open business account bank of america online

Learn about opening a corporate bank account in Singapore including major banks, account features, account opening requirements & more in our online guide. Welcome to HAB Bank. We are a New York based community bank offering a wide range of products and services for individuals and Open an Account today! Some businesses are legally required to open a separate business bank account. And even if you don't legally need to separate funds.

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Military checking benefits

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Our military checking benefits are one way we show our support for service members and veterans. Military checking benefits are available only to current or former members of the U.S. Armed Forces. We may request additional information for verification.

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U.S. Bank doesn't offer checking or savings accounts in your area. To help you meet your financial goals, please consider other U.S. Bank products. If you are an active duty military member, please call 800-239-3302.

Military checking benefits are available only to current or former members of the U.S. Armed Forces.

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Checking accounts

You can apply online for a checking account if you’re 18 years or older and a legal U.S. resident. You’ll need the following information:

  1. Your Social Security number.
  2. A valid, government-issued photo ID like a driver’s license, passport or state or military ID.
  3. A minimum opening deposit of $25 to activate your account (once you’ve been approved). This can be paid with a credit, debit or prepaid card, a transfer from another U.S. Bank account or a transfer from another financial institution.

Checking account resources

Want to open a checking account in person? 

You can visit any U.S. Bank branch to open a checking account. You’ll still need identification and personal details, such as your Social Security number and a valid government-issued ID. You can also call a U.S. Bank representative at 800-398-0371 to ensure you have everything you need to open a checking account or other bank account.

Источник: https://www.usbank.com/bank-accounts/checking-accounts/what-you-need-to-open-a-checking-account.html

Bank of America Small-Business Banking Review 2021: Big Rewards, If You Qualify

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Published on February 04, 2021

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Last Updated: several months ago

We reviewed this article to make sure all the account information (and everything else) still looked up to date and accurate. We updated some interest rates and fee-waiving info, but nothing big enough to change our assessment of Bank of America. 

That might change soon though―Bank of America has announced changes to its business bank accounts at the end of January 2021, including increasing account fees and getting rid of its interest-bearing checking account (so open one now if you want one). We’ll update this article when those changes take place.

At first glance, Bank of America looks great for business banking. It has locations across the United States, it offers your choice of business checking and savings accounts, and it offers small-business financing and other services.

But what about after that first glance? Does Bank of America hold up, or are you better off taking your business banking elsewhere?

We’ll tell you all about the good (a robust rewards program) and the bad (pricey, hard-to-qualify-for products) to help you decide.

Bank of America is best for businesses that want to consolidate their finances

If you want to get the most from Bank of America (BoA), you’ll want to use its higher-tier bank accounts, take advantage of several of its financial products, and get in on its Preferred Rewards for Business program so you can get discounts on those products.

To do all that, you’ll need to have some cash on hand: For example, you’ll need $20,000 across your Bank of America business accounts to take part in Preferred Rewards program. And to get a business loan, you’ll need a minimum annual revenue of $100,000.

In other words, if you have a new business with almost no cash, or you regularly experience cash flow challenges, Bank of America probably isn’t the best bank for you (but we have some great alternatives for you on our list of the best free business checking accounts).

Bank of America fast facts

But if you’ve got some cash on hand, and you’re interested in taking care of several of your business’s financial needs—like banking, financing, payroll, etc.—in one place, then Bank of America can reward you with some great discounts. (We’ll get into more detail about Preferred Rewards below.)

Fortunately, Bank of America is (as the name suggests) available across America—or at least more of America than most banks are, with locations in 37 states.

Feature

Bank of America

Online banking

Icon Check  Dark

Mobile banking

Icon Check  Dark

In-person banking

Icon Check  Dark

Branch locations

ATMs

Over 16,0001

24/7 support

Icon Close  Dark

Customer service options

map of states where Bank of America is available

Bank of America availability

(If Bank of America isn’t in your state—sorry, Dakotas—we found the best bank in your state to give you another option.)

So what exactly can Bank of America do for you?

Bank of America checking and savings accounts

Let’s start with the basics: business bank accounts. Bank of America has checking accounts, savings accounts, and certificates of deposit—the usual.

Money

Account management

Want to let your accountant check the books or let an employee see a few financial details for the business? No sweat. Bank of America’s account management options let you give people limited access to your business bank accounts.

While Bank of America didn’t quite make our list of the best small-business checking accounts, it does have several options for small businesses.

Bank of America small-business checking accounts

FeatureBusiness Fundamentals CheckingBusiness Advantage CheckingBusiness Interest Checking
Min. opening deposit$100 $100$100
Monthly fee$13.00$29.95$14.00
Monthly fee waivable?Icon Yes  DarkIcon Yes  DarkIcon Yes  Dark
APYN/AN/AN/A
Non-BoA ATM fees $2.50/transaction $2.50/transaction $2.50/transaction
Free transactions 200500150
Additional transactions $0.45 ea. $0.45 ea. $0.45 ea.
Free cash deposits Up to $7,500 Up to $20,000 Up to $7,500
Cash deposit fee $0.30 per $100 $0.30 per $100 $0.30 per $100
Account management $15.00/mo. Free N/A
Additional checking account $12.00/mo. Free N/A
Open an account Apply NowApply NowApply Now

Data effective 12/02/2020. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Business Fundamentals Checking is the most basic Bank of America checking account. It has the lowest monthly maintenance fee, which you can get waived if you make $250 of purchases on a business card (either credit or debit), maintain an average monthly balance of $5,000, keep at least $3,000 in your account at all times, or maintain a $15,000 balance across your BoA accounts.

Business Advantage Checking has a higher monthly fee, but it gives you perks like more free transactions, a higher free cash deposit limit, free account management, and a free additional checking account. You can waive its monthly fee if you make $2,500 in purchases on your business credit card, have an average monthly balance of $15,000 in your account, keep a monthly balance of $35,000 across your business accounts, or use Bank of America’s payroll or merchant services.

Only sole proprietorships, nonprofits, and government entities can sign up for a Business Interest Checking account. BoA doesn’t list the APY on this interest-bearing checking account—but based on how low the APYs are on its savings accounts and CDs, we suspect it’s quite low. You can waive the monthly fee in several ways, most simply by keeping a $1,500 minimum daily balance in your account.

If you like, you can add an Additional Checking account to either a Fundamentals or Advantage checking account. Additional Checking has similar fees to Business Fundamentals, and you can have the fee waived with an average monthly balance of $3,000.

Finally, Bank of America offers Full Analysis Business Checking for big spenders, but you’ll have to talk to your banker to get any details. It’s all very hush-hush.

Pricetag

Waiving your monthly fee

In addition to the ways we listed, you can waive your monthly fees by joining Preferred Rewards. Bank of America’s rewards program gives you four free checking accounts.

Bank of America has two business savings accounts, plus some certificates of deposit (CDs)—no money market accounts here.

Bank of America small-business savings accounts

FeatureBusiness Investment Account Business Advantage Savings Account
Min. opening deposit$100 $100
Monthly maintenance fee $5.00$15.00
Monthly fee waivable?Icon Yes  DarkIcon Yes  Dark
APY0.02%0.02%–0.04%
BoA ATM fees N/AN/A
Non-BoA ATM fees $2.50/transaction$2.50/transaction
Free cash deposits per cycle Up to $5,000 Up to $5,000
Cash deposit fee $0.30 per $100 $0.30 per $100
Able to use checks? 3/cycleX
Open an account Apply NowApply Now

Data effective 12/02/2020. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

First up is the Business Investment Account. Aside from being the cheaper of the two accounts, this one also lets you write checks from the account. On the other hand, the APY is capped at a lower rate. If you want to waive the (low) monthly fee, you need to keep at least $2,500 in the account or have a BoA investment account.

The Business Advantage Savings has a higher maximum APY, but you can’t use checks. You can waive the monthly fee by maintaining a $5,000 minimum account balance.

Then you have the certificates of deposit.

Bank of America small-business CDs

FeatureStandard Term Business CD (short term) Standard Term Business CD (long term) Business Featured CD
Min. opening deposit$15,000 $1,000 $10,000
Monthly fee N/A N/A N/A
APY0.03%–0.75% 0.03%–0.75% 0.07%
Term length 7 days–27 days 28 days–10 yrs. 12 mos.
Penalty-free withdrawal Icon No  DarkIcon No  DarkIcon No  Dark
Open an account Apply NowApply NowApply Now

Data effective 12/02/2020. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Bank of America’s CDs can be as short as one week or as long as one decade. The APY on these varies quite a bit, depending on both your term and your deposit. And keep in mind, as with all CDs, you won’t be able to touch your funds—to add or withdraw money—until your term is up.

So how do Bank of America’s saving options stack up? Well, its business savings accounts—both standard savings accounts and CDs—have relatively low APY. We’ve seen much better rates (even on checking accounts) at our favorite online banks for small business.

But that doesn’t necessarily mean you should skip Bank of America. Because for certain businesses, the rewards far outweigh any higher fees or lower APYs.

How to open a Bank of America business bank account

Bank of America makes it easy to open a bank account. In fact, it lets you initiate the process at your local branch, over the phone, or on its website. Here’s the rundown:

  1. Decide which Bank of America bank account you want to open.
  2. Get all your business documents together (articles of organization, tax ID, etc.).
  3. Contact BoA—online, over the phone, or at a branch—to apply.
  4. Give BoA your business documents (by email or fax, if necessary).
  5. Sign a signature card and deliver it to BoA (in person or by mail).
  6. Fund your new bank account.

For more information on opening your new account, check out our guide on how to open a business bank account.

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

Find a Loan

Bank of America’s small-business rewards program

Okay, so we’ve mentioned a reward program several times now. But what is it, and what can it get you?

Bank of America’s reward program, Preferred Rewards for Business, gives you perks for its various financial products. You can, for example, get discounted interest rates on loans, refunds on payroll services, or increased interest on your savings account.

There are three levels to the program: Gold, Platinum, and Platinum Honors. All three levels waive many banking fees (including monthly fees, inbound wire fees, and stop payments). But just as you’d guess, you get better perks with the higher levels.

Bank of America Preferred Rewards for Business

Feature

Gold

Platinum

Platinum Honors

How to qualify

$20,000 in BoA business accounts

$50,000 in BoA business accounts

$100,000 in BoA business accounts

Financing interest rate discount

0.25%

0.35%–0.5%

0.35%–0.75%

Savings account interest boost

5%

10%

20%

Credit cards reward bonus

25%

50%

75%

Merchant services rewards

0.05%

0.10%

0.15%

Full-service payroll refund

$10/mo.

$15/mo.

$20/mo.

Free non-BoA ATM transactions

0

12/yr.

Unlimited

Data effective 12/02/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

To qualify for even a basic (Gold) Preferred Rewards status, you need $20,000 spread across your business accounts, and the amounts only go up from there. Many businesses don’t have that kind of cash laying around.

So while the perks can be great, you can probably see why we don’t recommend Bank of America and its relationship rewards program for everyone.

Still, if you do maintain average account balances in that range (good for you!), and you want to get all your business financial products in one place, Bank of America provides great incentives to do so.

Small Business Loan Requirements Checklist

Applying for a small-business loan soon?

Our free checklist can help you understand what lenders are looking for.

Other small-business products and services from Bank of America

Speaking of other financial products, let’s take a look at all the other products Bank of America has for small businesses.

Bank of America has quite the wide variety of small-business loans, from small unsecured lines of credit to multi-million dollar medical practice loans.

Compare Bank of America’s small-business lending

Loan type

Loan min./max.

Lowest listed rate

Term

Get a loan

Business Advantage Credit Line

$10,000/$100,000

4.5%

Revolving with annual renewal

Apply Now

Secured business line of credit

$25,000 and up

3.5%

Revolving with annual renewal

Apply Now

Business Advantage Term Loan

$10,000/$100,000

4.75%

12–60 mos.

Apply Now

Secured business loan

$25,000 and up

3.75%

Up to 5 yrs.

Apply Now

Business Advantage Auto Loan

$10,000 and up

2.79%

48–72 mos.

Apply Now

Equipment loan

$25,000 and up

3.0%

Up to 5 yrs.

Apply Now

Commercial real estate loan

$25,000 and up

3.0%

Up to 15 yrs.

Apply Now

Practice solutions

Up to $5 million

“Very competitive”

Talk to banker

Apply Now

Data effective 12/2/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Its rates are definitely competitive—better than you’d find from most alternative lenders—but only if you can qualify.

To get one of BoA’s Business Advantage loans or lines of credit, your business needs to be at least two years old and generate $100,000 in annual revenue—plus you need a personal credit score of 670 (pretty liberal criteria for a traditional bank, really).

And for the other loans? Still two years in business and a 670 credit score, but you need at least $250,000 in revenue to be in the running.

For a deeper dive into BoA’s financing options, check out our Bank of America small-business loans review.

Small-business credit cards

If you’d rather apply for a business credit card than take out a loan (not that you can’t do both), you can get one of Bank of America’s five different credit cards. BoA has both Mastercard and Visa options, with a variety of perks ranging from cash rewards to travel points.

  • 401(k)s for sole proprietors and small businesses
  • Health savings accounts (HSAs)
  • Merchant services (point-of-sale systems and credit card readers)
  • Payroll services
  • Invoicing and payment system

What customers say about Bank of America

Bank of America has average, verging on low, customer reviews. It has a 1.4 out 10 on Trustpilot and a 2.6 out of 5 on Bank Branch Locator.2,3 We saw a number of fake reviews, though—a few spammy positive reviews and several politically motivated negative reviews—so take those numbers with a grain of salt.

The (real) positive reviews praise Bank of America’s customer service. They also have great things to say about its website and app, with many customers loving that they don’t have to speak with tellers much, if ever.

The negative reviews say pretty much the opposite, though. People complain about poor customer service, and they claim that BoA’s website and app are either broken or hard to navigate. They also say it’s too hard to get help from a real human. (Note that Bank of America doesn’t have 24/7 customer service.)

Your mileage will probably vary depending on your relationship with technology and (as with most traditional banks) the staff at your local branch.

At least, unlike some of the competition, Bank of America has an A+ from BBB—no company-wide scandals here.4

Ultimately, there are good reasons why Bank of America was an honorable mention on our list of the best banks for small business: it’s relatively widely available, and it has a robust rewards program for business owners.

But you can find cheaper banks out there, and small or new businesses may not be able to take advantage of the things that set Bank of America small-business banking apart.

As for whether it’s the right bank for your business? That’s for you to decide—but we hope our review helped!

Not convinced by Bank of America? Find an alternative on our list of the best banks for small business.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Chloe Goodshore

Written by

Chloe Goodshore

Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.

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Источник: https://www.business.org/finance/banking/bank-of-america-review/

How to open a business bank account in the USA

The United States is the world’s largest economy and the leading global trader. Many international businesses decide to open a U.S. business bank account to make doing business with U.S. customers more convenient. Although opening a U.S. business bank account as a non-resident is a little complex, it’s entirely achievable. We’ve put together a comprehensive guide to show you how to open a business bank account in the USA, including information on required documents and residency requirements.

Can I open a U.S. business bank account as a foreign entity?

It’s not possible to open a bank account in the U.S. as a foreign entity. U.S. business bank account requirements mean that your business needs to be registered in the USA and have an EIN (Employer Identification Number – a unique identification that is assigned to a business to ensure it can be identified by the IRS).

As there aren’t any residency requirements for business bank accounts, opening a U.S. business bank account as a non-resident shouldn’t cause any issues.

Can I open a business bank account in the USA online?

Most banks will require you to hand in documents personally, which means that it may not be possible to open a business bank account in the USA online. You’ll probably be able to start your application online, but at some point, you’ll need to visit the bank and present your documents in-person. Some specialist banks may allow you to complete the entire process online, but these banks may not offer the same level of resources as major banking institutions.

Can I open a U.S. business bank account from abroad?

Because most banks require you to visit and present your documents, it’s unlikely that you’ll be able to complete the entire process from abroad. There are a couple of exceptions; some specialists banks may be willing to make arrangements to help you open a U.S. business bank account from overseas, while there are agencies who can do the same thing, for a fee.

What is the process for opening a U.S. business bank account?

First off, you should discuss your needs with a range of banks to get a better understanding of their services and fees. After you’ve selected a bank, you can start the process of opening the account by going online or heading into a local branch. The specifics differ from bank to bank, but new customers are normally asked to come to the bank for an in-person visit and hand in their paperwork. Generally speaking, U.S. business bank account requirements mean that you’ll need to provide the following documents before the account can be opened:

  • Photo ID of the director who is opening the account

  • Articles of incorporation/organisation

  • EIN confirmation letter

  • Proof of personal address for the director

  • Proof of business address (some banks will require you to prove that your business address is located in the same geographic area and state as that branch, while others will not)

It’s also worth remembering that many banks will require a minimum deposit to open the account. Before you visit the bank to hand in your documents, you should check exactly what documents are required, as well as the minimum deposit amount.

Which bank should I choose?

There are an enormous number of national and local banks across the U.S., and if you already have an account with an international banking organisation that operates in America, you may be able to simply transfer your account across. If you’re opening a brand-new account, it’s probably a good idea to stick with one of the Big Four banks:

  • JP Morgan Chase

  • Bank of America

  • Citibank

  • Wells Fargo

What are the benefits of opening a U.S. business bank account?

There are a wide range of reasons why opening a U.S. business bank account could be beneficial for your business. First off, it will provide you with easy access to the world’s leading economy, with U.S. consumption remaining high despite recent economic downturns. It’s also important to remember that you’ll no longer need to pay hefty foreign exchange fees, and because U.S. banks are known throughout the world, you’ll enjoy easier access to global markets.

We can help

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Источник: https://gocardless.com/guides/posts/business-bank-account-in-the-usa/

Truist Small Business

When determining your company’s financial health and profitability, there are more factors to consider than total earnings. Operating cash flow, or OCF, can be just as important—it measures the actual cash your business generates from the sale of a product or service, after deducting operating costs.

Make $100,000 in sales last month? That’s what you’ll record on your income statement as revenue. But what if you’ve only been paid for half of those sales? Last month’s sales dollars will be on the books as $50,000.

Then, some items (like depreciation of supplies) count as a net expense. So it’s possible for your business to have a net loss, but positive cash flow. Want a more accurate view of your business’s financials? Make sure you’re looking at operating cash flow.

Ready to maximize your cash flow?

Contact your local Truist banker for more information on business solutions, or visit Truist.com.

Источник: https://www.truist.com/small-business

TD Small Business Checking

Recently Viewed

TD Business Premier CheckingSM

The business checking account that rewards your TD Bank relationship

With the most perks of any TD small business checking account — discounts on services, free unlimited money orders and official checks, and more

No monthly fee for up to 3 additional accounts including TD Small Business Money Market Plus and up to 2 TD Business Simple Checking accounts 1

No TD fees at non-TD ATMs2.


Recently Viewed

TD Business Convenience Checking Plus

All the essential account features you need to run your business

Waive the monthly fee with a $1,500 minimum daily balance between this account and a TD personal checking account3,4

Send money where it needs to go with ACH, Bill Pay5 and Wire Transfers

Pay with confidence with the TD Visa Business Debit Card and continuous fraud monitoring


Recently Viewed

TD Business Simple CheckingSM

A business checking account with built-in, professional invoicing

Send free professional invoices that customers can pay online6

Accept online credit card and ACH payments for a low per-transaction fee6

Low $10 monthly fee—no minimum daily balance required


Add another account to compare

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Add another account to compare

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Add another account to compare

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What you get with a TD Small Business Checking account

  • Longer store hours
    Enjoy the convenience of over 1,100 TD Bank locations with longer hours, including weekends7
  • Online Banking with access to accounts and payments
    Online Banking and Mobile Banking with Mobile Deposit8 plus payment options including ACH, Bill Pay5 and Wire Transfers. Set up sub-users and permissions to tailor your account to your business needs
  • Local personalized support
    Connect with a Small Business specialist to help customize services and solutions for your business
  • Instant issue debit card
    Lost or worn card? Stop by a TD Bank near you and get a new business debit card on the spot
  • 24/7 Live Customer Service
    Call 1-888-751-90001-888-751-9000 and press 0 to talk to a real person 24/7. Get account info, answers to questions about our products and services, open an account and more
  • Merchant Solutions
    Get your funds faster with next-business-day funding to a TD Checking account. And, waive the monthly fee for TD Business Premier Checking accounts.9 Accept any type of payment, even contactless from anywhere. Track sales, identify trends, report on customer segments, spending patterns and more
  • TD Online Accounting6
    Your banking and accounting all in one place. Send online invoices, accept credit card payments and access reporting from within TD Online Banking

Interest on Lawyers Trust Accounts (IOLTA/IOLA)

Law firms can use IOLTA accounts to place client funds into a pooled account that earns interest used to benefit public service programs approved by the state bar.

Still deciding on an account?

Our account selector can help you choose the right account.

More TD small business solutions

Merchant Solutions

Easily accept payments and receive your funds faster with next-business-day funding to a TD Business Checking account2

Find out more

Get more from your checking account

Explore the benefits of your checking account along with other services to help grow your business

Find out more

TD Online Accounting

Send online invoices, accept credit cards, streamline accounting and track everything all in one place

Get details

Get ready to open your business account

Be prepared with the info and documents you'll need to open a deposit account or apply for a loan or line of credit

Find out more

View account guide for more details: TD Business Simple Checking, TD Business Convenience Checking Plus, TD Business Premier Checking and TD Business Interest Checking Plus.

1Refer to the Business Deposit Account Agreement for details.

2For non-TD Bank, N.A. ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

3Non-profit customers are eligible for waiver of the monthly maintenance fee.

4TD Business Convenience Checking Plus combined balances includes balances from the TD Business Convenience Checking Plus account and one TD personal checking product. The following personal checking products are excluded: Health Savings Accounts and TD Simply Free Checking. Please see your Business Deposit Account Agreement for more details.

5Bill Pay payments are free with up to a 3-day turnaround time. A rush same-day payment feature is available for a fee. Please consult your Business Account Agreement for details.

6TD Online Accounting is powered by Autobooks. Neither TD Bank, N.A., nor any of its subsidiaries or affiliates, is affiliated with Autobooks, Inc (Autobooks). The accounting services referenced herein are provided exclusively by Autobooks and are subject to customer’s agreement to Autobooks’ terms of use. Certain restrictions and fees apply. TD Bank may be entitled to receive fees from Autobooks for customer’s use of accounting services. Use of accounting services from any provider, including Autobooks, is solely at the customer’s election. Autobooks may have a different Privacy and Security policy than TD Bank, N.A. You should review the Privacy and Security policies of the Autobooks website before you provide personal or confidential information. Restrictions may apply for 1-2 day funding availability service. TD Business Simple Checking customers enrolling in Invoicing only, will pay no monthly service fee. Customers with multiple business checking accounts are only eligible for the Invoicing only monthly service fee waiver if all checking accounts are TD Business Simple Checking products. All other business checking product types will pay a $10 monthly service fee for TD Online Accounting.

7Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. Major banks do not include banks that operate in retail stores such as grocery stores, or banks that do not fall in an MSA.

8The TD Bank Mobile App is free to download, however, standard wireless carrier message and data rates may apply. Text "Stop" to quit or "Help" for more information. TD Bank Mobile Deposit is available to business customers with an active checking, savings or money market account. Available for most iPhone® and Android™ devices. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

9Fees may apply for optional services. For merchants with a TD Bank settlement account and TD Bank’s standard payment processing setup, funds will be available in the settlement account by 2 PM ET on the next business day. Availability may vary based on merchant-selected payment processing gateway and other chosen services, including but not limited to, the use of non-TD Bank settlement account. Additional restrictions apply. Please consult your Business Account Agreement for details. See the TD Bank, N.A. Member Merchant Agreement for Applicable Merchant Processing Fees and Assessments. Subject to credit approval. Visit https://www.tdbank.com/merchantsolutionsoffer/ for promotion details.

View account guide for more details: TD Business Simple Checking, TD Business Convenience Checking Plus, TD Business Premier Checking and TD Business Interest Checking Plus.

1Refer to the Business Deposit Account Agreement for details.

2For non-TD Bank, N.A. ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

3TD Business Convenience Checking Plus combined balances includes balances from the TD Business Convenience Checking Plus account and one TD personal checking product. The following personal checking products are excluded: Health Savings Accounts and TD Simply Free Checking. Please see your Business Deposit Account Agreement for more details.

4Non-profit customers are eligible for waiver of the monthly maintenance fee.

5Business Convenience Checking in-store cash deposits up to $5,000 per statement cycle and $0.25 per $100 deposited thereafter.

6Business Simple Checking in-store cash deposits up to $5,000 per statement cycle and $0.25 per $100 deposited thereafter.

7Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. Major banks do not include banks that operate in retail stores such as grocery stores, or banks that do not fall in an MSA.

8The TD Bank Mobile App is free to download, however, standard wireless carrier message and data rates may apply. Text "Stop" to quit or "Help" for more information. TD Bank Mobile Deposit is available to business customers with an active checking, savings or money market account. Available for most iPhone® and Android™ devices. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

9Fees may apply for optional services. For merchants with a TD Bank settlement account and TD Bank’s standard payment processing setup, funds will be available in the settlement account by 2 PM ET on the next business day. Availability may vary based on merchant-selected payment processing gateway and other chosen services, including but not limited to, the use of non-TD Bank settlement account. Additional restrictions apply. Please consult your Business Account Agreement for details. See the TD Bank, N.A. Member Merchant Agreement for Applicable Merchant Processing Fees and Assessments. Subject to credit approval. Visit https://www.tdbank.com/merchantsolutionsoffer/ for promotion details.

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Источник: https://www.td.com/us/en/small-business/checking-accounts/

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How to open a business bank account in the USA

The United States is the world’s largest economy and the leading global trader. Many international businesses decide to open a U.S. business bank account to make doing business with U.S. customers more convenient. Although opening a U.S. business bank account as a non-resident is a little complex, it’s entirely achievable. We’ve put together a comprehensive guide to show you how to open a business bank account in the USA, including information on required documents and residency requirements.

Can I open a U.S. business bank account as a foreign entity?

It’s not possible to open a bank account in the U.S. as a foreign entity. U.S. business bank account requirements mean that your business needs to be registered in the USA and have an EIN (Employer Identification Number – a unique identification that is assigned to a business to ensure it can be identified by the IRS).

As there aren’t any residency requirements for business bank accounts, opening a U.S. business bank account as a non-resident shouldn’t cause any issues.

Can I open a business bank account in the USA online?

Most banks will require you to hand in documents personally, which means that it may not be possible to open a business bank account in the USA online. You’ll probably be able to start your application online, but at some point, you’ll need to visit the bank and present your documents in-person. Some specialist banks may allow you to complete the entire process online, but these banks may not offer the same level of resources as major banking institutions.

Can I open a U.S. business bank account from abroad?

Because most banks require you to visit and present your documents, it’s unlikely that you’ll be able to complete the entire process from abroad. There are a couple of exceptions; some specialists banks may be willing to make arrangements to help you open a U.S. business bank account from overseas, while there are open business account bank of america online who can do the same thing, for a fee.

What is the process for opening a U.S. business bank account?

First off, you should discuss your needs with a range of banks to get a better understanding of their services and fees. After you’ve selected a bank, you can start the process of opening the account by going online or heading into a local branch. The specifics differ from bank to bank, but new customers are normally asked to come to the bank for an in-person visit and hand in their paperwork. Generally speaking, U.S. business bank account requirements mean that you’ll need to provide the following documents before the account can be opened:

  • Photo ID of the director who is opening the account

  • Articles of incorporation/organisation

  • EIN confirmation letter

  • Proof of personal address for the director

  • Proof of business address (some banks will require you to prove that your business address is located in the same geographic area and state as that branch, while others will not)

It’s also worth remembering that many banks will require a minimum deposit to open the account. Before you visit the bank to hand in your documents, you should check exactly what documents are required, as well as the minimum deposit amount.

Which bank should I choose?

There are an enormous number of national and local banks across the U.S., and if you already have an account with an international banking organisation that operates in America, you may be able to simply transfer your account across. If you’re opening a brand-new account, it’s probably a good idea to stick with one of the Big Four banks:

  • JP Morgan Chase

  • Bank of America

  • Citibank

  • Wells Fargo

What are the benefits of opening a U.S. business bank account?

There are a wide range of reasons why opening a U.S. business bank account could be beneficial for your business. First off, it will provide you with easy access to the world’s leading economy, with U.S. consumption remaining high despite recent economic downturns. It’s also important to remember that you’ll no longer need to pay hefty foreign exchange fees, and because U.S. banks are known throughout the world, you’ll enjoy easier access to global markets.

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Источник: https://gocardless.com/guides/posts/business-bank-account-in-the-usa/

Bank of America Business Banking Review

Bank of America Business Banking Review Image

Whether you’re just starting a business or own an established company, Bank of America has a variety of business bank account options that can work for you.

This review will go over the details of business banking with Bank of America and explain how it compares to other banking services on the market. Read on to find out if Bank of America is the right choice for you.

Recommended: Read our Best Banks for Small Businesses review to find the right bank or credit union for your business’s specific needs.


Summary

Bank of America offers a basic variety of bank accounts focused on providing resources for small and large businesses. Bank of America sets themselves apart from most banks by offering a great user experience with their easy metro bank customer service hotline philippines navigate website and mobile app. Bank of America also makes it easy to waive monthly fees, add additional accounts, and receive some nice perks with their Business Advanced Relationship Rewards Program. One of the oldest and most well known banks, Bank of America has 67 million clients, 16,100 ATMs, and 4,400 branches, making them a great option for many businesses.

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Who is Bank of America right for?

Any business, big or small, can benefit from a business bank account and banking resources Bank of America offers.

Open an Account

PROS

  • 4,400 branches and 16,100 ATMs nationwide.
  • Great mobile app and website.
  • Set up a savings account or additional checking accounts with an existing checking account.
  • There are several ways to easily waive monthly fees.
  • The Business Advantage Relationship Rewards Program offers special interest rates, significant credit card reward bonuses, fee free banking, and more.

CONS

  • Low interest rates, even with Bank of America’s Business Relationship Rewards Program.
  • Many added fees for things like wire transfers, account management tools, and additional deposits and transactions.
  • Accounts are not as tailored to different types of businesses like some competitors’ offerings.

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review

Pricing

Bank of America offers a few different pricing tiers. With a low monthly fee and transaction limit, Business Fundamentals Checking is designed for small businesses. Business Advantage Checking, their top tier checking account, is a great choice for businesses with a large cash flow. Bank of America also offers two savings accounts, the Business Investment Account for small businesses, and the Business Advantage Savings Account for larger businesses looking to put aside more money. You can also get a Certificate of Deposit (CD) for high interest savings at a variety of rates.

Base Features

  • Access to Bank of America Online and Mobile banking
  • A variety of ways to waive monthly fees
  • Additional accounts can be added to existing accounts without monthly fees
  • Checking account holders receive business and employee debit cards
  • Savings account holders receive deposit and ATM cards

Business Fundamentals

Bank of America’s Business Fundamentals Checking account includes:

  • A $14 monthly fee that can be waived if you open business account bank of america online one of the following:
    • Spend $250 in net purchases with a BOA debit or credit card
    • Maintain an average monthly balance of $5,000 or more
    • Keep a minimum daily balance of $3,000
    • Maintain a total monthly balance of $15,000 or more in a linked BOA account
    • Enroll in the Business Advantage Relationship Rewards program
  • Limit of 200 transactions, then 45 cents per transaction (no additional fee for ACH transfers, debit card transactions, online bill pay electronic deposits, and checks deposited)
  • No fee for the first $7,500 cash deposits, then 30 cents per $100
  • Incoming wire transfers:
    • Domestic - $15/transfer
    • International - $16/transfer
  • Features:
    • A Business Investment Savings Account can be included without any additional monthly fees
  • Account management for $15/month

Cost:

$14 per month

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Who should open a Business Fundamentals checking account?

The Business Fundamentals account is a basic checking account that includes easily waivable fees, a low transaction limit, and the option central bank login missouri include a Business Investment Savings Account. This makes it a good match for startups and small businesses.

Business Advantage

Bank of America’s Business Advantage Checking account includes:

  • A monthly fee of $29.95 a month that can be waived if you do one of the following:
    • Spend $2,500 on a business credit card
    • Maintain a combined average monthly balance in all Bank of America accounts of at least $35,000
    • Maintain an average monthly balance of $15,000 or more
    • Actively use one or both of these business services:
      • Bank of America Merchant services
      • Payroll services
    • Enroll in the Business Advantage Relationship Rewards Program
  • Limit of 500 transactions, then 45 cents per transaction (unlimited digital transactions)
  • No cash deposit processing fees for the first $20,000, then 30 cents per $100
  • Features:
    • A Business Advantage Savings account can be added without monthly fees
    • An additional Business Advantage Checking account can be added without monthly fees
    • No fee introductory check package that includes checks, deposit slips, and an endorsement stamp
    • No fee for online business services account territorial savings bank waipahu fee for incoming domestic and international wire transfers

Cost:

$29.95 per month

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Who should open a Business Advantage checking account?

If you’re running a small/medium sized business that will have a high balance and are looking for a higher transaction limit, then the Business Advantage Checking account will be a good match for you.

Business Investment Savings

Bank of America’s Business Investment Savings account includes:

  • 0.02% Interest rate and APY
  • $100 opening deposit
  • $5 monthly fee that can be waived if you:
    • Maintain a $2500 minimum daily balance
      -OR-
    • Include one Business Investment Account as a part of your Business Fundamentals Checking account
      -OR-
    • Enroll in the Business Advantage Relationship Rewards program
  • Up to 6 wire transfers and withdrawals per month
  • Deposits:
    • No fees for first 25 checks, then 45 cents per check
    • No fees for deposit tickets
    • No fees for first $5000 cash, then 30 cents per $100
  • Features:
    • Overdraft protection when you link your savings account to your Bank of America Checking account
    • Business ATM card for withdrawals and transfers
    • Business Deposit card for making deposits to your Bank of America accounts at an ATM
    • Ability to write up to 3 checks per statement cycle

Note: The Business Investment Savings account cannot get the interest rate boost from the Business Advantage Relationship Rewards program.

Cost:

$5 per month + $100 opening deposit

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Who should open a Business Investment Savings account?

The Business Investment Savings account is good for businesses that expect to have a low balance and minimum transactions, particularly small businesses or startups.

Business Advantage Savings

Bank of America’s Business Advantage Savings account includes:

  • Interest rates of 0.02%-0.04%
    • 0.02%-0.08% for Business Advantage Relationship Rewards members based on their relationship (gold, platinum, or platinum honors)
  • $100 opening deposit
  • $15 monthly fee that can be waived if you:
    • Maintain a $5000 minimum daily balance
      -OR-
    • Include one Business Advantage Savings account as part of your Business Advantage Checking Solution
      -OR-
    • Enroll in Business Advantage Relationship Rewards
  • Limit of 6 wire transfers and withdrawals per month
  • Deposits:
    • No fees for first 25 checks, then open business account bank of america online cents per check
    • No fees for first $5000 in cash, then 30 cents per $100
  • Feature:
    • Link this account to checking account for overdraft protection
    • Business ATM card for withdrawals and transfers
    • Business Deposit card for making deposits to your Bank of America accounts at an ATM
    • Eligible for interest rate booster with the Business Advantage Relationship Rewards Program

Note: You can’t write checks or use a debit card for purchases (point-of-sale transactions) with this account.

Cost:

$15 per month + $100 opening deposit

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Who should open a Business Advantage Savings account?

The Business Advantage Savings account is tailored for established businesses with larger balances, as well as businesses who may plan on enrolling in the Business Advantage Relationship Rewards Program.

Business Featured CD

Bank of America’s Business Featured Certificate of Deposit:

  • 0.08% APY
  • 12 month term
  • $10,000 minimum opening deposit

Cost:

$10,000 minimum opening deposit

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Who should open a Business Featured CD?

If you’re looking to make a quick investment with higher yield, the Business Featured Certificate of Deposit may work for you.

Standard Term CD

Bank of America’s Standard Term Certificate of Deposit:

  • 0.03-0.80% APY depending on term and balance
  • 7 day to 10 year terms
  • Minimum opening balance:
    • $15,000 for 7 to 27 day term
    • $1,000 for 28 day to 10 year term

Cost:

$1,000 or $15,000 minimum investment depending on term length

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Who should purchase the Standard Term CD?

Business owners looking for long term investments with a high yield may find the Standard Term Certificate of Deposit beneficial.

Business Advantage Relationships Rewards Program

Bank of America offers a Business Advantage Relationship Rewards Program for qualified businesses with multiple Bank of America checking accounts, credit cards, or savings accounts. Depending on how much money you have at Bank of America, the Business Advantage Relationship Rewards Program gives special interest rates, bonuses and discounts, significant credit card reward bonuses, fee free banking, priority services, and access to Merrill Edge online investing.

For more information, check this program out here.

Ratings

Value - 4/5

Catering to companies ranging from startups to large businesses, Bank of America offers a fairly good selection of bank accounts compared to their competitors. Unless you’re enrolled in the Business Advantage Rewards Program, the interest rates are low, with 0.04% APY, compared to up to 0.08% APY in the rewards program. While avoiding monthly fees has never been easier, there are a lot of additional fees that you can regularly incur. On the other hand, Bank of America has a great website, mobile app, and customer service, making banking with them a seamless experience.

Customer Service - 4.5/5

Based on our own experience as well as online reviews, we have mostly good things to say about Bank of America’s customer service. The customer service is easy to get a hold of, responsive, friendly and knowledgeable. They can be reached through phone, online chat, mail, and in person at any Bank of America branch. The quality of their customer support stands up to their major competitors.

Ease of Use - 5/5

Bank of America’s website and mobile app are some of the best we’ve seen. Banking is made quick and easy with their organized and user friendly interface.

Included Features - 4/5

The main feature Bank of America offers is their Business Advantage Relationship Rewards Program. The Relationship Rewards Program includes features such as special interest rate bonuses and discounts, and fee free banking. The interest rate bonuses and APY top out at 0.08%, which is about even with Chase bank. Credit card bonuses offer an additional advantage, allowing card holders to earn up to 3.75% cash back on some purchases, or up to 2.62 points on all purchases.

Conclusion

With 67 million clients, 16,100 ATMs, and 4,400 branches, Bank of America is one of the oldest and most well known banks in the United States, and can be a great open business account bank of america online for many businesses. Bank of America’s variety of bank accounts for small and large businesses, and great website and mobile app, set them apart from their competition. Their Business Advantage Relationship Rewards Program caters to and rewards their dedicated customers. Their major drawbacks include low interest rates - even for Relationship Rewards customers - and a open business account bank of america online number of fees. Overall, though, Bank of America is a great choice for businesses large and small.

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Who is Bank of America right for?

Any business, big or small, can benefit from the banking resources Bank of America offers.

Open a Business Bank Account
Prices vary by package

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review

Источник: https://howtostartanllc.com/reviews/bank-of-america-business-bank-account-review
CitiBusiness Online

Simple Commercial Banking

CitiBusiness® Online is Citi’s banking platform for US-based commercial clients. Get real-time visibility into your global accounts and cash positions for a more seamless banking experience.

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Access anywhere, anytime

Secure desktop, mobile, file, and API connectivity options for an end-to-end digital banking experience.

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Manage liquidity and investments effectively

A range of accounts and services to support your operational and excess cash needs.

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Make and collect payments efficiently

Flexible options to process payments, allowing you to optimize working capital.

Digital Transformation

Learn more about how we are simplifying your banking experience with us.

Resources

Fraud Protection

Fraud Protection

Citi Commercial Bank has created procedures to help prevent, detect, respond to, and recover from all types of fraud attacks.

Fraud Protection

Start Enrollment

Start Enrollment

To get access to CitiBusiness® Online, please complete and take this printed form to a Citibank branch for processing.

Start Enrollment

Existing Client Support

Existing Client Support

CitiBusiness® Online Support
1-800-285-1709, Option 1
M-F: 7:00 AM - 11:00 PM ET
Sa-Su: 9:00 AM - 5:30 PM ET

Citi Wires Specialty Services Unit
1-888-606-9716

Citi Retail Business Banking Service
1-877-528-0990

Citi Private Bank Dedicated Support
1-866-513-7802

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Источник: https://www.citibank.com/commercialbank/network/cbol/en/

How to Log In to Online Banking for Bank of America

When you own a business, you don't always have time to visit the bank. With Bank of America's online banking, you can view your checking and savings accounts, see past statements and use the Bill Pay feature. You can view personal and business accounts using a single login with the online system. To sign in to your account, you first need to sign up for online banking. Bank of America will then prompt you for your username and ask you to confirm your SiteKey, an image tied to your account, as well as enter your password.

Sign Up for Online Banking

  1. Open your Web browser and go to the Bank of America Online Banking Enrollment page.

  2. Select the state where you opened your Bank of America account, then select the type of account you have.

  3. Enter your credit card number if you selected "I have a Bank of America Credit Card," then enter your ZIP code.

  4. Click "Continue Enrollment" to proceed to the next page.

  5. Enter your Bank of America debit card number, if applicable, then enter your PIN.

  6. Type the last four digits of your social security number, then enter your email address twice.

  7. Agree to the Service Agreement and the Electronic Communications Disclosure, then click "Continue Enrollment."

  8. Select an image, also called a SiteKey, and enter a caption for the image. You will confirm your SiteKey each time you log in to your account. Click "Continue Enrollment" to finish the sign-up process.

  9. Check your email for a confirmation message from Bank of America.

Sign In to Online Banking

  1. Open your Web browser and navigate to the Bank of America home page.

  2. Type your Bank of America online ID in the "Enter your Online ID" box. Click "Save this Online ID" if you want Bank of America to remember your username. Click "Sign In." Make sure you have entered the ID and Password as exact matches before clicking the Sign In button. Bankofamerica.com requires an exact match to prove your identity.

  3. Look at the image and caption shown to you. This image should match the SiteKey you chose when you created your account. If it matches, type your password and click "Sign In" to go to your account.

  4. Tip

    If you do not recognize the SiteKey shown to you, contact Bank of America support. Do not proceed to enter your password. You may be viewing a fraudulent Bank of America site.

Источник: https://smallbusiness.chron.com/log-online-banking-bank-america-53504.html

Truist Small Business

When determining your company’s financial health and profitability, there are more factors to consider than total earnings. Operating cash flow, or OCF, can be just as important—it measures the actual cash your business generates from the sale of a product or service, after deducting operating costs.

Make $100,000 in sales last month? That’s what you’ll record on your income statement as revenue. But what if you’ve only been paid for half of those sales? Last month’s sales dollars will be on the books as $50,000.

Then, some items (like depreciation of supplies) count as a net expense. So it’s possible for your business to have a net loss, but positive cash flow. Want a more accurate view of your business’s financials? Make sure you’re looking at operating cash flow.

Ready to maximize your cash flow?

Contact your local Truist banker for more information on business solutions, open a checking account online for free visit Truist.com.

Источник: https://www.truist.com/small-business

It looks like you are not the account holder. If a Citi account holder wants to grant you access to their account information, visit the Citi Developer Portal to try our APIs and contact our Open Banking Business Development Team

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Источник: https://www.citi.com/

Bank of America Small-Business Banking Review 2021: Big Rewards, If You Qualify

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Published on February 04, 2021

Icon Last Updated Dark

Last Updated: several months ago

We reviewed this article to make sure all the account information (and everything else) still looked up to date and accurate. We updated some interest rates and fee-waiving info, but nothing big enough to change our assessment of Bank of America. 

That might change soon though―Bank of America has announced changes to its business bank accounts at the end of January 2021, including increasing account fees and getting rid of its interest-bearing checking account (so open one now if you want one). We’ll update this article when those changes take place.

At first glance, Bank of America looks great for business banking. It has locations across the United States, it offers your choice of business checking and savings accounts, and it offers small-business financing and other services.

But what about after that first glance? Does Bank of America hold up, or are you better off taking your business banking elsewhere?

We’ll tell you all about the good (a robust rewards program) and the bad (pricey, hard-to-qualify-for products) to help you decide.

Bank of America is best for businesses that want to consolidate their finances

If you want to get the most from Bank of America (BoA), you’ll want to use its higher-tier bank accounts, take advantage of several of its financial products, and get in on its Preferred Rewards for Business program so you can get discounts on those products.

To do all that, you’ll need to have some cash on hand: For example, you’ll need $20,000 across your Bank of America business accounts to take part in Preferred Rewards program. And to get a business loan, you’ll need a minimum annual revenue of $100,000.

In other words, if you have a new business with almost no cash, or you regularly experience cash flow challenges, Bank of America probably isn’t the best bank for you (but we have some great alternatives for you on our list of the best free business checking accounts).

Bank of America fast facts

But if you’ve got some cash on hand, and you’re interested in taking care of several of your business’s financial needs—like banking, financing, payroll, etc.—in one place, then Bank of America can reward you with some great discounts. (We’ll get into more detail about Preferred Rewards below.)

Fortunately, Bank of America is (as the name suggests) available across America—or at least more of America than most banks are, with locations in 37 states.

Feature

Bank of America

Online banking

Icon Check Dark

Mobile banking

Icon Check Dark

In-person banking

Icon Check Dark

Branch locations

ATMs

Over 16,0001

24/7 support

Icon Close Dark

Customer service options

map of states where Bank of America is available

Bank of America availability

(If Bank of America isn’t in your state—sorry, Dakotas—we found the best bank in your state to give you another option.)

So what exactly can Bank of America do for you?

Bank of America checking and savings accounts

Let’s start with the basics: business bank accounts. Bank of America has checking accounts, savings accounts, and certificates of deposit—the usual.

Money

Account management

Want to let your accountant check the books or let an employee see a few financial details for the business? No sweat. Bank of America’s account management options let you give people limited what was yesterdays national holiday to your business bank accounts.

While Bank of America didn’t quite make our list of the best small-business checking accounts, it does have several options for small businesses.

Bank of America small-business checking accounts

FeatureBusiness Fundamentals CheckingBusiness Advantage CheckingBusiness Interest Checking
Min. opening deposit$100 $100$100
Monthly fee$13.00$29.95$14.00
Monthly fee waivable?Icon Yes DarkIcon Yes DarkIcon Yes Dark
APYN/AN/AN/A
Non-BoA ATM fees $2.50/transaction $2.50/transaction $2.50/transaction
Free transactions 200500150
Additional transactions $0.45 ea. $0.45 ea. $0.45 ea.
Free cash deposits Up to $7,500 Up to $20,000 Up to $7,500
Cash deposit fee $0.30 per $100 $0.30 per $100 $0.30 per $100
Account management $15.00/mo. Free N/A
Additional checking account $12.00/mo. Free N/A
Open an account Apply NowApply NowApply Now

Data effective 12/02/2020. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Business Fundamentals Checking is the most basic Bank of America checking account. It has the lowest monthly maintenance fee, which you can get waived if you make $250 of purchases on a business card (either credit or debit), maintain an average monthly balance of $5,000, keep at least $3,000 in your account at all times, or maintain a $15,000 balance across open business account bank of america online BoA accounts.

Business Advantage Checking has a higher monthly fee, but it gives you perks like more free transactions, a higher free cash deposit limit, free account management, and a free additional checking account. You can waive its monthly fee if you make $2,500 in purchases on your business credit card, have an average monthly balance of $15,000 in your account, keep a monthly balance of $35,000 across your st louis cardinals trade rumors jose reyes accounts, or use Bank of America’s payroll or merchant services.

Only sole proprietorships, nonprofits, and government entities can sign up for a Business Interest Checking account. BoA doesn’t list the APY on this interest-bearing checking account—but based on how low the APYs are on its savings accounts and CDs, we suspect it’s quite low. You can waive the monthly fee in several ways, most simply by keeping a $1,500 minimum daily balance in your account.

If you like, you can add an Additional Checking account to either a Fundamentals or Advantage checking account. Additional Checking has similar fees to Business Fundamentals, and you can have the fee waived with an average monthly balance of $3,000.

Finally, Bank of America offers Full Analysis Business Checking for big spenders, but you’ll have to talk to your banker to get any details. It’s all very hush-hush.

Pricetag

Waiving your monthly fee

In addition to the ways we listed, you can waive your monthly fees by joining Preferred Rewards. Bank of America’s rewards program gives you four free checking accounts.

Bank of America has two business savings accounts, plus some certificates of deposit (CDs)—no money market accounts here.

Bank of America small-business savings accounts

FeatureBusiness Investment Account Business Advantage Savings Account
Min. opening deposit$100 $100
Monthly maintenance fee $5.00$15.00
Monthly fee waivable?Icon Yes DarkIcon Yes Dark
APY0.02%0.02%–0.04%
BoA ATM fees N/AN/A
Non-BoA ATM fees $2.50/transaction$2.50/transaction
Free cash deposits per cycle Up to $5,000 Up to $5,000
Cash deposit fee $0.30 per $100 $0.30 per $100 pima county housing search to use checks? 3/cycleX
Open an account Apply NowApply Now

Data effective 12/02/2020. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

First up is the Business Investment Account. Aside from being the cheaper of the two accounts, this one also lets you write checks from the account. On the other hand, the APY is capped at a lower rate. If you want to waive the (low) monthly fee, you need to keep at least $2,500 in the account or have a BoA investment account.

The Business Advantage Savings has a higher maximum APY, but you can’t use checks. You can waive the monthly fee by maintaining a $5,000 minimum account balance.

Then you have the certificates of deposit.

Bank of America small-business CDs

FeatureStandard Term Business CD (short term) Standard Term Business CD (long term) Business Featured Rockland county covid cases. opening deposit$15,000 $1,000 $10,000
Monthly fee N/A N/A N/A
APY0.03%–0.75% 0.03%–0.75% 0.07%
Term length 7 days–27 days 28 days–10 yrs. 12 mos.
Penalty-free withdrawal Icon No DarkIcon No DarkIcon No Dark
Open an account Apply NowApply NowApply Now

Data effective 12/02/2020. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Bank of America’s CDs can be as short as one week or as long as one decade. The APY on these varies quite a bit, depending on both your term and your deposit. And keep in mind, as with all CDs, you won’t be able to touch your funds—to add or withdraw money—until your term is up.

So how do Bank of America’s saving options stack up? Well, its business www american heritage federal credit union accounts—both standard savings accounts and CDs—have relatively low APY. We’ve seen much better rates (even on checking accounts) at our favorite online banks for small business.

But that doesn’t necessarily mean you should skip Bank of America. Because for certain businesses, the rewards far outweigh any higher fees or lower APYs.

How to open a Bank of America business bank account

Bank of America makes it easy to open a bank account. In fact, it lets you initiate the process at your local branch, over the phone, or on its website. Here’s the rundown:

  1. Decide which Bank of America bank account you want to open.
  2. Get all your business documents together (articles of organization, tax ID, etc.).
  3. Contact BoA—online, over the phone, or at a branch—to apply.
  4. Give BoA your business documents (by email or fax, if necessary).
  5. Sign a signature card and deliver it to BoA (in person or by mail).
  6. Fund your new bank account.

For more information on opening your new account, check out our guide on how to open a business bank account.

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Bank of America’s small-business rewards program

Okay, so we’ve mentioned a reward program several times now. But what is it, and what can it get you?

Bank of America’s reward program, Preferred Rewards for Business, gives you perks for its various financial products. You can, for example, get discounted interest rates on loans, refunds on payroll services, or increased interest on your savings account.

There are three levels to the program: Gold, Platinum, and Open business account bank of america online Honors. All three levels waive many banking fees (including monthly fees, inbound wire fees, and stop payments). But just as you’d guess, you get better perks with the higher levels.

Bank of America Preferred Rewards for Business

Feature

Gold

Platinum

Platinum Honors

How to qualify

$20,000 in BoA business accounts

$50,000 in BoA business accounts

$100,000 in BoA business accounts

Financing interest rate discount

0.25%

0.35%–0.5%

0.35%–0.75%

Savings account interest boost

5%

10%

20%

Credit cards reward bonus

25%

50%

75%

Merchant services rewards

0.05%

0.10%

0.15%

Full-service payroll refund

$10/mo.

$15/mo.

$20/mo.

Free non-BoA ATM transactions

0

12/yr.

Unlimited

Data effective 12/02/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

To qualify for even a basic (Gold) Preferred Rewards status, you need $20,000 spread across your business accounts, and the amounts only go up from there. Many businesses don’t have that kind of cash laying around.

So while the perks can be great, you can probably see why we don’t recommend Bank of America and its relationship rewards program for everyone.

Still, if you do maintain average account balances in that range (good for you!), and you want to get all your business financial products in one place, Bank of America provides great incentives to do so.

Small Business Loan Requirements Checklist

Applying for a small-business loan soon?

Our free checklist can help you understand what lenders are looking for.

Other small-business products and services from Bank of America

Speaking of other financial products, let’s take a look at all the other products Bank of America has for small businesses.

Bank of America has quite the wide variety of small-business loans, from small unsecured lines of credit to multi-million dollar medical practice loans.

Compare Bank of America’s small-business lending

Loan type

Loan min./max.

Lowest listed rate

Term

Get a loan

Business Advantage Credit Line

$10,000/$100,000

4.5%

Revolving with annual renewal

Apply Now

Secured business line of credit

$25,000 and up

3.5%

Revolving with annual renewal

Apply Now

Business Advantage Term Loan

$10,000/$100,000

4.75%

12–60 mos.

Apply Now

Secured business loan

$25,000 and up

3.75%

Up to 5 yrs.

Apply Now

Business Advantage Auto Loan

$10,000 and up

2.79%

48–72 mos.

Apply Now

Equipment loan

$25,000 and up

3.0%

Up to 5 yrs.

Apply Now

Commercial real estate loan

$25,000 and up

3.0%

Up to 15 yrs.

Apply Now

Practice solutions

Up to $5 million

“Very competitive”

Talk to banker

Apply Now

Data effective 12/2/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Its rates are definitely competitive—better than you’d find from most alternative lenders—but only if you can qualify.

To get one of BoA’s Business Advantage loans or lines of credit, your business needs to be at least two years old and generate $100,000 in annual revenue—plus you need a personal credit score of 670 (pretty liberal criteria for a traditional bank, really).

And for the other loans? Still two years in business and a 670 credit score, but you need at least $250,000 in revenue to be in the running.

For a deeper dive into BoA’s financing options, check out our Bank of America small-business loans review.

Small-business credit cards

If you’d rather apply for a business credit card than take out a loan (not that you can’t do both), you can get one of Bank of America’s five different credit cards. BoA has both Mastercard and Visa options, with a variety of perks ranging from cash rewards to travel points.

  • 401(k)s for sole proprietors and small businesses
  • Health savings accounts (HSAs)
  • Merchant services (point-of-sale systems and credit card readers)
  • Payroll services
  • Invoicing and payment system

What customers say about Bank of America

Bank of America has average, verging on low, customer reviews. It has a 1.4 out 10 on Trustpilot and a 2.6 out of 5 on Bank Branch Locator.2,3 We saw a number of fake reviews, though—a few spammy positive reviews and several politically motivated negative reviews—so take those numbers with a grain of salt.

The (real) positive reviews praise Bank of America’s customer service. They also have great things to say about its website and app, with many customers loving that they don’t have to speak with tellers much, if ever.

The negative reviews say pretty much the opposite, though. People complain about poor customer service, and they claim that BoA’s website and app are either broken or hard to navigate. They also say it’s too hard to get help from a real human. (Note that Bank of America doesn’t have 24/7 customer service.)

Your mileage will probably vary depending on your relationship with technology and (as with most traditional banks) the staff at your local branch.

At least, unlike some of the competition, Bank of America has an A+ from BBB—no company-wide scandals here.4

Ultimately, there are good reasons why Bank of America was an honorable mention on our list of the best banks for small business: it’s relatively widely available, and it has a robust rewards program for business owners.

But you can find cheaper banks out there, and small or new businesses may not be able to take advantage of the things that set Bank of America small-business banking apart.

As for whether it’s the right bank for your business? That’s for you to decide—but we hope our review helped!

Not convinced by Bank of America? Find an alternative on our list of the best banks for small business.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't play go online now that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Chloe Goodshore

Written by

Chloe Goodshore

Chloe covers business financing and loans for Business.org. She has worked with many open business account bank of america online businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.

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Источник: https://www.business.org/finance/banking/bank-of-america-review/

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Источник: https://www.citi.com/

How to Log In to Online Banking for Bank of America

When you own a business, you don't always have time to visit the bank. With Bank of America's online banking, you can view your checking and savings accounts, see past statements and use the Bill Pay feature. You can view personal and business accounts using a single login with the online system. To sign in to your account, you first need to sign up for online banking. Bank of America will then prompt you for your username and ask you to confirm your SiteKey, an image tied to your account, as well as enter your password.

Sign Up for Online Banking

  1. Open your Web browser and go to the Bank of America Online Banking Enrollment page.

  2. Select the state where you opened your Bank of America account, then select the type of account you have.

  3. Enter your credit card number if you selected "I have a Bank of America Credit Card," then enter your ZIP code.

  4. Click "Continue Enrollment" to proceed to the next page.

  5. Enter your Bank of America debit card number, if applicable, then enter your PIN.

  6. Type the last four digits of your social security number, then enter your email address twice.

  7. Agree to the Service Agreement and the Electronic Communications Disclosure, then click "Continue Enrollment."

  8. Select an image, also called a SiteKey, and enter a caption for the image. You will confirm your SiteKey each time you log in to your account. Click "Continue Enrollment" to finish the sign-up process.

  9. Check your email for a confirmation message from Bank of America.

Sign In to Online Banking

  1. Open your Web browser and navigate to the Bank of America home page.

  2. Type your Bank of America online ID in the "Enter your Online ID" box. Click "Save this Online ID" if you want Bank of America to remember your username. Click "Sign In." Make sure you have entered the ID and Password as exact matches before clicking the Sign In button. Bankofamerica.com requires an exact match to prove your identity.

  3. Look at the image and caption shown to you. This image should match the SiteKey you chose when you created your account. If it matches, type your password and click "Sign In" to go to your account.

  4. Tip

    If you do not recognize the SiteKey shown to you, contact Bank of America support. Do not proceed to enter your password. You may be viewing a fraudulent Bank of America site.

Источник: https://smallbusiness.chron.com/log-online-banking-bank-america-53504.html

How to open a business bank account in the USA

The United States is the world’s largest economy and the leading global trader. Many international businesses decide to open a U.S. business bank account to make doing business with U.S. customers more convenient. Although opening a U.S. business bank account as a non-resident is a little complex, it’s entirely achievable. We’ve put together a comprehensive guide to show you how to open a business bank account in the USA, including information on required documents and residency requirements.

Can I open a U.S. business bank account as a foreign entity?

It’s not possible to open a bank account in the U.S. as a foreign entity. U.S. business bank account requirements mean that your business needs to be registered in the USA and have an EIN (Employer Identification Number – a unique identification that is assigned to a business to ensure it can be identified by the IRS).

As there aren’t any residency requirements for business bank accounts, opening a U.S. business bank account as a non-resident shouldn’t cause any issues.

Can I open a business bank account in the USA online?

Most banks will require you to hand in documents personally, which means that it may not be possible to open a business bank account in the USA online. You’ll probably be able to start your application online, but at some point, you’ll need to visit the bank and present your documents in-person. Some specialist banks may allow you to complete the entire process online, but these banks may not offer the same level of resources as major banking institutions.

Can I open a U.S. business bank account from abroad?

Because most banks require you to visit and present your documents, it’s unlikely that you’ll be able to complete the entire process from abroad. There are a couple of exceptions; some specialists banks may be willing to make arrangements to help you open a U.S. business bank account from overseas, while there are agencies who can do the same thing, for a fee.

What is the process for opening a U.S. business bank account?

First off, you should discuss your needs with a range of banks to get a better understanding of their services and fees. After you’ve selected a bank, you can start the process of opening the account by going online or heading into a local branch. The specifics differ from bank to bank, but new customers are normally asked to come to the bank for an in-person visit and hand in their paperwork. Generally speaking, U.S. business bank account requirements mean that you’ll need to provide the following documents before the account can be opened:

  • Photo ID of the director who is opening the account

  • Articles of incorporation/organisation

  • EIN confirmation letter

  • Proof of personal address for the director

  • Proof of business address (some banks will require you to prove that your business address is located in the same geographic area and state as that branch, while others will not)

It’s also worth remembering that many banks will require a minimum deposit to open the account. Before you visit the bank to hand in your documents, you should check exactly what documents are required, as well as the minimum deposit amount.

Which bank should I choose?

There are an enormous number of national and local banks across the U.S., and if you already have an account with an international banking organisation that operates in America, you may be able to simply transfer your account across. If you’re opening a brand-new account, it’s probably a good idea to stick with one of the Big Four banks:

  • JP Morgan Chase

  • Bank of America

  • Citibank

  • Wells Fargo

What are the benefits of opening a U.S. business bank account?

There are a wide range of reasons why opening a U.S. business bank account could be beneficial for your business. First off, it will provide you with easy access to the world’s leading economy, with U.S. consumption remaining high despite recent economic downturns. It’s also important to remember that you’ll no longer need to pay hefty foreign exchange fees, and because U.S. banks are known throughout the world, you’ll enjoy easier access to global markets.

We can help

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Источник: https://gocardless.com/guides/posts/business-bank-account-in-the-usa/

Military checking benefits

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Our military checking benefits are one way we show our support for service members and veterans. Military checking benefits are available only to current or former members of the U.S. Armed Forces. We may request additional information for verification.

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U.S. Bank doesn't offer checking or savings accounts in your area. To help you meet your financial goals, please consider other U.S. Bank products. If you are an active duty military member, please call 800-239-3302.

Military checking benefits are available only to current or former members of the U.S. Armed Forces.

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Checking accounts

You can apply online for a checking account if you’re 18 years or older and a legal U.S. resident. You’ll need the following information:

  1. Your Social Security number.
  2. A valid, government-issued photo ID like a driver’s license, passport or state or military ID.
  3. A minimum opening deposit of $25 to activate your account (once you’ve been approved). This can be paid with a credit, debit or prepaid card, a transfer from another U.S. Bank account or a transfer from another financial institution.

Checking account resources

Want to open a checking account in person? 

You can visit any U.S. Bank branch to open a checking account. You’ll still need identification and personal details, such as your Social Security number and a valid government-issued ID. You can also call a U.S. Bank representative at 800-398-0371 to ensure you have everything you need to open a checking account or other bank account.

Источник: https://www.usbank.com/bank-accounts/checking-accounts/what-you-need-to-open-a-checking-account.html

Bank of America Business Banking Review

Bank of America Business Banking Review Image

Whether you’re just starting a business or own an established company, Bank of America has a variety of business bank account options that can work for you.

This review will go over the details of business banking with Bank of America and explain how it compares to other banking services on the market. Read on to find out if Bank of America is the right choice for you.

Recommended: Read our Best Banks for Small Businesses review to find the right bank or credit union for your business’s specific needs.


Summary

Bank of America offers a basic variety of bank accounts focused on providing resources for small and large businesses. Bank of America sets themselves apart from most banks by offering a great user experience with their easy to navigate website and mobile app. Bank of America also makes it easy to waive monthly fees, add additional accounts, and receive some nice perks with their Business Advanced Relationship Rewards Program. One of the oldest and most well known banks, Bank of America has 67 million clients, 16,100 ATMs, and 4,400 branches, making them a great option for many businesses.

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Who is Bank of America right for?

Any business, big or small, can benefit from a business bank account and banking resources Bank of America offers.

Open an Account

PROS

  • 4,400 branches and 16,100 ATMs nationwide.
  • Great mobile app and website.
  • Set up a savings account or additional checking accounts with an existing checking account.
  • There are several ways to easily waive monthly fees.
  • The Business Advantage Relationship Rewards Program offers special interest rates, significant credit card reward bonuses, fee free banking, and more.

CONS

  • Low interest rates, even with Bank of America’s Business Relationship Rewards Program.
  • Many added fees for things like wire transfers, account management tools, and additional deposits and transactions.
  • Accounts are not as tailored to different types of businesses like some competitors’ offerings.

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review

Pricing

Bank of America offers a few different pricing tiers. With a low monthly fee and transaction limit, Business Fundamentals Checking is designed for small businesses. Business Advantage Checking, their top tier checking account, is a great choice for businesses with a large cash flow. Bank of America also offers two savings accounts, the Business Investment Account for small businesses, and the Business Advantage Savings Account for larger businesses looking to put aside more money. You can also get a Certificate of Deposit (CD) for high interest savings at a variety of rates.

Base Features

  • Access to Bank of America Online and Mobile banking
  • A variety of ways to waive monthly fees
  • Additional accounts can be added to existing accounts without monthly fees
  • Checking account holders receive business and employee debit cards
  • Savings account holders receive deposit and ATM cards

Business Fundamentals

Bank of America’s Business Fundamentals Checking account includes:

  • A $14 monthly fee that can be waived if you do one of the following:
    • Spend $250 in net purchases with a BOA debit or credit card
    • Maintain an average monthly balance of $5,000 or more
    • Keep a minimum daily balance of $3,000
    • Maintain a total monthly balance of $15,000 or more in a linked BOA account
    • Enroll in the Business Advantage Relationship Rewards program
  • Limit of 200 transactions, then 45 cents per transaction (no additional fee for ACH transfers, debit card transactions, online bill pay electronic deposits, and checks deposited)
  • No fee for the first $7,500 cash deposits, then 30 cents per $100
  • Incoming wire transfers:
    • Domestic - $15/transfer
    • International - $16/transfer
  • Features:
    • A Business Investment Savings Account can be included without any additional monthly fees
  • Account management for $15/month

Cost:

$14 per month

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Who should open a Business Fundamentals checking account?

The Business Fundamentals account is a basic checking account that includes easily waivable fees, a low transaction limit, and the option to include a Business Investment Savings Account. This makes it a good match for startups and small businesses.

Business Advantage

Bank of America’s Business Advantage Checking account includes:

  • A monthly fee of $29.95 a month that can be waived if you do one of the following:
    • Spend $2,500 on a business credit card
    • Maintain a combined average monthly balance in all Bank of America accounts of at least $35,000
    • Maintain an average monthly balance of $15,000 or more
    • Actively use one or both of these business services:
      • Bank of America Merchant services
      • Payroll services
    • Enroll in the Business Advantage Relationship Rewards Program
  • Limit of 500 transactions, then 45 cents per transaction (unlimited digital transactions)
  • No cash deposit processing fees for the first $20,000, then 30 cents per $100
  • Features:
    • A Business Advantage Savings account can be added without monthly fees
    • An additional Business Advantage Checking account can be added without monthly fees
    • No fee introductory check package that includes checks, deposit slips, and an endorsement stamp
    • No fee for online business services account management
    • No fee for incoming domestic and international wire transfers

Cost:

$29.95 per month

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Who should open a Business Advantage checking account?

If you’re running a small/medium sized business that will have a high balance and are looking for a higher transaction limit, then the Business Advantage Checking account will be a good match for you.

Business Investment Savings

Bank of America’s Business Investment Savings account includes:

  • 0.02% Interest rate and APY
  • $100 opening deposit
  • $5 monthly fee that can be waived if you:
    • Maintain a $2500 minimum daily balance
      -OR-
    • Include one Business Investment Account as a part of your Business Fundamentals Checking account
      -OR-
    • Enroll in the Business Advantage Relationship Rewards program
  • Up to 6 wire transfers and withdrawals per month
  • Deposits:
    • No fees for first 25 checks, then 45 cents per check
    • No fees for deposit tickets
    • No fees for first $5000 cash, then 30 cents per $100
  • Features:
    • Overdraft protection when you link your savings account to your Bank of America Checking account
    • Business ATM card for withdrawals and transfers
    • Business Deposit card for making deposits to your Bank of America accounts at an ATM
    • Ability to write up to 3 checks per statement cycle

Note: The Business Investment Savings account cannot get the interest rate boost from the Business Advantage Relationship Rewards program.

Cost:

$5 per month + $100 opening deposit

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Who should open a Business Investment Savings account?

The Business Investment Savings account is good for businesses that expect to have a low balance and minimum transactions, particularly small businesses or startups.

Business Advantage Savings

Bank of America’s Business Advantage Savings account includes:

  • Interest rates of 0.02%-0.04%
    • 0.02%-0.08% for Business Advantage Relationship Rewards members based on their relationship (gold, platinum, or platinum honors)
  • $100 opening deposit
  • $15 monthly fee that can be waived if you:
    • Maintain a $5000 minimum daily balance
      -OR-
    • Include one Business Advantage Savings account as part of your Business Advantage Checking Solution
      -OR-
    • Enroll in Business Advantage Relationship Rewards
  • Limit of 6 wire transfers and withdrawals per month
  • Deposits:
    • No fees for first 25 checks, then 45 cents per check
    • No fees for first $5000 in cash, then 30 cents per $100
  • Feature:
    • Link this account to checking account for overdraft protection
    • Business ATM card for withdrawals and transfers
    • Business Deposit card for making deposits to your Bank of America accounts at an ATM
    • Eligible for interest rate booster with the Business Advantage Relationship Rewards Program

Note: You can’t write checks or use a debit card for purchases (point-of-sale transactions) with this account.

Cost:

$15 per month + $100 opening deposit

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Who should open a Business Advantage Savings account?

The Business Advantage Savings account is tailored for established businesses with larger balances, as well as businesses who may plan on enrolling in the Business Advantage Relationship Rewards Program.

Business Featured CD

Bank of America’s Business Featured Certificate of Deposit:

  • 0.08% APY
  • 12 month term
  • $10,000 minimum opening deposit

Cost:

$10,000 minimum opening deposit

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Who should open a Business Featured CD?

If you’re looking to make a quick investment with higher yield, the Business Featured Certificate of Deposit may work for you.

Standard Term CD

Bank of America’s Standard Term Certificate of Deposit:

  • 0.03-0.80% APY depending on term and balance
  • 7 day to 10 year terms
  • Minimum opening balance:
    • $15,000 for 7 to 27 day term
    • $1,000 for 28 day to 10 year term

Cost:

$1,000 or $15,000 minimum investment depending on term length

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Who should purchase the Standard Term CD?

Business owners looking for long term investments with a high yield may find the Standard Term Certificate of Deposit beneficial.

Business Advantage Relationships Rewards Program

Bank of America offers a Business Advantage Relationship Rewards Program for qualified businesses with multiple Bank of America checking accounts, credit cards, or savings accounts. Depending on how much money you have at Bank of America, the Business Advantage Relationship Rewards Program gives special interest rates, bonuses and discounts, significant credit card reward bonuses, fee free banking, priority services, and access to Merrill Edge online investing.

For more information, check this program out here.

Ratings

Value - 4/5

Catering to companies ranging from startups to large businesses, Bank of America offers a fairly good selection of bank accounts compared to their competitors. Unless you’re enrolled in the Business Advantage Rewards Program, the interest rates are low, with 0.04% APY, compared to up to 0.08% APY in the rewards program. While avoiding monthly fees has never been easier, there are a lot of additional fees that you can regularly incur. On the other hand, Bank of America has a great website, mobile app, and customer service, making banking with them a seamless experience.

Customer Service - 4.5/5

Based on our own experience as well as online reviews, we have mostly good things to say about Bank of America’s customer service. The customer service is easy to get a hold of, responsive, friendly and knowledgeable. They can be reached through phone, online chat, mail, and in person at any Bank of America branch. The quality of their customer support stands up to their major competitors.

Ease of Use - 5/5

Bank of America’s website and mobile app are some of the best we’ve seen. Banking is made quick and easy with their organized and user friendly interface.

Included Features - 4/5

The main feature Bank of America offers is their Business Advantage Relationship Rewards Program. The Relationship Rewards Program includes features such as special interest rate bonuses and discounts, and fee free banking. The interest rate bonuses and APY top out at 0.08%, which is about even with Chase bank. Credit card bonuses offer an additional advantage, allowing card holders to earn up to 3.75% cash back on some purchases, or up to 2.62 points on all purchases.

Conclusion

With 67 million clients, 16,100 ATMs, and 4,400 branches, Bank of America is one of the oldest and most well known banks in the United States, and can be a great option for many businesses. Bank of America’s variety of bank accounts for small and large businesses, and great website and mobile app, set them apart from their competition. Their Business Advantage Relationship Rewards Program caters to and rewards their dedicated customers. Their major drawbacks include low interest rates - even for Relationship Rewards customers - and a large number of fees. Overall, though, Bank of America is a great choice for businesses large and small.

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Who is Bank of America right for?

Any business, big or small, can benefit from the banking resources Bank of America offers.

Open a Business Bank Account
Prices vary by package

Chase Bank offers banking options for every business owner, no matter the size of your company.

Chase Business Bank Account: Starting at $0 in monthly fees (when you maintain a minimum balance of $1,500)

Read our Chase Business Bank Account review

Источник: https://howtostartanllc.com/reviews/bank-of-america-business-bank-account-review

TD Small Business Checking

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TD Business Premier CheckingSM

The business checking account that rewards your TD Bank relationship

With the most perks of any TD small business checking account — discounts on services, free unlimited money orders and official checks, and more

No monthly fee for up to 3 additional accounts including TD Small Business Money Market Plus and up to 2 TD Business Simple Checking accounts 1

No TD fees at non-TD ATMs2.


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TD Business Convenience Checking Plus

All the essential account features you need to run your business

Waive the monthly fee with a $1,500 minimum daily balance between this account and a TD personal checking account3,4

Send money where it needs to go with ACH, Bill Pay5 and Wire Transfers

Pay with confidence with the TD Visa Business Debit Card and continuous fraud monitoring


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TD Business Simple CheckingSM

A business checking account with built-in, professional invoicing

Send free professional invoices that customers can pay online6

Accept online credit card and ACH payments for a low per-transaction fee6

Low $10 monthly fee—no minimum daily balance required


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What you get with a TD Small Business Checking account

  • Longer store hours
    Enjoy the convenience of over 1,100 TD Bank locations with longer hours, including weekends7
  • Online Banking with access to accounts and payments
    Online Banking and Mobile Banking with Mobile Deposit8 plus payment options including ACH, Bill Pay5 and Wire Transfers. Set up sub-users and permissions to tailor your account to your business needs
  • Local personalized support
    Connect with a Small Business specialist to help customize services and solutions for your business
  • Instant issue debit card
    Lost or worn card? Stop by a TD Bank near you and get a new business debit card on the spot
  • 24/7 Live Customer Service
    Call 1-888-751-90001-888-751-9000 and press 0 to talk to a real person 24/7. Get account info, answers to questions about our products and services, open an account and more
  • Merchant Solutions
    Get your funds faster with next-business-day funding to a TD Checking account. And, waive the monthly fee for TD Business Premier Checking accounts.9 Accept any type of payment, even contactless from anywhere. Track sales, identify trends, report on customer segments, spending patterns and more
  • TD Online Accounting6
    Your banking and accounting all in one place. Send online invoices, accept credit card payments and access reporting from within TD Online Banking

Interest on Lawyers Trust Accounts (IOLTA/IOLA)

Law firms can use IOLTA accounts to place client funds into a pooled account that earns interest used to benefit public service programs approved by the state bar.

Still deciding on an account?

Our account selector can help you choose the right account.

More TD small business solutions

Merchant Solutions

Easily accept payments and receive your funds faster with next-business-day funding to a TD Business Checking account2

Find out more

Get more from your checking account

Explore the benefits of your checking account along with other services to help grow your business

Find out more

TD Online Accounting

Send online invoices, accept credit cards, streamline accounting and track everything all in one place

Get details

Get ready to open your business account

Be prepared with the info and documents you'll need to open a deposit account or apply for a loan or line of credit

Find out more

View account guide for more details: TD Business Simple Checking, TD Business Convenience Checking Plus, TD Business Premier Checking and TD Business Interest Checking Plus.

1Refer to the Business Deposit Account Agreement for details.

2For non-TD Bank, N.A. ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

3Non-profit customers are eligible for waiver of the monthly maintenance fee.

4TD Business Convenience Checking Plus combined balances includes balances from the TD Business Convenience Checking Plus account and one TD personal checking product. The following personal checking products are excluded: Health Savings Accounts and TD Simply Free Checking. Please see your Business Deposit Account Agreement for more details.

5Bill Pay payments are free with up to a 3-day turnaround time. A rush same-day payment feature is available for a fee. Please consult your Business Account Agreement for details.

6TD Online Accounting is powered by Autobooks. Neither TD Bank, N.A., nor any of its subsidiaries or affiliates, is affiliated with Autobooks, Inc (Autobooks). The accounting services referenced herein are provided exclusively by Autobooks and are subject to customer’s agreement to Autobooks’ terms of use. Certain restrictions and fees apply. TD Bank may be entitled to receive fees from Autobooks for customer’s use of accounting services. Use of accounting services from any provider, including Autobooks, is solely at the customer’s election. Autobooks may have a different Privacy and Security policy than TD Bank, N.A. You should review the Privacy and Security policies of the Autobooks website before you provide personal or confidential information. Restrictions may apply for 1-2 day funding availability service. TD Business Simple Checking customers enrolling in Invoicing only, will pay no monthly service fee. Customers with multiple business checking accounts are only eligible for the Invoicing only monthly service fee waiver if all checking accounts are TD Business Simple Checking products. All other business checking product types will pay a $10 monthly service fee for TD Online Accounting.

7Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. Major banks do not include banks that operate in retail stores such as grocery stores, or banks that do not fall in an MSA.

8The TD Bank Mobile App is free to download, however, standard wireless carrier message and data rates may apply. Text "Stop" to quit or "Help" for more information. TD Bank Mobile Deposit is available to business customers with an active checking, savings or money market account. Available for most iPhone® and Android™ devices. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

9Fees may apply for optional services. For merchants with a TD Bank settlement account and TD Bank’s standard payment processing setup, funds will be available in the settlement account by 2 PM ET on the next business day. Availability may vary based on merchant-selected payment processing gateway and other chosen services, including but not limited to, the use of non-TD Bank settlement account. Additional restrictions apply. Please consult your Business Account Agreement for details. See the TD Bank, N.A. Member Merchant Agreement for Applicable Merchant Processing Fees and Assessments. Subject to credit approval. Visit https://www.tdbank.com/merchantsolutionsoffer/ for promotion details.

View account guide for more details: TD Business Simple Checking, TD Business Convenience Checking Plus, TD Business Premier Checking and TD Business Interest Checking Plus.

1Refer to the Business Deposit Account Agreement for details.

2For non-TD Bank, N.A. ATM transactions, the institution that owns the terminal (or the network) may assess a surcharge at the time of your transaction, including balance inquiries.

3TD Business Convenience Checking Plus combined balances includes balances from the TD Business Convenience Checking Plus account and one TD personal checking product. The following personal checking products are excluded: Health Savings Accounts and TD Simply Free Checking. Please see your Business Deposit Account Agreement for more details.

4Non-profit customers are eligible for waiver of the monthly maintenance fee.

5Business Convenience Checking in-store cash deposits up to $5,000 per statement cycle and $0.25 per $100 deposited thereafter.

6Business Simple Checking in-store cash deposits up to $5,000 per statement cycle and $0.25 per $100 deposited thereafter.

7Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. Major banks do not include banks that operate in retail stores such as grocery stores, or banks that do not fall in an MSA.

8The TD Bank Mobile App is free to download, however, standard wireless carrier message and data rates may apply. Text "Stop" to quit or "Help" for more information. TD Bank Mobile Deposit is available to business customers with an active checking, savings or money market account. Available for most iPhone® and Android™ devices. Other restrictions may apply. Please refer to the Mobile Deposit Addendum.

9Fees may apply for optional services. For merchants with a TD Bank settlement account and TD Bank’s standard payment processing setup, funds will be available in the settlement account by 2 PM ET on the next business day. Availability may vary based on merchant-selected payment processing gateway and other chosen services, including but not limited to, the use of non-TD Bank settlement account. Additional restrictions apply. Please consult your Business Account Agreement for details. See the TD Bank, N.A. Member Merchant Agreement for Applicable Merchant Processing Fees and Assessments. Subject to credit approval. Visit https://www.tdbank.com/merchantsolutionsoffer/ for promotion details.

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Источник: https://www.td.com/us/en/small-business/checking-accounts/
CitiBusiness Online

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CitiBusiness® Online is Citi’s banking platform for US-based commercial clients. Get real-time visibility into your global accounts and cash positions for a more seamless banking experience.

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Источник: https://www.citibank.com/commercialbank/network/cbol/en/

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