Bank of America vs Live Oak Bank: what each publishes
As of October 17, 2026, Live Oak Bank takes these industries by its own published rules: AI and SaaS, with conditions. We hold no such rule from Bank of America.
Not a ranking: the two names are in alphabetical order. The free check applies every provider’s rules to your own answers.
Where it takes companies from
Policy by industry
| Industry | Bank of America | Live Oak Bank |
|---|---|---|
| AI and SaaS | No published rule | With conditions |
| Crypto | No published rule | No published rule |
| iGaming | No published rule | No published rule |
| Adult | No published rule | No published rule |
| Unlicensed financial services | No published rule | No published rule |
| Forex and CFD | No published rule | No published rule |
| Marketplace | No published rule | No published rule |
Where owners must live
Bank of America
One of the business owners or controlling managers must be a U.S. citizen or resident.
Live Oak Bank
No published rule
Rules about countries
Bank of America
Must be U.S. based. Foreign business customers are unable to apply at this time.
Live Oak Bank
Account holders and authorized signers must be a United States citizen or Permanent Resident with a valid Social Security number. People lawfully admitted to the United States on a temporary basis who have DHS authorization to work are not eligible to open an account.
Fees
Bank of America
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Business Advantage Fundamentals Banking | Not stated; opening deposit USD 100 or more ('Opening Deposit $100 or more') | USD 16 ('$16.00 each month.'), not charged until the thirteenth statement cycle closes; waived with a combined average monthly balance of USD 5,000 or more in eligible linked business deposit accounts, USD 500 or more in qualifying new net purchases with the linked business debit card, or Preferred Rewards for Business membership | · Source |
| Business Advantage Relationship Banking | Not stated; opening deposit USD 100 or more ('Opening Deposit $100 or more') | USD 29.95 ('$29.95 each month.'), not charged until the third statement cycle closes; waived with a combined average monthly balance of USD 15,000 or more in eligible linked business deposit accounts or Preferred Rewards for Business membership | · Source |
Live Oak Bank
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Business Essential Checking | Not stated | USD 10, waived with a USD 1,000 average daily balance | · Source |
| Business Plus Checking | Not stated | USD 25, waived with a USD 25,000 average daily balance | · Source |
| Business Plus Analysis | Not stated | USD 100, an earnings credit can offset it | · Source |
Closing an account
Bank of America
You or we may close your checking or savings account at any time without advance notice, except that we may require you to give us seven days advance notice when you intend to close your savings or interest-bearing checking account by withdrawing your funds.
Live Oak Bank
We may close an account at any time upon reasonable notice to you, and, if we close an account, tender the balance of the account to you, at our option, personally, by mail, or as otherwise requested by you.
Licence
| Licensee | Bank of America | Live Oak Bank |
|---|---|---|
| Licensee | Bank of America, National Association · national bank, Member FDIC (FDIC cert 3510) | Live Oak Banking Company · North Carolina state-chartered bank, Member FDIC (FDIC cert 58665) |
| Regulator | FDIC · | FDIC · |