Bank Of America Business Checking Account Fees – Whether it’s basic checking, personal savings, or business accounts, Bank of America offers many options.
As one of the largest financial institutions in the United States, Bank of America offers many services. The range of personal and business account options is impressive, and the availability of bank branches is very convenient.
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BofA is the subject of various controversies, and its sheer size can lead to inconsistent service. In 2014, he was fined $16.65 billion for his involvement in the 2008 financial crisis. Additionally, some accounts lack features.
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In 2021, many banks and fintech platforms eliminated overdraft fees, and Bank of America joined them in 2022, but not completely. In January 2022, we announced that we would be reducing our overdraft fee from $35 to $10 starting in May. Other banks, notably Capital One, have eliminated overdraft fees altogether.
Beginning in February 2022, Bank of America will eliminate insufficient funds fees and will no longer allow customers to withdraw more than they have at their ATM. It will also stop the $12 charged to the user for transferring money from another account to cover withdrawals.
If you want overdraft protection in general, here are some helpful tips to help prevent your account from overdrafting.
Still, is Bank of America a good place for your banking? A detailed explanation of what the bank offers can help you make a decision.
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This Bank of America review focuses on the bank’s personal and small business checking and savings features, as well as the overall convenience and features of mobile banking. Please note that Bank of America credit cards and loan products are not included in this review.
Bank of America’s most basic checking account, the Advantage SafeBalance Checking, can be opened with a fairly standard minimum deposit of $25.
AdvantageSafe Balance Checking accounts are charged a monthly fee of $4.95. Bank of America waives this fee by checking one of the boxes below.
The next step in BofA’s checking account service is Advantage Plus Checking. There is a $12 monthly fee, but there are ways to avoid it. In addition to enrolling in Preferred Rewards or qualifying as a student, you can waive the monthly fee if:
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Even part-timers are likely to make a direct deposit of at least $250, so the fees aren’t a big deal. Unfortunately, neither the AdvantageSafe checking account nor the Advantage Plus checking account will earn interest on your money.
However, AdvantageSafe Balance Checking offers Balance Connect, which allows account holders to link their accounts to prevent their checking accounts from being overdrawn. It also provides the option to purchase paper checks.
To earn interest on your Bank of America checking account, you must switch to an Advantage Relationship checking account. This account offers up to 0.02% APY on your money. That’s below the national average for interest-bearing checking accounts. Join the Preferred Rewards program to increase it even more.
Advantage Relationship Bank Accounts have a hefty $25 monthly fee that you can waive if you have a total balance of at least $10,000 in eligible linked accounts. However, Advantage Relationship offers no-fee banking services that other accounts do not, as well as free paper checks (with limited styles).
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The Bank of America Basic Savings Account is a great place to start, and you can upgrade to get even more benefits. There is also a savings account for minors.
The Bank of America Advantage Savings Account does not allow you to earn a significant interest gain. Earn only 0.01% annual interest. This is well below the national average for savings accounts. The only way to earn more is to become a Preferred Rewards member. There are three levels of savings accounts: Gold, Platinum and Platinum Honors, with each step up adding 0.01% to the APY.
The minimum deposit for a Bank of America savings account is $100. There is also an $8 monthly fee that is waived if:
If you want to open a savings account for minors, you’re in luck. BofA has a smaller savings account. Only an initial deposit of $25 is required, but after that there are no minimum balance requirements and no monthly maintenance fees. The interest rate is the same as the Bank of America Advantage Savings Account (0.01%).
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With more than 200,000 employees and annual revenue of over $85 billion, Bank of America’s size means it has more options than a small financial institution. Below is what you might want to know.
Bank of America offers a (very) large number of credit card options. Some are Bank of America branded cards, and some are third-party cards supported by Bank of America, such as the Alaska Airlines Visa.
These cards usually have no annual fee and offer some sort of perk, such as cash back, travel rewards or points. There are also options specifically for students and those building credit.
Credit cards (and credit cards in general) are a tricky subject. However, Bank of America cards are a good option if you need a new credit card or want to keep things with the same financial institution.
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Bank of America also offers a variety of loan options. These include mortgages, mortgage refinances, home equity lines and various auto loans.
In most cases, the advantage of using Bank of America over other lenders for these types of loans is that things stay in-house. For example, existing customers receive discounts on various mortgage fees.
I like the Keep the Change program. If you select this feature, your debit card purchase will be automatically rounded up and the balance will be transferred to your Bank of America savings account. It’s an easy way to add to your savings without thinking and you’ll have more money in no time.
If you’re looking for proof of deposit, you can start with as little as $1,000. You can also choose a period from as little as 28 days to as long as 10 years. CD prices start at 0.05% at the time of writing.
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Bank of America has a dedicated page dedicated to small business banking. The site makes it easy to track your account and stay up to date. However, the service has some drawbacks.
Business Fundamentals checking accounts are interest-free and have no minimum initial deposit amount. However, there is a $16 monthly service fee. This can be waived if:
Bank of America’s next-level small business checking account is called Business Advantage Checking. There is a monthly fee of $29.95 for this account. To be exempt from this, you must:
This account includes 500 free trades and no fees on your first $20,000 cash deposit. As you can see, the business advantage check is designed for businesses that have little cash flow.
Business Checking Account
BoA has 3,900 bank locations. However, that number has been declining in recent years. BoA ATMs aren’t hard to find at 16,000, but that number is less than half the number available at many of the country’s growing online banks.
As you can imagine, Bank of America offers many modern convenience banking features such as phone apps, online banking and mobile deposits. It’s easy to forget how powerful these features are. Mobile deposits are especially easy to forget until you start using them. Paper checks are becoming increasingly obsolete these days, so going to the bank to deposit them can be a hassle. Mobile deposit avoids that inconvenience.
Like most big banks, Bank of America gives you more than just checking and savings. You can get mortgages, car loans, credit cards, and even a few investment accounts linked to Merrill Lynch. They even have a Better Money Habits website that provides financial health tips for consumers.
Convenience is one of the best aspects of Bank of America and one of the biggest reasons we choose it over our competition. You don’t have to worry about maintaining multiple bank accounts because they are everywhere and offer almost everything. not.
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The BofA mobile banking app has received rave reviews. 4.8 out of 5 on the Apple App Store and 4.6 out of 5 on the Google Play Store.
Users comment on the ease of use and features such as money transfers, mobile alerts for insufficient funds and the ability to deactivate lost or stolen cards. Fingerprint and facial recognition features make logging in easy and even keep your account secure.
Have you ever had your card declined because you were traveling?