How to Waive Bank of America Business Account Fees
A business bank account offers a number of features that are tailored to a business's needs. As such, they come with higher withdrawal limits and lower fees than personal bank accounts, making them a good choice for businesses with high transaction volumes.
Many banks also offer special services for businesses, such as loans and lines of credit, which may come with additional fees. However, when choosing a business bank account, it's important to compare fees and features to find the best fit for your needs. In this article, we will take a closer look at Bank of America's business account fees and the actions you can take to minimize or even eliminate these additional charges.
DoNotPay can also help you get Bank of America's business account fees waived with their innovative Fight Bank Fees product. You can even have DoNotPay automatically appeal your business account fees every month.
Why Business Owners Should Have a Business Bank Account
A business bank account offers the following advantages for business owners:
- It is a separate entity from your personal finances in the event the business is sued.
- A business bank account can help you take advantage of certain tax deductions for expenses and interest on loans.
- It provides a way to track revenue and expenses, manage payroll and invoicing, and accept payments from customers.
- They offer a wider range of services than personal accounts, including merchant services, loans, and lines of credit.
How Much Are Bank of America's Fees For Business Accounts?
Bank of America offers two types of business checking accounts for their clients.
|Business Advantage Fundamentals||Monthly fee is $16 which is waived if a $5,000 combined average monthly balance is maintained, or you spend at least $250 a month in qualified debit card purchases. Account management capabilities are $15 a month. Up to 200 transactions per month with no fee. Fees vary for incoming wires, stop payments, and more.|
|Business Advantage Relationship Banking||Monthly fee is $29.50 which is waived for maintaining a $15,000 combined average monthly balance. Up to 500 transactions per month with no fees.|
How to Have Business Account Fees Waived at Bank of America
Account maintenance fees tend to be higher since they encourage clients to carry high balances with their businesses. However, there are several ways to avoid business account fees at Bank of America.
- Maintain the minimum account balance
- By signing up for low-balance alerts, you will know immediately if your account balance dips below the required minimum amount to avoid the monthly maintenance fees.
- Link multiple bank accounts
- Linking qualifying savings, money market, or certificate of deposit accounts at Bank of America may qualify you for a monthly fee waiver by linking them together
- Bundle additional products
- Add debit or credit cards and use payroll services to bundle with your business account.
- Get overdraft protection
- If you have multiple accounts, you can have overdraft protection by linking them together. Use Bank of America's account management tool so that one sign-in accesses all of your accounts, so you can easily transfer funds in and out.
- Be aware of transaction and deposit limits
- If you make over 200 transactions a month on your business account, you may be charged extra for each additional one, unless you have the Business Advantage Relationship account.
- Keep your account active
- By spending a minimum of $250 on your business debit or credit card, your monthly fee is waived.
If you have more questions or want to get in contact with Bank of America regarding your business account, you can contact them here:
|By Mail:||Bank of America Corporate Center
100 North Tryon Street
Charlotte, NC 28255
|Online:||Visit Bank of America online or schedule an appointment online here|
|By Phone:||Call 800.432.1000|
How DoNotPay Can Help You Waive Bank of America Account Fees
If you want to get Bank of America business account fees waived, but don't know where to start, DoNotPay can help. Here's how to get started with their simple four-step process:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
What Other Bank-Related Issues Can DoNotPay Solve?
In addition to helping you get your business account fees waived, DoNotPay can assist you with many other bank issues including the following:
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