Checking Accounts For Business Purposes

One of the most important decisions for some US companies is choosing a bank to open a business checking account. Depending on the type of the company activity, the beneficiaries pay attention to the possibilities of banking services, the range of banking products necessary for their business. For example, Bank of America offers you to open a checking account. It is worth noting that this is a full-fledged account registered for a client, and not a trust account.

Opening an account with Bank of America

In addition to saving valuable travel time, an entrepreneur can also cut costs of hundreds or even thousands of dollars on airline tickets and temporary residency in the states. The Bank of America in divisions of the state of Florida offers a remote opening of a checking account. Considering the fact that when registering a bank account with an American bank there is a requirement to identify a client, provide a social security number (SSN) or US taxpayer number (ITIN). The cost of the services is not cheap. As a result, you get a full-fledged bank account for your company without these identification numbers, without leaving your country.

Products and services

Bank of America began its history back in 1784, at a time when America was just forming the first laws of its new state. About three million out of the 47 million of its clients, which the bank has are corporate clients. Bank of America is one of the best and most reputable banks in the United States, with branches located in every state of the country.

Types of business checking accounts

Main checking account

The main account through which all payments and transactions necessary for the normal operation of the business are carried out. The bank charges a monthly commission of $17 for servicing the current bank account. When opening an account, the bank provides a debit card. The account holder can make any amount of the deposit. However, in order for this commission not to be charged by the bank, the holder of the current checking account should fulfill the following terms:

  • use a debit or credit card daily to pay for goods worth at least $250. Requirements do not imply the total amount of required minimum spending on different debit or credit card accounts. You must show the purchase amount on one of the accounts.
  • the monthly balance must be at least $5,000.

Business advantage current checking account

The bank charges $29.95 per month for servicing this account. To avoid paying this commission, the following requirements must be met:

  • you need to make monthly purchases with a debit card in the amount of $2,500. The total amount of purchases must only transact through one of the debit or credit card accounts in order to qualify for the bonus privileges, aggregation of the amount across different accounts is excluded.
  • keeping the average monthly account balance at the level of at least $15,000.
  • if the account holder keeps an average monthly balance of at least $35,000, then the bank offers favorable terms for linking to the account: main current account, savings, term deposits and all other types of accounts.