comparison to Explore |
|---|---|
| Bluevine Business Banking Review | Plan features, payment fees and checking-interest conditions |
| Found Business Banking Review | Tax tools, invoicing and cash-deposit arrangements |
| Grasshopper Business Banking Review | Direct-bank account features, interest and cash access |
| Lili Business Banking Review | Base banking versus paid accounting tools |
| Mercury Business Banking Review | Team permissions and payment workflows |
| Novo Business Banking Review | Reserve organization, invoicing and transfer conditions |
| Rho Business Banking Review | Platform tools and separately offered products |
| Slash Business Banking Review | Card arrangements, payments and team controls |
Frequently Asked Questions
Does Fundamentals Have a Monthly Fee?
The ongoing monthly fee is $16 unless a qualifying waiver condition is met. The bank states that it will not charge the fee until the thirteenth statement cycle closes. A monthly-fee waiver does not remove other account charges.
How Can I Avoid the Monthly Fee?
Published routes include a $5,000 combined average monthly balance in eligible linked business deposit accounts, $500 in qualifying linked business debit-card purchases, or Preferred Rewards for Business membership. Confirm account-linking and card-purchase qualifications, including the differing employee-card aggregation wording.
Does the Account Allow Only 20 Transactions?
No. Twenty is the allowance before an excess transaction fee applies to specified chargeable items. Debit-card transactions, electronic debits and checks deposited by Mobile Check Deposit, Bank of America ATM or Remote Deposit Online are excluded. Chargeable items above the allowance cost $0.45 each.
What Does It Cost to Deposit Cash?
The first $5,000 per statement cycle has no cash-deposit processing fee. Above that allowance, the published charge is $0.30 per $100, with rounding rules. Other account conditions remain applicable.
Does Fundamentals Earn Interest?
No. The Schedule of Fees identifies Fundamentals as non-interest-bearing. Savings and CDs are separate products with their own terms.
Does Bank of America Offer Next-Day ACH for Small Business?
The service agreement documents Next Business Day outbound ACH for Small Business at $5 per transfer. Account limits and processing conditions apply. This is not evidence of same-day ACH availability.
Are International Wires Free in Foreign Currency?
The bank lists no outgoing wire fee when sending in foreign currency, but applies exchange-rate markups. Other institutions’ charges can also apply. No wire fee does not mean no total transfer cost.
Can Employees Have Their Own Cards and Online Access?
The bank documents employee business debit cards with owner-set limits and additional online users with customized access. Card permissions and online account permissions are separate.
Is Bill Pay the Same as Invoicing?
No. Bill Pay sends money to payees electronically or by a provider-issued mailed check. Customer invoicing is a separate workflow. The legacy Payments and Invoicing service is closed to new enrollment, and this review does not establish a replacement included tool.
Can I Apply Online, and How Much Must I Deposit?
Online applications are available for eligible businesses, while some business types require a financial-center visit. Opening-deposit wording differs: the Clarity Statement lists $100 or more, but the checking page says no minimum is required to open. Confirm the requirement for your application before proceeding.
Glossary of Terms
Terms Used in This Article
- Statement Cycle
- The account’s statement period; allowances and some waiver tests apply to this period rather than to each transaction.
- Combined Average Monthly Balance
- A balance measure across eligible linked accounts used for a monthly-fee waiver; it is not simply one day’s ending balance.
- Qualifying New Net Purchases
- Debit-card purchases that satisfy the bank’s waiver rules after exclusions and adjustments.
- Excess Transaction Fee
- A fee for specified chargeable items above the plan’s statement-cycle allowance.
- Cash Deposit Processing Fee
- An account charge for cash deposits above the stated allowance, separate from an ATM-use fee.
- Next Business Day ACH
- The bank’s documented faster outbound ACH option, priced separately from three-business-day ACH.
- Exchange-Rate Markup
- A cost included in the exchange rate used for currency conversion, separate from a stated wire fee.
- Decline All
- An optional overdraft setting intended to decline or return transactions when sufficient funds are unavailable.
- Balance Connect
- An optional arrangement to transfer available funds from eligible linked backup accounts; credit advances can have separate costs.
- Selected-Feature Average
- An equally weighted average of the displayed feature scores included in this review, not an overall account rating.
Editorial References & Sources
Selected references for this article.
Bank of America
- Fundamentals Banking Clarity Statement — Fees, waivers and opening-deposit wording.
- Business Schedule of Fees — Account and transaction charges.
- Online Banking Service Agreement — Digital-payment terms and limits.
- Deposit Agreement and Disclosures — Deposit terms and funds availability.
- Checking and Savings Fees — Monthly-fee waivers and service charges.
- Business Advantage Checking Accounts — Plan features and opening conditions.
- Small Business Customer Service — Customer-service contacts and hours.
- Small Business Online Banking — Account features and conditions.
- LLC Application Requirements — Eligibility and verification requirements.
- Sole Proprietorship Application Requirements — Eligibility and verification requirements.
- Account Management — User access and permissions.
- Small Business Security FAQs — Account-security guidance.
- Remote Deposit Online — Remote-deposit pricing and eligibility.
- Mobile Check Deposit — Check-deposit eligibility and processing.
Other Provider Sources
- Bluevine Account Agreement — Account terms, fees and restrictions.
- Found Pricing — Plan features and payment fees.
- Grasshopper Innovator Fee Schedule — Account and transaction charges.
- Mercury Pricing — Plan features and payment fees.
- Novo Express ACH — Expedited ACH fees and conditions.
- Slash Pricing — Plan features and payment fees.
No community-rating source contributes a displayed rating in this review.