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. Show
Bank of America offers two checking account options for business owners, each designed for companies at different stages of growth. Bank of America Business Advantage Fundamentals™ Banking and Bank of America Business Advantage Relationship Banking have two different monthly fees (with 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 Advantage Banking reviews
Source: https://www.bankofamerica.com/smallbusiness/deposits/checking-accounts/ Access to your cashUsers 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 Advantage Fundamentals Banking
Business Advantage Relationship Banking
PerksBank of America's business checking accounts come with some tailored tools to help account holders stay on top of their day-to-day responsibilities.
Additional Business Advantage Relationship Banking perks
FeesThe Business Fundamentals account has a $16 monthly maintenance fee. The Business Advantage Relationship Banking account is $29.95 per month. However, both accounts offer ways that customers can avoid the monthly fees: Business Advantage Fundamentals BankingDo one of the following each statement cycle:
Business Advantage Relationship BankingDo one of the following each statement cycle:
Bottom lineBusiness owners handling up to $20,000 in monthly cash deposits should consider either the Bank of America Business Advantage Fundamentals™ Banking or the Bank of America Business Advantage Relationship Banking. Business Advantage 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 Advantage Fundamentals™ Checking
Terms apply. Bank of America is a Member FDIC. Bank of America Business Advantage Relationship Banking
Terms apply. Bank of America is a Member FDIC. Our methodologyTo 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:
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. Does Bank of America give you a bonus for opening an account?Bank of America: $100 bonus
To get the bonus, you must: Not have had a Bank of America personal checking account, or been a co-owner on an account, within the past 12 months. Open a new Advantage SafeBalance Banking, Advantage Plus Banking or Advantage Relationship Banking account online.
How much is Bank of America bonus?Customized Cash Rewards - $200 bonus
Bank of America's Customized Cash Rewards Credit Card comes with an introductory bonus of $200 in online cash rewards after spending $1,000 in the first three months of account opening. This is in addition to the 0% intro APR that you'll enjoy for the first 15 months.
What is business Advantage 360 Bank of America?Bank of America Business Advantage 360 Gives Small Businesses the Ability to View Data From Third-Party Business Applications in Award-Winning Digital Dashboard.
Does Bank of America have incentives?A Bank of America Advantage Savings account, to receive the savings interest rate booster. An eligible Bank of America credit card, such as the Unlimited Cash Rewards, Customized Cash Rewards, Travel Rewards, or Premium Rewards® card, to receive the credit card rewards bonus.
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