Why did Bank of America closed my business account?

Why did Bank of America closed my business account?

There are two basic reasons for a bank to close your account: it doesn’t expect to make money on it, or it’s afraid of being liable for some fraud or money-laundering you might be doing. The bank does not need proof or even evidence.

How do I avoid monthly maintenance fees Bank of America business account?

Pay no monthly fee when you meet one of the following requirements each statement cycle:

1. Include one Business Advantage Savings account with a Business Advantage Relationship Banking solution.
2. Maintain a $2,500 minimum daily balance.
3. Become a member of Preferred Rewards for Business.

How long does Bank of America take to approve a business account?

Your application will be processed in 1 to 2 business days. We’ll send you either an email or letter letting you know if you are approved for your account. You will receive your account documents via U.S. Mail within 7-10 business days.

Can I reopen a closed business bank account Bank of America?

Bank of America will reactivate a closed account if an electronic deposit or credit, like an automatic bill payment, is made. But if an account is reopened, however, and there’s no money there, a person could get hit with an overdraft fee to fund an account maintenance fee or an automatic payment.

How many transactions can I make with Bank of America business account?

Generally speaking, your typical business checking account will give you (at most) two ways to get your service fee waived—making this a particularly unique feature of Bank of America business banking. With the Business Advantage Fundamentals Checking account, you’ll be able to make 200 transactions every month with no fee.

What kind of checking accounts does Bank of America offer?

Business Advantage Fundamentals Checking Within their business banking suite, Bank of America offers two different business checking accounts —Business Advantage Fundamentals Checking and Business Advantage Relationship Checking.

Is there a fee to open a Bank of America business account?

Bank of America also allows you to add a Business Advantage Savings account to the Advantage Fundamentals Checking account for a $10 monthly fee. As we mentioned briefly above, one of the benefits of these Bank of America business accounts is the ways you can waive the service fee.

Is there a Bank of America for small business?

At first glance, Bank of America looks great for business banking. It has locations across the United States, it offers your choice of business checking and savings accounts, and it offers small-business financing and other services. But what about after that first glance?

Generally speaking, your typical business checking account will give you (at most) two ways to get your service fee waived—making this a particularly unique feature of Bank of America business banking. With the Business Advantage Fundamentals Checking account, you’ll be able to make 200 transactions every month with no fee.

Is there a Bank of America Business Advantage Account?

Bank of America. Business Advantage Savings Account from Bank of America Make your money work harder with a Business Advantage Savings account from Bank of America. Watch your savings grow and earn interest rates while maintaining easy access to funds.

How to open a Bank of America business checking account?

We offer 3 convenient ways of opening a business checking account: 1 Choose your business checking account and apply online 2 Call 866.543.2808 3 Visit a financial center

How to contact Bank of America small business?

If you have a general question about an existing checking, savings, credit card or business services account, call 888.BUSINESS (888.287.4637). If you would like to open a new account, call 866.283.4075.