What you need before you start
Bank of America requires you to bring specific documents and information in person or through their online application. You will need your Social Security number or Individual Taxpayer Identification Number, a government-issued photo ID, and your business structure documents. If your business is a sole proprietorship, that is your personal ID. If it is an LLC, corporation, or partnership, bring the formation documents filed with your state — usually the Articles of Organization or Articles of Incorporation.
You will also need an Employer Identification Number (EIN) from the IRS if your business is anything other than a sole proprietorship operating under your own name. You can obtain an EIN for free at irs.gov or by calling the IRS at 1-800-829-4933. The process takes minutes if you apply online. If you are a sole proprietor using your Social Security number instead, you do not need an EIN, but Bank of America will ask whether you plan to hire employees.
Have your business address ready, along with a phone number and email where the bank can reach you. If your business is brand new, use your home address if that is where you will operate. Bank of America will verify this information before opening the account.
Key Takeaways
- You must bring a government-issued photo ID, your Social Security number or EIN, and your business formation documents (if you have an LLC, corporation, or partnership) to open an account in person or online.
- Bank of America offers several business account types — checking, savings, and money market accounts — with different monthly fees and minimum balance requirements depending on which account you choose.
- You can open an account online through Bank of America's website or in person at a local branch; online applications typically take 10 to 15 minutes but may require a follow-up visit to verify your identity.
- Monthly maintenance fees range from zero to over $20 depending on the account type and whether you meet balance or activity requirements, so compare the options before you commit.
- Once your account is open, you can order checks, set up merchant services, and link payroll processing, but these services are separate from the account opening and may have their own fees.
Which business account type fits your needs
Bank of America offers three main business account types: Business Checking, Business Savings, and Business Money Market. Most new business owners start with a checking account because it handles daily transactions, allows unlimited deposits and withdrawals, and comes with a debit card and online banking access.
Business Checking accounts at Bank of America have different tiers. The standard option has a monthly maintenance fee (typically $15 to $20) that is waived if you maintain a minimum daily balance or meet a monthly deposit threshold — the exact amount varies by account tier and changes periodically. Some accounts waive the fee if you keep a certain amount in linked savings or money market accounts. A Business Savings account earns interest but has fewer transaction options and is meant to hold money rather than move it. A Business Money Market account combines features of both and typically requires a higher minimum balance.
Before you choose, check Bank of America's current fee schedule on their website or ask at your local branch, because the minimum balance requirements and fee structures change. The difference between tiers can be significant if you are managing cash flow tightly.
Opening the account online or in person
You can start the process online at bankofamerica.com by navigating to the business banking section and selecting "Open an Account." The online application asks for your business name, structure, EIN or Social Security number, address, and contact information. It takes about 10 to 15 minutes. Bank of America will then review your information and may ask you to verify your identity in person at a local branch within a set timeframe — usually 10 business days — by bringing your photo ID and business documents.
If you prefer to complete everything in one visit, go to a Bank of America branch with your documents and ask to open a business account. A banker will walk you through the application, verify your identity on the spot, and you can leave with your account open and a temporary debit card. This route takes 30 to 45 minutes depending on how busy the branch is.
Either way, you will receive account numbers, online banking credentials, and information about ordering checks and setting up bill pay. Your account is usually active within one business day of approval, though some services like merchant processing or payroll may require separate setup.
What happens after your account opens
Once your account is active, you can begin depositing money and making transfers. Bank of America provides online banking access immediately, so you can check your balance, transfer funds between your own accounts, and set up bill pay through their website or mobile app. You will receive a temporary debit card at the branch or by mail within 7 to 10 business days if you applied online.
Ordering checks is a separate step. You can order them through Bank of America's online banking portal or by calling their business customer service line. Checks typically arrive within 5 to 10 business days. Bank of America charges for checks — the cost depends on the quantity and style you order, but expect to pay $0.10 to $0.20 per check or a flat fee for a box of 200.
If you plan to accept credit or debit card payments from customers, you will need to set up merchant services. This is a separate application and approval process, even though you already have a business account. Bank of America offers merchant processing, but you can also use third-party processors like Square or Stripe if their rates or features suit you better.
Monthly fees and how to avoid them
Bank of America's business checking accounts charge a monthly maintenance fee unless you meet one of the waiver conditions. The most common waiver is maintaining a minimum daily balance — this might be $1,500, $2,500, or higher depending on the account tier. Another common waiver is a minimum monthly deposit amount, such as $10,000 or $25,000. Some accounts waive the fee if you maintain a linked savings or money market account with a certain balance.
If you do not meet any waiver condition, the monthly fee ranges from $15 to $20 or more. Over a year, that adds up. Before you open an account, ask the banker or check the fee schedule online to see which waiver option is realistic for your business. If your business is very new and cash flow is uncertain, a different bank with lower minimums or no monthly fees might be a better fit.
Bank of America also charges for certain transactions and services beyond the monthly fee: wire transfers (typically $15 to $30 each), stop payments ($35), returned checks ($35), and overdraft fees ($35 per occurrence). These are not automatic, but they happen if you use those services or if your account goes negative.
Linking your business account to other services
After your account is open, you can connect it to payroll processing, accounting software, and payment processors. Bank of America offers payroll services through their platform, but you can also use third-party providers like Gusto, ADP, or Paychex. If you use accounting software like QuickBooks, you can link your Bank of America account to it so transactions sync automatically — this saves time on bookkeeping and reduces errors.
Merchant services (accepting card payments) require a separate application even though you have a business account. Bank of America will review your business history, credit, and expected transaction volume before approving you. Processing fees vary based on the type of cards you accept and your monthly volume, but typically range from 1.5% to 3% per transaction plus a monthly gateway fee.
If you need a business line of credit or a small business loan later, having an established account with Bank of America can make that process faster because they already have your financial history. But these are separate products and require separate applications.
What to do if you are denied or have questions
Bank of America may deny your application if you have a history of fraud, unpaid debts, or negative banking history. If you are denied, ask the bank for the specific reason in writing. You have the right to know why under the Equal Credit Opportunity Act. If the reason is a credit or banking history issue, you may be able to address it and reapply later.
If you have questions during the process, call Bank of America's business customer service line at 1-800-933-6262 or visit a local branch. Online chat support is also available through their website during business hours. Keep your business documents and identification handy when you call so you can answer verification questions quickly.
Frequently Asked Questions
Do I need an EIN if I am a sole proprietor?
No. As a sole proprietor operating under your own name, you can use your Social Security number instead of an EIN. However, if you plan to hire employees or want to keep your business finances completely separate from your personal finances, obtaining an EIN is still a good idea. It is free and takes minutes to apply online at irs.gov.
How long does it take to open a business account at Bank of America?
If you apply online, the application takes 10 to 15 minutes, but you may need to visit a branch within 10 business days to verify your identity in person. If you go to a branch in person with your documents, the entire process takes 30 to 45 minutes and your account is active the same day. Either way, your account is usually ready to use within one business day.
Can I open a business account if my business is brand new?
Yes. Bank of America does not require your business to be established for a certain length of time. You will need your business formation documents (Articles of Organization for an LLC, for example) and an EIN if your business is not a sole proprietorship. If you have not yet filed your formation documents, you may need to do that first before opening the account.
What is the minimum balance required to avoid monthly fees?
The minimum balance varies by account type and changes periodically. It typically ranges from $1,500 to $2,500 for standard business checking accounts. Some accounts offer a fee waiver based on monthly deposits instead of balance. Check Bank of America's current fee schedule online or ask at your local branch for the exact requirement for the account you are considering.
Can I use my personal bank account for my business instead?
Legally, you can, but it is not recommended. Mixing personal and business money makes tax filing harder, creates liability issues if your business is sued, and looks unprofessional to customers and vendors. A separate business account costs little and protects you in multiple ways.