The Bank of America Corporation is the second largest bank & financial services company in the United States. It is headquartered in Charlotte, North Carolina. Its primary financial services revolve around commercial banking, wealth management, and investment banking. It has a network of 15,900 ATMs across United States and 4600 branches. Apart from serving individual customers, large corporations, Bank of America also offers financial solutions for small businesses that are designed specifically to fulfill the needs of entrepreneurs, startups and small business owners. In this post you will find complete details Bank of America’s Business fundamentals checking account, business credit cards and customer service numbers.
When starting a small business, one of the very first things you’ll need is the right business checking account to manage your business’s finances efficiently.
Even if you are the owner of an already established business, you are constantly searching for yet another perfect business bank that offers products & services for your evolving financial needs.
Is Bank of America good for small business?
Bank of America is the best Bank for Small Business for Cash Deposits. BofA also offers a business checking account which is comparable to Chase business checking. It is best for small businesses that are located close to more than 4,300 physical branches and over 16,000 ATMs nationwide. You can expect both convenience and a faster service from Bank of America.
Let’s have a look at the Bank of America Small Business Banking Solution in detail.
Some Key figures & facts about BofA (Bank of America):
- Total Assets of Bank of America – US $2354 billion
- Revenue net of interest expense – US $5.63 billion
- Net income of Bank of America – US $28.15 billion
- Value of Client Deposits – US $268.70 billion
- Total assets of retail clients – US $768.88 billion
What does Small Business Checking Account from Bank of America offer?
Let’s understand the fundamentals of Bank of America business checking to get a clear idea of it’s features & benefits and what it could mean for you to manage your finances with small business checking account from Bank of America.
One of the most distinctive feature of BoA business checking accounts is the complete waiver of service fee in many different ways. While many banks will trick you in different ways when it comes to service fee, Bank of America provides four ways for each of their business checking accounts to get service fee waived off.
You can find more information about the Service fee Bank of America Business Checking Accounts on it’s website.
Bank of America Business Checking Accounts give you access to latest technologies such as chip based business debit card, online banking facility, mobile banking, and powerful account tools to efficiently manage your business finances and stay connected to your account.
BofA also offers business checking account for extremely high-volume finances, which has no limit to how many monthly transactions you can make for free. If your business involves unlimited transactions each month then choosing to bank with Bank of America could definitely benefit your business.
Types of Business Checking accounts for Small businesses:
Bank of America business checking accounts are designed to cater to the needs of small businesses that are searching for a perfect checking account.
Whether you’re a new business that’s looking for a perfect banking partner in growth, or a well-established company that needs to upgrade its business checking account, Bank of America business checking accounts could fulfill your unique financial needs very well.
Business Fundamentals® Checking
Features & Benefits of the business fundamentals checking account:
- Account Maintenance fee – $16/month (may vary as per your location).
- Business fundamentals checking account is beneficial for those who spend at least $250 a month on business debit or credit card or if their average monthly balance is less than $5,000.
- Second business checking account – $12/month.
- Business savings account – Business Investment Account, No fee.
- Account management – Manage your business finances with flexible tools and QuickBooks® integration $15/month.
- You can avoid monthly maintenance fee by doing one of these things in each statement cycle:
Spend $250 in net new purchases on a business debit or credit card.
Maintain an average monthly balance of $5,000 or more.
Maintain a minimum daily balance of $3,000.
Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America business accounts.
Business Advantage Checking
Business advantage checking account has everything for small business needs, plus premium benefits such as:
- Maintenance fee – $29.95/month.
- Business advantage checking account is beneficial for you if you spend at least $2,500 a month on your business credit card or your average monthly balance is greater than $15,000.
- You can open Second checking account – No fee.
- Business Advantage Savings Account – No fee.
- Easily Manage your business finances with flexible tools and QuickBooks® integration for No fee.
- You can avoid the monthly maintenance fee by doing just one of these things each statement cycle:
Spend $2,500 in net new purchases on a business credit card.
Maintain an average monthly balance of $15,000 or more.
Maintain a combined average monthly balance of $35,000 or more in your linked Bank of America business accounts.
Actively use Bank of America Merchant Services and/or Payroll Services.
If you are looking for more benefits then you should consider joining the business advantage relationship rewards program.
Business advantage relationship rewards program benefits:
- No fees on select services (including cashier’s checks, overdraft protection transfers from deposit accounts, stop payments and more).
- Rewards Bonus on eligible business credit cards.
- Cash Rewards for Merchant Services processing.
- Interest rate booster on a Business Advantage Savings account.
Small Business Online Banking
If you are looking for a more streamlined and simplified way of banking and managing your business finances then small business online banking has it all. Run your business more efficiently and effectively while keeping your finances simple and secure.
Benefits & features of Small Business Online Banking from Bank of America
- 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 layer.
- Transaction downloads to QuickBooks®.
- Automatic alerts layer Footnote 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.
Open a Business Checking Account with Bank of America
Online bill payment and money 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 institutions Footnote.
Additional Services include:
- Payroll Services
- Remote Deposits Online
- Invoicing & Payments
Business Advantage Cash Rewards Mastercard® credit card
- New! Earn 3% cash back on your choice of one of the following six categories: gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Automatically earn 2% cash back on dining and unlimited 1% cash back on all other purchases Show details
- You’ll earn 3% and 2% cash back on the first $50,000 in combined category/dining purchases each calendar year, 1% thereafter.
- Get 75% more cash back on every purchase when you’re a Preferred Rewards for Business Platinum Honors tier member. That means you will earn 5.25% on your selected choice category, 3.5% on dining and unlimited 1.75%cash back on all other purchases.
- Redeem your cash back as a deposit into your Bank of America checking or savings account, as a card statement credit or as a check mailed to you. Cash rewards don’t expire.
- 0% Introductory APR on purchases for the first 9 billing cycles.
Platinum Business credit card
- Save on interest with a competitive APR
- 0% Introductory APR on purchases for the first 7 billing cycles
- Separate your business and personal expenses
- Get employee cards at no additional cost to you and with credit limits you set
Earning Rewards With Your Bank of America Business Advantage Credit Cards
Bank of America Merchant Services
Whether you need a POS (point of sale) terminal or a credit/debit processing machine, bank of america has solutions for small merchants & store owners to accept payments quickly.
Prices of POS devices & terminals offered to the merchants
Clover® Mini – From $599.00* (Regularly $649).
Clover® Flex – From $499.00* (Regularly $699).
Clover® Station – From $1,199* (Regularly $1,245).
FD130 – From $599.00* .
Clover® Go – From $34.99*.
eCommerce – if you are looking for a solution to accept payments online through your website or app.
Lending Solutions & Loans for Small Businesses from Bank of America
Unsecured Business Line of Credit
If you are looking for cash to grow your business but do not have collateral then you can opt for unsecured business line of credit. It can help you bridge the gap between payables and receivables with no collateral required at all. It features revolving loan terms with annual renewal, no cash advance fees, and no interest charges until you use the funds.
Benefits & features of an Unsecured Business Line of Credit
- Line amount – from $10,000-$100,000.
- Interest rate as low as 7.00%.
- Terms revolving with annual renewal.
- Origination fee – $50 if approved.
Eligibility to Qualify for an Unsecured Business Line of Credit
- 2 years in business under existing ownership.
- $100,000 in annual revenue.
- Satisfactory personal credit (typically defined as a FICO® > 670).
Avail the Limited-time-offer:
- Save up to $150: Reduced Origination Fee – just $50 (down from $150) plus a $50 credit with Autopay.
- Applications must be received between July 5 and September 30, 2019.
Unsecured Business Loan – Business Advantage Term Loan from Bank of America
You can get a lump-sum amount if you are in need of working capital to help improve your business cash flow without any need for collateral.
Features & Benefits of Business Advantage Term Loans
- Loan Amount – $10,000 – $100,000
- Loan Terms – 12 months – 60 months
- Rate of Interest – 6.25% (may vary)
- Origination fee – $150 if approved
Eligibility Criteria to qualify for a term loan from Bank of America
- 2 years in business under existing ownership
- $100,000 in annual revenue
- Satisfactory personal credit (typically defined as a FICO® > 670)
Bottom Line
Bank of America offers several financial products & banking solutions to the small business owners and we have listed the most popular ones in this post.
Before signing up for any of the solutions, you must do your own research and inquire about a particular banking service or a product.
Being the second largest bank in the US, Bank of Small for Small Business has a nationwide network of ATMs and branches and a very robust online & mobile banking system.
No matter which Bank of America business checking account you choose, you’ll be banking with one of the very best business checking accounts available on the market, today!
Bank of America Small Business customer Service & Contact Numbers
Open a new account – 866.543.2808 Mon–Fri 8 a.m.-10 p.m. ET
Remote Deposit Online support – 877.270.1242 Mon–Fri 8 a.m.-8 p.m. ET
General servicing questions – 888.BUSINESS (888.287.4637) Mon–Fri 7 a.m.-10 p.m. ET, Sat 7 a.m.-7 p.m. ET
Merchant Services support – 800.430.7161 Automated support 24/7
Online Banking support – 866.758.5972 Mon–Fri 7 a.m.-10 p.m. ET, Sat 7 a.m.-7 p.m. ET
Intuit® Online Payroll support – 888.606.4545 Mon–Fri 9 a.m.-9 p.m. ET
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References:
https://www.bankofamerica.com/smallbusiness/
https://fitsmallbusiness.com/best-small-business-checking-account/
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