For business owners looking to maximize their banking relationship, Bank of America offers the Preferred Rewards for Business program. This program provides a tiered benefits system for eligible clients who maintain certain balance requirements within their Bank Of America Business Accounts and Merrill business investment accounts. Understanding the eligibility criteria is the first step to unlocking these valuable rewards for your business.
Who is Eligible for Preferred Rewards for Business?
The Preferred Rewards for Business program is specifically designed for Bank of America business account holders categorized as Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. It’s important to note that this program is not available to larger commercial or corporate banking clients, including those in Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional client groups. Therefore, eligibility is primarily focused on smaller business entities within the Bank of America framework.
Qualifying Bank of America Business Checking Accounts
To enroll in the Preferred Rewards program, you must have an active and eligible Bank of America business account, specifically a business checking account. Generally, all Small Business checking accounts qualify. Additionally, certain Analyzed checking accounts are also eligible, such as Full Analysis Business Checking or Analyzed Business Interest Checking. It’s advisable to consult the Bank of America Business Schedule of Fees for a comprehensive list of accounts that qualify for program benefits and contribute towards the combined balance calculation.
Balance Requirements for Tier Levels
Eligibility for the different tiers within the Preferred Rewards for Business program – Gold, Platinum, and Platinum Honors – is determined by your qualifying combined balances. These balances can be held in your Bank of America business deposit accounts (checking, savings, CDs) and/or Merrill business investment accounts. The tier levels and their corresponding balance requirements are as follows:
- Gold Tier: Requires a minimum combined balance of $20,000.
- Platinum Tier: Requires a minimum combined balance of $50,000.
- Platinum Honors Tier: Requires a minimum combined balance of $100,000.
The qualifying balance is calculated based on either your average daily balance over a three-calendar month period or your current combined balance if you are enrolling when opening your first eligible business checking account and meet the balance requirement within 30 days of account opening.
How to Enroll and Benefit Activation
If you meet the eligibility criteria with your Bank of America business account and qualifying balances, you can enroll in the Preferred Rewards for Business program. Enrollment eligibility typically becomes available three or more business days after the end of the calendar month in which you meet the requirements. Once enrolled, benefits usually become effective within 30 days of your enrollment or, for new accounts, within 30 days of account opening, unless otherwise indicated by Bank of America. It’s also worth noting that some benefits might be accessible even without formal enrollment if you independently satisfy the balance and other specific requirements for those benefits.
By understanding these eligibility requirements for the Preferred Rewards for Business program, Bank of America business account holders can effectively plan and manage their accounts to potentially unlock a range of valuable benefits designed to support their business growth and financial management.
