Bank of America Business Advantage Checking is a non-interest checking account that offers 500 free monthly transactions and free monthly cash deposits up to $20,000. It charges a monthly fee of $29.95, which can be waived upon meeting certain conditions. It’s best for small businesses with high balances and a high number of transactions.
Bank of America Business Advantage Checking Pros & Cons
Access to 4,300 physical branches and around 16,000 ATMs nationwide
No interest on balances
Options to waive the monthly fee
Requires high balances to waive the monthly fee
Great mobile app and website
Charges fees for transactions and cash deposits exceeding their free offer
Who Bank of America Business Advantage Checking Is Best For
- Businesses with high balances and a high transaction volume: Bank of America Advantage Checking is best for small businesses that can maintain an average monthly balance of $15,000 or more and have around 500 transactions and $20,000 cash deposits in a month.
Bank of America Business Advantage Checking Fees
Minimum Opening Deposit
Minimum Balance Requirement to Avoid the Monthly Fee
A minimum of $15,000 average monthly balance on the primary account or a minimum of $35,000 combined average monthly balance of linked Bank of America accounts
Free for the first 500 transactions, then 45 cents per item
Wire Transfer Fee
Outgoing: Fee varies (contact Bank of America for info)
Cash Deposit Fee
Free for the first $20,000, then 30 cents for every $100
$35 per item
No fee from Bank of America ATMs
$2.50 to $5 for non-Bank of America ATMs
Bank of America Advantage Checking charges 45 cents per item after the 500 free monthly transactions, and 30 cents for every $100 in excess of $20,000 free monthly cash deposits. It charges a monthly fee of $29.95, which is waivable if you can meet any of the following maintaining balance requirements:
- At least $15,000 average monthly balance on the primary account
- At least $35,000 combined average monthly balance in all linked Bank of America accounts
There is no ATM fee for using Bank of America ATMs. Fees for non-Bank of America ATMs range from $2.50 to $5.
Bank of America Business Advantage Checking Features and Perks
No-fee business services
With Business Advantage Checking, you can enjoy no-fee business services like stop payments, incoming wire transfers, and check image service.
Business Debit Cards
Bank of America Business Fundamentals Checking makes expense tracking a lot easier with business and employee debit cards. You can set card-specific spending limits and view online statements anytime.
Second Checking Account
With Business Advantage Checking, you will have a second checking account, which you can use to set aside taxes, separate funds by location, or cap discretionary spending.
Business Advantage 360
Bank of America Business Fundamentals Checking provides powerful cash flow insights through Business Advantage 360. This essential account tool allows you to view balances by category, get cash flow projections, and monitor key transactions.
You can customize account access by user and import transactions into QuickBooks with its Account Management feature. This feature, which is valued at $15 per month, is included with Business Advantage Checking for free.
The Bank of America mobile app allows you to manage your business on the go. With Bank of America mobile banking, you can deposit checks, request transfers, pay bills, and monitor your pending transactions.
Bank of America Business Advantage Checking Alternatives 2020
Business owners with no more than 250 free monthly transactions and $20,000 in free monthly cash deposits
Businesses with a low number of transactions
Business owners who want to avoid all transaction fees and live near a Capital One branch
$30; waived if you have a minimum daily balance of $35,000 in any combination of linked business savings, business CDs, and other Chase Performance Business Checking accounts
$14 to $18; waived if you have a minimum of $5,000 average monthly balance or a minimum of $3,000 daily balance
$15; waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you have two other Capital One accounts
Minimum Opening Deposit
Cash Deposit Fee
First 250 free, then 40 cents per item
First $7,500 free, then 30 cents for every $100
Free up to $5,000 per month, then $1 for every $1,000 after that
First $20,000 free, then $2.50 per $1,000
First 200 transactions free, then 45 cents per item after 200 transactions per month
Unlimited free transactions
$2.50 per transaction at any non-Chase ATM in addition to ATM operator fees
None from Bank of America ATMs; $2.50 to $5 for non-Bank of America ATMs
None on more than 39,000 Allpoint ATMs nationwide
Most Helpful Bank of America Reviews
Most Bank of America reviews available online are a combination of positive and negative ratings. Customers who left positive reviews are happy because Bank of America provides account security and fraud prevention. Clients who left negative reviews expressed disappointment because Bank of America charges high fees.
Great customer service & convenient mobile banking
One client who left a positive review on Consumer Affairs is happy because Bank of America has catered to all of her business and investing needs. She never experienced any abnormal or scamming transactions. According to her, deposits are safe with Bank of America because of its effective fraud prevention.
Many fees associated with BOA accounts
A client who left a negative review on Consumer Affairs is disappointed with the high fees associated with her Bank of America accounts. She mentioned that the bank charges fees for almost everything. According to her, the high fees do not help if you want to save money.
Bank of America Business Advantage Checking Frequently Asked Questions (FAQs)
How can I open a business checking account?
To open a business checking account, you first have to choose the type of checking account you prefer to open. Then, you can open an account through submitting an online application, call the bank at 866-543-2808, or visit a financial center.
Can I reorder my business checks online?
You can reorder your business checks online by signing in to Small Business Online Banking and selecting your account. You can find the link to reorder checks on your account page. You can also reorder checks by calling 888-287-4637.
How can I order a business or employee debit card?
You can request a business or employee debit card through signing in to your online banking account and going to the Information & Services tab for your account. You can also order by calling 888-287-4637 or visiting a Bank of America financial center.
Bank of America Advantage Checking is a good option for small businesses with high balances and a high volume of monthly transactions. It offers 500 free transactions and free cash deposits up to $20,000 per month. It comes with business and employee debit cards and can be accessed through online and mobile banking. However, Bank of America Advantage Checking offers no interest on account balances. Applications may be processed online, or you may visit a financial center or call 866-543-2808 to apply.
If you are still not sure if Bank of America Advantage Checking is right for you, then check out our “Bank of America vs Chase Business Accounts: Which Is Right For You” article that reviews the top checking accounts offered by Bank of America and Chase. In this guide, we looked at a variety of checking accounts based on features, such as monthly fees and transaction fees, opportunities to earn an introductory offer, as well as the size of the banks’ network.