Bank of America, the consumer side of the bank, has launched
a no-annual fee Business Advantage Relationship Rewards program for small
business clients that have up to $5 million in revenue. Businesses with more
than $5 million are handled by Bank of America Merrill Lynch global corporate
investment banking group.
The new program has three tiers based on a client's
three-month average of combined assets: Gold (have at least $20,000 in assets),
Platinum (have at least $50,000 in assets) and Platinum Honors level (have at
least $100,000 in assets). Ascending by tier, eligible businesses can earn 25
percent, 50 percent and 75 percent in relationship reward bonuses on the base
earn of 1 point for every $1 spent. Businesses can also earn 0.05 percent, 0.1
percent and 0.15 percent in cash rewards on monthly merchant services
processing.
In addition to points and cash back, the rewards program
also offers other benefits based on the client's level. "[Other banks] may
have a card bonus and deposit rate bonus, but ours gets into merchant services,
investments, credit cards, deposits, commercial loans, lines of credits and
discounts on rates as well," a BofA spokesperson told BTN. "It's the
first of its kind for small businesses and it's really comprehensive."
These benefits include:
- No fees on select banking services, like inbound
domestic wire transfers and stop payments
- Between 0.25 percent and 0.75 percent interest
rate discounts on small business loans—depending on the loan type—for new
Business Advantage lines, including term, auto and real estate loans and new
credit lines
- Monthly payroll product fee refunds of up to $20
- Waived commission fees for up to 100 monthly
online stock and exchange-traded fund trades for Platinum and Platinum Honors
tier clients