All About Bank of America Business Accounts

Bank of America (BoA) is a top financial institution serving individual consumers, small and middle-sized businesses, and large corporations. It offers banking, investment, asset management, and risk management options.

A Bank of America business account is essential to manage your company’s finances. With over 3 million business customers, Bank of America is a reliable bank with services across the United States and other countries.

Is BoA Good for Small Businesses? Bank of America is a good option for small and large businesses. It offers two different types of business checking accounts

Bank of America

A Bank of America business account includes access to various tools and services, and can be accessed via online and mobile banking. An easy-to-use mobile app is also available for banking anywhere, anytime.

When Is Bank of America a Good Fit for a Business Account? You make large cash deposits monthly: BoA provides low cash deposit fees on both business accounts. Fundamentals banking has a limit of $7,500 per month, while the limit for Relationship banking is $20,000 per month.

When Is BoA Not the Best Fit for Your Business Account?

You want a business checking account that provides interest: None of BoA’s business checking accounts offer interest. Some institutions, like BlueVine, give a 2% interest on balances up to $100,000.

Gold To qualify for the Gold level, business owners must have an active business checking account with an average balance of $20,000 over three months. Perks include – A 0.25% discount on the financing interest fee. – Level’s payroll refund full-service fee is $10. – It comes with 25% bonus credit card rewards.

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