Bank of America Business Advantage Fundamentals Banking
Branch bank business checking with a $16 monthly fee, not charged for the first 12 statement cycles and avoidable with a $5,000 combined average balance or $500 of business debit card purchases, with 20 transactions and $5,000 of cash a cycle included.
By Bank of AmericaParent company: Bank of America, N.A.
The $16 monthly fee is not charged for the first 12 statement cycles, and $500 a cycle of business debit card purchases also avoids it.
Debit card transactions, electronic debits and checks deposited by mobile or at a Bank of America ATM don't count toward the 20 included transactions.
Cash can be deposited at financial centers or Bank of America ATMs, with $5,000 a cycle included and no published monthly cap.
What to watch
Cash over $5,000 a cycle costs $0.30 per $100 at both branches and ATMs, and items over 20 cost $0.45 each.
No business page read mentions an ITIN, and the online application asks for an SSN for everyone on it.
Does not earn interest.
How the score breaks down
RTC Score5.6/10out of 10
Methodology v1.0.0
Data completeness90%
We could verify 90% of the scoring data
Strongest points
12-month cost (reference restaurant), Cash deposit limit, Where you can deposit cash
Weakest point
12-month cost (reference restaurant)
Score by criterion
12-month cost (reference restaurant)Weight 32%StrongestWeakest4.0/104.0 out of 10
$359 over 12 months
Where you can deposit cashWeight 10%Strongest8.0/108.0 out of 10
Cash deposit limitWeight 10%Strongest10.0/1010.0 out of 10
Owner with an ITIN and no SSNWeight 10%4.0/104.0 out of 10
Fee to close the accountWeight 10%No data
How easy the monthly fee is to avoidWeight 8%7.0/107.0 out of 10
Accounting software it connects toWeight 6%5.0/105.0 out of 10
Open onlineWeight 5%10.0/1010.0 out of 10
Outgoing domestic wire feeWeight 5%1.4/101.4 out of 10
Mobile check depositWeight 4%10.0/1010.0 out of 10
All the data, with sources
Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.
Balance or account activitySource: Bank of America, N.A. (opens in a new tab)A $5,000 combined average monthly balance in eligible linked business accounts, $500 of new net purchases with the business debit card, or Preferred Rewards for Business membership.
Transactions included a month
20Source: Bank of America, N.A. (opens in a new tab)Counts checks paid, other debits and deposited items. Debit card transactions, electronic debits and checks deposited by mobile, at a Bank of America ATM or by Remote Deposit Online don't count.
$0Source: Bank of America (opens in a new tab)The Business Schedule of Fees says most accounts open with $100 or more, and the Fundamentals Clarity Statement lists a $100 opening deposit. The bank's sources don't agree.
Other fees
Cash over $5,000 a cycle costs $0.30 per $100, rounded to the nearest $100. Non-Bank of America ATMs: $2.50 in the U.S. ($5 abroad), plus the operator's fee. Overdraft item: $10, up to 2 a day; no fee if overdrawn by $1 or less. Stop payment: $30. Incoming domestic wire: $15. Rush card replacement: $15. Non-relationship payee cashing your check: $8.Source: Bank of America, N.A. (opens in a new tab)
Bank branch, The bank's own ATMsSource: Bank of America, N.A. (opens in a new tab)Financial centers (branches) and Bank of America ATMs share the same $5,000 allowance; the deposit agreement also lists the night depository.
To apply online: the business tax ID (EIN) or Social Security number, and personal information (SSN and date of birth) for everyone on the application, including owners of 25% or more and the controlling manager. Applicants should be U.S. residents and the business must be formed and operate in the U.S. The general guide lists personal ID such as a driver's license or passport. Requirements vary by ownership type and state.Source: Bank of America (opens in a new tab)The sole proprietorship page uses the same wording. These are the online application requirements; what is needed at a financial center is not published in the same detail.
Owner with an ITIN and no SSN
Not published for business checkingSource: Bank of America (opens in a new tab)No business page read today mentions an ITIN. The online application asks for an SSN for everyone on the application.
No ATM fee at Bank of America ATMs. At other ATMs in the U.S. it charges $2.50 per withdrawal or transfer ($5 abroad), and the operator may add its own fee.Source: Bank of America (opens in a new tab)
You can close the checking account at any time without advance notice. The bank does not have to close it while there are pending transactions, a negative balance, legal process or a hold; a fee waiver does not carry over if the account is reopened (Deposit Agreement, Account Closing).Source: Bank of America, N.A. (opens in a new tab)
Right to change fees
Bank of America may change the agreement at any time. It ordinarily sends advance notice of an adverse change, but may make changes without prior notice unless the law requires it; if you don't agree, you must close the account before the change takes effect (Deposit Agreement, Changes to This Agreement).Source: Bank of America, N.A. (opens in a new tab)
