Bank of America Business Checking Accounts Review

Account Features

Bank of America has two business checking accounts. The Business Fundamentals account is built for small businesses with average account balances of $5,000 or less. The Business Advantage checking account is designed for larger businesses that process more transactions each month.

Both types of accounts include a free Bank of America business savings account, though the type of account you're eligible for depends on which checking account you choose. Both accounts also process a variety of transactions, including cash, mobile deposits, wire transfers and direct deposits. You'll receive business and employee debit cards so you and your employees can access company funds whenever they need to. These cards have EMV chip technology to help deter identity thieves.

Your Bank of America business checking account also includes QuickBooks and payroll service integration. There's also online resources to help you with invoicing and treasury services for enterprises. These services are free to Business Advantage customers, but Business Fundamentals customers can also access them for a $15 monthly fee.

Fees and Restrictions

The Business Fundamentals checking account has a $16 monthly fee, while the Business Advantage checking account has a $29.95 monthly fee. Both accounts also enable you to waive the monthly service fee if you qualify for the Preferred Rewards for Business.

There is no fee for Business Advantage customers if you'd like to add a second business checking account, but Business Fundamentals customers will pay an extra $16 per month. Fundamentals customers also pay $15 to $16 per incoming wire transfer while Advantage customers aren't charged for these.

Fundamentals customers are limited to 200 free transactions per month, which is lower than what some other business checking accounts offer, but you're allowed up to $7,500 in cash deposits per month, which is higher than what many comparable business bank accounts allow. The Advantage checking account gives you 500 free transactions, which is a little more in line with other business checking accounts, and $20,000 in cash deposits per month, so it's a great choice if you deal a lot in cash.

Account Management and Support

Your Bank of America online account gives you complete control over your business checking account. You can view your balance and transaction history, receive alerts of suspicious activities, set limits on employee debit card use, and more. There's also a mobile app you can use to make mobile deposits, locate ATMs and branches in your area, set alerts, and manage your business checking account.

While Bank of America doesn't offer 24/7 customer support, it does have agents standing by every day, including weekends, if you need assistance. You can also reach out to the company through its Facebook and Twitter accounts. And, of course, if there's a branch office near you, you can get help from a local banker as well.

Reputation and Financials

As one of the nation's largest banks, it's not surprising that Bank of America reports high financial strength ratings, including an A2 from Moody's and an A- from Standard & Poor's. Both sources have also given the company a Stable outlook rating, indicating that it is likely to remain financially solvent for a long time to come.

Bank of America has received surprisingly few Consumer Financial Protection Bureau (CFPB) complaints -- just 850 in total, while some of its competitors have over 12,000. The company has also received an A+ rating from the Better Business Bureau (BBB), though the customer reviews with the BBB and Trustpilot aren't quite as glowing. However, you may want to take these with a grain of salt because people are often more likely to write a review when they have something bad to say rather than something good.