Choosing the right bank for your business is a crucial decision. Us Bank Business Accounts offer a range of services and benefits, and for those looking to maximize their banking relationship, programs like Preferred Rewards can be particularly attractive. This article breaks down the eligibility requirements for Bank of America’s Preferred Rewards for Business program, helping you understand if your business qualifies and how to take advantage of potential benefits.
Who Can Access Preferred Rewards for Business?
The Preferred Rewards for Business program is specifically designed for certain Bank of America business clients. It’s important to note that not all business clients are eligible. Specifically, this program is available to:
- Bank of America Small Business clients
- Merrill Small Business clients
- Bank of America Private Bank® Small Business clients
Clients categorized under Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible for this particular program. It’s designed for small to medium-sized businesses operating within the US banking system.
Eligible Business Checking Accounts
To enroll in the Preferred Rewards for Business program, you need to have an active and eligible Bank of America business checking account. Most Small Business checking accounts qualify. Additionally, certain Analyzed checking accounts are also eligible:
- Full Analysis Business Checking
- Analyzed Business Interest Checking
It’s recommended to consult Bank of America’s Business Schedule of Fees for the most up-to-date list of accounts that qualify for both the combined balance calculation and program benefits.
Qualifying Balance Tiers: Gold, Platinum, and Platinum Honors
Eligibility for the Preferred Rewards program is also based on maintaining a qualifying combined balance across your Bank of America business deposit and Merrill business investment accounts. The program operates on a tiered system, offering increasing benefits at higher balance levels:
- Gold Tier: Requires a minimum combined qualifying balance of $20,000.
- Platinum Tier: Requires a minimum combined qualifying balance of $50,000.
- Platinum Honors Tier: Requires a minimum combined qualifying balance of $100,000.
These qualifying balances can be held in various Bank of America business deposit accounts (like checking, savings, and certificates of deposit) and/or Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, and Delaware Business Accounts).
The qualifying balance is calculated in one of two ways:
- Average Daily Balance: Based on your average daily balance over a three-calendar month period.
- Current Combined Balance (for new accounts): If you enroll when opening your first eligible business checking account, you can qualify based on your current combined balance, provided you meet the balance requirement at the end of at least one day within 30 days of account opening.
Enrollment and Benefit Activation
Generally, you become eligible to enroll in the Preferred Rewards program three or more business days after the end of the calendar month in which you meet the requirements. Once enrolled, benefits typically become effective within 30 days of your enrollment, or within 30 days of new account opening.
It’s worth noting that some benefits may be available even without formal enrollment in the program if you independently meet certain balance and other requirements.
By understanding these eligibility requirements, business owners can determine if Bank of America’s Preferred Rewards for Business program aligns with their financial situation and business banking needs within the US banking landscape.
