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In a Nutshell
Bank of America (BofA) has a history that dates back to 1784. Today, it has over 200,000 employees, is one of the largest companies globally, and serves over 12 million business owners. Business Advantage Banking® is a business checking account with several tools and solutions for business owners. The account has two settings to ensure it can always meet your changing business needs, can be opened 100% online, and makes managing money easy.
Bank of America Advantage Plus Banking® Pros & Cons
Pros
You can open accounts 100% online
FDIC member
Thousands of ATMs and centers across the USA
Cons
Several fees with Advantage Fundamentals Banking account setting
Out-of-network ATM fees
Bank of America Advantage Plus Banking® at a glance
9
Editorial scoreFees?
Charges monthly fees if you don't meet minimum balance or debit card transaction requirement
8.0
Security
FDIC insured (directly), SSL/AES encryption and supports 2 factor authentication
10.0
Customer service
Early morning, evening and weekend service with multiple communication options and a dedicated fraud team
9.0
Online experience
User friendly site with full online banking capabilities, mobile app (4.8 in the app store and 4.6 on Google Play) with most mobile banking features enabled; no live chat
9.0
Mobile experience
User friendly site with full online banking capabilities, mobile app (4.8 in the app store and 4.6 on Google Play) with most mobile banking features enabled; no live chat
9.0
Advantages Over Traditional Banks
You can open a Bank of America Business Advantage Banking account online without ever having to leave your home, which can save you a lot of time and effort. Monthly fees are competitive, and the ability to have them waived can help your business save more.
The company also has a team of dedicated small business specialists to provide you with guidance when you need it.
Cutting-Edge Banking Services
Bank of America Business Advantage Banking provides helpful cash flow insights that let you see projections, view category balances, and monitor all transactions.
Managing your Bank of America Business Advantage Banking account on the go with the mobile app is easy, as well. The app lets you deposit checks remotely, transfer funds, view balances and transactions, pay bills, and more.
Bank Of America Traditional Banking Services
With its history dating back hundreds of years, Bank of America offers plenty of traditional banking services. There are thousands of financial centers and ATMs across the country.
In addition to business checking, Bank of America offers business credit cards, savings accounts, and cash management solutions. It also provides a host of personal banking services like investing, personal accounts, credit cards, loans, mortgages, and more.
Bank Of America Interest Rates and Fees
While there’s a single Business Advantage Banking account, it comes with two account settings. There’s Business Advantage Fundamentals Banking and Business Advantage Relationship Banking.
Business Advantage Fundamentals Banking comes with a $16 monthly fee, but this can be waived if you maintain a $5,000 average monthly balance or spend at least $250 in new net purchases on your business debt card each billing cycle.
This account setting comes with no fees on the first 200 transactions per statement cycle, and charges extra fees for incoming wires, stop payments, and more.
There is no fee for the first 500 transactions per statement cycle with this account setting, and you don’t pay for incoming wires or stop payments.
Going with Advantage Relationship Banking also lets you open and use a Business Advantage Savings account without paying a monthly fee. You can even open a Second Business Advantage Banking account without having to pay a monthly fee.
| Monthly fee | Fees for incoming wires and stop payments | Included transactions | Monthly cost to use a Business Advantage Savings account | Monthly cost to open a Second Business Advantage Banking account | |
| Business Advantage Fundamentals Banking | $16 or $0/month | Fees vary | 200/month | $10/month | $16/month |
| Business Advantage Relationship Banking | $29.95 or $0/month | $0/month | 500/month | $0/month | $0/month |
Customer Service and Online Experience
Customer support is available over the phone at 866-283-4075 between the hours of 8 am to 10pm ET Monday-Friday. In addition to a phone call, customer support is available via live chat and on social media platforms like Facebook and Twitter.
The company has largely positive reviews for its customer service, and everything from signing up for an account online to using the app is straightforward. Bank of America’s website provides a comprehensive and helpful knowledge center that makes it easy to get answers to common questions.
Bank Of America Mobile App
Bank of America has a fully functioned mobile app that is available on both Android and iOS devices. The app lets you deposit checks, customize alerts, replace your card, move money between accounts, learn about your credit, and more.
Its website contains several videos and guided demos to help ensure you know how to use the app and take advantage of the many features it provides. This app has favorable reviews (4.6 on Google Play store and 4.8 on Apple App store), is user-friendly, and makes managing your business checking account on the go easy.
Security
Bank of America takes security seriously and has SSL encryption on its website, plus two-factor authentication to protect customer accounts. The company is also a member of the FDIC, which means your deposits are protected up to $250,000.
It has a dedicated fraud team that is available 24/7, and there’s a $0 liability guarantee, which states you’re never liable for unauthorized transactions, as long as they’re reported promptly. Bank of America monitors for fraudulent activity and provides resources to help you learn how to spot scams and protect your accounts.
The privacy policy details how the company collects personal information, what it’s used for, how it’s shared, and more. It also gives customers some control as you can choose how your information is shared and how you’re marketed to.
Summary
The Bank of America Business Advantage Banking account offers two account settings to meet the needs of a variety of different businesses. You can get hundreds of transactions each month, a competitive monthly fee (which can be waived), and a host of efficiency tools and solutions to easily manage your finances.
Methodology
This review was created using information from the Bank of America website, including its privacy policy and security center.
Bank of America Disclaimer:
UP TO $500 OFFER FOR ADVANTAGE PLUS AND ADVANTAGE RELATIONSHIP ACCOUNTS
Offer is limited to individuals who have not owned or co-owned a Bank of America personal checking account within the last twelve (12) months. Fiduciary accounts (e.g., trusts), Bank of America Advantage SafeBalance Banking®, Bank of America Advantage SafeBalance Banking® for Family Banking accounts, and business accounts are not eligible for this offer. Bonus is only valid for one new Bank of America Advantage Plus Banking® account or one new Bank of America Advantage Relationship Banking® account. Offer cannot be combined with any other checking bonus offer and is limited to one bonus per account and per customer. Offer expires on September 30, 2026. Bank of America may change or discontinue this offer at any time before this date without notice.
You may receive different Bank of America promotional checking offers by various methods, i.e., mail, in person or email/online. These promotional checking offers may have different eligibility, enrollment, and bonus requirements.
Requirements to Receive a Checking Bonus:
1. Enroll in this offer through a Bank of America or Merrill associate or online through this offer’s webpage.
2. Open a new Bank of America Advantage Plus Banking® account or a new Bank of America Advantage Relationship Banking® account by September 30, 2026.
Bank of America Advantage SafeBalance Banking® and Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
3. Set up and receive Qualifying Direct Deposits into that new Advantage Plus or Advantage Relationship account within ninety (90) days of account opening (“Deposit Period”).
At the end of the 90-day Deposit Period, all Qualifying Direct Deposits will be totaled to determine the bonus amount you may earn (see Bonus Chart).
“Bonus Chart”
| Total Qualifying Direct Deposits
| Bonus Amount
|
| less than $2,000
| $0
|
| $2,000 – $4,999
| $100
|
| $5,000 – $9,999
| $300
|
| $10,000 or more
| $500
|
A “Qualifying Direct Deposit" is a direct deposit of regular monthly income (such as your salary, pension or Social Security benefits, which are made by your employer or other payer) using account and routing numbers that you provide to them. Examples of non-qualifying transfers and deposits include the following: teller deposits, wire transfers, debit card transfers, ATM transfers or deposits, Online and Mobile Banking transfers or deposits, or transfers from a bank or brokerage account or Merrill investment account.
Your receipt of any bonus is subject to validation that you have provided all the information we require in connection with maintaining the account. This includes information needed to identify each account owner and to report the bonus to the Internal Revenue Service (IRS), including a validly completed IRS Form W-9 or Form W-8 (as applicable). The value of this bonus may constitute taxable income to you. To the extent required by law, Bank of America may withhold tax or other amounts from the payment. Bank of America may issue an IRS Form 1099 (or other appropriate form) to you that reflects the value of such bonus. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice.
Additional Terms and Conditions: All account applications are subject to approval. The minimum deposit required to open a Bank of America Advantage Plus Banking® account is $100. The minimum deposit required to open a Bank of America Advantage Relationship Banking® account is $100, and the Annual Percentage Yield (APY) is as follows: less than $50,000, 0.01%; $50,000 and over, 0.02%. APYs are accurate as of 06/01/2026. For today’s rates, select the applicable account at bankofamerica.com/depositsrates. Rates may change at any time without prior notice, before or after the account is opened, and may vary by location. Fees may reduce earnings. Accounts, product terms, and fees may vary by location, and we may discontinue and/or add new account types at any time. Please consult a financial center, visit bankofamerica.com or see the Personal Schedule of Fees (found at bankofamerica.com/fees) for account fees and additional information about accounts.
Reproduction, purchase, sale, transfer or trade of this offer is prohibited.
Zelle® should only be used to send money to friends, family or others you trust. We recommend that you do not use Zelle® to send money to those you do not know. Transfers require enrollment in the service with a Zelle® eligible U.S. checking or savings account. Bank of America transfers must be made from an eligible consumer or business deposit account. Transactions between enrolled users typically occur in minutes and Bank of America does not charge a transfer fee. We will send you an email alert with transaction details after you send money using Zelle®. Dollar and frequency limits apply. See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for further details. Data connection required. Message and data rates may apply. Neither Bank of America nor Zelle® offers purchase protection for payments made with Zelle®. Please treat Zelle® payments like cash, once you send the money, you are unlikely to get it back – for example, you do not receive the item you paid for using Zelle® or the item received is not as described. Regular account fees apply.
Fiduciary accounts, including trust and estate accounts, do not qualify for the under the age of 25 requirement to waive the monthly maintenance fee. Additionally, accounts do not qualify for the under the age of 25 requirement to waive the monthly fee based on the age of the Payable on Death beneficiary. When you add an owner under the age of 25 to an existing Advantage SafeBalance Banking® account, it may take 3 business days before your account meets the requirement to have the monthly maintenance fee waived. Please refer to the Personal Schedule of Fees for more information.
SafeBalance Banking® and SafeBalance Banking® for Family Banking accounts are automatically set to the Decline All overdraft setting. Transactions are declined or returned unpaid when they exceed your available balance. While this account prevents you from overdrawing in most cases, there may still be times when your account could have a negative balance. This could happen when the final amount of a transaction differs from the amount that was originally authorized, such as when a tip is added to a restaurant charge. If this happens, we won’t charge you an Overdraft Item Fee.
Balance Connect® for overdraft protection allows you to link your eligible checking account with up to 5 eligible Bank of America accounts for overdraft protection. This optional service can help you cover your payments and purchases and help avoid overdrafts and Overdraft Item Fees by automatically transferring available funds from your linked backup account(s) when needed. If your linked backup account does not have enough available funds to cover the necessary amount, we may decline to make the transfer.
Transfers from a linked (1) brokerage account with Merrill Lynch that is enrolled in margin lending, (2) Loan Management Account (LMA®), (3) credit card, or (4) HELOC are subject to interest charges. Please see your account agreement(s) for additional details. Balance Connect® is not available with SafeBalance Banking® or SafeBalance Banking® for Family Banking as a covered or linked backup account. Balance Connect® is available on Advantage Savings as a linked backup account, but not eligible to be enrolled as a covered account.
No fee for incoming domestic wire transfers, stop payments and other services. Please refer to the Personal Schedule of Fees for details.
BofA Rewards exclusive deals. BofA Rewards™ members will be eligible for exclusive deal offers. All such offers are subject to the standard terms and conditions of the deals program. Refer to the Deals homepage for details.
BofA Rewards™ Eligibility.Customers can enroll and maintain their membership in BofA Rewards™ if they have an open, qualifying Bank of America® checking account. BofA Rewards tiers are based on each customer’s combined average balance in qualifying deposit and investment accounts. The minimum balance for each tier is: Member, no minimum balance; Preferred Plus, $30,000; Preferred Honors, $100,000; and Premier, $1,000,000. When you enroll, you’ll be placed in the appropriate tier for your combined average balance and then moved to the highest tier you’re eligible for based on one of the following:
1. for the 30 calendar days following your first enrollment, the combined end-of-day collected balance of your qualifying accounts (“Daily Balance”), provided that your Daily Balance remains above the required amount for a minimum of three business days; or
2. subsequently, the combined average balance of your qualifying accounts calculated on the third business day of each month.
Eligible customers will be moved to the higher tier within 3 business days. New tier benefits may take up to 30 days to become effective. For full terms, including qualifying accounts and the method of calculation of average balances, refer to your Personal Schedule of Fees.
Additional Eligibility. Employees and retirees of Bank of America may be eligible for BofA Rewards membership on customized terms. For details, please call Employee Financial Services or refer to the Bank of America intranet site. Bank of America Private Bank clients qualify to enroll in the Premier tier regardless of balances. Employees of companies participating in the Bank of America Employee Banking and Investing Program may be eligible for BofA Rewards on customized terms. Refer to CEBI Program for details.
To participate, you just need an eligible Bank of America checking account. Checking accounts may have a monthly maintenance fee if waiver requirements are not met.
Bank of America Advantage SafeBalance Banking, Bank of America Advantage Plus Banking, Bank of America Advantage Relationship Banking, Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.
BofA Rewards is a trademark of Bank of America Corporation.
The Contactless Symbol and Contactless Indicator are trademarks owned by and used with permission of EMVCo, LLC.
Emma Street
Emma Street is a finance writer at BestMoney.com specializing in debt consolidation and loans. With a BSc in Computer Science and over 15 years in software development, her experience in InsureTech and FinTech fuels her passion for exploring the intersection of technology and personal finance.