Bank Of America Small Business Checking Account – This bonus has expired and is no longer valid. Click here to see the best business verification bonuses.
There is no direct link to this proposal that we know of; Reader Matt received this from a small business banker at Bank of America. Check with your local branch if this is available to you; You should speak with your small business banker to verify. The offer code is: BBR7OFF, which can help the banker to find, as there are many different offer codes appearing in their system all the time.
Bank Of America Small Business Checking Account
The Business Advantage checking account has a monthly fee of $29.95 per month, but that fee is waived for the first three months. After the introductory period, you must do one of the following to remain fee-free:
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At some point, you should be able to switch to fund checking, which has simpler requirements: just $250 in credit card spending or a $5,000 balance. It’s worth waiting for the bonus posts to come out before downgrading – judging by previous comments it might take around 5-6 months.
BofA’s more standard business verification bonus is $200 (recently expired, hopefully renewed soon). In 2015, we saw a similar $2,000 bonus from BofA. The downside to this offer compared to the 2015 offer is that it requires a $50,000 deposit.
Of the four complementary accounts, a credit card is the easiest (BofA Business Credit Card Options here). When you open a business checking and business credit card, you get an impressive $1,000 bonus as long as you deposit $50,000 and spend $2,000 on credit cards. And that’s on top of the credit card sign-up bonus:
Just make sure your credit card is linked to your checking account, as many readers reported that this was the issue last time. Linking is required both to receive the bonus and to waive the monthly current account fees. Note that last time it took 5-6 months to get the bonus (despite the 90 day terms), which adds to the hassle of keeping the account fee-free the entire time.
Bank Of America Business Checking Accounts Review
In addition to Check + Card, some other accounts may also be available. I’m assuming I qualify for an overdraft “line of credit” option, and it could be a fee-free way to net an extra $500. The “Merchant Services” option requires a $10,000 level payment, so it won’t be easy or free, but it’s possible. A “time loan” option may include fees and interest. Chances are, all the hard bridges are connected to a single product that you open at once.
The $2,500 bonus is great, but the $50,000 deposit requirement makes it difficult to implement. My best suggestion is that you can get as little as $50,000 in your account within 90 days and it will work even if you don’t have it all in the account at once. For example. You can make a $10,000 check or ACH deposit or direct deposit, then withdraw/use those funds, then deposit $10,000 again the following week, then withdraw/use those funds, and so on until you reach $50,000.
If you have any experience with this bonus, please share it in the comments. We include this bonus in our list of the best store verification bonuses. As a business owner, you need to make sure you have the best business checking account. It allows you to separate business transactions and personal expenses, making it much easier for you to keep your business finances in order.
However, given the number of business checking accounts out there, it can be very difficult to choose the right one. Every business has different needs, so it’s worth choosing a checking account that fits your purpose.
How To Open A Bank Of America Checking Account
To make things easier for you, we’ve put together a list of the best business accounts you can use to make payments.
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Small business owners need to keep a close eye on their finances, especially when they run business entities like LLCs.
While it may be tempting to use personal accounts to combat this hassle, you may want to consider getting a separate bank account.
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There are many reasons why you should turn to business bank accounts. First, they simplify things. Keeping all your business transactions in one place will make it much easier to keep up with them.
You will know how much money you spent, where you spent it, what you spent it on, and how much you have left. It does not mix with your personal funds, you will not accidentally overspend.
This division also helps small businesses in terms of taxation. When you prepare a personal tax return, your personal and business expenses are not mixed. This ensures that you don’t accidentally try to claim a refund for your personal purchase.
A business checking account can also provide liability protection if your business runs into problems.
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Your personal account can be transferred to cover the debt, but if you take out a business account instead, the IRS won’t use your personal account.
There are many things to compare and consider when getting the best business checking account. These factors may include:
Some personal and business accounts have certain minimum balance requirements. These amounts can vary and range from $0 million to over $15,000.
Ideally, you should choose an online business checking account that does not have a minimum opening deposit. However, it should not be completely written off, as this minimum deposit can sometimes have benefits.
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Do you have a cash deposit limit that you must adhere to? Do you have to pay a fixed fee if you exceed the billing time limit? Consider how much you will pay each month and choose the best business checking account based on that information.
As with cash deposits, you may have transaction limits. For example, while some of the best business checking accounts offer unlimited transactions, others may limit the number of free transactions. Choose one that matches your transaction volume.
When looking at how much it costs to open a business account, be sure to ask yourself if there are any recurring fees you need to keep in mind. You may have to pay a monthly maintenance fee for that bank account.
You can choose a business checking account that has low monthly fees or can be waived if you meet certain requirements.
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Where can you use a debit card for your business bank account? Is there an ATM near this bank? Are there ATM fees for withdrawing money from another ATM network?
It is worth checking that you have access to an ATM for both withdrawals and cash deposits. If you deal with multiple business transactions, you must provide both.
Are there any tools that might be helpful here? For example, an online business checking account may allow you to pay bills online or transfer money from one account to another online.
You can also look for branches that offer mobile transactions, especially if you commute a lot. Also, if you work with currencies other than your own, Current Account may offer currency conversion.
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Are there additional fees in addition to the monthly fee? This can include anything from transfer fees to overdraft fees and insufficient funds fees. Consider comparing rates before choosing the best business account.
Do you want a basic business current account from your area, or do you want an international online bank? Maybe you need a credit union instead. Choose the one that best suits your needs.
Some business checking accounts also offer interest, if you meet minimum balance requirements. Make sure that the monthly maintenance fee does not wipe out the interest. Also, if your goal is long-term savings, you should look for a business savings account instead.
Many banks accept new business accounts. If you want to open a business checking account, you have several options.
Wave Financial: Financial Software For Small Businesses
Bonsai Cash is an online small business checking account that lets you manage your expenses, funds and business savings.
It connects to various business tools, such as Bonsai Payment, which allows you to use physical and virtual bank cards.
Bonsai is free
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