Published January 5, 2022 by WC Team

The 2021 Bank of America Business Checking Accounts Review

Bank of America Business Accounts Overview

One of the first things you'll need to do when beginning a business is to select a suitable business bank account for your company's cash.

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Furthermore, if your firm improves and grows, you may desire to reconsider your alternatives to determine whether a new business checking account may better meet your needs.

Having said that, whatever the reason for your search, you may want to look into a well-known brick-and-mortar bank like Bank of America to learn more about their business banking options and see what they can offer you.

We're here to assist you in determining which account will best suit your needs. In this tutorial, we'll go over both of the BoA small business checking account alternatives, addressing features, costs, and more. 

We'll also go through some of the finest alternatives to these Bank of America business accounts, so you have all the information you need to make the best selection for your company.

The 2 Bank of America Business Checking Accounts

Business Advantage Fundamentals Checking

Bank of America provides two types of checking accounts as part of their business banking suite: Business Advantage Fundamentals Checking and Business Advantage Relationship Checking.

Overall, both of these Bank of America business accounts stand out for the variety of ways to waive the service charge, as well as the access they provide to online and mobile banking capabilities.

Service Charge

A monthly subscription charge for the Business Advantage Fundamentals by BoA is USD 16 monthly by default.

For a $10 monthly charge, you may now add a Business Advantage Savings account to your Advantage Fundamentals Checking account.

How to Get Rid of The Service Charges

One of the advantages of these Bank of America business accounts is the possibility of avoiding the service cost.

With this business checking account, you'll have three options for getting this service charge waived:

Allowance for Transactions

You may conduct 200 fee-free transactions each month with the Business Advantage Fundamentals Checking account. After this limit, you'll have to pay a $0.45 charge for any transaction you make that is over 200.

Allowance for Cash Deposits

In terms of cash deposits, this Bank of America business checking account allows you to deposit up to $7,500 in cash each month without incurring a charge.

If you need to deposit more than $7,500 in cash in one month, you'll have to pay a $0.30 charge for every $100 you deposit above $7,500.

Wiring Regulations

Finally, you'll be able to conduct domestic and international wire transfers with this Bank of America small business checking account, but it comes with a fee that will vary according to your location.

Business Advantage Relationship Checking

Suppose you want more monthly transactions, deposits, and wire allowances and are willing to pay (or waive) a higher service charge. In that case, you should consider your second Bank of America business checking account option.

Service Charge

If you choose Business Advantage Checking, your monthly service price will be $29.95 by default.

You may add a second Bank of America business checking account without incurring an extra monthly charge for this pricing.

You may also open a Bank of America business savings account, the Advantage Savings account, without paying an additional monthly cost.

How to Get Rid of Service Charges

The Business Advantage Relationship account allows you to waive the monthly service cost in two ways:

Allowance for Transactions

Every month, you'll enjoy 500 free transactions with this Bank of America business account which is more than 2x as many as the Advantage Fundamentals account.

If you exceed this limit, each transaction you make in a month will incur a $0.45 cost.

Allowance for Cash Deposits

The BAR account enables you to make $20,000 in cash deposits, free of cost per month.

You'll have to pay $0.30 for every $100 you deposit in cash above this monthly cash deposit barrier.

Wiring Regulations

You'll have more access to fee-free wire transfers with this Bank of America business checking account than you would with the Business Advantage Fundamentals account.

Bank of America will eliminate all ordinary wiring costs associated with incoming wires, both domestic and international.

Pros and Cons of Bank of America Business Checking Accounts

Pros of Bank of America Business Banking

For starters, both of these accounts provide several methods to waive the service cost, something you won't find with other business bank accounts.

Furthermore, both accounts allow for large cash deposits, especially compared to major competitors like Chase and many internet banks that do not accept cash deposits.

Finally, both of these Bank of America business accounts come with valuable features that may help you manage your money in general—especially if you want to access additional business products from BoA.

You may link extra checking or savings accounts for little or no cost, use mobile and online banking, and access other banking and accounting solutions with the Advantage Fundamentals or Advantage Relationship accounts.

Cons of Bank of America Business Banking

First and foremost, while Bank of America has very acceptable fees and transaction limits for a typical small business bank, when compared to digital-first, online-based bank accounts, you may be spending a substantial amount on handling your money with BoA.

Finally, regardless of how much money you have in your account at any one moment, you'll discover that you may access an infinite amount of transactions with no monthly fees on alternative accounts. 

Overall, these accounts will be fee-free, and you will have access to some of the greatest mobile and online banking capabilities.

Along similar lines, many of these online-only accounts will allow for free wire transfers, or at the very least free ACH payments, as well as greater freedom in terms of how you may receive and send money for free.

Top Alternatives to Bank of America Business Checking

Chase Business Checking

  1. When you establish a new Chase Checking account, you will receive $300. For new Chase business checking clients who have completed qualifying actions.
  2. There are other options for charge waivers. There are several ways to avoid paying the Monthly Service Fee, including keeping a minimum daily balance or making transactions with your Chase Ink Business credit card.
  3. Card acceptance is built in. Accept card payments at any time, from any location in the United States, and enjoy straightforward pricing with Chase QuickAcceptSM.
  4. QuickAcceptSM allows for same-day deposits. With same-day deposits at no extra cost, you can grant access to the cash you need to keep your business running.
  5. Account activity alerts to help you keep on top of things.
  6. Account administration is simple with Chase Business online and the Chase Mobile® app.
  7. Electronic deposits are unlimited, as are ACH and Chase QuickDepositSM.
  8. Easy access to 16,000 ATMs and over 4,700 branches.

BlueVine Business Checking

  1. Online and mobile banking services that are unrivaled in the industry
  2. When your balance is at least $1,000, you will receive 0.60 percent interest.
  3. There are no monthly fees, minimum monthly or daily balances, ACH payment costs, inbound wire fees, or overdraft fees.
  4. Transactions are unrestricted.
  5. There are no fees at over 38,000 ATMs around the country.
  6. Cash Deposit is available at over 90,000 Green Dot locations.
  7. FDIC insurance up to $250,000 is available through Bancorp Bank.

The Bottom Line

Overall, Bank of America business checking accounts may provide you with some of the greatest features and lowest costs of any checking account on the market, particularly in the conventional banking arena.

It's up to you to determine whether one of these Bank of America business accounts is ideal for your company or whether there's a better choice that may meet your demands.

However, if you desire fully fee-free banking, you can narrow your search to digital-based banks or similar locations where you may create a business checking account online.

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