Wells Fargo vs. Bank of America Business Checking: Which Is Right for Your Business?

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Updated Jan 20, 2026 · 2 min read

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Wells Fargo and Bank of America business checking accounts share key features typical of large banks. They offer thousands of branches, online banking and reliable customer service via phone and in person. But that’s where the similarities end.

Bank of America’s digital-first account offers more free transactions and loyalty perks. This makes it a better choice for most modern businesses than Wells Fargo.

Wells Fargo has more branch locations and a lower barrier to entry. But old-school account limits can make it an expensive option in the long run.

This guide breaks down the costs, fees, perks and limits to help you decide which of these banks best suits your business.

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Compare the basics: Wells Fargo vs. Bank of America business checking

Wells Fargo and Bank of America both offer business checking options for mid-tier and larger businesses. We’re focusing on each bank’s entry-level account for this comparison.

	Wells Fargo Initiate Business Checking℠ Account	Bank of America® Business Advantage Fundamentals™ Banking
NerdWallet star rating	4.1 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.	4.5 NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Monthly fee	$10.	$16 ($0 for the first 12 statement cycles.)
Ways to avoid monthly fee	$500 daily balance. $1,000 average ledger balance.	$5,000 average combined monthly balance. Spend $500 on business debit card. Enroll in Preferred Rewards for Business
Free transactions	100.	Unlimited electronic* transactions. 20 non-electronic (checks paid, other debits, deposited items).
Free cash deposits	$5,000.	$5,000.
Branch locations	4,000+.	3,600.
ATM network	11,000.	15,000.
Customer support	Phone support 7 days/week. No live chat.	Phone support Monday–Saturday. Live chat.
Misc. fees	Out-of-network ATM: $3. Overdraft: $35. Incoming wires: $15. Outgoing wires: $25 digital; $40 in-branch. Stop payment: $0.	Out-of-network ATM: $2.50. Overdraft: $10. Incoming wires: $15. Outgoing wires: $30 domestic; $45 international. Stop payment: $30.

*Electronic transactions include: ACH, debit card transactions, electronic debits, deposits made with mobile check deposit, remote deposit online or at a Bank of America ATM.

Bank of America: Best for digital-first businesses

Bank of America is the better business checking account for most businesses. It strikes the perfect balance between in-person and online services. The bank has no monthly cap on the number of digital transactions you can make before you’re hit with a fee. And you can reach live (read: human) customer support by phone, chat, social media or in person.

Other features include Cash Flow Monitor. This tool is part of Bank of America's online banking platform. It helps you track credits and debits. You can also see cash flow projections based on scheduled transactions. You can connect third-party apps to your Cash Flow Monitor dashboard. This includes ADP, QuickBooks Online, Google Workspace, Google Analytics, Expensify, and TurboTax.

Wells Fargo, on the other hand, counts all transactions toward your monthly limit. And customer support, while available seven days a week, is only by phone or in person. Wells Fargo’s online banking platform does offer integrations with QuickBooks, Xero and Quicken.

Both banks offer Zelle for your business. Only Wells Fargo counts those transactions toward your monthly account limit.

Wells Fargo: Best for additional banking services

Wells Fargo's basic business checking account is underwhelming, even compared to other brick-and-mortar banks. But it gets the job done as a starter account for low-volume businesses or those that make regular cash deposits.

The bank’s appeal is greater for larger, more established businesses — especially those looking for funding. Wells Fargo is one of the largest SBA lenders in the country. It also offers robust treasury management tools on its mid- and top-tier business checking accounts.

Bank of America: Best for banking rewards

Bank of America’s Preferred Rewards for Business program is one of the best loyalty programs in business banking. Members get discounts on banking services and higher interest rates on savings.

You also get a rewards bonus of up to 75% on Bank of America business credit cards. That turns a standard 1.5% cash back rate into 2.62% back on all purchases. The multiplier applies to cards with bonus categories, too. So instead of 3% in select categories on certain cards, you could earn as much as 5.25%.

Note: Bank of America is rebranding this program to BofA Rewards in 2026.

The information about the Bank of America® Business Advantage Fundamentals™ account has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.

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