Simplify your small business banking and help your company grow with Bank of America Business Advantage. Open a business bank account, find credit cards. Bank of America offers two small-business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking (formerly Business Fundamentals Checking and Business Advantage Checking). With 4,300 branch locations across 37 states, plus Washington, D.C., Bank of America’s business accounts is digital-friendly options for small-business owners who want some access to in-person banking. Moreover, Bank of America business checking stands out among national and regional brick-and-mortar-based competitors by offering unlimited fee-free electronic transactions, high cash deposit limits, and three different ways to open an account.
Secure, easy access to your account
- Real-time balance information and pending transactions
- 12 months of sortable online transactions—view check and deposit slips online
- 18 months of online checking and savings statements, plus an option to go paperless
- Sync transactions automatically with QuickBooks Online or download transactions to QuickBooks Desktop
- Automatic alertsFootnote1 informing you of changes and updates to your account
- Self-service account requests, including check and deposit slip, reorder and check stop payment
- Manage checking, savings, CDs, loans, lines of credit, and credit cards
- Industry-standard online security
- Free access to a Dun & Bradstreet business credit score.Footnote
Online bill payment and transfers
Send one-time or recurring electronic payments and checks to companies and individuals
Receive bills from some companies electronically and get email notifications when a bill is paid
Wire money same day or transfer money next day or third business day inside or outside the U.S.—you control the speed
Transfer funds to your Bank of America consumer checking account from your checking or brokerage accounts at other financial institutionsFootnote
Is Bank of America a good bank for small businesses?Bank of America business checking is best for small-business owners who: Want to be able to do some of their business banking in person. Don’t mind paying a monthly fee or can qualify to waive it. Operate a cash-heavy business.
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How Bank of America business checking works
- Account options: Bank of America offers the Business Advantage Fundamentals Banking and Business Advantage Relationship Banking accounts — formerly known as Business Fundamentals Checking and Business Advantage Checking, respectively.
- In addition to these two core options, the bank offers the Full Analysis Business Checking account for businesses with high balances and greater cash management needs, as well as a Public Service Trust Account.
- Location availability: Bank of America has 4,300 branch locations and 17,000 ATMs across 37 states, plus Washington, D.C. The bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin, and Wyoming.
- Unlike some brick-and-mortar banks, however, your business does not have to be located in a state with a Bank of America branch in order to be eligible for a business checking account. In fact, you can use the Bank of America website to check fee and rate information for any of the 50 states, plus Washington, D.C.
- How to apply: Apply for a Bank of America business checking account by completing and submitting an application online, over the phone with a small-business banking representative, or in person at a branch location.
- Basic details about yourself and your business including your Social Security number, date of birth, legal business name, the date your business was formed, employer identification number, and state of business formation.
- Bank of America also requires basic personal information (including date of birth and Social Security number) for all owners with 25% or more ownership in the business, as well as any controlling managers (e.g., chief financial officer, managing member).
- Business formation document (varies based on your entity type) and one form of a government-issued ID for you, all owners with 25% or more ownership in the business, and any controlling managers.
- If your business is operating using a DBA, or “doing business as,” a fictitious name, trade name, or assumed name, Bank of America requires that you provide the applicable certificate that shows your business’s adopted name.
- If you apply for a Bank of America business checking account online, you will send your supplemental documents to the bank by fax or email after you’ve completed your application. You have 11 days after submitting your online application to send your documents before your application will be declined and you will need to resubmit. Once Bank of America has received both your application and supporting documents, your account could be approved and opened in as little as 24 hours.
How much does it cost to open a Bank of America business account?The minimum deposit required to open a Bank of America Business Fundamentals Checking account is $100
What is needed to open a business account at Bank of America?
- Business tax ID.
- Date business was formed.
- Country and state of legal formation (formed in the U.S. to apply online)
- Country and state of primary business operation (must be a U.S.-operating business)
- Legal business name and DBA (“doing business as”) name, if applicable.