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Business Checking Accounts - 2019

 
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Old 02-19-2019, 04:36 PM   #1
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Business Checking Accounts - 2019


Hey, just wanted to throw this out there. Bank of America is currently offering Business Checking accounts with no maintenance fee so long as you make $250 worth of business purchases a month.

I've wanted business checking with them for ages because of their superior online banking, but they always had a monthly fee for the account, which is a game I refuse to play. You're holding my money. That's your reward. Stop trying to milk me like a cow.


They also gave me a free business savings account with no monthly fee and no minimum balance which is also linked to the account.

They also also were able to roll it up with my SSN so that when I log in to BOA's website to check on my personal checking I'll be able to see the business checking from the same screen and can make transfers from one to the other using the same login.
I've always had to physically walk my money from one bank to another in the past.

Also also also, in case credit is your bag, they offered me a pretty decent rewards card with 3% back on gas and 1% back on all other purchases. I declined, because I'm deathly afraid of debt, but some of you guys that drive a lot would probably be into 3% on gas.

So there you go.
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Old 02-19-2019, 04:51 PM   #2
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Re: Business Checking Accounts - 2019


E.G -- your heart's in the right place but BoA is the worst of the worst.....Credit Unions are rapidly pursuing comm. business. Usually no fees....You're a member when you say you are.

https://www.consumeraffairs.com/finance/bofa.html


Claudia of San Antonio, TX Verified Reviewer
Original review: Jan. 25, 2019
I hold three accounts at bank Bank of America, two personal accounts and one business account for our construction company. Every time we have a question or need customer support it takes half a day to get in contact with a service agent if we are lucky enough to get through the automated system. It is extremely frustrating to run a business this way. We have been customers for over 25 years hence our hesitance to change our bank, but we will go ahead and move to greener pastures where we can receive better service and speak with a live person promptly.

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Old 02-19-2019, 05:14 PM   #3
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Re: Business Checking Accounts - 2019


Quote:
Originally Posted by We Fix Houses View Post
E.G -- your heart's in the right place but BoA is the worst of the worst.....Credit Unions are rapidly pursuing comm. business. Usually no fees....You're a member when you say you are.
............................
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Old 03-03-2019, 10:32 AM   #4
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Re: Business Checking Accounts - 2019


I'm not sure of your location, but if you are in the Midwest you might want to look at Huntington Bank. When comparing to other commercial banks a couple of years ago, they had some of the lowest fees. One of their tiers is free as long as you maintain a $5000 balance in a business account. Also, they didn't seem to nickle and dime with the add-ons, or charge a much more reasonable rate. They are also one of, if not the top SBA lenders in the country.

Even better is their personal checking. The offer a 24 grace period for over-withdraws and free checking. I can also instantly transfer funds between my business and personal accounts.

I didn't pursue the credit union route, although I believe in them in principle. One of my buddies uses one of the larger local credit unions. It seems that his experience has been a little frustrating but tolerates it because he has been a long standing member. From his anecdotes, they don't really cater to business needs. Among other things, he would get calls to approve checks he wrote for $1000 or more despite him having a history of writing them to that same person.
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