Bank of America business account review: Everything you need to know

Many entrepreneurs and small business owners are curious about what it takes to open a Bank of America business account, and more importantly, whether it’s worth it. There's a lot to consider before taking the plunge into business banking.

While the bank typically offers solid nationwide coverage and some attractive features¹, it's important to understand the fine print, especially when it comes to the Bank of America business account's monthly fees². The right account can make managing your business finances smoother, while the wrong one can cost you more than you expect.

Consider this review the essence of everything you need to know about BofA Business Accounts, including the real costs, perks, and everything in between, so you can decide if Bank of America is truly the right fit for your business banking needs.

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Table of contents
Review: Quick Overview Key Features U.S. Bank business checking accounts Fees Pros and Cons Final Thoughts Save Time and Money On Overseas Payments With Wise Business Frequently Asked Questions (FAQs)

Review: Quick Overview

Key features	20 – 500 free transactions/month (depending on account type)³ $5,000 in cash deposits/month³ Cash Flow Monitor®, Zelle®, Erica®³ QuickBooks integration, fraud tools³
Main fees	$10 – $29.95/month waived with balance up to $15,000²
Great for	Startups Small businesses Growing businesses need flexibility
Trustpilot rating	1.3/5 stars⁴

Key Features

Bank of America currently offers several features designed to support both startups and established companies¹. One of the standout perks is their digital banking platform, which is user-friendly and lets you manage everything from bill pay to mobile check deposits with ease¹. You’ll also get access to a nationwide network of branches and ATMs, which can be a huge plus if your business requires in-person banking¹.

BofA also integrates seamlessly with tools like QuickBooks and Zelle®, which helps make money management more efficient³. Their business accounts include spending and cash flow tracking tools, plus fraud protection features that help keep your money secure³.

Ease of Use

One of the many features of a Bank of America business account is how user-friendly it is, especially for busy business owners who don’t have time to jump through hoops¹. The online banking platform is clean, intuitive, and packed with useful tools that make managing cash flow, tracking transactions, and paying bills feel effortless³.

The mobile app mirrors that ease, as it gives you access to your account on the go with features like mobile check deposit, Zelle for Business, and real-time alerts³. Even opening an account is relatively straightforward; you can open a Bank of America business account online in just a few steps, or walk into a local branch if you prefer a face-to-face experience¹.

Customer Service

Bank of America has established a strong reputation with users regarding the the accessibility of their customer service². If you have questions about Bank of America’s small business account fees, monthly charges, or the overall process, having someone available to explain the details can be useful².

They also offer 24/7 virtual assistant support through their mobile app³, which can be helpful when you’re on the move. And if you’re considering their free business checking options, a representative can help determine which account suits your transaction habits².

U.S. Bank business checking accounts

If you're exploring options for a business bank account, below are the most popular options with BofA and what to expect with each:

Account Name	Features	Best For
Business Advantage Fundamentals	$16 monthly fee; $7,500/month³ limit	Startups and small businesses
Business Advantage Relationship	$29.95 monthly fee; $20,000/month³ limit	Growing businesses that need more flexibility
Business Interest Checking	Earns Interest	Businesses wanting to earn interest
Business Economy Checking	Legacy account, limited availability, basic features	Grandfathered account holders

The differences between each account type really come down to your business needs. BofA has a range of options that are designed for businesses that benefit from in-person banking, physical branches, and integrated services like loans and merchant processing¹.

While BofA is ideal for traditional U.S.-based operations, Wise is best for freelancers, online entrepreneurs, and companies working across borders who value transparent fees and multi-currency tools.

Fees

When you open a Bank of America business account, here’s what you’ll realistically pay, and possibly avoid:

Business Advantage Fundamentals™ Banking

• Monthly fee: $16 (no fee for first 12 statement cycles)²
• Waiver: $5,000 average balance, $500 debit spend, or Preferred Rewards²
• Excess transactions: 20 free non-electronic, $0.45/item after³
• Cash deposits: Free up to $5K/cycle; $0.30/$100 beyond³
• Other fees: $14 redeposit, $10 overdraft, $30 stop-payment, wire fees vary²

Business Advantage Relationship Banking

• Monthly fee: $29.95²
• Waiver: $15,000 average balance or Preferred Rewards²
• Transactions: 500 non-electronic free; $0.45/item after³
• Cash deposits: Free up to $20,000; $0.30/$100 beyond³
• Perks: No fees for stop payments, wire transfers, or statements³

Business Interest Checking

• Monthly fee: $14–$29.95²
• Waiver: Minimum daily balance ($2,500–$20,000) or linked accounts²
• Transactions: ~150 free non-electronic; $0.45 excess³
• Cash deposits: Often $5,000/month; $0.30/$100 overage³
• ATM/debit: Free at BofA; $2.50 domestic, $5 foreign, 3% international. fee³

Business Economy Checking (Legacy)

• **Monthly fee: $**16²
• Transactions: 200/month; $0.45 each after³
• Cash deposits: $7,500/month free; $0.30/$100 over³
• ATM/debit: Same fee structure as others³

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Wise Business Could Help Your International Company Save on Global Payments

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Pros and Cons

Pros	Considerations
Wide branch ATM network, convenient for in-person banking¹	Limited free transactions, especially in the Fundamentals account³
Preferred Rewards for Business, relationship perks can waive fees boost benefits²	No interest in Fundamentals checking, unless upgraded or linked to specific products³
24/7 customer support, phone support + virtual assistant in app³	Slow account setup and document approval at times²
Preferred Rewards for Business, relationship perks can waive fees boost benefits³	Reputation for upselling, users report being offered paid services they didn’t request⁴
Free add-on accounts are available with the Relationship tier³	Fees for cash deposits over limits, charges apply if you exceed monthly thresholds³
Strong digital tools, Cash Flow Monitor®, Zelle®, Erica®, QuickBooks integrations³	Low Trustpilot rating, 1.3/5 average, with many complaints about customer service⁵

What are the benefits of a BofA Business Account

Opening a Bank of America business account offers several practical benefits for small business owners. They currently have a large network of branches and ATMs across the U.S.¹, and provide easy access to in-person banking services when needed. The bank’s digital tools, including its mobile app and online platform, are designed to help users manage their finances efficiently³, and can integrate with tools like QuickBooks³.

What are the possible considerations of a BofA Business Account?

Bank of America has its strengths, no doubt, but there are a few potential downsides to consider before opening a business account. The first thing you need to consider is a Bank Of America monthly fee, which can add up to $16 for the Fundamentals account and $29.95 for the Relationship account unless you meet specific balance or spending requirements to waive them². That’s not exactly what you’d call free business checking.

There are also limits on the number of free transactions and cash deposits per month. Exceed 200–500 transactions or $7,500–$20,000 in cash deposits, and you’ll be charged $0.45 per item and $0.30 per $100 in deposits over the limit³. Another drawback is the 3% international transaction fee, plus $5 fees at foreign ATMs, which are important to consider if your business operates globally³.

Final Thoughts

So, is a Bank of America business account the right fit for your company? That depends on your needs and how you manage your finances. If you value strong digital tools, nationwide branch access, and the convenience of linking lending, merchant services, and checking under one roof, BofA is a solid choice, and it should be one of the many options to consider if you’re a business owner in need of a new account¹.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Frequently Asked Questions (FAQs)

What is the minimum balance for a BOA business account?

The minimum balance to avoid monthly fees on a Bank of America business account depends on the type of account you choose. For the Business Advantage Fundamentals™ account, you’ll need to maintain a $5,000 average monthly balance, spend at least $250 in debit card purchases, or be enrolled in Preferred Rewards for Business to waive the standard $16 monthly fee².

For the Business Advantage Relationship™ account, the waiver threshold is higher; you’ll need a $15,000 average monthly balance or Preferred Rewards enrollment to avoid the $29.95 monthly fee². There is no strict minimum required to open the account (typically $100 is recommended), so these balance requirements are important if you want to avoid recurring charges².

Can I open a Bank of America business account online?

Yes, Bank of America allows many small business owners to open accounts directly through its website. The process is generally straightforward and takes about 15–30 minutes if you have the right documentation². Sole proprietors and LLCs can usually complete everything online, while partnerships and corporations may need to visit a branch to provide physical documents¹.

What documents do I need to open a BofA business account?

To open a business account with Bank of America, you’ll need several key documents depending on your business type. Most commonly, this includes²:

• Employer Identification Number (EIN) or Social Security Number (for sole proprietors)
• Government-issued ID
• Business formation documents (such as Articles of Organization for LLCs or Articles of Incorporation for corporations).
• Business License
• Partnership agreement
• Fictitious name certificate (DBA).

Does Bank of America offer business savings accounts?

Yes, Bank of America offers a Business Advantage Savings account that pairs well with its business checking options. This account earns interest and allows you to separate funds for taxes, growth, or emergencies. The monthly maintenance fee is $10, but it can be waived if you maintain a $2,500 average daily balance or are enrolled in the Preferred Rewards for Business program². You can link this account to your checking account for overdraft protection or seamless transfers².

How secure is BofA’s online business banking?

Bank of America’s online business banking is backed by enterprise-grade security protocols. They use multi-factor authentication (MFA), secure socket layer (SSL) encryption, and fraud monitoring to protect user data and account activity. Business users can also set custom account alerts for unusual transactions, and managers can assign permissions to employees for role-based access. BofA also provides automatic sign-out after inactivity and lets you lock or unlock your debit cards via the mobile app. If fraud does occur, you’re protected by BofA’s Zero Liability Policy, assuming prompt reporting³.

Are there account options for LLCs, corporations, and partnerships?

Yes, Bank of America provides account options for all common business types, including LLCs, S-corporations, C-corporations, partnerships, and sole proprietors. When you apply, you’ll be asked to submit documentation specific to your business structure. For LLCs, this includes your Articles of Organization and EIN; for partnerships or corporations, you’ll also need a partnership agreement or corporate bylaws¹. BofA’s business specialists can guide you through what’s needed based on your entity type. Account features are generally the same across structures, but access permissions and signers can be customized².

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Sources:

1. Business Checking Accounts for your Small Business | Bank of America
2. Fees at a glance | Bank of America
3. Business Schedule of Fees | Bank of America
4. Business savings account for your small business | Bank of America
5. Bank of America | Trustpilot