Bank of America
Bank of America Business Advantage Banking
By Alex Compton · Guidance updated
Verified tier costs, waiver conditions, item/cash allowances and business rewards. Flagged conflicting opening-deposit and employee-spend disclosures.
Guidance checked October 23, 2026. Full account terms last verified October 23, 2026; location-specific rates and eligibility still require confirmation with the bank.
Sources for this guidance
- Current checking comparison and opening FAQ
- Business Schedule of Fees
- Fundamentals clarity statement (older opening-deposit disclosure)
- Relationship clarity statement (older opening-deposit disclosure)
- Preferred Rewards for Business eligibility and benefits
- Business Advantage 360 tools and software terms
- LLC application requirements
Insurance: FDIC insured up to $250,000 (Bank of America, N.A.)
Live Bonus
Bank of America Business Advantage Banking currently pays a $2,500 opening bonus: $400 / $700 / $1,000 / $1,500 / $2,500 for qualifying new-money tiers of $5,000 / $15,000 / $50,000 / $100,000 / $200,000. See the full requirements.
Source checked October 23, 2026 · Offer ends November 30, 2026
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-23 | Non-interest-bearing | $16 (Fundamentals) or $29.95 (Relationship), waivable | Current product page says no minimum; older clarity statements list $100. Confirm when applying. | Current checking page, business fee schedule and clarity statements →Verified tiers and fee waivers; corrected consumer/business rewards conflation. Opening-deposit and employee-card aggregation sources disagree, so application confirmation is explicit. |
| 2026-09-04 | Non-interest-bearing | $16 Fundamentals after 12 fee-free statement cycles; $29.95 Relationship after 2 fee-free statement cycles; both waivable | $100 | Bank of America Business Schedule of Fees →Reconfirmed fee waivers, transaction and cash allowances, included Relationship accounts and services, ATM pricing, and overdraft terms |
| 2026-06-11 | None | $16 (Fundamentals) or $29.95 (Relationship), waivable | $100 | Archive record · no attached snapshotLegacy snapshot before event-level primary-source evidence was attached |
Primary-source verification log
Append-only evidence ledger- changed
Verified business checking fees and allowances; corrected rewards conflation and documented conflicting opening and spend-aggregation disclosures.
Fields: terms, history, lastVerified, faqs, sources
Business account fee schedule and current product disclosures → - confirmed
Reconfirmed Business Advantage fees, waiver paths, transaction and cash allowances, ATM pricing, included Relationship services, and overdraft terms.
Fields: bonusSlug, termHistory, lastVerified
Bank of America Business Schedule of Fees →
Monthly fees and ways to waive them
Each row links to the official account details. Waiver requirements apply by statement period; other service fees may still apply. Checked 2026-10-23.
| Account | Monthly fee | Ways to waive the fee | Key differences |
|---|---|---|---|
| Business Advantage Fundamentals | $16; first 12 statement cycles waived | $5,000 qualifying combined average monthly balance, $500 in qualifying net business debit purchases, or Preferred Rewards for Business membership |
|
| Business Advantage Relationship | $29.95; first two statement cycles waived | $15,000 qualifying combined average monthly balance or Preferred Rewards for Business membership |
|
Features
- ▸Both checking tiers are non-interest-bearing
- ▸Business Advantage 360 provides online and mobile account access
- ▸Cash Flow Monitor and Connected Apps available with eligible accounts and enrollment
- ▸Employee debit controls and optional account-user permissions
- ▸QuickBooks integration is available; the software subscription is purchased separately
Pros
- +Fundamentals offers a debit-purchase route to waive its monthly fee
- +Relationship supports higher cash/check volume and included accounts
- +Preferred Rewards for Business can waive selected fees after qualifying enrollment
Cons
- −Neither checking tier pays interest
- −Fundamentals has only 20 counted items per cycle
- −Monthly-fee waivers do not remove all service charges
- −Opening-deposit and employee-card aggregation disclosures conflict; confirm application terms
Our Take
Fundamentals can work for a business using mostly electronic payments and a debit-spend waiver. Relationship deserves a cost comparison when paper checks, cash deposits or incoming wires are frequent. Price the whole statement: crossing the lower tier’s allowance is not, by itself, a reason to upgrade. Keep surplus funds and the opportunity cost of a balance waiver in the decision.
Best for: Businesses that need branch cash deposits and can use a fee waiver
Open at Bank of America →Last verified 2026-10-23
Business Advantage 360 is the online platform
The account choices are Fundamentals and Relationship. Business Advantage 360 is the online and mobile banking platform used to manage them; it does not create a third checking tier with its own minimum balance. Optional account-management tools let you assign user access. QuickBooks connectivity does not include a free QuickBooks subscription.
How to use the Fundamentals debit-spend waiver
The $500 threshold concerns new net qualifying purchases that post in the statement cycle. ATM activity, cash-like purchases, account funding and pending transactions do not qualify. The fee schedule says linked employee purchases count, while the current product-page footnote says purchases cannot be combined across cards. Until the bank confirms your account’s treatment, avoid relying on split-card spending to meet the threshold.
When Relationship can cost less
Consider 50 counted paper items and $10,000 cash deposited in a cycle, after introductory waivers end. If neither monthly fee is waived, Fundamentals costs $44.50: $16 plus $13.50 for 30 excess items and $15 cash processing. Relationship costs $29.95, saving $14.55 in this example. If Fundamentals’ service fee is waived but Relationship’s is not, the totals become $28.50 and $29.95. Other services are excluded from this illustration.
Included accounts share allowances
Relationship can include one additional Relationship checking account and one Business Advantage Savings account without extra monthly fees. Its counted-item and cash allowances are shared across the primary and included checking account. Opening another account does not double those allowances. Ask the bank to confirm the accounts are included in the banking solution.
Preferred Rewards for Business remains separate
The business program is distinct from consumer BofA Rewards. Standard eligibility requires an eligible business checking account and a three-month combined average daily balance of at least $20,000 in qualifying business deposits or Merrill business investments. Higher tiers begin at $50,000 and $100,000. Enrollment is required; personal rewards membership does not automatically enroll the business. The monthly-fee benefit covers up to four eligible checking accounts per enrolled business.
Opening deposit and LLC documents
The current checking FAQ says an account can open unfunded, while the older clarity statements say $100 or more. Confirm the required funding amount in your application; opening funds, monthly-fee waivers and bonus deposits are separate tests. For an LLC, prepare its tax ID, U.S. formation and operating information, and details for the controlling manager and owners with at least 25% ownership. Formation or trade-name documents may be requested.
Overdraft settings and payment fees
The standard setting may allow an overdraft and a $10 fee per item, capped at two such fees daily, subject to exclusions. Decline All avoids Bank of America overdraft-item fees even if a negative balance occurs; a payee may still charge for an unpaid payment. Optional Balance Connect can draw on eligible backup accounts, with interest possible on credit advances. Incoming-wire and stop-payment waivers on Relationship do not make outgoing wires free.
Frequently asked questions
Is Business Advantage 360 a separate checking account?
No. It is the online and mobile platform for managing accounts such as Fundamentals and Relationship.
Does personal BofA Rewards membership waive the business fee?
Not automatically. Preferred Rewards for Business has separate eligibility and enrollment.
Does the $500 debit-spend waiver work on Relationship?
No. That waiver route applies to Fundamentals.
Do mobile check deposits use the 20-item allowance?
No. The excess-item fee excludes checks deposited through mobile, Bank of America ATMs or Remote Deposit Online.
Does a second Relationship account double the cash allowance?
No. The included checking accounts share the transaction and cash limits.
Do these business checking accounts pay interest?
No. Both tiers are non-interest-bearing.
Is $100 definitely required to open the account?
The current product FAQ says no minimum, but older clarity statements list $100. Confirm the disclosure presented when applying.
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