Bank of America

Universal bank · Charlotte, United States

Bank of America is the second-largest US bank with USD 3.41 trillion in assets, about 213,000 employees and operations in over 40 countries, though 90 percent of revenue comes from the US. Small businesses get Business Advantage Fundamentals checking at USD 16 a month, waived with a USD 5,000 average balance or USD 500 of debit card purchases. Larger companies use the CashPro platform for payments, liquidity, trade and FX across country desks from Australia to the UK. Outside the US it banks corporates and institutions, not small firms. The OCC consent order on anti-money-laundering controls, issued in December 2024, is still open, and on 31 July 2026 the bank told investors that resolving it may include monetary penalties.

Legal name: Bank of America Corporation
Regulated by: Federal Reserve (US), OCC (US), FDIC (US), CFPB (US), PRA/FCA (UK), Central Bank of Ireland (Bank of America Europe DAC)
Licence confirmed: yes, on a regulator's own list
Established: 1998
Website: www.bankofamerica.com

Scores, 0 to 10

9.5United States

Nationwide bank with about 3,700 financial centres, online business checking and ACH/Fedwire access. · source

9.0Financial strength & stability

G-SIB with USD 3.41 trillion in assets and Aa2/A+/AA bank ratings, offset by an open OCC anti-money-laundering consent order. · source

8.5Trade, manufacturing & import-export

Trade and Supply Chain Finance and Receivables Management are offered through CashPro across its international country desks. · source

8.0Cross-border payments, FX and multi-currency accounts

Foreign-currency wires carry no fee but the exchange-rate markup is undisclosed and USD wires cost USD 45. CashPro provides liquidity, payments, trade and FX across 40+ countries with dedicated Global Corporate and Investment Banking coverage above USD 2 billion revenue. · source

7.0Business cards (Visa, Mastercard)

Business Advantage cards are Mastercard products, the Travel Rewards World Mastercard has no foreign transaction fees and there is no limit on employee cards. · source

6.5Fast digital onboarding

Business checking applications are available online, with fee waivers tied to balances or card use. · source

6.0Europe (EU, EEA, Switzerland)

Bank of America Europe DAC in Dublin and country desks for France, Germany, Italy, Spain, Benelux, Nordics and Switzerland serve corporates only. · source

6.0Asia-Pacific (SG, HK, AU, JP, KR)

Country desks in Australia, Hong Kong, Singapore, Japan, South Korea, China, India and ASEAN serve corporates without SME onboarding. · source

6.0Online businesses: e-commerce and SaaS

Business Advantage accounts integrate with merchant services and the USD 500 debit spend waiver, plus Global Digital Disbursements for B2C payouts. Business Advantage 360 offers QuickBooks integration and Connected Apps, but the accounts hold USD only and no API is published for small businesses. · source

5.5United Kingdom

London operations serve corporate and institutional clients; there is no UK business current account. · source

5.5Fintech companies that need a partner bank

Global Digital Disbursements and CashPro APIs serve large platforms, but there is no stated safeguarding or sponsor-bank programme. · source

5.0Latin America, Africa & South Asia

Corporate coverage in Latin America, India, South Africa and Sub-Saharan Africa without local SME onboarding. · source

5.0On-ramp: buy crypto with fiat

A June 2026 hands-on guide reports free ACH and USD 30 wires from Bank of America accounts to Coinbase, Kraken and Gemini with only a first-payee fraud check, but this is personal-account evidence, and the OCC found in December 2025 that the nine largest national banks, Bank of America included, restricted digital asset firms in 2020 to 2023. · source

4.5Canada

Canada country desk serves corporate and institutional clients only. · source

4.5Middle East & Gulf

Middle East coverage exists for corporates and institutions only, with no local SME product. · source

4.5Startups & VC-backed companies

Companies under USD 1 million revenue are handled as Small Business Banking with no dedicated startup unit named. · source

4.5Off-ramp: crypto to fiat in a business account

The same 2026 guide describes ACH withdrawals from exchanges back to Bank of America clearing, but no published business process for crypto proceeds exists, and prosecutors subpoenaed the bank in 2026 over account closures, so evidence for companies is thin. · source

4.0Lowest fees

USD 16 monthly fee after year one, USD 30 domestic and USD 45 international wires, USD 15 incoming wires. · source

4.0Foreign-owned & non-resident companies

Non-U.S. citizens need a physical U.S. address and must open the account by appointment at a financial center, though no SSN is required. · source

3.5Crypto-friendly bank

No published policy for onboarding crypto businesses; involvement is limited to the 2026 bank stablecoin consortium. · source

3.5High-risk verticals (iGaming, cannabis, adult, forex)

Bank of America publishes no prohibited-industries list on its business checking pages, so a policy for gambling, cannabis or adult businesses cannot be checked. · source

3.5Bitcoin

Since 5 January 2026 Merrill, Private Bank and Merrill Edge advisors can recommend four spot bitcoin ETPs in brokerage and retirement accounts, which is price exposure without coins, custody or transfers. · source

3.0Best interest on business balances

Business Advantage Savings pays 0.01 percent APY standard and at most 0.04 percent with Platinum Honors status. · source

3.0Customer satisfaction

Trustpilot 1.4 out of 5 from 3,574 reviews. · source

3.0Ethereum

Ether is available only as self-directed ETPs such as ETHA in Merrill Edge brokerage accounts, not covered by advisor recommendations, with no ether custody or transfers, checked September 2026. · source

2.5Stablecoins (USDC, USDT and others)

Bank of America is one of 21 institutions forming a USD stablecoin company with launch aimed at the first half of 2027, announced September 2026; no stablecoin service is live today. · source

1.0Crypto wallet and custody for a business

Bank of America holds no crypto for any client: Merrill has no spot crypto desk or custody and offers crypto only inside ETP wrappers, and business banking has no wallet, checked September 2026. · source

1.0Accept crypto payments

No merchant crypto or stablecoin acceptance exists; the bank's stablecoin remains a plan tied to a 21-bank venture aiming for the first half of 2027, checked September 2026. · source

Sources

Built on public information and the BankStore team's own aggregated experience; no confidential client or partner data. Bank Index and BankStore are not banks. This is information, not financial advice.