Commercial Account
A commercial account in a bank refers to an account that is made in the name of any business or corporation. The account is run, used and managed by the ‘Beneficial Owner’ of a company for the concerns and purposes revolving around the company or the corporation. Bank of America does allow you to open and run a business or commercial account and operate through it. It is not a hidden thing that the bank benefits way more from the commercial account in comparison to a personal account. The bank at times gives loans to the business in need or at loss, and when the company profits turn out to be a large share of interest for the Bank. A good example of cooperation between the companies and the banks.
To open a business account with the Bank of America one needs to have a few things beforehand, details of which are mentioned below:
Business tax IDProof of the Date on which Business was brought into beingName of Country or the State where the Business was formedDetails of Country or the State from where the business operatesLegal business name or if doing business from any other name, the DBA (Doing Business As) name is compulsory Personal Information about the owner of a business and the controlling manager (The Beneficial Owner)Current address proof certificates of Incorporation
The Beneficial Owner of a Business/Commercial Account
A Beneficial owner is the most important part of any Commercial account. He/she is someone who holds a reasonable part of the company doing business with the Bank of America. The federal law requires to have a record of information and details of the Beneficial owner and verify that information and details provided to the bank about the concerned Beneficial owner of a particular company or the corporation.
The Beneficial owner owns at least 25% or more of the equitable interest of the corporation directly or indirectly. The Beneficial Owner could be anyone holding a managing or executive position in the company such as the Senior Executive officer or the Senior Manager of a company. The Beneficial Owner is directly responsible for all the concerns, functions and at times malfunction of the company’s business account.
Conclusion
The importance of having a separate commercial account for your business can never be stressed enough for multiple reasons, the prime being the fact that it is easier to keep a track of business expenses for tax, as with the business account you can keep a check and track the expenses that are required to the proper fulfilment of tax. Secondly, when you do not have a separate business account that means you cannot track or have a record of the capital you invested in the business and what profit you expect out of it and most importantly putting the money into a business that was needed for your expenditure is anything but a good idea. Hence, it is always better to open a commercial account separately in a bank independent of your account.
Q.1. How do I change my legal name at the Bank of America?
A. To change your legal name at the Bank of America, if you are an individual you need to bring a government-issued photo ID card including additional documentation supporting your reason and situation to any financial centre of Bank of America. The associate at the financial centre will assist you from thereon. However, if you are co-owner of an account then the other partner along with you needs to accompany you to the financial centre of Bank of America, after which the same process would be followed.
Q.2. What are the ways available to access my account at the Bank of America?
A. There are multiple ways available at the Bank of America to access your account like the Online Banking or Mobile Banking method. You can also access your account through the application on your phone, find the nearest financial centre or through the Debit Card.
Q.3. How to lock my lost Debit Card through my phone’s application to Bank of America?
A. To lock your debit card through the mobile application you can follow the simple steps:
Open the application on the phone and go to the Menu.
Select the option Manage Debit Card/Credit Card
Choose the card you want to deal with
Tap on the Lock tab under the card image
A confirmation mail will shortly be received by you informing you about the card you locked. Through the same process, you can unlock your card as well once you find it out.
