Bank of America Business Account

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 the Bank of America:

• Input your business address’s ZIP code, then click “Open Account.”

• You can choose between Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Select whatever suits your needs. Remember that you can always change this later.

• Choose the number of accounts from the drop-down. The fees on each category are already indicated alongside the number of accounts.

• You can also add a business credit card and business advantage savings account. Check the box if applicable.

• After clicking “Next,” you will be asked if you’re already a client of the Bank of America. Although you can still open a business account even if you’re not, the transaction will be faster with pre-filled forms for existing clients.

• Confirm that you’re authorized to open a bank account for the business. Then, choose the correct business structure from the drop-down.

• Fill out the form about your personal information. Make sure everything is correct on all pages.

You can open a bank account for your business in the Bank of America provided that you:

• Are a US resident

• Have at least 25% ownership of the company or an authorized officer of the legitimate owner(s)

• Authorize the 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 may vary depending on the structure of your business. Here is the possible documentation needed when opening a business account in the 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 (either the federal tax ID/employer identification number, social security number (for sole proprietors), or state/local authority documents of your business’s legal entity

• A minimum deposit amount

The fees are different for each account type. Here’s a list of the possible fees you may incur in a Bank of America Business Account:

• Business Advantage Fundamentals Banking: $0 or $16/month

• Business Advantage Relationship Banking: $0 or $29.95

• Swipe, dip, and tap: 2.65% + 10¢

  • E-commerce: 2.99% + 30¢

• Keyed: $3.50 + 15¢

• The monthly fees for Business Advantage Savings Account are WAIVED if your business maintains the minimum daily balance of $2,500. Otherwise, $10 will be charged to your account.

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