Bank Of America Business Checking Online – By Roy Rasmussen Fast Capital 360 Contributing Writer Reviewed by Mike Lucas Updated December 15, 2021
What are the best online banks for small businesses? Here we compare online banking options to help you find the one that’s right for you.
Bank Of America Business Checking Online
We’ll compare online banks based on factors such as checking and savings services, interest, minimum balances, and monthly and ATM fees. Use this information to help you find the best online business bank account for you.
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One of today’s leading small business online banking solutions is LendingClub. It is a provider of online banking businesses that uses financial services technology (fintech) to offer consumers and businesses a range of products and services from its own company and partner providers, a business model known as marketplace banking.
Founded as First Trade Union Bank to serve as a community bank for carpenters union members in Boston in 1987, it was renamed Radius Bank in 2014 and agreed to be acquired by peer-to-peer lending company LendingClub in 2020. It operates under matrix LendingClub Corp., with offices in San Francisco, as LendingClub Bank, National Association, based in Lehi, Utah.
All LendingClub Bank Business Suite packages include a checking account. Accounts can be managed online from anywhere 24/7. Deposits are insured by the Federal Deposit Insurance Corp. (FDIC) up to the statutory limit of $250,000.
Some of the bank’s products are aimed at larger companies. LendingClub’s custom-designed checking account product caters to the needs of smaller businesses and is a contender for the best online bank account for small businesses.
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Custom checking accounts include unlimited 1% cash back on qualifying online and signature-based credit purchases made with a debit card by eligible account holders, as long as the account holder qualifies and maintains an average balance of $5,000 or more that month.
There are no fees or penalties on ATM deposits, debit transactions, or checks. Unlimited ATM surcharge discounts are offered for ATM fees charged by other banks.
Accounts can be managed online or from a mobile device 24/7. Bank LendingClub is available for iOS and Android devices. It includes real-time transaction updates, the ability to make deposits and pay bills, digital funds transfer, and digital wiring and invoicing and accounting capabilities. Deposits can be synced with data from Mint, QuickBooks, and Quicken. Customer support is available online or 7 days a week via secure message or phone.
Additional services are available with custom checking accounts. Business Account Payment allows account holders to send both recurring and one-time payments and checks to individuals or businesses. Automated Originating Clearing House (ACH) allows account holders to manage payments to employees and contractors online. Remote deposit capture saves time recording deposits. Business checks are available upon request.
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Custom checking accounts can be opened online in 10 minutes or less. A minimum deposit of $100 is required to open an account, but there are no minimum balance requirements after opening. Balances under $5,000 incur monthly maintenance fees of $10. Fees waived for balances of $5,000 or more.
To open an account, applicants must be US residents or resident aliens. The applicant must provide their legal business name or as (DBA), Employer Identification Number (EIN) or Tax Identification Number, business address and mailing address. Each person who owns 20% or more of the company must provide their email address, mobile phone number, address, date of birth and Social Security number. A company web presence, such as a website or social media account, is required.
Another contender for the best online business checking account is the Chase Complete Business Checking Account. Chase is the consumer and corporate banking arm of JPMorgan Chase & Co., a leading provider of international financial services with roots dating back to New York City in 1799, which currently has $2.6 trillion in assets.
The bank has thousands of branches and ATMs across the country, making them one of the best online business banking solutions for entrepreneurs who want physical and digital options.
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Full Business Checking Accounts allow unlimited deposits made electronically, via ACH or through Chase QuickDeposit, available for select mobile devices through the Chase mobile app.
The accounts include the QuickAccept smartphone card reader, which allows businesses to process all major debit and credit cards. Fees are 2.6% plus 10 cents for tap, dip and swipe payments and 3.5% plus 10 cents for manual payments. QuickAccept helps support small business cash flow by allowing same-day deposits at no additional cost.
Accounts incur a $15 monthly service fee, but this can be waived in a number of ways, including:
Chase periodically offers $300 to new business customers with qualifying activities who open a Business Complete checking account. To claim the bonus, customers must:
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Qualifying actions can be Chase QuickAccept deposits, Chase QuickDeposit deposits, ACH credits, debit card purchases, credit transfers, debit transfers, or bill payments. The bonus amount is reduced if the customer closes the account within 6 months of registration.
Online account management is available through Chase Business Online and the Chase Mobile app. Alerts keep users updated on account activity for free, although text and data rates may apply. Check tracking services are available to track check payments and fraudulent returns.
In addition to business verification services, Chase offers business credit card services. The Ink Business Credit Card comes in several varieties:
Chase’s combination of physical and digital service options, business verification services, and business credit cards make it one of the best online bank accounts for small businesses.
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Another leader among the best online banking options for small businesses is Bank of America. Currently headquartered in Charlotte, North Carolina, Bank of America grew out of a San Francisco branch of the Bank of Italy founded in 1906 after the great earthquake of that year. After national expansion and several name changes, the bank merged with Charlotte’s NationsBank to become Bank of America in 1998. They have thousands of branches and ATMs across the country.
Bank of America offers a Business Advantage Banking checking account with 2 options: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Account holders can change settings at any time.
The Business Advantage Fundamentals Bank Account costs a monthly fee of $16. This can be waived by maintaining an average monthly balance of $5,000 by combining amounts from a Business Advantage Fundamentals Bank Account and other eligible accounts or by spending at least $250 in net new purchases with qualified debit.
The Business Advantage Relationship Banking account includes all the features of the Business Advantage Fundamentals Banking account plus:
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The Business Advantage Relationship Banking account costs a monthly fee of $29.95. This can be eliminated by maintaining an average monthly balance of $15,000.
In addition to these checking account services, Bank of America offers business credit cards for small businesses, including:
Bank of America’s combination of digital and physical access, business verification services, and business credit cards help us rank among the best online business banking options.
We identified LendingClub Bank as the best choice for small businesses that need exclusive online access, and Chase and Bank of America as the best choices for businesses that prefer both physical and digital access.
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There are many other online banking options available. Some are good, while others lack customer service, which is one of the reasons we haven’t included any names here.
We advise you to do your due diligence before entrusting your money to an online banking company, including reading reviews from the Better Business Bureau and online review sites. Take the time to compare your options and find the solution that fits your needs.
Roy is a respected and published author on topics such as business coaching, small business management and business automation, as well as an expert business plan writer and strategist. corporations worldwide, including the Europe, Middle East, Latin America and Asia Pacific regions. It is one of the largest multinational banks, ranking tenth in the world and second in the United States.
Bank of America offers standard banking options, including checking and savings accounts, certificates of deposit, credit cards, money market and IRA CDs. It also offers asset, risk, investment and wealth management along with stock trading, insurance, mortgage lending and private equity.
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For customers looking to reach goals with their banking institution, Bank of America can even help with home purchases, college tuition and retirement planning.
With Bank of America, you can request your statement online or a hard copy by mail or a paperless digital copy. To request your Bank of America statement online, you must log in to your online banking account and go to the Statements & Documents tab under your accounts tab.
From there, you’ll need to visit the claim statement page, where you can enter your information and receive your statement usually within one business day via email. You can access the next week’s announcement.
If you would like a hard copy of your statement, you can also request a copy by mail online. the