Bank of America Business Fundamentals Checking is a basic, no-interest checking account that offers 200 free monthly transactions and free monthly cash deposits up to $7,500. It charges a monthly fee between $14 and $18, which can be waived upon meeting certain conditions. It is best for startups and small businesses with a low number of transactions.
Bank of America Business Fundamentals 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
Charges fees for transactions and cash deposits exceeding their free offer
Great mobile app and website
Who Bank of America Business Fundamentals Checking Is Best For
- Businesses with a low number of transactions: Bank of America Fundamentals Checking is best for startups and small businesses that don’t go more than 200 transactions and $7,500 cash deposits in a month.
Bank of America Business Fundamentals Checking Fees
$14 to $18; waivable
Minimum Opening Deposit
Minimum Balance Requirement to Avoid the Monthly Fee
A minimum of $5,000 average monthly balance or a minimum of $3,000 daily balance
Free for the first 200 transactions, then 45 cents per item
Wire Transfer Fee
Domestic: $15; International: $16
Cash Deposit Fee
Free for the first $7,500, 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 Fundamental Checking charges 45 cents per item after the 200 free monthly transactions, and 30 cents for every $100 in excess of $7,500 free monthly cash deposits. It charges a monthly fee of $17, which is waivable if you can meet any of the following:
- At least $5,000 average monthly balance
- At least $3,000 daily balance
- At least $15,000 combined average monthly balance
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 Fundamentals Checking Features and Perks
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.
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.
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 offers free alerts when your account balance is low, a bill is due soon, or it spots any unusual account activity in your account. You can also customize which types of account alerts you prefer to receive.
Bank of America Business Fundamentals Checking Alternatives 2020
Business owners with no more than 100 monthly transactions and $5,000 deposits per month
Business owners who want an interest-bearing online-only business checking account
Business owners who want to avoid all transaction fees and live near a Capital One branch
$15 (waived if you have a minimum daily balance of $1,500 or you maintain a linked Chase Private Client Checking or Chase Sapphire Checking personal account)
$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 $5,000 free, then $2.50 per $1,000
Free up to $5,000 per month, then $1 for every $1,000 after that
First 100 free, then 40 cents per item transaction after 100 transactions per month
Unlimited free transactions
$2.50 per transaction at any non-Chase ATM in addition to ATM operator fees
None. Reimburses up to $10 per month in ATM fees
None on more than 39,000 Allpoint ATMs nationwide
Most Helpful Bank of America Reviews
Most Bank of America reviews available online consist of both positive and negative ratings. Customers who left positive reviews are happy with Bank of America’s customer service and the convenience provided by its online and mobile banking. Clients who left negative reviews expressed disappointment with the fees associated with its accounts.
Great customer service & convenient mobile banking
One client who left a positive review on DepositAccounts likes that he can pay his bills using his phone. He is also happy with the best customer service that he receives from the helpful staff of the bank. He has been banking with Bank of America for 20 years now.
Many fees associated with BOA accounts
Another client who left a negative review on DepositAccounts was disappointed when he discovered that he was being charged a transfer fee from his savings to checking account. Bank of America also started charging him a $15 fee to maintain his account. Furthermore, he was also charged a fee for doing his transactions in the bank instead of using the ATM service.
Bank of America Business Fundamentals Checking Frequently Asked Questions (FAQs)
How long does it take to open an account online?
You need to send your supplemental documents to Bank of America within 11 days after you apply online. Once Bank of America receives your application and required documents, your account could be open and available for use within 24 hours. After your account is open, you should receive your debit card and ordered checks within five to seven business days.
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.
Do I have to pay additional fees for online banking?
There are no additional fees to sign up for and use Bank of America Small Business Online Banking. Once you sign up, you can access your account online 24/7 and the online and mobile features like mobile check deposit and online account management tools. Fees may apply for additional services.
Bank of America Fundamentals Checking is a good option for small business owners who have a low number of transactions per month. It offers 200 free transactions and free cash deposits up to $7,500 per month. It comes with business and employee debit cards and can be accessed through online and mobile banking. 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 Fundamentals 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.