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Bank of America does not deliver and is not responsible for the products, services or performance of ADP. Internet access may be required. Internet services provider fee may apply. Other bank fees may apply. See the Business Schedule of Fees available at bankofamerica.com/businessfeesataglancefordetails.
*The Preferred Rewards for Business program (formerly known as Business Advantage Relationship Rewards) is only available to Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program if you have an active, eligible Bank of America business checking account, and maintain a combined balance in any combination of your qualifying Bank of America® business deposit accounts and/or your qualifying Merrill business investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on either (i): your average daily balance for a three calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement within thirty days of opening that account. Bank of America Private Bank® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your Bank of America Private Bank® relationship. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Your benefits become effective within one month of your enrollment, or within one month of account opening for new accounts opened after you enroll, unless we indicate otherwise. Program benefits subject to change.
Visit Preferred Rewards for Business and view the Business Schedule of Fees, Preferred Rewards for Business Program Rules section for details on accounts that do and do not qualify for the combined balance calculation or receive program benefits.
If you are enrolled in the Preferred Rewards for Business program and are a client who has enrolled through Bank of America to receive full service payroll services from a Bank of America approved payroll provider (currently, ADP®), then you are eligible to receive a refund from Bank of America of a portion of your payroll product services fees based on your tier status in the Preferred Rewards for Business program as follows: Gold tier: $10, Platinum tier: $15, Platinum Honors tier: $20. Only service fees for the payroll provider’s full service payroll solutions are refund eligible. In addition to the general eligibility requirements, you also must fund your payroll with an eligible Bank of America business checking or business savings account. The payroll service fee refund is typically reflected monthly as a statement credit into the same account you are using to fund payroll as long as you have processed at least one payroll transaction through the account in the last 180 days. The payroll service fee refund is typically processed in the month following the statement cycle in which the fee was assessed. For example, payroll activity in January may result in a statement credit in your March statement. In order to receive this refund, the Bank of America business deposit account where you fund your payroll must be open at the time the refund is credited. Any pending refund payments forfeit upon account closure.
To be eligible for a refund, clients must have enrolled in ADP ® Payroll Services through Bank of America on or after December 31, 2015. ADP and the ADP logo are registered trademarks of ADP, LLC, used under license. ADP ® Payroll Services is a product of ADP, LLC. Bank of America does not deliver and is not responsible for the products, services or performance of ADP, LLC. Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients’ use of their services.
