By Budget Savvy Hub | Updated January 19, 2024

Bank of America offers a range of business account options to cater to the needs of small and large businesses. With convenient online and mobile banking services, as well as a variety of business tools and resources, Bank of America makes managing your business finances easier than ever. In this article, we will explore the different types of business accounts offered by Bank of America, their features and benefits, fees and charges, the application process, and customer support. Here are the key takeaways:

Key Takeaways

• Bank of America offers a variety of business account options, including business checking accounts, business savings accounts, and business credit cards.
• The convenient online banking and mobile banking app make it easy to manage your business finances on the go.
• Bank of America provides a range of business tools and resources to help you streamline your business operations.
• Merchant services are available for businesses that need to accept credit card payments.
• Bank of America offers 24/7 customer service, online chat support, and branch assistance for all your banking needs.

Bank of America Business Account Options

Business Checking Accounts

Bank of America offers a range of business checking accounts to meet the needs of different types of businesses. Whether you are a small business owner or a large corporation, Bank of America has a checking account option that can help you manage your finances efficiently.

One of the key features of Bank of America’s business checking accounts is the ability to access your account online. With convenient online banking, you can easily view your account balance, track transactions, and make payments from anywhere at any time.

In addition, Bank of America provides a mobile banking app that allows you to manage your business finances on the go. The app offers features such as mobile check deposit, bill payment, and account alerts, making it easier for you to stay on top of your financial activities.

To help you run your business more effectively, Bank of America also offers a range of business tools and resources. These include cash flow management tools, payroll services, and merchant services to help streamline your operations and improve your cash flow.

If you’re looking for a business checking account that offers convenience, flexibility, and a range of features, Bank of America has options to suit your needs.

Business Savings Accounts

Bank of America offers a variety of business savings accounts to help you manage and grow your business funds. Whether you’re looking to save for future expenses or build an emergency fund, Bank of America has options to suit your needs. With convenient online banking and a mobile banking app, you can easily access and monitor your savings accounts from anywhere. Additionally, Bank of America provides business tools and resources to help you make informed financial decisions and manage your savings effectively.

Business Credit Cards

Bank of America offers a range of business credit cards designed to meet the unique needs of businesses. These credit cards provide various benefits and rewards that can help businesses manage their expenses and earn valuable rewards. Some of the key features of Bank of America business credit cards include:

• Flexible Rewards Programs: Bank of America offers credit cards with flexible rewards programs that allow businesses to earn cash back, travel rewards, or points that can be redeemed for merchandise.
• Expense Management Tools: Business credit cards from Bank of America come with expense management tools that make it easy for businesses to track and categorize their expenses.
• Employee Cards: Businesses can also request additional employee cards for their employees, allowing them to easily manage and track their business expenses.

With Bank of America business credit cards, businesses can enjoy the convenience and flexibility of credit card payments while also taking advantage of valuable rewards and expense management tools.

Features and Benefits of Bank of America Business Accounts

Convenient Online Banking

Bank of America offers a convenient online banking platform that allows business account holders to manage their finances easily. With online banking, you can view account balances, transfer funds between accounts, pay bills, and access statements. The platform is user-friendly and provides a secure way to handle your business banking needs.

Mobile Banking App

Bank of America offers a user-friendly mobile banking app that allows business account holders to conveniently manage their finances on the go. With the mobile app, you can easily check your account balance, view transaction history, transfer funds between accounts, and even deposit checks using your smartphone or tablet. The app provides a secure and convenient way to stay connected to your business accounts wherever you are.

Business Tools and Resources

Bank of America offers a range of business tools and resources to help entrepreneurs manage their finances effectively. These tools are designed to streamline operations and improve productivity. One of the key tools provided by Bank of America is their convenient online banking platform. With online banking, business owners can easily access their accounts, view transactions, and make payments from anywhere at any time. This allows for greater flexibility and control over finances. Additionally, Bank of America’s mobile banking app provides even more convenience, allowing users to manage their business accounts on the go. The app offers features such as mobile check deposit, bill pay, and account alerts, making it easier than ever to stay on top of finances.

Merchant Services

Bank of America offers a range of merchant services to help businesses manage their payment processing needs. These services include credit card processing, point-of-sale solutions, and online payment gateways. With Bank of America’s merchant services, businesses can accept various payment methods, including credit cards, debit cards, and mobile payments.

In addition to payment processing, Bank of America’s merchant services also provide businesses with tools for managing transactions and analyzing sales data. Merchants can access detailed reports and analytics to gain insights into their sales performance and customer behavior.

For businesses that operate online, Bank of America offers secure and reliable e-commerce solutions. These solutions enable businesses to accept payments through their website or online store, ensuring a seamless and convenient shopping experience for customers.

Whether businesses need to accept payments in-store or online, Bank of America’s merchant services offer the necessary tools and support to streamline payment processing and enhance the overall customer experience.

Fees and Charges

Monthly Maintenance Fees

Bank of America offers a range of business accounts to suit different needs. One important aspect to consider when choosing a business account is the monthly maintenance fees. These fees are charged by the bank to cover the cost of maintaining and servicing the account. It’s important to understand the fees associated with each account option to ensure you select the one that best fits your business requirements. Below is a table summarizing the monthly maintenance fees for Bank of America business accounts:

Account Type	Monthly Maintenance Fee
Business Checking Account	$15
Business Savings Account	$10

By comparing the fees for different account types, you can make an informed decision and choose the account that offers the most value for your business.

Transaction Fees

Bank of America business accounts may have transaction fees associated with certain activities. These fees can vary depending on the type of account and the specific transaction. It is important for business owners to be aware of these fees and factor them into their financial planning. Here are some common transaction fees that may apply to Bank of America business accounts:

• Monthly Maintenance Fees: Some business accounts may have a monthly maintenance fee, which is a fixed amount charged each month for account maintenance.
• Transaction Fees: Certain types of transactions, such as wire transfers or cash deposits, may incur additional fees.
• Overdraft Fees: If a business account has insufficient funds and a transaction is processed, an overdraft fee may be charged.

It is recommended that business owners review the fee schedule for their specific account to understand the costs associated with different transactions.

Overdraft Fees

Bank of America business accounts may incur overdraft fees if there are insufficient funds in the account to cover a transaction. These fees can vary depending on the type of account and the specific circumstances. It is important for business owners to carefully monitor their account balances and ensure sufficient funds are available to avoid overdraft fees.

Application Process

Required Documents

To apply for a Bank of America business account, you will need to provide certain documents. These documents may vary depending on the type of business account you are applying for. Generally, you will need to provide the following:

• Business identification documents, such as your Employer Identification Number (EIN) or Social Security Number (SSN)
• Personal identification documents, such as your driver’s license or passport
• Proof of business address, such as a utility bill or lease agreement
• Business formation documents, such as your articles of incorporation or partnership agreement

It is important to have these documents ready before starting the application process to ensure a smooth and efficient application.

Online Application

The online application process for Bank of America business accounts is quick and easy. To apply, you will need to provide the required documents, such as your business identification, proof of address, and tax identification number. Once you have gathered all the necessary information, you can fill out the online application form on the Bank of America website. The form will ask for details about your business, including its legal structure, industry, and annual revenue. After submitting the application, you can expect to receive a response within a few business days.

Approval Timeframe

The approval timeframe for a Bank of America business account can vary depending on several factors. Generally, the online application process is quick and efficient, allowing you to submit your application and required documents electronically. Once your application is received, it will be reviewed by the bank’s team. The approval process typically takes a few business days, but it may take longer if additional information or verification is required. It is recommended to ensure all required documents are accurate and complete to expedite the approval process.

If you have any questions or need assistance during the application process, Bank of America provides 24/7 customer service and online chat support. You can also visit a branch for in-person assistance. The bank’s customer support team is dedicated to helping you with any inquiries or concerns you may have.

Customer Support

24/7 Customer Service

Bank of America offers 24/7 customer service to assist business account holders with any inquiries or issues they may have. Whether you have questions about your account, need help with online banking, or require assistance with a specific transaction, the dedicated customer service team is available around the clock to provide support.

In addition to phone support, Bank of America also offers online chat support for quick and convenient assistance. Simply log in to your account and initiate a chat session with a representative who can help answer your questions or resolve any concerns you may have.

For more complex issues or if you prefer face-to-face interaction, Bank of America has branches located throughout the country where you can receive in-person assistance from knowledgeable staff. Whether you need help with account management, want to discuss financial solutions for your business, or require guidance on other banking matters, the branch staff is there to provide personalized support and guidance.

Online Chat Support

Bank of America offers convenient online chat support for their business account customers. This feature allows you to quickly connect with a representative to get answers to your questions or resolve any issues you may have. Whether you need assistance with account inquiries, technical support, or general banking information, the online chat support team is available 24/7 to assist you.

If you prefer a more immediate response, the online chat support is a great option. You can avoid waiting on hold or navigating through automated phone menus by simply typing your question or concern in the chat box. The knowledgeable representatives are ready to provide you with the support you need in a timely manner.

Bank of America’s online chat support is a valuable resource for business account holders, ensuring that you have access to assistance whenever you need it.

Branch Assistance

Bank of America provides excellent customer support through its branch network. With branches located across the country, you can easily find assistance for all your banking needs. Whether you need help with account inquiries, making transactions, or accessing additional services, the friendly and knowledgeable staff at Bank of America branches are ready to assist you.

If you prefer face-to-face interactions, visiting a branch allows you to speak directly with a representative who can provide personalized guidance and support. They can help you open a new business account, answer any questions you may have, and provide information on the various products and services available.

Additionally, Bank of America branches offer convenient banking services such as cash and check deposits, withdrawals, and account maintenance. You can also access self-service options like ATMs and online banking kiosks for quick and easy transactions.

Bank of America’s commitment to customer service extends to its branch network, ensuring that you have access to the support you need, when you need it.

Conclusion

In conclusion, the Bank of America Business Account offers a comprehensive range of services and benefits for small businesses. With its competitive fees, convenient online banking platform, and dedicated customer support, it is a reliable choice for entrepreneurs looking to manage their finances effectively. Whether you need a basic checking account or advanced cash management solutions, Bank of America has you covered. Start your business banking journey with Bank of America today and experience the difference.

Frequently Asked Questions

What are the requirements to open a Bank of America business account?

To open a Bank of America business account, you will typically need to provide identification documents such as your Social Security number, business tax ID, and proof of business ownership.

What types of business checking accounts does Bank of America offer?

Bank of America offers various types of business checking accounts, including Small Business Checking, Business Advantage Checking, and Commercial Checking.

Are there any monthly maintenance fees for Bank of America business accounts?

Yes, Bank of America business accounts may have monthly maintenance fees. The fees vary depending on the type of account and the account balance.

Does Bank of America provide merchant services for businesses?

Yes, Bank of America offers merchant services to help businesses accept credit card payments and manage their payment processing needs.

What are the benefits of using the Bank of America mobile banking app for business accounts?

The Bank of America mobile banking app allows business account holders to conveniently manage their finances on the go, including checking balances, making transfers, and depositing checks.

How long does it take to get approved for a Bank of America business account?

The approval timeframe for a Bank of America business account can vary. It may take a few business days to process the application and receive approval.