Bank of America Business Checking: 2023 Review

Bank of America offers comprehensive, digital-friendly business checking accounts from a brick-and-mortar bank.
Randa Kriss
By Randa Kriss 
Edited by Sally Lauckner

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Bank of America Business Advantage Fundamentals™ Banking
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at Bank of America, N.A., Member FDIC

Bank of America business checking stands out among national and regional brick-and-mortar-based competitors by offering fee-free electronic transactions, high cash deposit limits and three different ways to open an account.

Bank of America offers two small-business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking. While this review includes information on both accounts, the star rating is specific to the Business Advantage Fundamentals™ account.

With thousands of branch locations across 37 states, plus Washington, D.C., Bank of America’s business accounts are digital-friendly options for small-business owners who want some access to in-person banking.

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.

  • Would like to take advantage of additional banking or financial services from their bank in the future.

Pros and cons


  • Fee-free electronic transactions.

  • High cash deposit limits.

  • Business accounts can be opened entirely online.


  • No free business checking account option.

  • High incidental fees.

  • Fee for using out-of-network ATMs.

Bank of America business checking at a glance

Business Advantage Fundamentals™ Banking

Business Advantage Relationship Banking

Monthly fee

$16 (multiple ways to waive).

$29.95 (multiple ways to waive).

Minimum opening deposit requirement







Fee-free electronic transactions (ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online or at a Bank of America ATM). Up to 200 fee-free non-electronic transactions (checks paid, other debits, deposited items), then 45 cents per item.

Fee-free electronic transactions. Up to 500 fee-free non-electronic transactions, then 45 cents per item.

Cash deposits

Up to $7,500 free, then 30 cents per $100 deposited.

Up to $20,000 free, then 30 cents per $100 deposited.




*You can also waive the monthly fees on either of these accounts by becoming a member of Bank of America’s Preferred Rewards for Business program. To be eligible, you must have an active Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.

How Bank of America business checking works

Account options: Bank of America offers two primary business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking.

In addition to these 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 approximately 3,900 branch locations and 16,000 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.

  • Required information:

    • 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).

  • Required documentation:

    • Business formation document (varies based on your entity type) and one form of 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.

Next steps: After your account has been approved, you can make your opening deposit by transferring money from an existing Bank of America account or from another bank, as well as by using a Visa or Mastercard debit card, check or money order. You also can sign up for online banking, download the Bank of America mobile app and start managing your account.

If you ordered a business debit card or checks with your initial application, you should expect to receive them within five to seven business days. Additionally, you can request a debit card for yourself, as well as your employees, by signing into online banking, calling Bank of America small-business customer service or by visiting a branch location.

Where Bank of America business checking stands out

Fee-free electronic transactions: Both of the Bank of America business checking accounts offer fee-free electronic transactions, including ACH transactions, debit card transactions, electronic debits and deposits made using mobile check deposit, remote deposit online or at a Bank of America ATM.

With this feature, Bank of America business checking stands out among brick-and-mortar competitors in particular, as most traditional banks have a set monthly limit that encompasses both electronic and non-electronic transactions.

Cash deposits: The Business Advantage Fundamentals account includes up to $7,500 in fee-free cash deposits, and the Business Advantage Relationship account includes up to $20,000 in fee-free cash deposits per month.

Compared to other base-tier business checking accounts, the $7,500 threshold of the Business Advantage Fundamentals account stands out among brick-and-mortar competitors. For example, the Chase Business Complete Checking℠ account, Wells Fargo Initiate Business Checking account and Capital One Spark Basic Business Checking account each have a fee-free cash deposit limit of $5,000.

In addition, although the $20,000 threshold of the Business Advantage Relationship account matches that of second-tier business checking offerings from national brick-and-mortar competitors like Chase, Wells Fargo and Citibank, it exceeds that of other competitors such as U.S. Bank and Huntington Bank.

Digital tools: The Bank of America business checking accounts provide access to digital tools including Zelle, Cash Flow Monitor and Business Advantage 360 — Bank of America’s small-business online banking platform that allows you to view and manage statements and transactions, pay bills, download activity to QuickBooks and customize account alerts.

Bank of America's online banking comes fully integrated with the Cash Flow Monitor tool, which allows you to track credits and debits, get cash flow projections based on scheduled transactions and receive support from small-business specialists. You can also connect third-party apps to your Cash Flow Monitor dashboard, including ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify and TurboTax.

Suite of small-business services: If you’d prefer to use the same bank for your future financial needs, Bank of America provides a variety of additional products for small-business owners, including business savings accounts, payment processing, credit cards and business loans.

Moreover, if you join the Bank of America Preferred Rewards for Business program, you can receive discounts on other services the bank offers, as well as waive the monthly fees for either the Business Advantage Fundamentals or Business Advantage Relationship account.

As an example, entry-level Preferred Rewards members can access a 25% rewards bonus on eligible business credit cards, a 5% interest rate booster on Business Advantage Savings accounts and a 0.25% interest rate discount on new Business Advantage credit lines, term loans and secured lending.

Where Bank of America business checking falls short

Monthly fees: Both Bank of America business checking accounts have monthly fees — $16 or $29.95 — for the Business Advantage Fundamentals and the Business Advantage Relationship accounts respectively.

Although each account provides a few ways to waive these fees, there are both online and brick-and-mortar competitors that offer free business checking accounts if you don’t want to meet those requirements or have to budget for these fees on an ongoing basis.

High incidental fees: Bank of America charges fees for withdrawals at non-Bank of America ATMs —$2.50 for U.S. ATMs and $5 for international ATMs — plus, the owner of the ATM may charge an additional fee.

Bank of America also charges a $10 fee for overdrafts — which is low for a brick-and-mortar bank — as well as varying fees for outgoing wires. It’s also important to note that while Bank of America waives fees for stop payments, incoming wires, check image service, copies of checks and statements and ATM and debit card replacements for Business Advantage Relationship account holders, these services all have associated fees for Business Advantage Fundamentals account holders.

Although these types of fees are not uncommon with business checking accounts, especially those from brick-and-mortar banks, most online business checking accounts charge far fewer fees.

Compare business checking accounts

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Monthly fee


Waived with $5,000 minimum balance

Monthly fee


Monthly fee


Waived with $2,000 minimum balance









See offer page for more details



Requirements to qualify



Requirements to qualify