How to Choose the Best Bank of America Business Checking Account for Your Company
Running a business of any size requires a lot of financial planning and management, making it crucial to have a reliable checking account that can meet your company’s needs. With many options available, choosing the right business checking account can be overwhelming, especially if you’re unsure of what to look for. Bank of America is one of the leading financial institutions in the US that offers a range of business checking accounts with various features and benefits. In this article, we’ll explore how to choose the best Bank of America business checking account for your company.
Understanding Your Business Needs
Before choosing a Bank of America business checking account, it’s essential to consider your company’s size, transaction volume, and banking needs. A startup or small business may require a low-transaction checking account with no monthly fees, while a larger business may need to consider an account with more extensive features that can handle high transaction volumes.
Types of Bank of America Business Checking Accounts
Bank of America offers six types of business checking accounts, each with its unique features, benefits, and pricing structures. These accounts include:
1. Business Fundamentals Checking
This account is suitable for small businesses with low transaction volumes and no need for cash deposits. The monthly fee is $16, which can be waived if you maintain a minimum daily balance of $5,000 or more.
2. Business Advantage Checking
This account is ideal for growing businesses that need more transaction capacity and cash deposit services. The monthly fee is $29, which can be waived if you maintain a minimum daily balance of $15,000 or more.
3. Business Interest Checking
This account is ideal for companies with excess cash reserves that generate interest income. The monthly fee is $18, which can be waived if you maintain a minimum daily balance of $5,000 or more.
4. Business Advantage Plus Checking
This account is suitable for businesses that need to make significant cash deposits. The monthly fee is $50, which can be waived if you maintain a minimum daily balance of $20,000 or more.
5. Business Investment Account
This account is designed for businesses that want to invest their excess cash. The monthly fee is $18, which can be waived if you maintain a minimum daily balance of $5,000 or more.
6. Analyzed Business Checking
This account is designed for businesses with high transaction volumes that require a customized pricing structure based on monthly account analysis. The monthly fee and minimum daily balance requirements vary based on the account’s usage.
Other Considerations
Apart from account type, there are other factors to consider when choosing the best Bank of America business checking account, such as:
1. Fees
Bank of America charges various fees, such as monthly maintenance fees, transaction fees, and overdraft fees. Make sure you understand the fees associated with the account you choose and factor them into your budget.
2. Online Banking Capabilities
Make sure the account you choose has robust online banking capabilities, such as bill pay, mobile deposit, and account alerts, to help you manage your finances efficiently.
3. Branch and ATM Network
Consider the availability and location of Bank of America branches and ATMs in your area. Having access to a large network of branches and ATMs can save you time and money.
Conclusion
Choosing the best Bank of America business checking account for your company can be overwhelming, but understanding your business needs and the available features and benefits of each account can help you make an informed decision. Consider factors such as fees, online banking capabilities, and branch network availability when making your decision. By choosing the right account, you can help your business manage its finances more effectively and efficiently.
