Editor’s Picks Banks in Massachusetts for Amazon Sellers in

Editor’s Picks: Banks in Massachusetts for Amazon Sellers in 2025

As an Amazon seller operating in Massachusetts, selecting the right bank can significantly impact your business operations. Factors such as fees, account types, and customer service can influence your decision. This article provides a comparative review of banks in Massachusetts suitable for Amazon sellers, along with their pros and cons.

Quick Summary

When choosing a bank, Amazon sellers should consider their specific needs, including transaction volume, online banking capabilities, and access to business loans. Some of the notable banks to consider in Massachusetts include:

- Bank of America
- TD Bank
- Santander Bank
- Eastern Bank
- Cambridge Trust Company

Each of these banks offers various business account options, which cater to different needs and preferences.

Eligibility & Requirements

To open a business bank account in Massachusetts, you typically need to meet the following requirements:

1. Business Registration: Your business must be legally registered in Massachusetts. This may include obtaining an Employer Identification Number (EIN) from the IRS.
2. Identification: Personal identification such as a driver’s license or passport for all signatories.
3. Business Documentation: Depending on the business structure (LLC, corporation, sole proprietorship), you may need to provide additional documents such as articles of incorporation or a business license.
4. Initial Deposit: Most banks require a minimum initial deposit to open the account.

It's advisable to check with individual banks for specific eligibility criteria, as they may vary.

Step-by-Step Opening Process

1. Research Banks: Compare the features of different banks and their account offerings.
2. Gather Documents: Prepare the required documentation, including identification and business registration papers.
3. Visit the Bank or Apply Online: Depending on the bank, you may open an account online or in person. Online applications typically require you to fill out forms and upload documents.
4. Make Initial Deposit: Transfer the minimum required deposit to activate the account.
5. Set Up Online Banking: Once the account is open, set up online banking for easier management of your finances.

Typical Fees & Timelines

Fees associated with business bank accounts can vary considerably. Here’s a general overview of typical fees and timelines for the banks mentioned:

Bank of America

- Monthly Maintenance Fee: $16-$25 (may be waived with a minimum balance)
- Transaction Fees: $0.45-$0.75 per transaction after a certain limit
- Wire Transfer Fees: $15-$30 for domestic wires

TD Bank

- Monthly Maintenance Fee: $5-$30 (waivable with qualifying conditions)
- Transaction Fees: $0.25-$0.50 per transaction after the limit
- Wire Transfer Fees: $15-$25 for domestic wires

Santander Bank

- Monthly Maintenance Fee: $10-$25 (waivable with minimum balance)
- Transaction Fees: $0.50 per transaction after a set limit
- Wire Transfer Fees: $15-$20 for domestic wires

Eastern Bank

- Monthly Maintenance Fee: $10-$20 (waivable with balance)
- Transaction Fees: $0.25-$0.50 per transaction
- Wire Transfer Fees: $15-$30 for domestic wires

Cambridge Trust Company

- Monthly Maintenance Fee: $10-$20 (may vary based on account type)
- Transaction Fees: $0.25-$0.50 per transaction
- Wire Transfer Fees: $20-$30 for domestic wires

Note that these fees are indicative and may change. Always verify with official sources before making a decision.

Alternatives & Digital Banks

In addition to traditional banks, Amazon sellers might consider digital banks or credit unions, which often provide lower fees and innovative features. Some options include:

- Chime: Offers no monthly fees and free transactions.
- BlueVine: Provides business checking accounts with no monthly fees and interest on deposits.
- Novo: A digital banking platform with no monthly fees and easy integration for eCommerce businesses.

These digital banks may offer fewer physical locations, but they often excel in online services and customer support.

FAQs

1. What type of account do I need as an Amazon seller?You typically require a business checking account to manage daily transactions and a business savings account for holding reserves.

2. Are there any fees for maintaining a business account?Yes, most banks charge monthly maintenance fees, which can often be waived based on account activity or minimum balances.

3. Can I open a business account online?Many banks offer online account opening, but some may require a visit to a branch for identity verification.

4. How long does it take to open a business account?The process can take anywhere from a few hours to several days, depending on the bank's requirements and your preparedness.

5. What are the typical transaction limits for business accounts?Transaction limits vary by bank and account type, but common ranges are from 100 to 300 transactions per month before additional fees apply.

6. Do I need an EIN to open a business account?An EIN is typically required for most business structures, particularly LLCs and corporations.

7. Can I use a personal account for my Amazon business?While you can, it is not advisable. Using a business account helps keep personal and business finances separate, which is crucial for proper accounting.

8. What should I consider when choosing a bank?Consider factors such as fees, services offered, customer service, and how well the bank integrates with your eCommerce operations.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles