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BofA > Business Advantage Banking and Savings > Flashcards

Business Advantage Banking and Savings Flashcards

1
Q

Business Advantage Fundamentals Banking

Ideal Client

A

Have a start-up or smaller business with basic business needs
Combined average monthly balance of less than $15,000
Write and deposit fewer than 200 checks per month through non digital channels
Deposit less than $7,500 in cash per month

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2
Q

Business Advantage Fundamentals Banking

Features Include

A

BA Savings account $10/month
0% liability guarantee on business debit and employee debit cards
Account management - $15/month
Stop payments - $30/item
Incoming domestic wires - $15/item
International Incoming Wires - $16/item
Business deposit cards for employees used at ATMs for deposit only

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3
Q

Business Advantage Fundamentals Banking

Benefits

A

Business Advantage 360- small business online banking
- ability to deposit checks using mobile device
Customizable alerts
Balance Connect - overdraft protection (need to enroll)
Next-Day availability of Merchant Service Funds processed with BofA

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4
Q

Business Advantage Fundamentals Banking

Pricing

A

Pricing: Clients can avoid the $16 by doing the following each statement cycle:

  1. Spend $250 each statement cycle on new net qualified purchase using a linked BofA business debit card
  2. Maintaining a combined average monthly balance of $5,000 in linked business deposit accounts
  3. Become Business preferred rewards member
    (First 4 checking accounts per enrolled business)
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5
Q

Business Advantage Relationship Banking

Ideal Client

A

Business with employees, higher balances, high transaction volume, and greater cash handling needs
Average monthly balance of over $15,000 or need additional services like merchant services or payroll needs
Write Deposit fewer than 500 checks per month
Deposit less than $200,000 in cash per month

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6
Q

Business Advantage Relationship Banking

Features

A

No fee for BA savings account
Second business Advantage Relationship Banking account- no monthly fee
0% liability
Account management - no fee
Stop payments - no fee
Wires - no fees
Business deposit cards for employers - ATM only for deposits

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7
Q

Business Advantage Relationship Banking

Benefits

A

Business Advantage 360 - ability to deposit check with online banking
Customizable alerts
Balance Connect - over draft protection
Next day availability of merchant service funds processed with Bank of America

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8
Q

Business Advantage Relationship Banking

Pricing

A

Avoid the $29.95 monthly fee by doing one of the following each statement cycle:

  • spend $250 each statement cycle on new net qualified purchases using linked Bank of America business debit card
  • become preferred rewards member (first 4 checking accounts per enrolled business)
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9
Q

Full analysis business checking

Ideal Client

A
  • Deposit balance = $60,000 or more
  • Writes more than 150 checks and deposits more than 200 checks per month
  • Regularly wants to initiate or receive wires or other payments electronically to save time and money
  • Streamline reconciliation of bank statements
  • I prove fraud control
  • Accrue earning credits on balances that can be used to offset most or all account fees
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10
Q

Full Analysis Business Checking

Features

A

0% liability on fraud for business and employee debit cards
Stop payments (fees vary)
Incoming domestic wires (fees vary)
International Incoming wires (fees vary)
Business Deposit Cards for employees - deposit ATM only

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11
Q

Full Analysis Business Checking

Benefits

A 
CashPro for online baking
Customizable cash alerts in Cash Pro
Next day availability of merchant services proceeds with B of A
ACH Services
FX Solutions
Fraud Prevention
Cash Vault
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12
Q

Full Analysis Business Checking

Pricing

A

$40/month
Clients charged per item fees for transactions like deposits, debits and transfers
Clients may apply an earning allowance toward service charges based on balance

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13
Q

Business Advantage Savings

Positioning

A

Clients looking to earn interest while maintaining fast access to funds (without locking into Term)

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14
Q

Business Advantage Savings

Features

A

$100 minimum opening balance
$10/month
Monthly Fee Waiver: minimum balance of $2,500 or link BA savings account to BA Relationship Banking solution or preferred rewards
Rate - Variable
No Term
Unlimited daily deposits (fees may apply)
No fee for early withdrawal
Transaction limits apply to certain types of withdrawals and transfers
No automatic renewal
Preferred Rewards interest rate booster eligible
Balance Connect
Business Advantage 360
FDIC insured

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15
Q

Business Featured CD

positioning

A

CD with fixed rate at a higher yield

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16
Q

Business Featured CD

A 
Minimum Opening: refer to deposit sheet
Term: refer to deposit rate sheet
Rate: Fixed
No additional deposits or transactions until maturity
There is a fee for early withdrawal
Automatic renewal 
NOT preferred Rewards eligible
Business Advantage 360
FDIC insured 
$0/month
17
Q

Fixed Term Business CD

Positioning

A

CD with fixed rate and flexibility to choose their Term to plan for when $ is needed

18
Q

Fixed Term Business CD

A 
Minimum Opening: $1,000 long term or $15,000 short term
Rate: Varies with investment
Term: Varies
No additional deposits or transactions until maturity
Automatic renewal
NOT preferred Rewards eligible 
Business Advantage 360
FDIC insured 
$0/month
19
Q

What are the monthly fee waivers for Business Advantage Relationship checking account and the Business Advantage Fundamentals checking account?

A
  • Spend $250 each statement cycle on new net qualified purchases using a linked BofA business debit card
  • become a business preferred rewards member (first 4 checking accounts per enrolled business)

Business Advantage Fundamentals Banking ONLY
-maintaining a combined average monthly balance of $5,000 in linked business deposit accounts

20
Q

The business Advantage Fundamentals checking account is designed for what type of client?

A

Start up Banking
Smaller businesses
Less employees

21
Q

The Business Advantage Relationship checking account is designed for what type of client?

A

Bigger business

More employees

22
Q

What is the minimum opening deposit amount for a business Advantage Fundamentals checking account?

A

$100 for both types of accounts

23
Q

Which of the following products can have a Business Advantage Savings Account linked and included for no fee?

A

Business Advantage Relationship Banking

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