You can start a Bank of America business account online, but you will need to finish it in person or by phone

Bank of America allows you to begin a business account application on their website, but the process does not end there. You can enter your business information, tax ID, and ownership details online, but you cannot complete the account opening without speaking to a representative. The bank requires a phone call or an in-person visit to verify your identity, review your business structure, and finalize the account setup.

The reason for this requirement is straightforward: Bank of America needs to confirm you are who you say you are and that your business is legitimate. This is a federal anti-money-laundering rule that applies to all banks, not just Bank of America. No bank can open a business account entirely online without some form of identity verification beyond what you type into a form.

Key Takeaways

  • You can fill out the business account application online, but you must complete verification by phone or in person before the account opens.
  • You will need your Social Security number or tax ID, business license or formation documents, and proof of your business address.
  • The phone verification or in-person appointment typically takes 15 to 30 minutes and can happen the same day you start the application.
  • Bank of America offers both checking and savings accounts for businesses, and the features available depend on your business structure and deposit volume.

What documents you need before you start

Gather these items before you begin the online application. You will need your Social Security number and the business's Employer Identification Number (EIN), or you can use your Social Security number if the business is a sole proprietorship. You will also need a government-issued ID—a driver's license or passport works—and proof that your business exists.

Proof of business existence varies by structure. If you are a sole proprietor, a business license from your city or county is usually enough. If you are an LLC or corporation, you need a copy of your formation documents—the Articles of Organization or Articles of Incorporation filed with your state. If your business is brand new and you have not yet received these documents, you can often show the receipt or confirmation email from your state's filing system.

You will also need to confirm your business address. This can be your home address if you run the business from home, but Bank of America will ask you to verify it. Have a recent utility bill, lease, or mortgage statement ready that shows your name and the address you plan to use for the account.

The online application step and what happens next

Start at bankofamerica.com and look for the business account section. You will enter your business name, structure (sole proprietor, LLC, S-corp, C-corp, partnership, or nonprofit), and the industry you operate in. The form will ask for your ownership percentage if there are multiple owners, and the names and Social Security numbers of all owners with 20 percent or more stake in the business.

After you submit the online form, Bank of America will send you an email or call you to schedule the verification step. This is where the process moves off the website. You can choose to verify by phone or visit a local branch. The phone call is faster—it usually takes 15 to 30 minutes—and you can do it from anywhere. An in-person visit at a branch takes about the same amount of time but requires you to bring your documents with you.

During verification, the representative will confirm your identity, ask questions about your business and its expected monthly deposits, and review the account type you selected. They will also discuss any additional services you might need, such as merchant processing or a business credit card. Once verification is complete, your account opens immediately or within one business day.

Account types and what each one costs

Bank of America offers several business checking accounts, and the one you choose depends on your expected monthly deposits and transaction volume. The Business Advantage Checking account is the most common option for small businesses. It has no monthly fee if you maintain a $2,500 minimum daily balance or receive at least $5,000 in monthly deposits. If you do not meet either requirement, the monthly fee is $15.

The Business Advantage Relationship Pricing account is designed for businesses with higher deposit volumes or multiple accounts. The monthly fee is waived if you maintain a combined balance of $25,000 across all your Bank of America accounts or if you have a business loan with the bank. This account offers higher transaction limits and priority customer service.

Bank of America also offers Business Savings accounts, which earn interest but have limits on how many withdrawals you can make per month. These are useful if you want to set aside money for taxes or emergencies but do not need to access it frequently. The interest rate varies and is typically lower than what online banks offer, but the account integrates easily with your checking account for transfers.

What you can do immediately after the account opens

Once your account is open, you can deposit checks using the Bank of America mobile app, which has mobile check deposit. You can also set up direct deposit for customer payments or payroll. Wire transfers, ACH transfers to other banks, and bill pay are all available as soon as the account is active, though some features may have a 24-hour delay on a brand-new account.

You will receive a debit card in the mail within 7 to 10 business days. In the meantime, you can request a temporary card at the branch or have one expedited for an additional fee. You can also set up online bill pay through the Bank of America website to pay vendors and suppliers without writing checks.

If you need a business credit card, merchant processing, or a line of credit, you can discuss those during your verification call or at your in-person appointment. Bank of America will review your business credit and personal credit to determine what you may have access to for, but those decisions happen separately from the account opening.

Common reasons the online application gets delayed or denied

The most common delay is a mismatch between the information you entered online and what you bring to verification. If your driver's license shows a different address than your business address, or if your business formation documents list a different owner than you claimed in the application, the representative will ask you to clarify. Bring all your documents to avoid this.

Bank of America may also delay or deny an account if your business is in a high-risk industry. Cryptocurrency exchanges, money transmission services, cannabis businesses, and certain financial services face extra scrutiny. This does not mean you cannot open an account, but it means the bank will ask more questions and may take longer to make a decision.

If you have a history of overdrafts, fraud, or other banking problems at Bank of America or another bank, the bank may deny the account. Bank of America checks ChexSystems, a banking history database, as part of the verification process. If you have been denied before, you can request a copy of your ChexSystems report and dispute any errors before you apply again.

Frequently Asked Questions

How long does it take from starting the online application to having a usable account?

The online application takes 10 to 15 minutes to fill out. The verification call or in-person visit can happen the same day or within a few days, depending on your schedule. Once verification is complete, the account is active immediately, though some features like bill pay may have a 24-hour delay. Total time is usually 1 to 3 days.

Can I use my Social Security number instead of an EIN?

Yes, if you are a sole proprietor with no employees, you can use your Social Security number. Bank of America will ask if you have an EIN and whether you plan to hire employees. If you do hire employees later, you will need to get an EIN from the IRS and update your account information with the bank.

What if I do not have a business license yet?

If your business is brand new, bring the confirmation email or receipt from your state showing you filed your formation documents. If you are a sole proprietor and have not filed anything yet, bring a utility bill or lease showing your business address and explain your business to the representative during verification. Bank of America may ask you to provide a license within a certain timeframe after opening.

Do I need to visit a branch in person, or can I do everything by phone?

You can do the entire verification process by phone. You do not need to visit a branch unless you want to pick up a debit card immediately or discuss services that require more detailed conversation. The phone call is usually faster and just as complete.

What happens if I do not meet the minimum balance requirement after I open the account?

If you do not maintain the $2,500 minimum daily balance or $5,000 in monthly deposits, Bank of America will charge you the monthly maintenance fee—currently $15 for the Business Advantage Checking account. You can avoid the fee by meeting either requirement, or you can close the account and move to another bank if the fee does not make sense for your business.