Bank of America is opening a loyalty program for its small business clients, with the focus on growing a client’s account balance through the presence of rewards.
The program, which was announced by the bank yesterday, will allow SMBs with “an eligible Bank of America business checking account” (as well as a three-month average balance of $20k or more) to join the program, which includes credit card reward bonuses and interest rate discounts as well as cash rewards.
The rewards program—which is structured into Gold, Platinum, and Platinum Honors tiers—also offers “waived fees” on certain banking transactions, including domestic wire transfers. Business owners can access these features via their online account, or through the BofA mobile app.
Bank of America currently has 3.1 million small business customers, according to the bank. It manages approximately $2.2 trillion in assets.
Read more at BusinessWire and PYMNTs.