Small Business. Banking Reference Guide YOU RE THE BOSS, WE RE YOUR BANK Put us to work for you.

Transcription

1 Small Business Banking Reference Guide YOU RE THE BOSS, WE RE YOUR BANK Put us to work for you

2 Important Numbers and Online Resources Welcome to the #1 Small Business Bank in America 1. We re here to give you convenient, accessible service so that the innovative products and services you ve chosen will help you grow your business and achieve your goals. The information in this easy-to-follow guide will help you activate and set up your accounts so you can make the most of your small business banking experience. Small Business Customer Service BUSINESS ( ) Small Business Online Sales and Support Easy Online Payroll Customer Support Small Business Credit Card Customer Service Merchant Card Process Sales and Customer Support Bank of America Small Business Online resource to help you get started, activate your accounts, fee and account management, etc. Table of Contents Easy Steps to Help You Make The Move From Another Bank Important Phone Numbers and Online Resources 1 Easy Steps to Help you Move Your Bank Accounts 2 5 How to Manage Your Accounts and Prevent Fees 6 Valuable Benefits for You and Your Employees 7 Advanced Solutions for Your Growing Business 8 10 Customer Referral 11 If you are moving to Bank of America from another financial institution, here are five steps to a successful switch: 1. Notify your current bank that you are closing your account. 2. Give companies that make automatic withdrawals or direct deposits information they need to make the switch including your new account and routing numbers. Account Number Routing Number 3. Keep enough money in your old account to cover pending transactions. 4. Allow 10 days for checks to clear. 5. Close your old account and destroy any unused checks, deposit slips and ATM or check cards. 1

3 Simple Steps to Activate and Set Up Accounts Just follow the easy instructions below to activate the accounts you opened today. You ll be good to go in no time. Checking VISA Business Check Card Call at least 24 hours after account opening if: Your Intro Check Pack was not provided to you at account opening You need additional checks or business deposit tickets To activate your Check Card, you can follow one of these steps: Make a purchase using your Check Card and your PIN Call and follow the voice prompts to activate Use your Check Card at an ATM Small Business Online Banking with Unlimited Bill Pay If you didn t set up your Small Business Online Banking at the bank, follow these steps to enroll: 1. Access the online enrollment form at 2. Have the following information ready: a. Bank of America checking account number b. Bank of America ATM or Check Card number and PIN c. Your Social Security or Tax ID number d. Your address 3. Fill out the enrollment form, accept the terms and conditions and submit OR Connect with a live chat representative online who can help you Merchant Card Processing Alerts Overdraft Protection A few days after enrollment, you ll receive a Merchant Welcome Kit that contains important information and instructions for getting started with payment processing. You will also receive a call to schedule a complimentary training and terminal activation appointment, unless you choose to decline this service. 1. Sign in to Online Banking at bankofamerica.com 2. Select the Alerts tab under Accounts Overview 3. Follow the easy instructions on the Manage Alerts page 4. Set up the Primary address 5. To send Alerts to a mobile device, select the Secondary address Call BUSINESS ( ) or talk to your local banking center associate Give yourself more security with SiteKey. Go to and search SiteKey for more information To set up Bill Pay: 1. Click on Add Merchant/Payee. 2. Enter 3 9 characters of the merchant s name and click on the Search button to search the Merchant Directory. 3. Review the merchant name/address list and click on the appropriate merchant. 4. Enter your account number with that merchant as it appears on your statement and click Submit Request. 5. If you are unable to locate your merchant, click Request New Merchant. 6. From the navigation bar on the left-hand side of the page, select Quick Pay to see all your payees listed. 7. Enter an amount and a date for each payment you d like to make, then click Submit Payments. Go Green and Paperless Go to and enter Go Paperless It s easy to set up. Click on the Go Paperless link under your Accounts Overview page and follow the instructions. 2 3

4 Simple Steps to Activate and Set Up Accounts continued Just follow the easy instructions below to activate the accounts you opened today. You ll be good to go in no time. Account Management 1. Click on Business Tools 2. Locate Account Management Select the task you want, click on the link and follow the prompts: User Maintenance Edit/delete users Add new users QuickBooks Using Direct Connect for QuickBooks Account Viewing Link additional Accounts Online Business Suite If you didn t set up your Online Business Suite account at the bank, follow steps 1 3 under Small Business Online Banking on the previous page and set up your SiteKey. Then, follow the steps under the modules below for the services you signed up for. Express Invoicing 1. Click on Business Tools 2. Locate Express Invoicing Select the task you want and click on the link and follow the prompts: Create a new invoice Add a new customer View paid and unpaid invoice history Direct Payments 1. Click on Business Tools 2. Locate Direct Payments To pay individuals select the task you want, click on the link and follow the prompts: Pay one or more individuals Add a new recipient View individual payments history To pay businesses select the task you want, click on the link and follow the prompts: Pay a vendor Add a new vendor View vendor payments history Easy Online Payroll Next Steps 1. Go to and follow prompts to enroll 2. Once enrolled you can begin setting up your accounts. You will need the following information Company Name, Address, Phone Federal and State Employer ID numbers Tax Filing Status for Your Business Payroll History for the Year (wages, withholdings and taxes by tax type) Employee Tax Information (name, address, Social Security numbers, W-4 filing status, wage/vacation/sick history, pay deduction details, and their Bank of America check routing info for direct deposit) 3. Questions? Call for payroll setup assistance, M F 4 a.m 7 p.m. PST. 4 5

5 Manage Your Accounts and Help Prevent Fees Bank of America s simple tools and services help you stay on top of your accounts, which in turn can help you prevent fees. Be aware of fees associated with Bank of America checking, savings and credit card accounts and how to help prevent these fees ALERTS Know your account activity automatically with timely text messages and notifications for your checking, savings, credit cards and Online Banking accounts. Easily avoid late, overdraft and over credit limit fees Efficiently manage your finances and stay in the know regarding all account activity Enhance account security and provide balances, payment and transaction updates Stay informed of account activity and changes to your Online Banking account OVERDRAFT PROTECTION Be prepared by planning ahead. Help prevent bounced checks and save on Overdraft Item and Returned Item fees. Here s how it works: With Overdraft Protection Service, available funds from your Bank of America business savings account or credit card are automatically transferred to your checking account to help protect you when you re in an overdraft situation 2. Mobile Banking Simple and secure, mobile phone banking makes banking on your terms easy. Access balance information, pay your bills, transfer funds and find nearby ATMs or banking centers. Valuable Benefits For You and Your Employees Affordable Health Care Solutions Attract and retain valued employees with an employer-sponsored Health Savings Account (HSA) program 7 Employees earn interest tax-free on HSA funds; plus they can use the funds to pay for qualified medical expenses tax-free HSA funds belong to the employee so they keep them whether they change jobs, health plans, or even retire You can contribute to your employees HSAs so you can provide a valuable tax-sheltered form of employee compensation at a low cost Learn how you can save on health care with a tax-advantaged HSA program for you and your employees visit bankofamerica.com/hsaaccts, click on Business: HSA or call Direct Benefits Offer your employees discounted banking products and services when they sign up for direct deposit, at no additional cost to you. Extend your employee benefits and increase employee satisfaction with free MyAccess Checking and additional banking benefits and discounts Save time and money no checks to cut, reduced postage fees and lost checks eliminated Spend smart with <program name TBD> Use your Bank of America Business Check Card at hundreds of top retailers and get cash back up to 20% that goes right into your account. Sign up, now. If you re going to spend, spend smart. For more details, visit bankofamerica.com/ <TBD> 4 Learn, connect and share your business experience with Small Business Online Community. Network with other business owners who are local, nationwide and worldwide. Post questions and receive feedback from small business experts and peers. Connect with a national network of business contacts, suppliers and customers. Promote your business and your success stories. Post questions on our forums page Learn from Subject Matter Experts Review and rate business articles Network with business people nationwide Join the Community today Fee Description How to Prevent the Fee Overdraft Item Fee An overdraft occurs when you do not have available funds in your account to cover a check, Check Card transaction or another type of withdrawal. When Bank of America pays the check or withdrawal and then overdraws your account, you are charged a non-sufficient funds fee. The check or withdrawal is not paid by Bank of America and instead will return the item and charge you a returned item fee. Alerts, Overdraft Protection Monthly Maintenance Fee For certain checking and savings accounts, Bank of America charges a Monthly Maintenance Fee if certain balances or other requirements are not maintained. The Business Schedule of Fees enclosed in the back of this guide outlines the monthly maintenance fees for all checking and savings accounts, as well as the ways you can avoid these fees. Late Fee If your credit card bill is not paid by the due date, you are charged a Late Fee. Set up Alerts to notify you when your credit card payment is due. Set up automatic payments for the minimum credit card amounts so you never have to worry about a late fee. Overlimit Fee When you do not stay within your credit limit, you are charged an overlimit fee. The best way to avoid an Overlimit Fee is to know your credit card limit and monitor your outstanding balance. Set up Alerts to notify you when you are approaching your credit card limit. 6 7

6 Advanced Solutions for Your Growing Business As your business grows, so do your banking needs. Here s an overview of our banking solutions designed to help your business thrive. Checking Accounts that Offer Smart Solutions BUSINESS ADVANTAGE: THE PACKAGE BUSINESS FUNDAMENTALS: THE PACKAGE Effective Ways to Manage Your Cash Flow Visa Business Check Card If it s not your purchase, it s not your problem Make convenient and secure business purchases while having easy access to detailed records and expense tracking Business Savings Select Business Interest Maximizer Premium, variable rate interest-bearing savings account for Business Advantage customers Business Interest Maximizer Earn a higher interest rate on cash reserves and set funds aside for taxes, special projects or unplanned expenses. Business Investment Account Earn interest while maintaining flexibility to write up to three checks per statement period or unplanned expenses. Certificate of Deposits Specific term investment with our highest interest rates. A premium package without premium fees Our best value package includes many premium features and services without the additional fees. Ideal for more established businesses or businesses with employees that need more than a basic checking account. Provides business owners with a broad range of features to run their business easier, faster and more efficiently. Business Advantage *Free for the first three months *Free of monthly maintenance fee by maintaining average monthly or combined average monthly balance 1 Free 2nd Business Economy Checking Account 3 Free Regular Personal Checking Account Free Select Business Interest Maximizer Savings Account Free Visa Business Check Card with Total Security Protection Free Online Business Suite Account Management 4 Business Credit Card Preferred Rates on CDs Free Stop Payments Free Incoming Domestic Wire Transfers Free Introductory Check Package Alerts, Overdraft Protection and Mobile Banking These additional products and services are also available for you to include with any of our checking accounts and packages. Business Interest Maximizer Online Business Suite Account Management Express Invoicing Direct Payments Easy Online Payroll Business Loans Business Lines of Credit Merchant Card Processing Direct Benefits A basic package with the essentials for every business owner, including a new way to avoid the monthly maintence fee. A low-cost solution that includes the basic banking services every business owner needs. Ideal for start-ups and smaller businesses that do not currently need many of the features of the Business Advantage Package 1. Provides business owners more control over fees, account activity and security and protection of Check Card purchases. Business Economy Checking *Free for the first 3 months *Free of monthly maintenance fee with a qualified Check Card purchase 2 or when a specified balance requirement is met 1. Free Visa Business Check Card with Total Security Protection Free Small Business Online Banking with Unlimited Bill Pay Business Credit Card Alerts, Overdraft Protection and Mobile Banking Full Analysis Business Checking Ideal for businesses with a large number of transactions, frequent need to initiate wire transfers, large quantities of cash deposits or use an armored courier service. This checking account offers you tiered earnings credit rate rewards for keeping higher balances and flexible Treasury Management services 4. Business Interest Checking Designed for sole proprietorships, nonprofit organizations or government entities, this checking account enables you to earn interest on your balance and enjoy many of the benefits available with the Business Fundamentals package 7. Merchant Card Processing Give your customers more choices by accepting credit cards, debit cards, electronic checks, gift cards and other business-building payment options Get paid faster with funds available the next business day 5 Reduce expenses with the new Bank of America terminal available for zero-cost after rebate exclusively for our customers 6 $250 meet or beat guarantee versus your current merchant provider s processing fees 7 Contact Customer Service at for questions on technical support, statements, additional supplies or anything else you need assistance with. Credit That Will Help Grow Your Business Business Credit Cards 10 Manage your business, get rewards and build business credit with one of our many business credit cards WorldPoints Rewards for Business Earn rewards for everyday purchases including double points at gas stations, restaurants and office supply stores Visa Platinum Save with a 12 month promotional offer and ongoing low rates Other Air Partners Earn miles with Alaska, Asiana and Hawaiian Airlines Premium Credit Lines 11 Grow your business with access to funds when you need them Business Loans Expand your busv iness, buy equipment or consolidate commercial real estate 8 9

7 Search. Locations. Alerts. Mail. Help. Sign Off Accounts Bill Pay & e-bills Transfer Funds Investments Customer Service Accounts Overview Account Details Alerts Open an Account Account: Select Account Go Balance Summary? Account Activity My Statements Find Transactions $5, Available balance as of Introducing new online banking tools. 01/18/2007 Quick Find Find See how it works - take a test drive now Tell me more $4, Estimated balance as of 02/15/2007 Hide Go to: Mid next month (Feb 15, 07) Newest. Next. Previous. Oldest Account Number: Transactions? Clean up manual entries. Print. Download Show account number I would like to enter a new transaction My Keep the Change Savings Date Description Type Status Amount Balance I ve saved: S $4, $ /01/2007 Check 1000: Rent Check M -$1, $4, So far this month! Today: 01/17/2007 View history Pending TRANSFER TO SAVINGS -$10, , /16/2007 C -$2.00 $15, Turn off Popup Help 01/16/2007 C -$ $15, /16/2007 C $ $15, With a savings account - 01/16/2007 -$ $15, your balances could Advanced Solutions for Your Growing Business continued Account Management Gain Control with Powerful Online Tools Small Business Online Banking with Unlimited Bill Pay Enjoy greater freedom, security and control by managing finances anytime, anywhere Free unlimited Bill Pay and e-bills Simplify your record keeping with access to 18 months of online statements Stay informed of important account transaction activity with free Alerts Online Banking 02/01/2007 Duke Power -$ NON-BANK CARD ATM FEE ON # SAFEWAY STORE CU STOMER 9682 PURCHAS... GLOBAL CAS ATM WITHDRW L # BANK OF AMERICA CREDIT CARD Bill Payment Online Business Suite with Payroll Manage your business the fast and easy way, choose from any or all of the four solutions that meet your needs. Each module is FREE for the first three months 4. Transfer Funds 1. Transfer now between your own accounts 2. Schedule transfer for later 3. Transfer now to other Bank of America customers Conveniently view personal and business accounts including accounts from other financial institutions with one sign-on 4 Minimize risk by delegating separate, secure, online access for accountants, employees or partners to view or make transactions CA Checking SAVE C P R Return to: Bank Menu Sign Out Notes $ 50 For You And a bonus for the business owner you refer Because we value your relationship with us, we are offering you $50 for every qualified new customer you refer to Bank of America who opens a new business checking account 1. The business owner you refer can get a bonus, too. Tear off this coupon offer, fill in your information and pass it to a friend to bring with them to their neighborhood Bank of America banking center. When they open their new business checking account, you can both receive a bonus. Express Invoicing Direct Payments Easy Online Payroll Get paid faster and avoid check holds by sending invoices and receiving payments electronically Save time with automatic invoice reminders, past due notices and calculation and application of late fees or penalties Maximize cash flow by paying individuals or companies electronically directly into their bank accounts Easily schedule payments by using standard three-day or optional next day payments CALL or GO TO for questions, technical support or for more information Monarch Award Winner Overall Best Innovative Solution 12 Save time, money and minimize paperwork by paying 1 50 employees with automatically generated direct deposit, pay statements, checks and tax payments Have peace of mind with 100% guaranteed accurate federal, state and local tax calculations and voluntary withholdings Retain control of funds longer by electronically paying and filing taxes when they are due, not with every payroll run NOTE: We also offer traditional payroll services for employers with more than 50 employees to pay as well as tax payment services for non-payroll tax payments. CALL or GO TO for questions, technical support or for more information. Referrer s name Company Name (if applicable) Address Telephone number address Ask a Bank of America associate or log on to bankofamerica.com/referral for full program details. REDEMPTION PROCESS FOR BANK OF AMERICA ASSOCIATES: Offer Code: SBFWKE IMPORTANT NOTE FOR PERSONAL BANKERS: Please use the Marketing Online Redemption System or call the Redemption Hotline via OneCall to request the offer fulfillment on the customer s behalf. See reverse for terms and conditions

8 Important note for personal bankers: Please use the Online Redemption Form or call OneCall to request the offer fulfillment on the customer s behalf. Contact the Marketing Resource Center or see the Marketing Calendar in Connections or Banking Center Online for more information about this program. This offer expires no later than 6/30/2009. Bank of America may terminate the offer before that date. Existing Customer (Referrer): We pay the incentive to an existing Customer (Referrer) by check after we verify that the new customer they referred opened a qualifying new business checking account and also meets the other terms of this offer. We generally issue all checks within 90 days of a qualifying account opening. We may report to the IRS the value of any incentive or other premium and any applicable taxes are the responsibility of the recipient. Bank of America reserves the right to determine in its sole discretion the eligibility of new customers (referees) and existing customers (referrers) for this offer. We reserve the right to disqualify referrals in circumstances where we reasonably believe they were not sent to us in good faith. New Customer (Referee): To Qualify: You must present this referral form at the time of the account opening and satisfy the terms of the applicable referral program. You must open a new business checking account and must maintain a minimum average balance of $25 for 30 days. All accounts are subject to ournormal approval process. Eligibility: You must be a new customer. You are not eligible if you are or were an owner or signer on a Bank of America business checking account that is open now or that was closed within the last 90 days. You are not eligible if you are a Bank of America Associate. This offer cannot be combined with any other offer. Incentive: We generally pay the new customer s incentive amount by crediting his/her new Bank of America checking account within 90 days of account opening. Otherwise, we may pay the incentive by check. We may report to the IRS the value of any incentive or other premium and any applicable taxes are the responsibility of the recipient. Terms of the Account: New business checking accounts require a minimum opening deposit of $25 and must maintain a minimum average balance of $25 for 30 days. Please consult a banking center associate, visit or see our Personal Schedule of Fees or Business Schedule of Fees for more information. Ask a Bank of America Associate for more details on the Referral program. Reproduction, purchase, sale, transfer or trade of this coupon is prohibited. Bank of America, the Bank of America logo and the Bank of Opportunity are registered trademarks of Bank of America Corporation. Bank of America, N.A. Member FDIC Bank of America Corporation B 9/2008 Important Numbers and Links Small Business Customer Service BUSINESS ( ) Small Business Online Sales and Support Easy Online Payroll Customer Support Merchant Card Process Sales and Customer Support Microsite/Landing Page Online resource to help you get started, activate your accounts, fee and account management, etc. Small Business Specialist phone 13

9 1 Source: 2008 Micro Small Business study conducted by TNS. 2 With the Overdraft Protection service, available funds are transferred from your Bank of America business savings account or credit card account. Transfer and other fees may apply. Transfers from sufficient funds in savings will be made in $100 increments. These transfers will count as one of the six limited transactions you are allowed each month from your savings account. If you use your savings account for the Overdraft Protection service, please see the Deposit Agreement and Disclosures and our Business Schedule of Fees for information on your account s terms and fees. If you link your Bank of America business checking account with your business credit card to have the Overdraft Protection service, we ll automatically transfer funds from your credit card account to cover any overdraft in your checking account, provided your credit card account has enough available credit and you haven t defaulted on your Business Card Agreement. A 3% fee will be applied to the transferred amount ($10 minimum) and the cash advance will accrue interest at the Annual Percentage Rate (APR) specified in your Business Card Agreement. If the available balance in your credit card account is not enough to cover the amount required by the overdraft, we may advance the funds even if it causes your credit card account to exceed your credit limit. In that case, a fee will be applied for exceeding the credit limit. As a result, in certain cases, the fees for using the Overdraft Protection service linked to your credit card account may be higher than the overdraft item fees or returned item fees that otherwise would have been charged to your checking account. Please note that a transfer may not be made under these overdraft protection plans if you do not have sufficient available funds in the linked savings or credit card account to cover the check or other overdraft. See your Business Card Agreement for more information. 3 Under federal regulations, other business types are not eligible for Business Interest Checking. The features and benefits of the Business Fundamentals Package are available with a Business Interest Checking account with the exception of the waived monthly maintenance fee due to Check Card purchases. See Business Schedule of Fees for Business Interest Checking fee details. 4 You must have either a Bank of America check card or credit card and be enrolled in Online Banking to be eligible for participation in the program. Program is not available to Online banking customers in WA or ID, Military bank customers or Private Wealth clients. Select endorsed check card and credit cards and other products, including Small Business credit cards are not eligible for participation in the program. Participating retailers and offers are subject to change. Additional restrictions apply.for complete details see Terms and Conditions at: < URL TBD> 5 To view accounts from other financial institutions, you must have online access and set up at each financial institution 6 After deposit of transactions made to a Bank of America business checking account. Only valid on Visa and MasterCard. Certain exceptions may apply. Merchant card processing is provided by BA Merchant Services, LLC, a subsidiary of Bank of America, N.A. 7 The terminals will be zero cost after a rebate, as part of a 3-year fixed pricing package for each new merchant account as further described in the Fee Schedule provided by Bank of America, N.A. ( Bank ). At the time the merchant opens a new merchant account, it can purchase one Hypercom Optimum T4210 for $199 or one Hypercom Optimum T4220 for $299 up front; only one discounted terminal per merchant account (additional terminals may be purchased at the regular retail price). The merchant can get a rebate of that purchase price less sales tax and any applicable handling fee, which will appear as a credit on the 12th month merchant account statement; only one rebate per account. For each such merchant account, if the merchant closes any new merchant account or terminates the Merchant Agreement with Bank (or if the Bank takes either such action for cause) or if the merchant requests a reprice within that 3-year period, then in any of those events, an early package cancellation fee of $199 will be charged for that merchant account at that time (and if such event occurs within the first 12 months, the merchant is also no longer eligible for the rebate associated with the terminal for that merchant account). 8 Bank of America, N.A. is the custodian of The HSA for Life Health Savings Account from Bank of America. The HSA for Life Health Savings Account from Bank of America is intended to qualify as a Health Savings Account as set forth in the Internal Revenue Code,Section 223. You must satisfy the HSA eligibility requirements set forth in Internal Revenue Code Section 223 in order to establish and make tax advantaged contributions to the HSA. You are solely responsible for ensuring that you satisfy the HSA eligibility requirements set forth in Internal Revenue Code Section 223. If you establish an HSA and you are not otherwise eligible, you will be subject to adverse tax consequences. We recommend that you contact qualified tax or legal counsel before establishing a Health Savings Account. To be eligible for an HSA under Internal Revenue Code Section 223, you must be enrolled in a qualified high-deductible health plan. In addition, you cannot open a Health Savings Account if you: Can be claimed as a dependent on anyone else s tax return. Are currently receiving Medicare benefits. Are enrolled in any non-qualifying health coverage that does not satisfy the statutory minimum deductible requirements of the Internal Revenue code, Section 223. If you have a Flexible Spending Account or Health Reimbursement Arrangement, you may not be eligible to open a Health Savings Account. These conditions are subject to change. For more information, go to public-affairs/hsa 9 When the Credit Card Overdraft Protection is accessed, a preset dollar amount is charged to the credit card account as a Bank Cash Advance. There is a transaction fee assessed, and finance charges accrue from the date of the transaction. If you are too close to your credit limit, this transaction could put you over your credit line, which will result in its own overlimit fee. 10 Credit subject to approval. Normal credit standards apply. Credit cards are issued by FIA Card Services, N.A. 11 Credit is subject to approval. Normal credit standards apply. 12 Source: Barlow Research Associates 2008 Monarch Innovation Awards Bank of America, the Bank of America logo and the Bank of Opportunity are registered trademarks of Bank of America Corporation. Bank of America, N.A. Member FDIC Bank of America Corporation B 9/