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Table of Contents
Overview 1 ......................................................................
Business Banking Solution 2 ........................................
Business Savings Account 4 .........................................
Time Deposits – CDs 5 ..................................................
Other Account Fees and Services 6 ..............................
Other Account Information 10 .......................................
Frequently Asked Questions 11 .....................................
Preferred Rewards for Business Program
Rules 13 .........................................................................
Account Fees for Business
Deposit Accounts
This schedule applies to business deposit accounts.
Please read carefully. It is part of the binding contract
between you and us for your account and deposit
relationship.
This schedule lists account fees that may apply to you,
depending on which account you have, how you use your
account and what services you use. It also explains how
you can avoid some fees.
For information about interest rates, fees and other
services not covered in this schedule, please visit a
financial center, call us at the number on your statement
or 888.BUSINESS (888.287.4637). Please note that fees
for your account may be different than those listed in this
schedule based on your overall relationship with us.
We may change the accounts and services described
in this schedule at any time by adding new terms and
conditions or deleting or amending existing terms and
conditions. We may also add new accounts or services
and convert or discontinue existing accounts or services at
any time.
You can ordinarily open most accounts through all of our
channels – in our financial centers, through telephone
banking, mobile and online. However, some accounts may
not be available at all times, in all locations, or through
all channels. If your address is in a state where we do not
have a financial center, we may open the account as if you
opened it at a financial center in the state of Florida. In these
circumstances, the pricing and account terms will be those
applicable to accounts opened in the state of Florida.
Your account and deposit relationship are also governed
by the Deposit Agreement and Disclosures. Please read
that agreement carefully.
Account Services
All business checking accounts offer these optional
services and programs:
• Business Debit Card – lets you access Bank of America
ATMs to make deposits, withdrawals or transfers and
make purchases anywhere business debit cards are
accepted
• Business Employee Debit Card also available with access
and spending limits controlled by you
• Business Deposit Card for you or your employees
• Balance Connect
®
for overdraft protection is an optional
service which allows you to link up to five eligible backup
accounts (Balance Connect
®
is no
t available on savings
accounts). Please see the Deposit Agreement and
Disclosures for more information about eligibility and how
Balance Connect
®
t
ransfers work. Transfers from a linked
business credit card or business line of credit are subject
to interest charges.
• Preferred Rewards for Business provides a range of
benefits when you qualify for and enroll in the program
that increase as your business deposit and business
investment balances grow
Business Advantage Banking Accounts
• Business Advantage Fundamentals™ Banking
• Business Advantage Relationship Banking
Your Bank of America Business Advantage Banking Account offers you the ability to choose from and switch between two accounts.
Each account has a different set of features to offer you flexibility if your banking needs change.
Account Monthly Fee and How to Avoid It Transaction Fees (per statement cycle) Other Important Account Information
Business Advantage
Fundamentals™ Banking
• This is a non-interest-bearing
account.
Monthly Fee for Business Advantage Fundamentals Banking - $16.00
To avoid the Monthly Fee, meet one of the following requirements during each banking
statement cycle:
• Maintain a $5,000 combined average monthly balance*.
OR
• Use your Bank of America business debit card to make at least $250 in new net qualified
purchases**.
Effective November 1, 2024, the Monthly Fee can be avoided when you use your
Bank of America business debit card to make at least $500 in new net qualified purchases.
OR
• Be a member of Preferred Rewards for Business (first 4 checking accounts per enrolled
business).
To allow time to establish your relationship, the Monthly Fee will not be assessed to your
account until your thirteenth statement cycle closes. To avoid this fee, you must meet one of
the above criteria.
Excess transactions (checks paid/other debits/
deposited items)
• No fee for first 200, then 45¢ per item
Effective November 1, 2024, there will be no fee for the
first 20 transactions, then 45¢ per item.
• No Excess Transaction Fee for debit card transactions,
electronic debits, and checks deposited through Mobile
Check Deposit, Bank of America ATM, or Remote
Deposit Online.
Deposit tickets
• No fee
Cash Deposit Processing Fee
• No fee for first $7,500 in cash deposited per
statement cycle at an ATM or Financial Center, then
30¢ per $100 deposited thereafter
Effective November 1, 2024, the Cash Deposit
Processing Fee will be no fee for first $5,000 in cash
deposited per statement cycle at an ATM or Financial
Center, then 30¢ per $100 deposited thereafter.
• See About the Cash Deposit Processing Fee under
the Other Account Information section for more detail
(see page 10).
• An account for businesses with lower transaction and cash
requirements.
• The Monthly Fee for banking and all linked and included accounts
will post after the cycle closes.
2
*
See Balance Information under the Other Account Information section for more detail.
**
Use a linked Bank of America business debit card to make at least $250 in new net purchases each statement cycle and Bank of America will
waive the Monthly Fee on your Business Advantage Fundamentals Banking account. In addition to the primary business debit, linked employee
business debit cards also count toward the monthly net purchases amount threshold.
The following transactions do not qualify: a) ATM transactions; b) refunds, returns or other adjustments; c) cash advances or purchases of cash-
like items, such as money orders, traveler’s cheques, foreign currency, cashier’s checks, gaming chips, and other similar instruments and things
of value; d) account funding transactions, including transfers to open or fund deposit, escrow or brokerage accounts and purchases of stored
value cards; e) pending (unposted) transactions.
NOTE: The waiver applies only when the owner of the Business Advantage Fundamentals Banking account and the owner of the linked product
share the same Taxpayer Identification Number (TIN).
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Business Advantage Banking Accounts (cont.)
Account Monthly Fee and How to Avoid It Transaction Fees (per statement cycle) Other Important Account Information
Business Advantage
Relationship Banking
• This is a non-interest-bearing
account.
Monthly Fee for Business Advantage Relationship Banking - $29.95
To avoid the Monthly Fee, meet one of the following requirements during each banking
statement cycle:
• Maintain a $15,000 combined average monthly balance*.
OR
• Be a member of Preferred Rewards for Business (first 4 checking accounts per enrolled
business).
To allow time to establish your relationship, the Monthly Fee will not be assessed to your
account until your third statement cycle closes. To avoid this fee, you must meet one of the
above criteria.
Transaction limits and fees are counted across the
primary account and the one included Business
Advantage Relationship Banking account.
Excess transactions (checks paid/other debits/
deposited items)
• No fee for first 500, then 45¢ per item
• No Excess Transaction Fee for debit card
transactions, electronic debits, and checks
deposited through Mobile Check Deposit,
Bank of America ATM, or Remote Deposit Online.
Deposit tickets
• No fee
Cash Deposit Processing Fee
• No fee for first $20,000 in cash deposited per
statement cycle at an ATM or Financial Center, then
30¢ per $100 deposited thereafter
• See About the Cash Deposit Processing Fee under
the Other Account Information section for more detail
(see page 10).
• An account for businesses with higher transaction and cash
requirements that includes additional services and the option to
include extra eligible accounts for no additional Monthly Fee.
• One extra Business Advantage Relationship Banking account and
one Business Advantage Savings account can be included for no
additional Monthly Fee.
• The Monthly Fee for banking and all linked and included accounts
will post after the cycle closes.
• You get the following services with all of your included accounts
in the Bank of America Business Advantage Relationship Banking
solution:
- No fee for introductory check package that includes checks,
deposit slips and an endorsement stamp (for the primary and one
included Business Advantage Relationship Banking account)
- No fee for stop payments
- No fee for incoming domestic and international wire transfers
- No fee for copies of checks
- No fee for copies of statements
- Preferred Rewards for Business members, or clients that ask for a
rush replacement ATM or Debit card due to a fraud event, qualify for
a waiver of the ATM or Debit Card Rush Replacement Fee.
Public Service Trust Account
Consider this account if you hold funds
in trust and interest must be paid to a
state program, such as an Interest On
Lawyer’s Trust Account (IOLTA) program.
Deducted from interest
• This account complies with the requirements of the IOLTA program
for the state where it is opened.
• Interest, less permissible fees, is paid to the state program.
• You are responsible for fees that are not deducted from the interest
paid to the state program.
*
See Balance Information under the Other Account Information section for more detail.
Business Savings Account
Account Monthly Fee and How to Avoid It Transaction Fees (per statement cycle) Other Important Account Information
Business Advantage Savings
• Interest bearing account
• Variable interest rate
• Potential for Preferred Rewards for
Business interest rate booster
feature
Monthly Fee - $10.00
To avoid the Monthly Fee, meet one of the following requirements during each savings
statement cycle:
• Maintain a $2,500 minimum daily balance.
OR
• Include one Business Advantage Savings account as part of your Business Advantage
Relationship Banking solution.
OR
• Be a member of Preferred Rewards for Business (first 4 savings accounts per
enrolled business).
To allow time to establish your relationship, the Monthly Fee will not be assessed to your
account until your third statement cycle closes. To avoid this fee, you must meet one of the
above criteria.
Deposited items
• No fee for first 25 items, then 45¢ per item
• The fee for deposited items will not apply to deposits
made using Mobile Check Deposit, Remote Deposit
Online or at a Bank of America ATM.
Deposit tickets
• No fee
Cash Deposit Processing Fee
• No fee for first $5,000 in cash deposited per state-
ment cycle at an ATM or Financial Center, then 30¢
per $100 deposited thereafter
• See About the Cash Deposit Processing Fee under
the Other Account Information section for more detail
(see page 10).
• You may not write checks on this account or use a debit card for
purchases (point-of-sale transactions).
• If you convert to this account from another account, please destroy
your checks.
• This account is not eligible to be enrolled in Balance Connect
®
as a
covered account, but can be linked as a backup account.
• Business ATM Card – lets you access Bank of America ATMs to make
deposits, withdrawals or transfers.
• Business Deposit Card – lets you or your employees make deposits
to your business banking or savings accounts at Bank of America
ATMs.
• Business Advantage Savings is eligible for the interest rate booster
feature of Preferred Rewards for Business, which may increase your
interest rate based on your Preferred Rewards for Business tier.
• This account is set to the Decline All Overdraft Setting. This means
that when we determine that you do not have sufficient available
funds in your account to cover an item, we will decline or return it
unpaid. You may be assessed a fee by a merchant if this happens.
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Time Deposits - CDs
Account Minimum Amount You
Need to Open Account
Account Features / Services Interest Rate Other Important Account Information
CD
Terms of 7 Days — 27 Days
$15,000
• No additional deposits until maturity.
• Automatically renews.
Fixed until maturity.
• A penalty is imposed for early withdrawal.
CD
Terms of 28 Days — 10 Years
$1,000
• No additional deposits until maturity.
• Automatically renews.
Fixed until maturity.
• A penalty is imposed for early withdrawal.
• For CDs with terms of 30 days or more, we send you a
maturity notice prior to renewal. Please read it carefully.
We may change the type, term or other features of your
CD by giving you notice. If we make a change, we tell
you about the change in the maturity notice.
Featured CD
See deposit rate sheet
for minimum opening
amount
• No additional deposits until maturity.
• Automatically renews.
• See deposit rate sheet for available terms.
Fixed until maturity.
• A penalty is imposed for early withdrawal.
• We send you a maturity notice prior to renewal. Please
read it carefully. We may change the type, term or other
features of your CD by giving you notice. If we make a
change, we tell you about the change in the maturity
notice.
Flexible CD
See deposit rate sheet
for minimum opening
amount
• No additional deposits until maturity.
• Automatically renews.
• See deposit rate sheet for available terms.
Fixed until maturity.
• A penalty of 7 days interest will be imposed for early
withdrawals within the first 6 days of the account
term (or within the first 6 days following any partial
withdrawal during the initial or any renewal term).
• If your account has not earned enough interest to cover
an early withdrawal penalty, we deduct any interest
first and take the remainder of the penalty from your
principal.
• See Deposit Agreement and Disclosures and deposit
rate sheet for additional detail.
• We send you a maturity notice prior to renewal. Please
read it carefully. We may change the type, term or other
features of your CD by giving you notice. If we make a
change, we tell you about the change in the maturity
notice.
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Please also review Other Account Fees and Services section on the following pages. The Deposit Agreement and Disclosures
contains information about how we calculate interest, the early withdrawal penalty and other terms for CDs.
Other Account Fees and Services
Fee Category Fee Name/Description Fee Amount Other Important Information About This Fee
ATM Card and
Debit Card Fees
Rush Replacement ATM or Debit Card Fee $15.00 per card
• Fee for each requested rush delivery of a card or other debit access device.
• Preferred Rewards for Business members, or clients that ask for a rush replacement ATM or Debit card due to a fraud event, qualify
for a waiver of this fee.
Non-Bank of America Teller Withdrawal Fee For each transaction, the
greater of $5.00 OR
3% of the dollar amount of
the transaction, up to a
maximum of $10.00
• Fee applies when you authorize another financial institution to use your card or card number to conduct a transaction (such as a
withdrawal, transfer, or payment) and the other financial institution processes the transaction as a cash disbursement.
International Transaction Fee • International transaction in
a foreign currency: 3% of the
U.S. dollar amount
• International transaction in
U.S. dollar: $0
• Fee applies if you use your ATM or Debit card to purchase goods or services in a foreign currency (a “Foreign Transaction”).
Foreign Transactions include internet transactions made in the U.S. but with a merchant who processes the transaction in a
foreign currency.
• Fee also applies if you use your card to obtain foreign currency from an ATM. Visa
®
or Mastercard
®
converts the transaction into a
U.S. dollar amount, and the International Transaction Fee applies to that converted U.S. dollar amount. ATM fees may also apply
to ATM transactions. See ATM Fees section below.
• See disclosure information that accompanied your card for more information about this fee.
ATM Fees
Bank of America ATM Fee for:
Withdr
awals, deposits, transfers, payments and balance
inquiries at a Bank of America ATM
No ATM fee*
• Bank of America ATM — an ATM that prominently displays the Bank of America name and logo on the ATM.
• Deposits and payments may not be available at some ATMs.
*Transaction fees may apply to some accounts. See account descriptions in this schedule.
Non-Bank of America ATM Fee for:
Withdrawals and transfers at a
non-Bank of America ATM located in the U.S.
$2.50 each
• Non-Bank of America ATM — an ATM that does not prominently display the Bank of America name and logo on the ATM.
• When you use a non-Bank of America ATM, you may also be charged a fee by the ATM operator or any network used.
• The non-Bank of America ATM fees do not apply at some ATMs located outside the United States. Call us before you travel
internationally for current information about banks participating in the program.
• See the disclosure information that accompanied your card for other fees that may apply.
• Non-Bank of America ATM fees are in addition to other account fees that may apply to the transaction.
• Members in the Preferred Rewards for Business Platinum tier using a Bank of America Debit or ATM card are not charged the
non-Bank of America ATM fee for one withdrawal and one transfer per statement cycle from a non-Bank of America ATM in the U.S.,
and receive a refund of the ATM operator fee for one withdrawal and one transfer per statement cycle from a non-Bank of America
ATM in the U.S.
• Members in the Preferred Rewards for Business Platinum Honors tier using a Bank of America Debit or ATM card are not charged the
non-Bank of America ATM fee for withdrawals and transfers from non-Bank of America ATMs in the U.S., and receive a refund of the
ATM operator fee for withdrawals and transfers from non-Bank of America ATMs in the U.S.
Non-Bank of America ATM Fee for:
Withdrawals and transfers at a
non-Bank of America ATM located in a foreign country
$5.00 each
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7
Other Account Fees and Services (cont.)
Fee Category Fee Name/Description Fee Amount Other Important Information About This Fee
Check Cashing
Bank of America customer
No fee
• A fee may be assessed to a payee presenting a check that you issued if the payee is not a Bank of America relationship customer.
A Bank of America relationship customer is an account owner of a deposit account (checking, savings, CD), Individual Retirement
Account (IRA), loan, credit card, mortgage, safe deposit box or a Merrill Investment account.
Nonrelationship customer Applies to checks drawn on Bank of America
business accounts
$8.00 per check
Certificate of Protest
Certificate of Protest No fee
• This service only applies to accounts in New York.
Check Safekeeping and
Check Image Services
Check Safekeeping Service No fee
• We store copies of cancelled checks for seven years and do not return them with your statement.
• Our Business Advantage 360 service (our Small Business Online Banking) allows you to view and print copies of checks that
posted to your account within the last 18 months.
Check Image Service No fee
• We provide images of the front and back of your cancelled checks in your digital statements.
• Each account statement includes images of checks (up to 5 per page) that posted to your account during the statement cycle.
• We do not return your cancelled checks.
• You can view and print copies of the front and back of checks posted within the last 18 months by signing in to Business
Advantage 360, or you can request check copies by visiting your nearest Bank of America financial center, or calling the customer
service number on your statement.
Copy Fee
Check Copy No fee
• Check copies available upon request through the Financial or Contact Center. You may also view and print checks in Business
Advantage 360. For information about what checks are available in Business Advantage 360, please review the Activity tab.
Deposit Slips and other Credit Items No fee
• Deposit Slip or other Credit Item copies are available upon request through the Financial or Contact Center. You may also view and
print Deposit Slips and other Credit Items in Business Advantage 360. For information about what Deposit Slips and other Credit
Items are available in Business Advantage 360, please review the Activity tab.
Statement Copy No fee
• Statement copies are available upon request through the Financial or Contact Center. You may also view and print statement
copies in Business Advantage 360. For information about what statements are available in Business Advantage 360, please
review the Statements and Documents tab.
Deposited Item Recleared
Deposited Item Recleared Fee
(Redeposit Fee)
$14.00 each item
• For information about the optional Deposited Item Recleared service, please call the number on your statement or visit your local
financial center.
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Other Account Fees and Services (cont.)
Fee Category Fee Name/Description Fee Amount Other Important Information About This Fee
Overdraft Items
(an overdraft item)
Business Advantage Savings
accounts do not have
Overdraft Item Fees
Overdraft Item Fee $10.00 each item
• During nightly processing, when we determine that you do not have enough available funds in your account to cover an item, then we
either pay the item and overdraw your account (an overdraft item), or we return the item unpaid (a returned item).
• Some common examples of “items” are a check or other transaction made using your checking account number, an everyday
non-recurring debit card transaction, a recurring debit card transaction, an ATM withdrawal, an ACH submission, and an Online or
automatic bill payment. Please see the Deposit Agreement and Disclosures for more information about “items”, overdrafts, declined
or returned items and for information about how we process and post items.
• We charge an Overdraft Item Fee for each overdraft item, but will not charge this fee for more than 2 overdraft items per day.
• We do not charge an Overdraft Item Fee:
- When we return an item unpaid due to insufficient funds, but you may be charged a fee(s) by the payee for the returned item
- On ATM transactions
- On items that were authorized when your account had sufficient available funds
- On any item that is $1 or less or any item that overdraws your account by $1 or less
- On accounts with the Decline All Overdraft Setting, even if the account becomes overdrawn
- On any ACH submission labeled as a “RETRY PYMT” or “REDEPCHECK” in the data transmitted through the ACH network (see more
details below)
• Under the NACHA Operating Rules, a merchant or payee, or its financial institution is required to label an ACH submission that has
been resubmitted after the previous submission was returned for insufficient funds as a “RETRY PYMT” or “REDEPCHECK”. We do
not charge you an Overdraft Item Fee on any ACH submission labeled as a “RETRY PYMT” or “REDEPCHECK” in the data transmitted
through the ACH Network. For example, if you authorize your cable company to debit your account on a one-time or recurring basis or
through an electronic check and the resulting ACH submission is returned for insufficient funds, we will not charge you an Overdraft
Item Fee on a resubmission as long as the resubmission bears the “RETRY PYMT” or “REDEPCHECK” label. However, because we
cannot reliably identify ACH resubmissions that are not labeled “RETRY PYMT” or “REDEPCHECK” by the merchant or payee, or its
financial institution, if your cable company resubmits the ACH submission without the “RETRY PYMT” or “REDEPCHECK” label, you
may incur an additional and separate Overdraft Item Fee. We have no control over how merchants label their ACH submissions or
resubmissions. If you believe that a resubmitted electronic transfer was mislabeled and you were improperly charged an Overdraft
Item Fee, you must notify the Bank within the timeframes established by the Deposit Agreement and Disclosures and the Electronic
Fund Transfer Act. See Deposit Agreement and Disclosures sections titled Reporting Problems and Funds Transfer Services.
• To help you manage your account, we recommend that you use Business Advantage 360, Online Alerts and Balance Connect
®
for
overdraft protection from your linked Bank of America business deposit account, business credit card or business line of credit. As an
example, use low balance Alerts to notify you when your balance drops below an amount you set.
• For information about our Balance Connect
®
for overdraft protection service, overdraft practices and overdraft settings, please see
our Deposit Agreement and Disclosures.
Stop Payment
Stop Payment Fee $30.00 per request
• All accounts included in the Business Advantage Relationship Banking solution and members enrolled in Preferred Rewards for
Business qualify for a waiver of this fee.
9
Other Account Fees and Services (cont.)
Fee Category Fee Name/Description Fee Amount Other Important Information About This Fee
Wire Transfers
Incoming or Outgoing Wire Transfers
(U.S. or International)
• Domestic outgoing wire: $30
• Domestic incoming wire:
$15
• International outgoing wire in
U.S. dollars: $45
• International outgoing wire in
foreign currency: $0
• International incoming wire:
$15
For international wire
transfers, other fees or
amounts may also apply,
including those charged by the
recipient’s financial institution,
foreign taxes, and other fees
that sometimes are part of the
wire transfer process.
Please note that you may
be able to transfer money
to or receive money from
third parties within the U.S.
without incurring a fee or with
a reduced fee, including by
using Zelle , depending on a
number of factors and the type
of service that you choose (see
the Online Banking Service
Agreement, available at
®
https://www.bankofamerica.
com/online-banking/service-
agreement.go).
• Business Advantage Relationship Banking accounts included in the solution qualify for a waiver of our standard wire fee for an
incoming domestic wire and incoming international wire transfer.
• Preferred Rewards for Business members qualify for a waiver of our standard wire fee for incoming domestic wire transfers. The
standard wire fee for incoming international wire transfers is only waived for Preferred Rewards for Business members in the Platinum
and Platinum Honors tiers.
• Only Preferred Rewards for Business members in the Platinum Honors tier qualify for a waiver of our standard wire fee for outbound
domestic and international wires sent in U.S. Dollars for the first four (4) wires sent per statement cycle through the online channel
(includes wires sent through Business Advantage 360 and Direct Payments). Wires sent via CashPro are not eligible for the fee waiver.
• We’re required by law to inform you of the exact fees you will incur for international wires, including fees from other banks. If we do
not have the exact fees from other banks, we will not be able to process the request.
Foreign Currency Exchange Fees and Rates
• Markups associated with the currency conversion are included in the Bank of America exchange rate.
• When deciding between sending in foreign currency or U.S. Dollars, you should consider factors that impact the total cost to send
or the amount available after transfer, such as exchange rates and other fees.
10
Other Account Information
This section covers some of the features and services that
may apply to your account, depending on which account
you have and how you use your account. Please see the
Deposit Agreement and Disclosures for more information.
Balance Information
The terms “Opening Balance,” “Minimum and Average
Balances,” “Minimum Daily Balance,” “Average Monthly
Balance,” “Combined Average Monthly Balance” and
“Eligible Balances” are explained below. Other balance terms
are explained in the Deposit Agreement and Disclosures.
Opening Balance. You can open most banking and
savings accounts with a deposit of $100 or more.
Minimum and Average Balances. With most banking and
savings accounts, you can avoid the monthly fee for each
statement cycle during which you maintain a specified
balance. If applicable, the balance requirements are
listed with the account description.
Minimum Daily Balance. The lowest balance that we
determine is in the business account during a statement
cycle.
Average Monthly Balance. For a statement cycle, we take
the balance that we determine is in the business account
for each day in the statement cycle, add those balances
together, and then divide that sum by the number of days
in the statement cycle.
Combined Average Monthly Balance. For a statement
cycle, we add the following balances together in your
linked business accounts to calculate the combined
average monthly balance:
• The average monthly balance in your banking account
and in each banking and savings account that is linked
to it.
• We determine the average monthly balance in a linked
account by using the beginning balance in the linked
account for each day of the primary banking statement
cycle.
And
• The current balance, as of the end of your primary
banking statement cycle in each CD that is linked to your
primary banking account.
See below for the eligible account types that may be linked
to meet the combined balance requirement for each
business banking product.
For Business Advantage Fundamentals Banking Eligible
Balances. For this banking solution, you may link Business
Economy Checking, Business Interest Checking, Business
Advantage Savings, Business Investment Account and
Business CD accounts.
For Business Advantage Relationship Banking Eligible
Balances. For this banking solution, you may link the one
extra Business Advantage Relationship Banking account
that can be included for no additional Monthly Fee with
your solution, Business Economy Checking, Business
Interest Checking, Business Advantage Savings, Business
Investment Account and Business CD accounts.
We use the balances in your linked accounts to calculate
the combined balances. A business banking solution
cannot be linked to another business banking solution
- for example, two Business Advantage Relationship
Banking solutions cannot be linked together. If you
have an existing Additional Checking, Business Interest
Checking or Business Investment Account linked to a
Business Advantage Fundamentals Banking solution or a
Business Advantage Relationship Banking solution prior
to February 19, 2021, your accounts will remain linked to
that solution.
Public service trust accounts, such as IOLTA accounts, and
certain other fiduciary accounts such as trusts and estate
accounts, are not eligible to be linked to non-fiduciary
accounts and are not counted toward the combined
balance requirement.
About the Cash Deposit Processing Fee
To determine the nearest $100 increment, less than
$50.00 is rounded down and $50.00 or more is
rounded up.
Please also see the Deposit Agreement and Disclosures.
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Frequently Asked Questions about Business Banking
and Savings Accounts
What other agreements have terms that apply to
my deposit account?
In addition to the terms in this Schedule of Fees, the
terms in the Deposit Agreement and Disclosures, the
signature card for your account and the other account
opening documents govern your account and are part of
the binding contract between you and us for your account.
Please read these documents carefully.
What are paperless statements?
With the paperless statement option, you get your account
statement electronically through Business Advantage 360,
and you do not get a paper statement. You can enroll in
paperless statements at a financial center or through
Business Advantage 360. When you enroll at a financial
center, you’ll need to log into Business Advantage 360,
from your computer to confirm your choice.
How long is a statement cycle for a banking
account?
The normal statement cycle for a banking account can
range from 28 to 33 days. The beginning and end dates
may vary slightly from month to month and are listed on
the statement.
What are combined statements?
A combined statement is one statement that reports
activity for your primary banking account and any deposit
account linked to that primary account that you choose
to be included in the combined statement, instead of
separate statements for each account. You must do two
things in order to have a combined statement. First, you
must specifically request a combined statement. Second,
you must tell us which deposit accounts you want included
in the combined statement. Credit and charge card
accounts cannot be selected for the combined statement.
Since each linked deposit account is reported on the
combined statement, you understand and agree that each
owner of any linked account can review information about
all other linked accounts. You should not choose to include
any linked accounts in a combined statement that you do
not want others to see. Combined statements may not
be available in some states. Please read the information
about Combined Statements in the Deposit Agreement and
Disclosures.
What does variable rate mean?
Funds in an interest-bearing banking or savings
account earn a variable interest rate. This means
that your interest rate and annual percentage yield
may change after the account is opened. At our discretion,
we may change your interest rate and annual percentage
yield at any time.
What is the difference between “included accounts”
and “linked accounts”?
“Included accounts” refers to those accounts that are
included as part of a business banking solution for no
additional Monthly Fee. For the Business Advantage
Relationship Banking solution, your primary account is a
Business Advantage Relationship Banking account, and
you can choose to include another Business Advantage
Relationship Banking account and/or a Business Advantage
Savings account with no additional Monthly Fees. “Linkage”
or “linking” refers to the process by which a particular
account or service either gets included as part of a solution,
and/or counted as a way to avoid the Monthly Fee. “Linked
accounts” refers to those eligible products or services
whose balances can be combined, or usage counted, as
a way to qualify for a Monthly Fee waiver on a particular
solution. See Other Account Information for eligible account
balances. We do not ordinarily link your other accounts
unless you tell us to do so. You must visit a financial
center or call 888.BUSINESS (888.287.4637) and tell us
what accounts you would like to link to your solution. A
solution cannot be linked to another solution.
What happens when I link my debit card to a
Business Advantage Fundamentals Banking
account in the banking solution?
Business debit card purchases made on the primary banking
account or on additional Business Advantage Fundamentals
Banking accounts in the solution count towards the monthly
spend requirement to waive the Monthly Fee.
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Are the statement cycles for linked accounts
the same?
If you use a combined statement for your banking and
savings accounts, the statement cycles for the linked
banking and savings accounts are generally the same.
Cycle dates may vary if you chose not to have a combined
statement.
When do Monthly Fees post?
For each statement cycle, the Monthly Fee for a banking
solution (and included accounts) will be applied to the
primary banking account if you did not meet any of the
specified ways to qualify for a waiver, and will post after
the statement cycle closes. For additional savings or
banking accounts linked to a solution, the Monthly Fees
for those accounts will also post after the statement cycle
closes, unless a balance qualifier is met.
When will the fee for cash deposit processing
post to my account? When will I see the fee on my
monthly banking statement?
The fee will not be posted in the month that the cash is
deposited. It will be posted and you will see the fee on
either your next monthly statement or the following one.
The Cash Deposit Processing Fee will be assessed at the
rate for your current account type when the fee posts to
your monthly statement.
What restrictions apply when linking deposit
accounts to a banking solution?
Some restrictions apply to which accounts can be linked
to a solution. Accounts located in different states cannot
always be linked. You may not link a banking solution
to another banking solution. To link additional accounts
to a banking solution, at least one of the owners of the
additional account must also be an owner of the primary
banking account in the solution. You may not link personal
and business accounts together.
Public service trust accounts, such as IOLTA accounts, and
certain other fiduciary accounts such as trusts and estate
accounts, are not eligible to be linked to non-fiduciary
accounts and are not counted toward the combined
balance requirement.
What happens if I change my Business Advantage
Fundamentals Banking solution to a Business
Advantage Relationship Banking solution?
If you upgrade your Business Advantage Fundamentals
Banking solution to a Business Advantage Relationship
Banking solution and you have existing Additional
Checking accounts included in your Business Advantage
Fundamentals Banking solution, when you upgrade your
solution you can include one Additional Checking account
in your Business Advantage Relationship Banking solution
for no additional Monthly Fee. However, this account will
be changed to a Business Advantage Relationship Banking
account and linked to the new Business Advantage
Relationship Banking solution. Any remaining Additional
Checking accounts will each form a new, separate
Business Advantage Relationship Banking solution. Fees
will change as will Monthly Fee waiver qualifications. See
the Business Advantage Relationship Banking solution
description on page 3. When you upgrade, accounts
linked to your Business Advantage Fundamentals Banking
solution may be delinked. You have the option of linking
accounts that were linked to your Business Advantage
Fundamentals Banking solution, for purposes of meeting
the balance or usage requirements to qualify for a Monthly
Fee waiver, to your new Business Advantage Relationship
Banking solution.
What happens if I change my Business Advantage
Relationship Banking solution to a Business
Advantage Fundamentals Banking solution?
If you downgrade your Business Advantage Relationship
Banking solution to a Business Advantage Fundamentals
Banking solution and you have existing Additional
Checking accounts included in your Business Advantage
Relationship Banking solution, when you downgrade
your solution the Additional Checking accounts will each
form a new, separate Business Advantage Fundamentals
Banking solution, subject to the fees and Monthly
Fee waiver qualifications for the Business Advantage
Frequently Asked Questions about Business Banking
and Savings Accounts (cont.)
Fundamentals Banking solution. See the Business
Advantage Fundamentals Banking solution description on
page 2. When you downgrade, accounts linked to your
Business Advantage Relationship Banking solution may
be delinked. You have the option of linking accounts
that were linked to your Business Advantage Relationship
Banking solution, for purposes of meeting the balance or
usage requirements to qualify for a Monthly Fee waiver,
to your new Business Advantage Fundamentals Banking
solution.
What happens if my primary checking account
is closed in a Business Advantage Relationship
Banking or Business Advantage Fundamentals
Banking solution?
Each banking solution has a primary checking account. If
your primary checking account is closed, then you must tell
us whether you want one of the other checking accounts
in the solution to become your new primary account. If
you do not select a new primary account, then we delink
all of the other checking accounts and each one becomes
a separate banking solution, subject to the Monthly Fee
for that type of banking solution. If you have Business
Interest Checking or Business Economy Checking accounts
linked to the solution, these accounts will also be delinked
and cannot be relinked. Business Economy Checking and
Business Interest Checking cannot become the primary
account in a checking solution.
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Preferred Rewards for Business Program Rules
Preferred Rewards for Business is only available to
Bank of America Small Business, Merrill Small Business,
and Bank of America Private Bank Small Business clients.
Other categories of clients, such as those commonly
referred to as Business Banking, Global Commercial
Banking, Global Corporate Investment Banking, or
Institutional clients are not eligible to participate in the
program.
You may enroll in Preferred Rewards for Business when
you:
(i)
have an active, eligible business checking account
with Bank of America (eligible checking accounts
are any Small Business checking account and the
following Analyzed checking accounts: Full Analysis
Business Checking or Analyzed Business Interest
Checking); and
(ii) maintain a combined average daily balance in
your qualifying Bank of America business deposit
accounts and/or your Merrill business investment
accounts (such as Working Capital Management
Accounts, Endowment Management Accounts,
International Cash Management Accounts, Business
Investor Accounts, Delaware Business Accounts).
You can satisfy the combined balance requirement for
enrollment with either:
(i) your average daily balance for a three calendar
month period; or
(ii) your current combined balance, provided that
you enroll at the time you open your first eligible
business checking account and satisfy the balance
requirement at the end of at least one day within
thirty days of opening that account.
Once you are eligible, you can enroll for program benefits.
Enrollment is generally available three or more business
days after the end of the calendar month in which you
satisfy the requirements. Bank of America Private Bank
Small Business clients are automatically enrolled in the
program.
Your benefits become effective within 30 days of your
enrollment, or for new accounts within 30 days of account
opening, unless we indicate otherwise. Some benefits
are automatically activated upon the effective date of
your enrollment and require no action on your part.
Some benefits may require you to open a new account
or take other action. Some benefits are available based
on balances and other requirements without the need to
enroll. Read carefully the terms of any offer to understand
the action required.
To receive Payroll benefits, the deposit account receiving
the benefit must be open at the time the benefit is paid.
You must be enrolled in Preferred Rewards for Business
at the time the benefit is paid. Any pending benefits are
forfeited upon account closure. The benefit will be based
on your Preferred Rewards for Business tier at the time the
benefit is paid.
To receive the merchant services benefit, your Merchant
Services processing account, and the Bank of America
business checking account where you are settling your
sales processing transactions, must be open and you
must be enrolled in Preferred Rewards for Business at the
time the benefit is paid. Any pending benefits forfeit upon
account closure. Your processing rate discount will be
based on your Preferred Rewards for Business tier at the
time the benefit is paid. Exclusions may apply based on the
merchant processing product. Subject to change.
Different benefits are available at different balance tiers.
The balance tiers are: Gold, for qualifying combined
balances at and above $20,000; Platinum, for
qualifying combined balances at and above $50,000; and
Platinum Honors, for qualifying combined balances at or
above $100,000. Bank of America Private Bank Small
Business clients are automatically enrolled in the program
at the Platinum Honors tier as long as you maintain your
Bank of America Private Bank relationship.
You will qualify for the next higher balance tier when your
three-month combined average daily balance meets or
exceeds the minimum amount for that balance tier. Once
you qualify for the next higher balance tier, you will be
moved to that balance tier starting in the month after
the month in which you satisfy the combined balance
requirement.
We will perform an annual review of your qualifying balance
in the month following the anniversary date of your initial
enrollment in the program. The annual review will calculate
your three-month combined average daily balance as of the
end of your anniversary month. If the result of the annual
review calculation would be to move you to a lower tier, you
will have a three month period from your anniversary month
to restore your qualifying balance before you are moved to
that lower balance tier. If you are moved to a lower balance
tier, your benefits may be changed to those of the balance
tier for which you qualify without further notice. Please note
that while you can be moved to a higher balance tier after
any month in which you satisfy the three-month combined
average daily balance requirement for that tier, you will only
be moved to a lower balance tier as a result of the annual
review.
At the annual review, we will also confirm that you still
have an active, eligible business checking account with
Bank of America. If as a result of the annual review you
do not qualify for any balance tier, or you no longer have
an eligible business checking account, and you do not
sufficiently restore your balances or open an eligible
business checking account in the three months after
your anniversary month, your program qualification will
discontinue. Your benefits may then be discontinued
immediately without further notice.
You or we may terminate your enrollment at any time. We may
change or terminate program benefits at any time, without
prior notice.
Only business accounts owned by the same business
entity, and that in our determination are in good standing,
count toward your balance requirements and receive
benefits. Accounts that we do not recognize as accounts
of the same business entity, due to inconsistent business
names or other identifying information, will not be counted
together to qualify for eligibility or benefits. Accounts on
which you are a signer but not an owner, or accounts
included in your periodic statement on which you are not
an owner, are not eligible. Personal accounts do not count
towards the checking account requirement or balance
requirements for the program, and will not be eligible to
receive program benefits. Bank of America has a separate
rewards program for personal accounts. Your personal
accounts can be used to qualify for that program.
Each business entity, including business entities with
common ownership, must qualify on its own to be eligible
for the program and must enroll in the program separately.
If at any time you become a Business Banking, Global
Commercial Banking, Global Corporate Investment
Banking, or Institutional client, and are no longer a Small
Business client, your qualification will discontinue. Your
benefits will then be discontinued without further notice.
Contact us at the phone number on your statement if you
have questions about your Bank relationship.
See the chart below for examples of accounts that do and
do not qualify for the combined balance calculation.
Qualify
Accounts owned by the business, including -
Bank of America business deposit accounts:
• Business Checking:
Business Advantage Relationship Banking, Business
Advantage Fundamentals™ Banking, Business Interest
Checking, Business Economy Checking, Analyzed Business
Interest Checking*, Full Analysis Business Checking*
• Business Savings:
Business Advantage Savings, Business Investment
Account, Analyzed Business Investment Account*, Full
Analysis Zero Investment Savings*
• Business CDs
• Merrill business investment accounts such as:
Working Capital Management Accounts (WCMA),
Endowment Management Accounts (EMA),
International Cash Management Accounts (ICMA),
Business Investor Accounts (BIA), Delaware Business
Accounts.
* While analyzed business accounts count towards the
checking account and balance requirements, these
accounts do not receive fee waiver benefits under the
program.
Do Not Qualify or Receive Program Benefits
• Accounts not owned by the business and accounts held by
the business in a fiduciary capacity. For example, accounts
on which the business is a/an Administrator, Beneficiary,
Custodian, Executor, Guardian, Power of Attorney,
Representative Payee, or Trustee
• All Trust accounts, including those designated as: Attorney
Trust, Estate, Escrow, Housing/Land Title, IRETA, Insurance
Agent/Broker Trust, IOLTA, IOTA, Landlord/Tenant, Lottery,
Public Service Trust, Political Action/Campaign Accounts,
State/Local Government, Trust and Living Trust, UTA (Under
Trust Agreement), or Representative Payee
• Uniform Transfers to Minor Act (UTMA) and Uniform Gifts to
Minors Act (UGMA) accounts
• Client Funds accounts
• Public Funds accounts
• Personal accounts
• Employee Benefit plans (such as 401(k) plans and
Health Care Savings Accounts) and retirement accounts
• Annuities
These account types also do not qualify for the Checking
Account Eligibility requirement or receive Program Benefits.
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Not all products and services eligible for benefits under the
Preferred Rewards for Business program are available in all
locations. Please contact 888.BUSINESS (888.287.4637),
or if you are a Merrill Lynch Wealth Management or
Bank of America Private Bank client contact your advisor,
for details about which products and services are available
in your location.
Bank of America employees and retirees are subject to
standard program terms.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also
referred to as “MLPF&S” or “Merrill”) makes available
certain investment products sponsored, managed,
distributed or provided by companies that are affiliates of
Bank of America Corporation (“BofA Corp.”). MLPF&S is
a registered broker-dealer, registered investment advisor,
Member SIPC and a wholly owned subsidiary of
BofA Corp.
Banking, mortgage and home equity products are provided
by Bank of America, N.A., and affiliated banks, Members
FDIC and wholly owned subsidiaries of BofA Corp.
Bank of America, N.A. Equal Housing Lender.
Credit and collateral are subject to approval. Terms
and conditions apply. This is not a commitment to lend.
Programs, rates, terms and conditions are subject to
change without notice.
Investment products are provided by MLPF&S and:
Are Not FDIC
Insured
Are Not Bank
Guaranteed
May Lose Value
Bank of America Private Bank is a division of
Bank of America, N.A., Member FDIC, and a wholly owned
subsidiary of BofA Corp.
©2024
Bank of America Corporation
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