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Business Fundamentals® Checking

The essential features your business needs

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Business Advantage Checking

All the essentials—plus premium benefits

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Maintenance fee

$15/month

Ways to avoid this fee

  • Spend $250 in net new purchases on a business debit or credit card3
  • Maintain an average monthly balance of $5,000 or more
  • Maintain a minimum daily balance of $3,000
  • Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts4
  • Process $500 in net Clover® Go On Demand sales each merchant services  statement cycle5
  • Process $500 in net Clover® Go On Demand sales each merchant services statement cycle4
  • Qualify for and enroll in the Business Advantage Relationship Rewards program (first four checking accounts, per enrolled business)

$29.95/month

Ways to avoid this fee

  • Spend $2,500 in net new purchases on a business credit card6
  • Maintain an average monthly balance of $15,000 or more
  • Maintain a combined average monthly balance of $35,000 or more in your linked Bank of America accounts7
  • Actively use Bank of America Merchant Services8 and/or Payroll Services9
  • Qualify for and enroll in the Business Advantage Relationship Rewards program (first four checking accounts, per enrolled business)
Good for you if...

You spend at least $250 a month on your business debit or credit card

or

Your average monthly balance is less than $5,000

You spend at least $2,500 a month on your business credit card

or

Your average monthly balance is greater than $15,000

Second business checking account

$12/month

No fee

Business savings account

Business Investment Account
No fee

Business Interest Maximizer Account
No fee

Account management12 Manage your business finances with flexible tools and QuickBooks® integration

$15/month

No fee

Avoid the monthly maintenance fee Do just one of these things each statement cycle For Bank of America Business Fundamentals Checking
  • Spend $250 in net new purchases on a business debit or credit card3
  • Maintain an average monthly balance of $5,000 or more
  • Maintain a minimum daily balance of $3,000
  • Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts4
  • Process $500 in net Clover® Go On Demand sales each merchant services  statement cycle5
  • Process $500 in net Clover® Go On Demand sales each merchant services statement cycle4
  • Qualify for and enroll in the Business Advantage Relationship Rewards program (first four checking accounts, per enrolled business)
For Bank of America Business Advantage Checking
  • Spend $2,500 in net new purchases on a business credit card6
  • Maintain an average monthly balance of $15,000 or more
  • Maintain a combined average monthly balance of $35,000 or more in your linked Bank of America accounts7
  • Actively use Bank of America Merchant Services8 and/or Payroll Services9
  • Qualify for and enroll in the Business Advantage Relationship Rewards program (first four checking accounts,  per enrolled business)

About applying online

Expand to learn about the information you'll need to apply, and what to expect after applying.

The information you'll need to apply

  • Business documentation such as filing documents, organizing documents, articles of incorporation and/or certificate of resolution
  • Business Tax ID
  • Name and address of the business
  • The state in which the business operates
  • The state in which the business was formed
  • Date the business was established
  • The SSN, address and DOB of the business owners

What to expect after applying

  1. When your application is complete, you will receive a confirmation email within a couple of hours.
  2. You will need to send in the business documentation used in your application for your business type.
  3. After your account is approved, you must send a signature card through traditional mail or take the card to a local financial center.
  4. You can fund your account while applying by using a debit card, transferring money from another account or writing a check.
  5. Once your account is open, you may access Online Banking and you will receive your checks and debit cards in approximately 7 to 10 business days.

Want even more benefits and rewards?

Learn more about how to qualify for and enroll in Business Advantage Relationship Rewards.10

Find out more
  • No
    Fees

    on select everyday banking services (inbound wires, stop payments and more)11

  • 25%-75%
    Rewards Bonus

    on the base earn for eligible business credit cards12

  • Cash
    Rewards

    on Bank of America Merchant Services processing13

  • Interest Rate
    Booster

    on Business Advantage Savings accounts14

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Life, Better Connected

1 The monthly fee for Account Management is $15. However, there is no monthly fee for Account Management with Business Advantage Checking. You must have an open Bank of America small business deposit account to be enrolled in Account Management and fees will be billed to that account. Fees may apply for additional services. Account Management requires internet access, and internet service fees may apply.

2 Spend $250 or more in net new purchases each statement/billing cycle using a linked Bank of America business debit, credit or charge card. Purchases must post to that card account to qualify. To link your Business card to your Business Fundamentals® Checking account, please visit your local financial center or call 888.BUSINESS (888.287.4637). Purchases must be made on only one of the debit, credit or charge card accounts; purchases on any combination of debit, credit and charge cards cannot be aggregated to reach the monthly spend. See Business Schedule of Fees for an explanation of how the monthly fee waiver is applied and how the card spend is determined.

3 You may link additional Business Fundamentals® Checking, Business Economy Checking, Business Interest Checking, Business Advantage Savings (all variations), Business Investment Account and Business CDs

4 Only available to new Business Fundamentals® Checking accounts opened on or after August 07, 2015. The $500 net sales threshold is determined based on your last Merchant Services statement cycle. For example, Bank of America Merchant Services processing activity from January would count toward your February monthly fee waiver evaluation. Under this example, if no other fee waiver requirement/condition applies, and you process less than $500 in qualifying sales, your February Business Fundamentals® Checking monthly fee will post on the first business day in March. If you have more than one Business Fundamentals® Checking solution, the $500 total amount submitted through a Clover® Go On Demand plan (or similar product) must be met on each separate Business Fundamentals® Checking primary checking account; total amounts submitted across multiple Business Fundamentals® Checking primary checking accounts cannot be combined to meet the $500 threshold. Net sales includes total monthly sales you submitted minus any refunds or other adjustments. The wavier applies only when the owner of the Business Fundamentals® Checking account and the Bank of America Merchant Services account share the same Taxpayer Identification Number. Merchant Services are provided by Bank of America, N.A. and its representative Banc of America Merchant Services, LLC. Bank of America Merchant Services, LLC is not a bank, does not offer bank deposits, and its services are not guaranteed or insured by the FDIC or any other governmental agency.

5 Spend $2,500 or more in net new purchases each card billing cycle using a linked Bank of America business credit or charge card. Net new purchases must post to that card account to qualify. To link your Business card account to your Business Advantage Checking account, please visit your local financial center or call 888.BUSINESS (888.287.4637). Purchases must be made on only one of either the credit or charge card accounts; purchases on any combination of credit and charge cards cannot be aggregated to reach the monthly spend. See Business Schedule of Fees for an explanation of how the monthly fee waiver is applied and how the card spend is determined.

6 You may link additional Business Advantage Checking, Business Economy Checking, Business Interest Checking, Business Advantage Savings (all variations), Business Advantage Platinum Savings, Business Investment Account and Business CDs.

7 Bank of America Merchant Services
To qualify, you must have an active Bank of America Merchant Services account that is used for processing payment transactions. In order for your Bank of America Merchant Services account to be considered “active”: (1) it must be open and in good standing; and (2) you must have submitted a qualifying transaction batch during the prior Business Advantage Checking billing cycle. A qualifying transaction batch is a single submission consisting of a group of transactions (e.g., sales and credits) that are posted to your Bank of America Merchant Services account for settlement into your Business Advantage Checking account (usually representing a day's worth of transactions). Customers that process transactions only with a Clover® Go (or similar) product are not considered an active Bank of America Merchant Services account for this purpose. To determine whether you have qualified for the monthly fee waiver on your Business Advantage Checking primary account, there is a look-back period where we determine if you had an active Bank of America Merchant Services account during a given Business Advantage Checking billing cycle. If so, we would apply the monthly fee waiver for your Business Advantage Checking primary account in the next checking account statement cycle. For example, Bank of America Merchant Services processing activity from January would count toward your February monthly fee waiver evaluation. The waiver applies only when the owner of the Business Advantage Checking account and the Bank of America Merchant Services account share the same Taxpayer Identification Number. Please see the Business Schedule of Fees for details.

8 Payroll providers must be Bank of America approved and you must have enrolled in the service through Bank of America.

Payroll Services by Intuit®
You are an active user when you are enrolled in Intuit® Online Payroll (Basic or Enhanced Service) or Intuit Full Service Payroll®, process at least one payroll transaction through the service in the last 60 days and pay your payroll using your Business Advantage Checking account. Payroll transactions that occur in the 10 days preceding your current Business Advantage Checking account statement cycle end may count toward your next month's Monthly Fee waiver evaluation.

ADP® Payroll Services
You are an active user when you have enrolled in ADP® Payroll Services on or after December 31, 2015 and process at least one payroll transaction from your Business Advantage Checking account through the service during at least one of the two months preceding your current Business Advantage Checking account statement cycle. For example, ADP® Payroll Services activity with a last payroll run date from either January or February would count toward your March Monthly Fee waiver evaluation for your Business Advantage Checking account.

Deposit products and services are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

© Banc of America Merchant Services, LLC. All rights reserved. All trademarks, service marks and trade names referenced in this material are the property of and licensed by their respective owners. Merchant Services are provided by Bank of America, N.A. and its representative Banc of America Merchant Services, LLC. Banc of America Merchant Services, LLC is not a bank, does not offer bank deposits, and its services are not guaranteed or insured by the FDIC or any other governmental agency.

Credit card programs are issued and administered by Bank of America, N.A.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

QuickBooks and Intuit are registered trademarks of Intuit Inc., used under license. Business Fundamentals®, Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.

Business Advantage Relationship Rewards (the program) is only available to Small Business, Merrill Lynch® Small Business, and U.S. Trust® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program if you have an active, eligible Bank of America business checking account, and maintain a combined balance in your qualifying Bank of America® business deposit accounts and/or your qualifying Merrill Edge® and/or Merrill Lynch® business investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on your average daily balance for a three calendar month period. U.S. Trust® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your U.S. Trust relationship. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Program benefits subject to change.

J.D. Power 2018 Mobile App Certification Program recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit jdpower.com. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.