Bank of America vs Mercury: Choosing a New Business Bank After ZenBusiness Banking
ZenBusiness Banking accounts close on November 30, 2026, and ZenBusiness has identified Bank of America and Mercury as options for moving your business banking. Bank of America is a traditional national bank with nationwide branches. Mercury is an online financial technology platform that offers free business checking and savings. You can choose either one, both, or any other financial institution.
How Bank of America and Mercury Compare
| Bank of America | Mercury | |
|---|---|---|
| What it is | A traditional national bank | A financial technology company, not a bank. Banking services are provided through Choice Financial Group and Column N.A., Members FDIC |
| Branches and ATMs | Nationwide branch and ATM access | Works online |
| Accounts | FDIC-insured business checking (Business Advantage Banking) | Business checking and savings, with opportunities to earn yield on eligible idle cash through Mercury Treasury |
| Fees | Depend on the account, so review Bank of America's current fee schedule | No required monthly fees or minimum balances, and free ACH transfers, checks, and domestic and international USD wires, subject to Mercury's terms |
| Everyday tools | Online and mobile banking, mobile check deposit, ACH transfers, online bill pay, and a business debit card | Virtual and physical cards, invoicing and bill pay, expense-management tools, and accounting integrations |
| Credit and payments | Business credit cards, loans, and merchant services, subject to Bank of America's terms | Ask Mercury about credit and lending, because ZenBusiness does not have current information on them |
| FDIC insurance | FDIC-insured | Expanded FDIC insurance through partner banks and sweep networks, subject to conditions |
| How to open an account | Find Bank of America in your ZenBusiness dashboard and select Open Bank Account | Explore and open an account at zenbusiness.com/mfe/banking/transition |
Each bank sets its own terms, eligibility requirements, and approval decisions, and opening an account with either is optional. ZenBusiness does not rank them or say that one is best for every business.
Bank of America
Bank of America offers business checking with online and mobile banking, mobile check deposit, ACH transfers, online bill pay, and a business debit card. It also offers merchant services, and it can discuss business credit cards and loans. Its branches and ATMs are nationwide. It may suit business owners who prefer a traditional bank with a broad range of business banking services.
To start, find Bank of America in your ZenBusiness dashboard and select Open Bank Account. If you opt in, ZenBusiness shares limited business information so a Bank of America business banking representative can contact you and help you through the application. Bank of America reviews and approves the application.
Mercury
Mercury offers free business checking and savings with no required monthly fees or minimum balances, free ACH transfers, checks, and domestic and international USD wires, virtual and physical cards, invoicing and bill pay, expense-management tools, and accounting integrations. It may suit customers who want an integrated financial platform that can support their business as it grows.
To start, go to zenbusiness.com/mfe/banking/transition and choose the option to open a Mercury account. You apply with Mercury, and where it is available and permitted, ZenBusiness may pre-fill information you already provided so you can review and confirm it before you submit. Mercury reviews and approves the application.
How to Choose
- You deposit cash or like in-person help. Bank of America has nationwide branches and ATMs. Ask Mercury about its current cash deposit options before you decide.
- You run your business online. Both offer online banking. Mercury is built around online tools such as invoicing, bill pay, and expense management, and Bank of America offers online and mobile banking and mobile check deposit.
- You expect to need credit, loans, or merchant services. Bank of America can discuss business credit cards, loans, and merchant services. Ask Mercury what it offers.
- You want to limit fees. Compare each bank's fee schedule against how you will use the account. Mercury has no required monthly fees or minimum balances.
- You want more than one account. You can open accounts with both.
Using Money Pro With Your New Bank
Mercury and Bank of America can both be linked to Money Pro through Plaid, like other external banks. ZenBusiness Banking links to Money Pro automatically, but that account closes on November 30, 2026. To link your new account, see How to Connect Your Bank Account to Money Pro.
Before November 30, 2026
- Open a new account.
- Redirect direct deposits and other incoming funds before November 1, when deposits into ZenBusiness Banking are disabled.
- Update automatic payments, subscriptions, payroll, and vendor payments.
- Confirm your mailing address.
- Move your remaining funds. Move Your Money From ZenBusiness Banking walks through it.
The full list of dates and what happens to a remaining balance is in the Banking Closure FAQ.
Frequently Asked Questions
Which is better, Bank of America or Mercury?
It depends on how your business banks, and ZenBusiness does not say that either is best for every business. Bank of America may suit you if you want branches and a broad range of traditional services. Mercury may suit you if you want an online platform with free checking and savings and built-in invoicing and bill pay. Compare the points above against how you will use the account.
Do I have to choose Bank of America or Mercury?
No. ZenBusiness has identified both as options, but you can move your funds to any financial institution you choose. Opening an account with Bank of America or Mercury is optional. Whichever bank you pick, move your remaining funds before November 30, 2026.
Am I guaranteed to be approved?
No. Each bank has its own application, identity-verification, eligibility, and approval requirements, and ZenBusiness cannot guarantee approval. Contact the bank directly with questions about an application or a decision. If one bank does not approve you, you can apply with the other or with any other financial institution.
Can I open accounts at both Bank of America and Mercury?
Yes. ZenBusiness does not require you to choose only one. Each bank has its own application, eligibility requirements, and approval decision, so apply with each separately. Whichever accounts you open, move your remaining ZenBusiness Banking funds before November 30, 2026.
Is Mercury a bank, and is my money FDIC insured?
Mercury is a financial technology company, not an FDIC-insured bank. Banking services are provided through Choice Financial Group and Column N.A., Members FDIC, and Mercury offers expanded FDIC insurance through partner banks and sweep networks, subject to conditions. Bank of America is an FDIC-insured bank. Read each provider's own disclosures to see how your deposits are covered.
Are Bank of America and Mercury the same as ZenBusiness Banking?
No. Each is a separate company with its own products, features, fees, eligibility requirements, and approval process. Your ZenBusiness Banking account does not convert to either automatically, so you need to open a new account and move your own funds. You open, manage, and get support for each account with that bank.
Who can I contact for help?
Contact Bank of America or Mercury directly about an application, approval decision, or account. For questions about your ZenBusiness Banking account or its closure, contact our support team.
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Important Information
Opening an account with Bank of America or Mercury is optional and subject to that bank's eligibility requirements and approval.
ZenBusiness is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.