Is Bank of America (BofA) a good choice for your business? Use our Bank of America review to help you decide. This guide starts with a general overview of what types of services Bank of America provides and their general pros and cons. Then we detail the different small business services they offer, including checking, payment solutions, credit cards, loans and rewards programs. Use this information to help you decide whether they’re a good fit for your business needs.
Bank of America is one of the oldest banks in the United States. Its roots lie in multiple predecessor organizations, dating as far back as 1784.
The present Bank of America has operated out of Charlotte since the 1999 merger of Bank of America with NationsBank. In 2021, Bank of America operated about 4, 200 retail financial centers and 17, 000 ATMs in the U.S. Its operations extend through the U.S. and U.S. territories and into about 35 countries.
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Bank of America offers several major benefits for small businesses. They combine superior digital banking tools with an extensive national network of brick-and-mortar locations, making them accessible both online and off. They deliver a wide range of services for businesses, they have valuable rewards programs and they don’t have high requirements to open accounts.
On the con side, Bank of America’s fees can be high if you don’t meet requirements for waiving fees, and like many brick-and-mortar banks, their savings accounts don’t offer particularly high interest rates. Additionally, Bank of America reviews on sites such as the Better Business Bureau include a significant number of complaints about customer service issues. Many of these complaints revolve around online customer service problems such as long wait times. To avoid issues stemming from being limited to online support, we recommend that you develop a relationship with a contact at your local Bank of America branch if you choose to do business.
Bank of America offers a Business Advantage Banking checking account service designed for small businesses. This Bank of America small business account comes in a couple of varieties:
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These business checking accounts can be opened online, by calling a phone number or by visiting a Bank of America location. Bank of America business account requirements to open either type of account online include:
A Business Advantage Fundamentals Banking account costs $16 a month. However, Bank of America business account fees for Business Advantage Fundamentals Banking accounts can be waived by keeping an average balance per month of $5, 000, calculated by combining amounts from a Business Advantage Fundamentals Banking account and other eligible accounts, or by spending $250 or more in new net qualified purchases using a linked Bank of America business debit card.
The Business Advantage Relationship Banking account includes all the basic features of the Business Advantage Fundamentals Banking account as well as some advanced benefits:
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A Business Advantage Relationship Banking account costs $29.95 a month. However, this fee can be waived by retaining a combined average balance of $15, 000 a month.
Bank of America small business online banking services include the ability to use Zelle to send, request or receive money transfers between eligible bank accounts in the U.S. Senders can select recipients from a contact list, select amounts, attach an optional note and click a button to authorize the transfer. Customers have the option of sending money using a Quick Response (QR) code you provide them. Transactions typically can be completed within minutes. Information is kept private to keep transactions secure.
Bank of America business customers can use Zelle free through a mobile app or online portal. For Bank of America customers to use Zelle, both sending and receiving parties must have a mobile phone number or email registered with Zelle through their respective financial providers. Small business customers can send up to $15, 000 daily.
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To apply for Bank of America business credit cards, you’ll need to provide business information such as tax identification number and annual sales information, as well as personal identifying information for business owners and controllers and additional card holders.
To assist customers considering business loans, Bank of America provides free access to Dun & Bradstreet business credit scores for small business clients based in the U.S.
Bank of America supports customers with online and mobile tools to manage cash flow. The Cash Flow Monitor tool allows businesses to track credits and debits, set alert thresholds and make cash-flow projections. Bank of America’s digital dashboard syncs with apps such as QuickBooks Online, ADP Payroll and Google Analytics. You can track key performance indicators and project trends using these features.
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Bank of America offers businesses a wide range of services, including checking accounts, merchant payment solutions, credit cards, loans and rewards programs. It combines these services with strong digital support tools and a wide network of physical locations. On the downside, fees can be high if you don’t qualify for fee waivers, while savings account interest yields aren’t exceptional, and online support often falls short.
These factors make Bank of America most useful for businesses that desire local support, which would benefit from access to the bank’s rewards programs or which seek to open accounts without making large deposits. But if you’re looking for high-yield savings and investment accounts, you might look into other options.
Roy is a respected, published author on topics including business coaching, small business management and business automation as well as an expert business plan writer and strategist.
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