Bank of America business account
Bank of America, headquartered in Charlotte, NC, is a major global bank with over 200 years of history. Its predecessor, the Bank of Italy, was established in San Francisco by Amadeo Giannini in 1904. After merging with another LA-based financial institution in 1928, it became the Bank of America National Trust and Savings Association. Today, the bank offers various financial products and services to individuals, businesses, and institutions worldwide, strongly emphasizing sustainability and social responsibility.
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How To Open a Business Account With Bank of America?
The Bank of America offers three business accounts: Business Checking, Merchant Services, and Business Savings. Here’s a step-by-step list to open a business account in Bank of America:
- Input your business address’s ZIP code, then click “Open Account.”
- Choose between Business Advantage Fundamentals Banking and Business Advantage Relationship Banking.
- Select the number of accounts from the drop-down list.
- Optionally add a business credit card and Business Advantage Savings account.
- Click “Next,” then confirm whether you’re already a Bank of America client.
- Confirm that you’re authorized to open an account for the business.
- Select the correct business structure from the drop-down.
- Fill out the form with your personal information and confirm all details.
Who Can Open a Bank of America Business Account?
You can open a bank account for your business in Bank of America provided that you:
- Are a US resident
- Have at least 25% ownership of the company or are an authorized officer of the legitimate owner(s)
- Authorize Bank of America to obtain a credit report (or other similar information)
- Agree to account servicing via electronic communication (if you apply online)
Required Documents for a Bank of America Business Account
Required documents may vary depending on the structure of your business. Here is the possible documentation needed when opening a business account in Bank of America:
- Address and phone number of the company
- Name(s) of the people who will be listed as account owners
- Personal ID
- Proof of the business’s existence (federal tax ID/EIN, Social Security number for sole proprietors, or state/local authority documents)
- A minimum deposit amount
Bank of America Business Account Fees
Fees vary based on the account type and services selected. Here’s a summary of Bank of America’s business account charges:
Business Checking
- Business Advantage Fundamentals Banking: $0 or $16/month
- Business Advantage Relationship Banking: $0 or $29.95/month
Merchant Services
- Swipe, dip, and tap: 2.65% +10¢
- E-commerce: 2.99% +30¢
- Keyed: $3.50 +15¢
Business Savings
- Business Advantage Savings: $0/month if minimum daily balance is $2,500
- Otherwise: $10/month
Introducing Remitbee Business Account
With Remitbee, you can easily carry out your business's routine transactions hassle-free and affordable. Sign up for an account online and benefit from quick verification, allowing you to start making transactions immediately.
Moreover, Remitbee offers a highly favorable CAD-USD exchange rate and a nominal conversion fee ranging from 0.3% to 0.6%. As a result, customers can save up to $2,000. Discover the other benefits that Remitbee can offer to your business:
Moreover, Remitbee offers a highly favorable CAD-USD exchange rate and a nominal conversion fee ranging from 0.3% to 0.6%. As a result, customers can save up to $2,000. Discover the other benefits that Remitbee can offer to your business:
- Send up to $100k
- Transfer for free for transactions above $500
- Instantly receive money
- Competitive exchange rates
- 100% money-back guarantee
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