What Are the Fees for Bank of America Business Checking Accounts?
Bank of America is the second largest bank in the United States, operating approximately 3,700 financial centers nationwide. It offers two business checking tiers: the Fundamentals Business Checking account at $16 per month and the Relationship Business Checking account at $29.95 per month. Both accounts are FDIC-insured up to $250,000.
Last updated: April 4, 2026. Fees verified against the Bank of America Business Schedule of Fees effective February 20, 2026.
How Much Does Each Account Cost?
The following table compares all major fees and features across both Bank of America business checking tiers.
| Feature | Fundamentals | Relationship |
|---|---|---|
| Monthly fee | $16 | $29.95 |
| Fee-free introductory period | 12 months | None |
| Balance to waive monthly fee | $5,000 avg monthly balance | $15,000 avg monthly balance |
| Alternate waiver (debit card spending) | $500/mo | N/A |
| Alternate waiver (Preferred Rewards) | Yes | Yes |
| Free transactions per month | 200 | 500 |
| Per-transaction overage fee | $0.45 | $0.45 |
| Free cash deposits per month | $7,500 | $20,000 |
| Cash deposit overage fee | $0.30 per $100 | $0.30 per $100 |
| Outgoing domestic wire | $30 | $30 |
| Outgoing international wire (USD) | $45 | $45 |
| Incoming domestic wire | $15 | Free |
| Incoming international wire | $16 | Free |
| Free linked savings account | No | Yes |
| Stop payment | Standard fee | Waived |
| Overdraft fee | $10/item, max 2/day | $10/item, max 2/day |
| Minimum opening deposit | $100 | $100 |
What Makes Bank of America Competitive?
Bank of America stands out from competing national banks in several meaningful ways for business owners:
- Lowest overdraft fee among major banks. At $10 per item with a maximum of $20 per day, Bank of America charges significantly less than competitors like Chase ($34/item) and Wells Fargo ($35/item). For businesses that occasionally run close on cash flow, this can represent real savings.
- 12-month fee waiver on Fundamentals. New Fundamentals account holders pay nothing for the first year, giving businesses time to grow into the account or build the balance needed to waive the fee permanently. No other major national bank offers a comparably long introductory period.
- Debit card spending as an alternative waiver. The Fundamentals account offers a unique waiver path: spend $500 or more per month on your Bank of America business debit card and the $16 monthly fee disappears. This is especially useful for businesses with lower deposit balances that put routine expenses on the debit card.
- Free incoming wires on Relationship. Relationship account holders receive unlimited free incoming domestic and international wire transfers. For businesses that regularly receive payments via wire, this can easily offset the higher monthly fee.
- Preferred Rewards for Business.Bank of America's Preferred Rewards program can waive the monthly fee on either account tier and provides additional benefits including interest rate boosts and credit card rewards bonuses for businesses that bank substantially with Bank of America and Merrill.
“The $10 overdraft cap is genuinely one of the most business-friendly policies at any major national bank. When you're managing tight cash flow, knowing your worst day costs $20 in overdraft fees instead of $68 or more is meaningful peace of mind.” — Michael Torres
Limitations to Consider
Bank of America business checking is not the right fit for every business. Here are the key limitations to weigh before opening an account:
- Higher balance requirement for Fundamentals fee waiver. The $5,000 average monthly balance to waive the Fundamentals fee is higher than Wells Fargo Initiate ($2,000 as of March 2026) and comparable to Chase Business Complete Banking ($2,000). Businesses with modest deposit balances may find it harder to qualify.
- No debit card waiver on Relationship. The $500/month debit card spending waiver is only available on the Fundamentals tier. Relationship account holders must maintain $15,000 in average balance or qualify through Preferred Rewards to avoid the $29.95 fee.
- Transaction overage fee of $0.45 applies to both tiers. While Fundamentals offers 200 free transactions and Relationship offers 500, businesses with high transaction volumes will pay $0.45 per transaction above those limits, which is on par with or higher than some competitors.
- Fewer branch locations than Chase. With approximately 3,700 financial centers, Bank of America has fewer physical locations than Chase (4,700+), which may matter for businesses that regularly conduct in-person banking.
- Preferred Rewards for Business program transitioning in May 2026. Bank of America has announced changes to the Preferred Rewards for Business program taking effect in May 2026. Businesses that currently rely on Preferred Rewards status to waive monthly fees should review the updated program terms before that date.
Frequently Asked Questions
What is the monthly fee for Bank of America business checking?
Bank of America offers two business checking tiers. The Fundamentals account carries a $16 monthly fee, but new accounts are fee-free for the first 12 months. The Relationship account is $29.95 per month with no introductory waiver period.
How do I waive the monthly fee on Bank of America business checking?
For the Fundamentals account, you can waive the $16 monthly fee by maintaining a $5,000 average monthly balance, OR by spending $500 or more per month on a linked Bank of America business debit card, OR by qualifying through the Preferred Rewards for Business program. For the Relationship account, you can waive the $29.95 fee by maintaining a $15,000 average monthly balance OR by qualifying through Preferred Rewards for Business.
What are the overdraft fees for Bank of America business checking?
Bank of America charges $10 per overdraft item on business checking accounts, with a maximum of 2 overdraft fees per day. This means the most you can be charged in a single day is $20, which is the lowest overdraft cap among major national banks. Chase charges $34 per item and Wells Fargo charges $35 per item.
How does Bank of America compare to Chase for business checking?
Bank of America is generally the more affordable option. The Relationship account at $29.95 per month is significantly cheaper than Chase Platinum Business Checking at $103 per month. Bank of America also offers a much lower overdraft fee ($10 vs $34). Chase, however, has more branch locations nationwide and generally offers better wire transfer options for businesses with heavy international transaction needs.
Compare Other Options
If Bank of America doesn't fit your needs, compare it with other top business checking accounts:
- Chase Business Complete Checking — more branches, lower balance waiver
- Chase Platinum Business Checking — premium tier with unlimited transactions
- Wells Fargo Business Checking — three tiers including an interest-bearing option
- Capital One Business Checking — no transaction fees, unlimited deposits
- Compare all business checking accounts — side-by-side fee comparison tool