Rho: The Ultimate Guide for Entrepreneurs
Learn how Rho business banking supports growing businesses with tailored financial solutions. Explore features, benefits, and how to get started.
Any established business needs to have a reliable bank account for making deposits and withdrawals, handling invoicing, and managing other financial and transactional needs. It’s one of the fundamental requirements of running a modern, agile enterprise.
Bank of America is the second largest bank in the United States, just behind JP Morgan. with $2.34 trillion in assets and well over 4,500 branches spread across the country. The Charlotte, North Carolina conglomerate also has the second-highest number of ATMs, with just over 16,000 spread across the country.
This article will define, compare and contrast some of the accounts Wells Fargo offers for larger businesses, along with their associates fees, transaction limits, and balance minimums. The fees will vary by state, for this article we’ve used Florida as the account location.
We’ll also take a look at a new online business account option that may be even better for your needs, from the currency exchange service Wise Business. Let’s get started.
Bank of America’s 4,500+ locations spread across nearly all 50 states. Any business owner or representative can apply for a Bank of America account by going to the closest branch (you can find that with this branch locator)this Bank of America page and clicking Apply Now on one of the options.
Bank of America offers two business checking accounts: the Business Fundamentals Account and the Business Advantage Checking Account. Both are competitively priced. The Business Fundamentals Account has a $17 a month maintenance fee, and a $12 per month maintenance fee for a second business checking account. You can waive these fees by spending at least $250 on a business debit or credit card on net new goods or services, keeping an average balance of $5,000 month over month, a minimum daily balance of $3,000, or a combined average monthly balance of $15,000 across linked Bank of America business accounts.
The Business Advantage Checking Account carries a $29.95 monthly maintenance fee, but an additional checking account for a business is free. You can waive this fee if you purchase $2,500 worth of net new goods or services on your business credit card, keeping an average balance of $15,000 month over month, a combined average monthly balance of $35,000 or higher across linked Bank of America business accounts, or routinely make use of Bank of America Merchant Services or Payroll Services.
The table below breaks down the fees that come with Bank of America’s two premier business checking accounts. We also helpfully compare them to Wise’s slick new business account. Wise is a leader and innovator in the online currency exchange space, and is capitalizing on the success of its fresh, customer-friendly currency exchange service to offer other financial services, like debit cards, personal accounts, and now business accounts. For comparison, this table shows what fees Wise will charge for the same services. A business that’s just getting started may find a cheaper account attractive. But as always, it’s important to consider the use and functions of the account, to make sure you’re getting what your business needs out of it.
Bank of America Business Fundamentals Checking | Bank of America Business Advantage Checking | Wise | |
---|---|---|---|
Maintenance Fee | $17 | $29.95 | $0 |
Maintenance Fee for Second Account | $12 | $0 | $0 |
Account Management Fee | $15 | $0 | $0 |
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
If you want to open a business bank account, you must first verify your business and your own identity. Before meeting with a Bank of America account manager, get the following documents in order and be prepared to present them at the meeting.
The Bank of America Business Fundamentals Checking Account is meant to provide the fundamental banking features an established business requires. It’s best for businesses that need simple checking services and that will spend at least $250 a month and keep an average monthly balance of less than $5,000. With spending and balance limits set for that time, this account is best suited for small businesses that are still building their customer base. Established businesses will spend well more than $250 a month and will need to maintain well over $5,000 a month in a bank account. You can also pair the Business Fundamentals checking account with Bank of America’s Business Investment savings account for no additional fee.
Bank of America has built a dedicated website for small business online banking. The Small Business Online Banking site allows your to access your account to view your balance, review the past 12 months of online transactions, the past 18 month of online bank statements, and download transactions directly to QuickBooks, and set up automatic alerts for account changes. You can also pay bills and set up recurring online bill payments.³
The Business Fundamentals checking account is perfect if you’re a smaller business. But what should bigger businesses do? Bank of America has a second business checking account: the Business Advantage checking account. This account is best suited for established businesses. It offers all of the wonderful, essential benefits that the Business Fundamentals account does, but it comes with some additional perks suited to larger companies. For example, Business Advantage accounts integrate directly with Quickbooks at no extra cost and users can add additional Business Advantage accounts for free.
Bank of America also includes a bevy of business services at no extra cost. For example, users can make stop payment requests, receive incoming and domestic wire transfers, and use Bank of America’s check image tool for free. They are also eligible for checks, deposit slips, and even an endorsement stamp, all at no charge. Also, eligible customers who make at least $3,000 in purchases on a business credit card in the first 90 days of the account opening receive a $300 statement credit.
The Business Advantage account is only a bit costlier than the Business Fundamentals account, at $29.95 a month. Business Advantage account holders can avoid the monthly fee if they make $2,500 in net new purchases a month on business credit cards, maintain an average monthly balance of $15,000 or higher, maintain a combined average monthly balance of $35,000 or higher in linked Bank of America business accounts, and regularly use Bank of America Merchant or Payroll services.
Wise Business can help you save big time on international payments.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.
Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.
Some key features of Wise Business include:
Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account
Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
Free invoicing tool: Generate and send professional invoices
No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here
The best way to choose the account that’s most suitable for your business, is to look at the types of services and transactions you’ll be doing the most. And when it comes to business modern businesses, why limit yourself to just one account? These days, companies that have a lot of international payments may often look towards more modern service such as Wise, to help increase their profitability. Whether your needs are better met by a bank such as Bank of America or a new, bold service like Wise - we wish you the best of luck in your endeavours.
1. BoA contact page 20 May
2. BoA business checking account page 25 June, 6 June
3. BoA online banking 10 June
4. BoA Business Advantage account page 25 June
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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