Bank of America: Overview
An international financial giant, Bank of America provides individuals, small and medium-sized enterprises, and large corporations with a comprehensive range of banking, investing, and asset management products and services. In the United States, the corporation serves about 67 million consumers and small businesses through roughly 4,100 retail financial centres, 16,000 ATMs, and award-winning internet banking, which has approximately 54 million verified digital customers. Across numerous asset classes, Bank of America serves enterprises, governments, institutions, and individuals worldwide through wealth management, corporate and investment banking, and trading. Bank of America has a variety of checking and savings accounts to choose from. It, like other banks, imposes monthly fees based on the account you have, but there are ways to avoid them. Customers may avoid Bank of America fees in several ways, including setting up permitted direct deposits and maintaining minimum account balances. If you can avoid the monthly service cost, you might appreciate the Bank of America Advantage Plus Checking Account. To qualify for the bank’s Preferred Rewards programme, you must make at least one $250 direct deposit each month, retain at least $1,500 in your account on a daily basis, or enrol in the bank’s Preferred Rewards programme. Overdraft costs at Bank of America have just been decreased from $35 to $10. The bank will no longer charge you a fee if you utilise overdraft protection.
Tips on Reducing Bank of America Fees:
For small businesses, every dollar counts. Also, keep in mind that most business credit cards and checking accounts may have higher fees than individual accounts – usually for larger amounts. When looking for a bank to fit your business needs, it’s critical to examine costs carefully.
Maintain a minimum balance in your accounts.
If you keep a minimum balance in your business account, Bank of America will eliminate the monthly maintenance cost. If your balance is about to fall dangerously low, you can sign up for online notifications so you will be notified. Account users may usually avoid monthly fees by opening both a checking and a savings account with the same bank or keeping a minimum balance in their account. Setting up a direct monthly payment might sometimes be enough to eliminate the monthly cost.
Inquire about deposit and transaction limitations.
Do you have a lot of transactions in your company checking account each month? Bank of America will levy a fee for any transaction that exceeds a certain threshold. Others levy a fee on cash deposits in excess of a certain amount. If your company primarily accepts cash deposits, it’s a good idea to look for a checking account with a high cash-deposit threshold before fees kick in. First, examine your transaction history to see where your company fits into this range. Next, examine your credit card payment patterns. A small company credit card with greater features but a higher annual interest rate can be advantageous if you pay off your bills every month. If you carry overcharges every month, on the other hand, a card with a greater revolving limit but a lower interest rate will almost certainly save you more money in the long run.
Consider your long-term requirements.
Even though more banking is done online, it’s still crucial for small company owners to maintain a connection with a bank. Your company’s requirements will evolve as it expands. If your company is just getting started, consider what types of services and features could be helpful and profitable in the future – not just today, but years from now.
Take advantage of overdraft protection.
Overdrawing your account is a common occurrence. Sign up for a direct deposit to ensure that money is sent into your account on a regular basis and automatically. This will assist you in maintaining the needed minimum balance for your account and avoiding overdrafts. If you already have limited cash, Bank of America’s $10 overdraft charge might be a significant amount of money. The simplest way to prevent paying an overdraft charge from Bank of America is to maintain a healthy account balance. Overdraft protection kicks in only when you try to utilise more money than you have in your account. Banks cover their customers when their bank accounts do not have enough money to cover a transaction by taking cash from associated savings accounts, second checking accounts, lines of credit, etc.