Opening a business bank account is one of the first steps when starting a new company. Choosing the right bank can impact your business operations and growth. Bank of America is one of the largest banks in the US and offers several business banking solutions. In this article, we will look at the key benefits, features, and steps to open a Bank of America business account.
Benefits of a Bank of America Business Account
Why should you consider a Bank of America business account? Here are some of the top benefits:
Large ATM and branch network - With over 4,300 branches and 16,000 ATMs, Bank of America offers convenient access to your accounts across the country.
Mobile banking - Bank of America's mobile app and online banking platform make managing your accounts easy from anywhere.
Fraud protection - Business accounts come with 24/7 fraud monitoring and $0 liability protection against unauthorized transactions.
Cash flow management tools - Features like ACH transfers, wire transfers, remote deposits, and overdraft protection help optimize your cash flow.
Business credit cards - Bank of America offers several business credit cards that can help separate personal and business expenses.
Key Features of Bank of America Business Accounts
Bank of America Business Account provides both checking and savings accounts for businesses. Some of the key features include:
Checking Accounts
Basic Business Checking - A simple, low-cost account with a $100 minimum opening deposit.
Business Advantage Checking - Comes with a monthly maintenance fee but offers unlimited transactions.
Business Fundamentals Checking - A middle-tier plan with a monthly fee that can be waived with a minimum balance.
Business Advantage Relationship Banking - The premium account with higher requirements but more benefits.
Savings Accounts
Business Advantage Savings - Offers a competitive interest rate with a low $500 opening deposit.
Business Investment Account - Functions like a money market account with tiered interest rates.
Additional features found across Bank of America's business accounts include online banking and bill pay, debit card and ATM access, overdraft protection, FDIC insurance on deposits, and Visa savings edge with rewards points on eligible purchases.
How to Open a Bank of America Business Account
Ready to open your business account with Bank of America? Here is an overview of what you'll need:
Gather required documents - This includes business formation documents like articles of incorporation, EIN confirmation, and a valid government-issued ID.
Select an account - Review account options like checking, savings, and cash management to pick the right plan.
Complete application - Apply online or visit a branch to complete the business account application.
Make opening deposit - You'll need to make a minimum opening deposit, usually $100 for a checking account.
Accept account terms - Bank of America Business Account Reviews deposit agreement and disclosures.
Activate your account - Once approved, you will receive an account and routing number to activate your new business bank account.
Order debit cards and checks - Optional but helpful for accessing your new account and making payments.
Set up online banking - Register your account on Bank of America's online and mobile banking platforms.
Link additional services - Connect your credit card, merchant services, payroll, and other products for seamless money management.
As one of the top national business banks, Bank of America provides the convenience, tools, and support to help your organization thrive. Opening an account is straightforward and starts you on the path to managing finances, payments, and cash flow in one place. Consider if a Bank of America business checking or savings account is right for your growing company.
Comments