BofA has launched a new series of enhancements to its mobile banking service, including mobile check deposit, person-to-person email and mobile transfers, and Mobile App Alerts. With these new features, BofA says customers now have the ability to completely manage their finances through their mobile device. Show
“Our customers are living in a more connected world and that extends to their financial lives,” said Aditya Bhasin, an executive in BofA’s Online/Mobile Consumer Marketing division. “This ‘always-on’ environment calls for more convenience, control and flexibility. Our new capabilities deliver the full bank in our customers’ hands.” Mobile Check DepositsBofA’s mobile check deposit function allows customers to deposit checks easily and securely without making a trip to the ATM or banking center. Once customers download an updated version of the mobile app onto their tablet or smartphone, they can use the app to snap photos of the check and follow a few simple on-screen instructions to complete their deposit. Mobile Check Deposit is currently available on iPad but will be available soon on iPhone, Google Android smartphone or tablet and Windows Phone. The Bank of America mobile check deposit feature does have some deposit limits, depending on the consumer’s time with the bank, and the account type. Here’s a breakdown:
Person-to-Person Transfers Through Email and MobilePerson-to-person email and mobile transfers allow customers to easily arrange payments between friends, family, co-workers, etc., via BofA’s mobile banking interface, or through any smartphone using nothing more than an e-mail address or mobile phone number. (Commonwealth Bank in Australia has a service that’s almost identical.) BofA consumer customers only complete a one-time enrollment in their online account. Then using online banking or the mobile banking app, customers can send funds to persons with a U.S.-based bank account from their BofA checking account or savings account without a fee. The new P2p/mobile transfer feature is an enhancement to BofA’s existing online banking P2P payments service. The new mobile and email options are powered by clearXchange, an open payment processing network owned collectively by BofA, Chase and Wells Fargo. It is currently available in the mobile app on iPad, iPhone, Google Android smartphone or tablet, Kindle Fire and Windows Phone or via mobile browser in select states and nationwide by mid-August. REGISTER FOR THIS FREE WEBINAR Hard Truths About Digital Transformation Find out what’s top of mind for other financial institutions, and hear from industry leaders who’ve been there—from both the fintech and financial institution side and all stages of the process. WEDNESDAY, October 12th AT 2:00 PM (ET) Enter your corporate email address Mobile Management of Account AlertsIn addition to paying people and depositing checks on the go, BofA has updated its mobile application so that customers can manage account alerts via their mobile device. Through the added Mobile App Alerts feature, customers can elect to receive push notifications of these alerts on their mobile device, another convenient option to stay informed about their accounts. BofA offers more than 50 alerts, including alerts for low balances, online card usage and irregular card activity. It is currently available only for iPad, and will be available in the coming weeks on the iPhone, Google Android smartphone or tablet and Windows Phone. BofA currently offers customized, downloadable applications for the most popular mobile platforms, including iPhone, iPad, Google Android, BlackBerry, Windows Phone, Google Android Tablet and Kindle Fire. In addition, Merrill Edge gives its customers access to downloadable apps for iPhone/iPod Touch, Google Android and BlackBerry mobile devices. These apps give Merrill Edge customers “anywhere/anytime” access to their investment accounts and current market activity. Bank of America business checking stands out among national and regional brick-and-mortar-based competitors by offering unlimited fee-free electronic transactions, high cash deposit limits and three different ways to open an account. Bank of America offers two small-business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking. With 4,200 branch locations across 37 states, plus Washington, D.C., Bank of America’s business accounts are digital-friendly options for small-business owners who want some access to in-person banking. Bank of America business checking is best for small-business owners who:
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Bank of America business checking at a glance
*You can also waive the monthly fees on either of these accounts by becoming a member of Bank of America’s Preferred Rewards for Business program. To be eligible, you must have an active Bank of America business checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts. How Bank of America business checking worksAccount options: Bank of America offers two primary business checking accounts: Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. In addition to these core options, the bank offers the Full Analysis Business Checking account for businesses with high balances and greater cash management needs, as well as a Public Service Trust Account. Location availability: Bank of America has 4,200 branch locations and 16,000 ATMs across 37 states, plus Washington, D.C. The bank does not have branches or ATMs in the following states: Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, South Dakota, Vermont, West Virginia, Wisconsin and Wyoming. Unlike some brick-and-mortar banks, however, your business does not have to be located in a state with a Bank of America branch in order to be eligible for a business checking account. In fact, you can use the Bank of America website to check fee and rate information for any of the 50 states, plus Washington, D.C. How to apply: Apply for a Bank of America business checking account by completing and submitting an application online, over the phone with a small-business banking representative or in person at a branch location.
Next steps: After your account has been approved, you can make your opening deposit by transferring money from an existing Bank of America account or from another bank, as well as by using a Visa or Mastercard debit card, check or money order. You also can sign up for online banking, download the Bank of America mobile app and start managing your account. If you ordered a business debit card or checks with your initial application, you should expect to receive them within five to seven business days. Additionally, you can request a debit card for yourself, as well as your employees, by signing into online banking, calling Bank of America small-business customer service or by visiting a branch location. Where Bank of America business checking stands outUnlimited fee-free electronic transactions: Both of the Bank of America business checking accounts offer unlimited fee-free electronic transactions, including ACH transactions, debit card transactions, electronic debits and deposits made using mobile check deposit, remote deposit online or at a Bank of America ATM. With this feature, Bank of America business checking stands out among brick-and-mortar competitors in particular, as most traditional banks have a set monthly limit that encompasses both electronic and non-electronic transactions. Cash deposits: The Business Advantage Fundamentals account includes up to $7,500 in fee-free cash deposits, and the Business Advantage Relationship account includes up to $20,000 in fee-free cash deposits per month. Compared to other base-tier business checking accounts, the $7,500 threshold of the Business Advantage Fundamentals account stands out among brick-and-mortar competitors. For example, the Chase Business Complete Checking℠ account, Wells Fargo Initiate Business Checking account and Capital One Spark Basic Business Checking account each have a fee-free cash deposit limit of $5,000. In addition, although the $20,000 threshold of the Business Advantage Relationship account matches that of second-tier business checking offerings from national brick-and-mortar competitors like Chase, Wells Fargo and Citibank, it exceeds that of other competitors such as U.S. Bank and Huntington Bank. Digital tools: The Bank of America business checking accounts provide access to digital tools including Zelle, Cash Flow Monitor and Business Advantage 360 — Bank of America’s small-business online banking platform that allows you to view and manage statements and transactions, pay bills, download activity to QuickBooks and customize account alerts. Bank of America's online banking comes fully integrated with the Cash Flow Monitor tool, which allows you to track credits and debits, get cash flow projections based on scheduled transactions and receive support from small-business specialists. You can also connect third-party apps to your Cash Flow Monitor dashboard, including ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify and TurboTax. Suite of small-business services: If you’d prefer to use the same bank for your future financial needs, Bank of America provides a variety of additional products for small-business owners, including business savings accounts, payment processing, credit cards and business loans. Moreover, if you join the Bank of America Preferred Rewards for Business program, you can receive discounts on other services the bank offers, as well as waive the monthly fees for either the Business Advantage Fundamentals or Business Advantage Relationship account. As an example, entry-level Preferred Rewards members can access a 25% rewards bonus on eligible business credit cards, a 5% interest rate booster on Business Advantage Savings accounts and a 0.25% interest rate discount on new Business Advantage credit lines, term loans and secured lending. Where Bank of America business checking falls shortMonthly fees: Both Bank of America business checking accounts have monthly fees — $16 or $29.95 — for the Business Advantage Fundamentals and the Business Advantage Relationship accounts respectively. Although each account provides a few ways to waive these fees, there are both online and brick-and-mortar competitors that offer free business checking accounts if you don’t want to meet those requirements or have to budget for these fees on an ongoing basis. High incidental fees: Bank of America charges fees for withdrawals at non-Bank of America ATMs —$2.50 for U.S. ATMs and $5 for international ATMs — plus, the owner of the ATM may charge an additional fee. Bank of America also charges a $35 fee for overdrafts, as well as varying fees for outgoing wires. It’s also important to note that while Bank of America waives fees for stop payments, incoming wires, check image service, copies of checks and statements and ATM and debit card replacements for Business Advantage Relationship account holders, these services all have associated fees for Business Advantage Fundamentals account holders. Although these types of fees are not uncommon with business checking accounts, especially those from brick-and-mortar banks, you may be able to find alternative options with fewer fees.
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What is the maximum check you can mobile deposit Bank of America?The Bank of America mobile check deposit limit is $10,000 per month for accounts opened for three months or longer. For accounts opened for fewer than three months, the deposit limit is $2,500 per month.
Is there a limit on mobile check deposits?Therefore, online-bank customers tend to rely heavily on mobile banking and mobile check deposits to manage their accounts and deposit checks.
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Mobile Deposit Limits - Online Banks.. Can I Mobile deposit a 10000 check?Again, depending on the bank, you may not be allowed to deposit your $10,000 check via mobile deposit on your phone, or at an ATM. Most checks deposited in person at the teller window are usually available in your checking or savings account immediately.
Can I Mobile deposit business account?Mobile Deposit is the simplest way to deposit funds into your account. With just a few taps and snaps from your camera, you can deposit checks right into your Business Checking or Savings account.
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