Bank of America Business Account: Fees, Limits & How to Open

Anyone who’s ever tried to navigate business banking knows the feeling of squinting at fee schedules and minimum balance requirements. Bank of America, one of the largest U.S. banks by assets and FDIC-insured under certificate #3510 (Bank of America official site), operates a straightforward system—but the devil is in the details.

Minimum balance to avoid monthly fee: $0 (with qualifying direct deposit) or $2,500 average daily balance ·
Monthly maintenance fee (Business Advantage Fundamentals): $16 (waivable) ·
Free ATM network (Bank of America + partner): ~15,000 ATMs ·
FDIC insurance per depositor per bank: $250,000 ·
Cashback rate on Business Advantage Unlimited Cash Rewards: 1.5% on all purchases

Here are the essential facts about Bank of America commercial banking services, drawn directly from official sources.

What Does Bank of America Need to Open a Business Account?

Required documents: Business license, EIN/SSN, personal identification

• Bank of America requires a valid business license or registration as proof the business exists (Bank of America).
• A federal tax ID number (EIN) or Social Security number (for sole proprietors) is mandatory (Bank of America).
• Personal identification for every owner with at least 25% ownership and the controlling manager (Bank of America LLC application requirements).
• Formation documents (articles of incorporation, partnership agreement, DBA filings) are required (Bank of America).
• The business address and phone number must be valid and verifiable (Bank of America).

Minimum deposit and account setup steps

Bank of America’s Business Advantage Fundamentals has a $0 minimum opening deposit (Bank of America). However, the bank warns that unfunded accounts may be forced to close (Bank of America).

Online application walkthrough

Eligible business checking accounts can be opened entirely online: complete the application, submit required information, and fund the account without visiting a branch (Bank of America).

The implication: If your business is U.S.-based and you have an EIN, the online path is fast. Non-U.S. businesses face a higher hurdle—plan for an in-person visit.

What Is the Minimum Balance for a Bank of America Business Account?

Business Advantage Fundamentals: $0 minimum opening deposit

Fundamentals has no minimum balance requirement to open and no minimum to maintain (Bank of America). The $16 monthly fee is waived with a $2,500 average daily balance or a qualifying direct deposit of $250 or more per month (Bank of America).

Business Advantage Relationship Banking: $2,500 minimum daily balance to waive fee

This tier requires a $2,500 average daily balance to avoid the $29.95 monthly fee (Bank of America). Alternatively, a combined balance of $5,000 across eligible linked business deposit accounts can waive the fee (Bank of America).

How monthly average balance is calculated

Bank of America calculates the average daily balance over a three-calendar-month period (Bank of America). Balances from both checking and eligible savings accounts can be combined to meet the waiver threshold.

The trade-off: Fundamentals gives you fee waiver options with a lower balance hurdle, but Relationship unlocks unlimited electronic transactions and preferred rewards tiers (Gold at $20,000, Platinum at $50,000, Platinum Honors at $100,000) (Bank of America).

What Are the Fees for Bank of America Business Accounts?

Monthly maintenance fees and how to waive them

• Business Advantage Fundamentals: $16 monthly fee, waived with $2,500 average daily balance or qualifying direct deposit of $250+ (Bank of America).
• Business Advantage Relationship Banking: $29.95 monthly fee, waived with $5,000 combined average monthly balance in eligible linked accounts (Bank of America).
• Business Advantage Savings: $1,000 minimum opening deposit, no monthly fee if linked to a checking account that meets its waiver (Bank of America).

Transaction fees beyond free allowance

Fundamentals includes 200 free transactions per month; excess paper transactions cost $0.30 each (Bank of America). Relationship offers unlimited electronic transactions.

ATM and overdraft fees

Non-Bank of America ATM withdrawals in the U.S. cost $5 per transaction (Bank of America). Overdraft fees are $35 per item, with a maximum of 3 per day (Bank of America).

The pattern: Fee structures are designed to reward larger balances. Small businesses should calculate whether paying $16/mo is cheaper than tying up $2,500 in unproductive cash.

Can a Non-US Citizen Open a Business Bank Account in the USA?

Required documents for non-residents

• Government-issued passport and valid U.S. visa (if applicable) (Bank of America international page).
• Business registration documents (articles of organization, LLC approval) (LLC University).
• EIN (Employer Identification Number) from the IRS (IRS).
• Proof of a U.S. business address (Wise).
• Bank of America’s international page explicitly says it offers a path for non-residents and non-citizens, including international students and professionals (Bank of America).

Difference between US citizen and foreigner requirements

U.S. citizens can typically open an account with a driver’s license and SSN. Non-U.S. citizens may need a passport, visa, and ITIN (Individual Taxpayer Identification Number) instead of an SSN (Wise). Bank of America requires a U.S. business address—foreign entities cannot apply entirely remotely (Bank of America).

Using an ITIN instead of SSN

The IRS issues ITINs to non-residents who have a U.S. tax filing requirement. Many banks, including Bank of America, accept ITINs in lieu of SSNs for account opening (Wise). However, some branches may still require an in-person visit.

What this means: A non-U.S. resident can indeed open a Bank of America business account, but cannot rely on the standard online process. Expect to visit a branch with your EIN, passport, and business formation documents.

Is It Safe to Have $500,000 in One Bank? (FDIC Insurance)

FDIC insurance limit: $250,000 per depositor per bank

The Federal Deposit Insurance Corporation insures deposits up to $250,000 per depositor per insured bank (FDIC). This applies to all deposit accounts in the same ownership category—single accounts, joint accounts, and business accounts are each insured separately (FDIC deposit insurance brochure).

How to insure excess deposits using multiple account ownership categories

• Open a joint account with a spouse or business partner (up to $250,000 per co-owner).
• If your business has multiple owners, each owner’s interest in the business account is insured separately.
• Use a combination of single accounts, joint accounts, and retirement accounts to increase total coverage at the same bank.
• Alternatively, spread deposits across multiple FDIC-insured banks.

Bank of America is FDIC-insured (certificate #3510) (Bank of America). Note that Merrill investment accounts are not FDIC-insured (Bank of America).

Comparison: savings account interest vs money market returns

Bank of America business savings accounts earn roughly 0.01% APY (Bank of America). A $1,000,000 balance would earn about $100 per year before taxes. Business money market accounts or investment accounts through Merrill may offer higher returns, but with more risk and no FDIC coverage.

The pattern: $500,000 in a single Bank of America business account is only half-covered by FDIC. By splitting into a joint account and a single account, a couple could fully insure up to $750,000 at one bank without spreading to multiple institutions.

Bank of America Business Checking Accounts Compared

Three tiers, one pattern: the more you keep, the less you pay in fees, and the more features you unlock.

The trade-off is clear: Fundamentals offers lower thresholds for fee waivers, while Relationship provides unlimited electronic transactions and preferred rewards for those who can maintain higher balances.

Bank of America Business Advantage Fundamentals Specifications

Here’s a detailed spec breakdown of the most popular entry-level business checking account.

The implication: For a small business with moderate transaction volume and a $2,500 average balance, this account eliminates monthly fees entirely.

Upsides and Downsides

The pattern: Bank of America’s broad branch network and multiple fee waivers are strengths, but its low savings rates and high ATM fees may push cost-conscious business owners to online alternatives.

How to Open a Bank of America Business Account: Step by Step

1. Gather documents: Business license/registration, EIN or SSN, personal ID (passport/driver’s license), formation documents.
2. Choose an account type: Decide between Business Advantage Fundamentals or Relationship based on transaction volume and balance.
3. Apply online or in person: For U.S.-resident sole proprietors, apply online at Bank of America. For non-residents or LLCs, visit a branch.
4. Fund the account: Make the initial deposit within 30 days to avoid closure.
5. Set up fee waivers: Arrange direct deposit or transfer funds to meet balance waiver thresholds.
6. Link to Merrill (optional): Connect investment accounts to qualify for preferred rewards tiers.

The catch: While the online process is convenient for U.S. businesses, non-residents must plan for an in-person visit with additional documentation.

Clarity: What We Know and What’s Uncertain

What this means: Most essential details are confirmed from official sources, but interest rates and branch-level requirements for non-citizens remain subject to change.

Quotes and Perspectives

“A minimum deposit amount may apply. We will let you know what that amount is when you complete your application. If you do not fund the account, we may be forced to close it.”

— Bank of America, business account opening guide (Bank of America)

“The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.”

— FDIC, deposit insurance at a glance (FDIC)

“Yes, there are Bank of America accounts for non-residents. However, a U.S. address is needed to apply.”

— Wise, guide to opening a U.S. bank account as a non-resident (Wise)

For non-U.S. residents with high balances, the choice is clear: either structure your deposits across ownership categories to stay within FDIC limits, or accept uninsured exposure above $250,000. Bank of America offers a reliable, widely-accessible business account—but the real value lies in understanding exactly which fee thresholds and insurance rules apply to your situation.

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