What you need before you start

Bank of America requires you to bring specific documents and information in person to open a business account. You cannot do this entirely online, even if you already have a personal account with them. Bring your government-issued photo ID, your Social Security number or Individual Taxpayer Identification Number (ITIN), and proof of your business address — a utility bill, lease, or mortgage statement dated within the last 60 days works.

You will also need to decide what type of business structure you have: sole proprietorship, partnership, LLC, S-corporation, or C-corporation. This matters because it determines what additional paperwork Bank of America will ask for. If you are a sole proprietor operating under your own name, you need less documentation. If you have formed an LLC or corporation, bring your Articles of Organization or Articles of Incorporation — the official document you filed with your state.

Have your Employer Identification Number (EIN) ready if you have one. The IRS issues this number to businesses that have employees or certain other structures. If you do not have an EIN yet and your business structure requires one, you can explore for it free through the IRS website before you visit the bank, though some sole proprietors can use their Social Security number instead.

Key Takeaways

  • You must visit a Bank of America branch in person with photo ID, proof of address, and your business formation documents to open an account.
  • Bank of America offers different account types for different business sizes, and the one you choose affects monthly fees and included services.
  • The bank will verify your business structure and may ask for an EIN, Articles of Organization, or other formation paperwork depending on how you set up your business.
  • Monthly maintenance fees range depending on the account type and whether you meet balance or activity requirements, so ask the banker which account fits your expected volume.

Which Bank of America business account type fits your situation

Bank of America offers several business checking accounts, and the right one depends on how much you expect to deposit and how many transactions you will make each month. The Business Advantage Checking account is their standard option for most small businesses. It includes online banking, bill pay, and a debit card. The monthly fee varies — some months it is waived if you maintain a certain average balance or meet a minimum number of transactions, so ask the banker what those thresholds are when you visit.

If you expect very high transaction volume — many deposits and withdrawals each month — ask about their Business Advantage Relationship Pricing option. This bundles checking with other services like credit cards or loans, and the monthly fee structure changes based on the total relationship value. For a brand-new business with minimal activity, this is usually not the right fit yet.

Bank of America also offers Business Savings accounts if you want to keep operating funds separate from cash reserves. These earn a small amount of interest, though the rate is set by the bank and changes over time. Many business owners open both a checking and savings account at the same time.

The step-by-step process at the branch

Call your local Bank of America branch ahead of time and ask to schedule an appointment with a business banker. Walk-ins are possible, but an appointment means you will not wait and the banker will have time to answer your questions. Tell them you are opening a new business account so they know to have the right paperwork ready.

When you arrive, bring everything listed in the first section: photo ID, proof of address, your business formation documents, and your EIN if you have one. The banker will ask you questions about your business — what you do, how much you expect to deposit monthly, whether you will have employees, and how many owners are involved. Answer honestly. This information helps them set up the account correctly and flag any compliance requirements.

The banker will then show you the account options and explain the fees for each. Ask specifically: "What do I need to do to avoid the monthly fee?" and "What is included in this account?" Write down the answers. You will sign documents authorizing the account and providing your tax information. The banker may also ask if you want to order checks or a debit card — these can be ordered when ready or later.

Once everything is signed, the account opens that day. You will receive your account number and routing number when ready. Online banking access is usually available within 24 hours, though sometimes it takes longer. The banker will give you a receipt with your account details.

What happens if your business structure is not yet finalized

If you are still deciding whether to form an LLC or operate as a sole proprietor, you can still open an account — but tell the banker your current status. Many new business owners open an account as a sole proprietor first, then convert it later if they form an LLC. Bank of America can usually handle this conversion without closing the account, though you will need to bring your new Articles of Organization when you do.

If you have not yet received your EIN from the IRS, you can use your Social Security number temporarily. Once your EIN arrives, go back to the branch and update your account information. This is a straightforward process and does not require closing and reopening the account.

Monthly fees and how to avoid them

Bank of America's business checking accounts charge a monthly maintenance fee unless you meet one of two conditions: maintain a certain average daily balance (the amount varies by account type) or complete a minimum number of transactions per month. The balance threshold is usually several thousand dollars, so many small business owners find it easier to meet the transaction requirement instead.

A transaction counts as a deposit, withdrawal, check written, or online payment. If you are depositing cash or checks regularly and paying bills online, you will likely hit the transaction minimum without trying. Ask the banker exactly how many transactions you need per month to waive the fee for the specific account you choose.

Some business owners also may have access to for fee waivers through Bank of America's relationship pricing if they have a business credit card or business loan with the bank. This is worth asking about if you plan to borrow money or use a credit card for business expenses.

Setting up online banking and payment tools

Once your account is open, you can log into Bank of America's online banking portal using your account number and a password you create. Online banking lets you check your balance, transfer money between accounts, and see all your transactions. You can also set up bill pay, which lets you schedule payments to vendors, contractors, or service providers directly from your account.

If you have multiple owners or employees who need access, you can set up additional users with different permission levels. One person might be able to view the account but not move money, while another can approve payments. Discuss these permissions with your co-owners before you set them up, because changing them later requires a trip back to the branch.

Bank of America also offers mobile banking through their app, so you can check your balance and deposit checks by taking a photo of them. This is useful if you receive checks from customers and want to deposit them without visiting a branch.

What to do if you already have a personal account with Bank of America

Having a personal checking or savings account with Bank of America does not speed up the business account process — you still need to visit a branch and bring business documents. However, you can use the same login credentials for both accounts once the business account is open, which makes it easier to manage both from one place.

If you have a good relationship with your personal banker, you can ask them to refer you to a business banker, which sometimes moves you to the front of the appointment queue. This is not required, but it can save time.

Frequently Asked Questions

Can I open a business account online or by mail?

No. Bank of America requires you to visit a branch in person with photo ID and original business documents. You cannot complete this process remotely, even if you are an existing customer.

What if I do not have an EIN yet?

You can open the account using your Social Security number if you are a sole proprietor or if your business structure does not require an EIN. Once you receive your EIN from the IRS, return to the branch to update your account information.

How long does it take to open the account?

The appointment usually takes 30 to 45 minutes. Your account opens the same day, and online banking access is typically available within 24 hours. Checks and debit cards ordered at the appointment arrive within 7 to 10 business days.

Do I need to keep a minimum balance to avoid fees?

It depends on the account type. Most Bank of America business checking accounts waive the monthly fee if you either maintain a certain average daily balance or complete a set number of transactions per month. Ask the banker which threshold is easier for your business to meet.

Can I change my account type later?

Yes. If you start with one account type and later find it does not fit your needs, you can visit the branch and switch to a different account. The banker can explain the differences and help you choose the right fit based on your actual transaction volume.