A Guide to Avoiding Monthly Fees on Your Bank of America Business Account
Are you a small business owner with a Bank of America business account, and finding yourself frustrated by those pesky monthly maintenance fees? You're not alone! Many businesses, especially those just starting out or with fluctuating cash flow, want to optimize every dollar. The good news is, Bank of America offers several avenues to potentially waive these fees. This comprehensive guide will walk you through the process, step by step, empowering you to keep more of your hard-earned money in your business.
So, you've decided to tackle those monthly fees head-on? Excellent choice! Let's dive into how you can effectively manage your Bank of America business account to minimize or eliminate these charges.
Step 1: Understand Your Current Account and Its Fees
Before you can avoid a fee, you need to know exactly what fee you're dealing with and why it's being charged. Bank of America typically offers a few different business checking accounts, each with its own fee structure and waiver requirements.
Sub-heading: Review Your Account Statements
The first and most crucial step is to meticulously review your recent Bank of America business account statements. Look for a section detailing "Monthly Maintenance Fee" or similar. Note the amount of the fee and any associated explanations.
Sub-heading: Identify Your Account Type
Bank of America primarily offers two main business checking accounts:
- Business Advantage Fundamentals™ Banking: This is often the more basic option, designed for smaller businesses. It typically has a lower monthly fee, but also potentially lower requirements to waive it. As of mid-2025, the monthly fee is generally $16.
- Business Advantage Relationship Banking: This account is geared towards businesses with higher transaction volumes and balances, offering more features but also a higher monthly fee, often around $29.95.
Knowing which account you have is vital as the waiver criteria differ significantly.
QuickTip: Repetition signals what matters most.
Sub-heading: Consult the Bank's Fee Schedule
Bank of America publicly provides its "Business Schedule of Fees." You can usually find this on their official website or by requesting a copy at a financial center. This document is your go-to resource for understanding all potential fees, not just the monthly maintenance fee, and their waiver conditions. Don't skip this step – it's your financial blueprint!
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| How To Avoid Monthly Fee Bank Of America Business Account |
Step 2: Identify the Fee Waiver Requirements for Your Account Type
Once you know your account type, you can pinpoint the specific actions you need to take to avoid the monthly fee. Bank of America generally offers a few common ways to waive the monthly fee for its business checking accounts.
Sub-heading: For Business Advantage Fundamentals™ Banking (Typical Monthly Fee: $16)
To waive the $16 monthly fee for this account, you generally need to meet one of the following requirements during each statement cycle:
- Maintain a Combined Average Monthly Balance: This is a common method. You'll typically need to maintain a combined average monthly balance of $5,000 or more across eligible linked Bank of America business deposit accounts. "Eligible linked accounts" can include your checking, savings, and even certain CD accounts. This option is fantastic if your business consistently holds a good amount of cash.
- Meet a Minimum Debit Card Spend: For businesses with regular debit card activity, this can be an easy waiver. You generally need to use your Bank of America business debit card to make at least $500 in new net qualified purchases each statement cycle. Purchases made by linked employee business debit cards often count towards this threshold.
- Be a Preferred Rewards for Business Member: This is a loyalty program that offers various benefits, including fee waivers. If you qualify for Preferred Rewards for Business (which generally requires a higher combined balance across Bank of America business deposit and/or Merrill business investment accounts), the monthly fee for your first four eligible checking accounts is waived. This is an excellent perk if you have a broader relationship with Bank of America.
Sub-heading: For Business Advantage Relationship Banking (Typical Monthly Fee: $29.95)
The requirements for this account are typically higher, reflecting its more advanced features:
- Maintain a Combined Average Monthly Balance: You'll generally need to maintain a combined average monthly balance of $15,000 or more across eligible linked Bank of America business deposit accounts. This can include your Business Advantage Relationship Banking account, an extra Business Advantage Relationship Banking account, Business Economy Checking, Business Interest Checking, Business Advantage Savings, Business Investment Account, and Business CD accounts.
- Be a Preferred Rewards for Business Member: Similar to the Fundamentals account, Preferred Rewards for Business membership typically waives the monthly fee for your first four eligible checking accounts. This emphasizes the value of consolidating your banking relationship with Bank of America.
Step 3: Strategize and Implement Your Fee-Waiver Plan
Now that you know the requirements, it's time to put a plan into action. This step involves actively managing your account to meet the chosen waiver criteria.
Sub-heading: Option A: Maintaining the Minimum Balance
If you choose to waive fees by maintaining a minimum balance, consistency is key.
Tip: Stop when confused — clarity comes with patience.
- Monitor Your Balance Regularly: Use Bank of America's online banking or mobile app to check your account balance frequently. Aim to keep your combined average monthly balance above the required threshold (e.g., $5,000 or $15,000).
- Link Eligible Accounts: If you have multiple Bank of America business deposit accounts, ensure they are linked to be counted towards the combined average balance. You might need to contact the bank to confirm this linking.
- Consider a Buffer: It's often wise to keep a buffer amount above the minimum to account for unexpected debits or fluctuations. For example, if the requirement is $5,000, aim to keep at least $5,200-$5,500.
Sub-heading: Option B: Maximizing Debit Card Spend
For businesses with significant debit card usage, this can be a straightforward path.
- Route Business Expenses Through Your Debit Card: Whenever possible, use your Bank of America business debit card for everyday business purchases, supplier payments, and operational expenses.
- Track Your Spending: Utilize online banking to monitor your debit card purchases throughout the statement cycle to ensure you're on track to meet the $500 minimum.
- Educate Employees: If employees have linked business debit cards, ensure they understand the importance of using them for qualifying business purchases.
Sub-heading: Option C: Exploring Preferred Rewards for Business
If you have substantial assets with Bank of America or Merrill, this program can unlock significant benefits beyond just fee waivers.
- Evaluate Your Total Relationship: Assess your combined average daily balance across all eligible Bank of America business deposit accounts and Merrill business investment accounts. The tiers for Preferred Rewards for Business typically start at $20,000 (Gold tier), $50,000 (Platinum tier), and $100,000 (Platinum Honors tier).
- Enroll in the Program: If you meet the criteria, actively enroll in the Preferred Rewards for Business program. You can typically do this online or by contacting a Bank of America representative.
- Understand Tier Benefits: Beyond fee waivers, Preferred Rewards for Business can offer interest rate boosts on savings, discounts on loans, and other valuable perks.
Step 4: Monitor and Adjust as Needed
Avoiding fees isn't a "set it and forget it" process. Ongoing monitoring is essential to ensure you continue to meet the waiver requirements.
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Sub-heading: Regularly Check Statements and Notifications
Make it a habit to review your monthly statements as soon as they are available. Confirm that the monthly fee has been waived. Also, pay attention to any notifications from Bank of America regarding changes to account terms or fee structures.
Sub-heading: Set Up Account Alerts
Utilize Bank of America's online banking features to set up alerts. You can often receive notifications for:
- Low balance warnings
- Large transactions
- When your statement cycle closes (which helps you remember to check for the waiver)
These alerts can help you stay proactive and make adjustments if your balance or spending dips below the required thresholds.
QuickTip: Skim slowly, read deeply.
Sub-heading: Re-evaluate Your Banking Needs
Your business needs evolve, and so should your banking strategy. Periodically (e.g., annually or semi-annually), re-evaluate if your current Bank of America business account still aligns with your business's financial activity.
- Are your transaction volumes increasing significantly? You might need an account with higher free transaction limits.
- Is your average balance consistently higher than needed for your current account? You might consider upgrading to an account with more features or better interest rates, even if it has a higher base fee that you can easily waive.
- Are you struggling to meet the waiver requirements? It might be time to explore other business checking options, either with Bank of America or another financial institution that better suits your current operational rhythm.
By diligently following these steps, you can significantly reduce or even eliminate the monthly maintenance fees on your Bank of America business account, allowing your business to thrive financially.
10 Related FAQ Questions
How to open a Bank of America business account? You can open a Bank of America business account online, by phone, or by visiting a financial center. You'll generally need your business legal name, Employer Identification Number (EIN), business address and phone number, formation documents, business license (if applicable), and personal information for all owners with 25% or more ownership, plus any controlling managers. A minimum opening deposit, typically $100, is also required.
How to find my Bank of America business account number? Your Bank of America business account number can be found on your monthly bank statements, by logging into your online banking portal, or by contacting customer service directly.
How to link Bank of America business accounts for fee waivers? To link eligible business deposit accounts for combined balance fee waivers, you may need to contact Bank of America customer service or visit a financial center. They can confirm which of your accounts qualify and ensure they are properly linked.
How to check my combined average monthly balance at Bank of America? You can typically view your combined average monthly balance information within your Bank of America online banking portal or by checking your monthly statements. If you're unsure, contacting customer service can provide clarity.
Tip: Scroll slowly when the content gets detailed.
How to track my Bank of America business debit card spending for fee waivers? Log into your Bank of America online banking or mobile app. Navigate to your business checking account and review your debit card transaction history for the current statement cycle to track your progress towards the spending waiver.
How to enroll in Bank of America Preferred Rewards for Business? You can generally enroll in Preferred Rewards for Business online through the Bank of America website, or by speaking with a business banking specialist at a financial center or over the phone, provided you meet the eligibility criteria (e.g., minimum combined balance across qualifying accounts).
How to upgrade my Bank of America business account? To upgrade your Bank of America business account (e.g., from Fundamentals to Relationship Banking), you can typically do so by contacting Bank of America customer service or by visiting a financial center to discuss your options with a representative.
How to avoid overdraft fees on my Bank of America business account? You can avoid overdraft fees by closely monitoring your balance, setting up low balance alerts, linking your checking account to a savings account or line of credit for overdraft protection, and enrolling in Bank of America's overdraft settings that decline transactions if funds are insufficient, rather than paying them and incurring a fee.
How to get paperless statements for my Bank of America business account? You can usually opt for paperless statements by logging into your Bank of America online banking portal and going to your account preferences or statement delivery settings. This can sometimes help avoid additional fees for paper statements, though Bank of America typically doesn't charge for business paper statements directly.
How to close a Bank of America business account without fees? To close a Bank of America business account without incurring an early account closure fee (if applicable), ensure you've held the account for the minimum required period (often 90 to 180 days after opening). It's best to call or visit a financial center to initiate the closure and ensure all outstanding transactions have cleared.
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