Bank of America has checking accounts that do not require you to keep a minimum balance, but the account type and your banking habits determine whether you pay monthly fees

Bank of America offers several checking accounts, and not all of them require you to maintain a minimum balance to avoid fees. The eChecking account is their main option for people who want no minimum balance requirement. However, "no minimum balance" does not automatically mean "no monthly fee" — that depends on which account you choose and whether you meet other conditions to waive the fee.

The key difference is between accounts that charge a monthly maintenance fee and accounts that do not. Some accounts waive their fee if you meet certain requirements, like setting up direct deposit or maintaining a small balance. Others have no monthly fee at all, regardless of your balance. Understanding which type you are looking at matters before you open an account.

Key Takeaways

  • Bank of America's eChecking account has no minimum balance requirement and no monthly maintenance fee.
  • Other Bank of America checking accounts may have no minimum balance but do charge a monthly fee unless you meet waiver conditions like direct deposit or a linked savings account.
  • The monthly fee for accounts that charge one is typically around $12, but can be waived through specific actions you take with the account.
  • You can find the current fee structure and waiver options by visiting a Bank of America branch or calling their customer service line.

eChecking: No minimum, no monthly fee

The eChecking account is Bank of America's account designed for customers who do not want to maintain a minimum balance and do not want to pay a monthly fee. This account has no monthly maintenance charge, period. You do not need to set up direct deposit, link a savings account, or keep any particular balance to avoid a fee.

eChecking comes with a debit card, online banking, and the ability to write checks. The trade-off is that it does not earn interest on your balance, but most checking accounts do not. If your main goal is a straightforward account with no balance requirement and no fee, this is the account to ask about.

Other checking accounts and their fee-waiver options

Bank of America offers other checking accounts that may have a monthly maintenance fee but allow you to waive it if you meet certain conditions. For example, some accounts waive the fee if you set up direct deposit, maintain a linked savings account with a minimum balance, or keep a certain amount in your checking account itself.

The specific waiver conditions change, so the amount you need to maintain or the actions you need to take are not fixed. When you visit a branch or call, ask what the current waiver options are for any account you are considering. This matters because if you can meet one of the waiver conditions easily, an account with a fee might work just as well as eChecking.

How to confirm the current fee structure

Bank of America updates its account terms and fees periodically, so the best way to know what applies right now is to ask directly. You can visit a local Bank of America branch, call their customer service number, or check their website for the most current fee schedule.

When you contact them, ask specifically: "What checking accounts have no monthly maintenance fee?" and "What are the waiver options for accounts that do charge a fee?" This way you will get the current information rather than relying on details that may have changed.

What happens if you do not meet fee-waiver conditions

If you open an account that has a monthly fee and you do not meet any of the waiver conditions, the fee will be charged to your account each month. For accounts that charge a fee, it is typically around $12 per month, though this varies. Over a year, that adds up, so it is worth confirming before you open the account whether you can meet a waiver condition or whether you should choose eChecking instead.

Some people accidentally open an account with a fee when they could have opened eChecking. If this happens to you, you can close the account and open eChecking instead. Bank of America does not charge a fee to close an account, so there is no penalty for switching.

Opening an account in person or online

You can open a Bank of America checking account either at a branch or through their website. If you open online, you will need to provide your Social Security number, a government-issued ID, and proof of your current address (like a recent utility bill or lease). The process usually takes a few minutes.

If you open in person at a branch, a banker can walk you through the options and help you choose the right account for your situation. This can be helpful if you are new to banking or unsure which account fits your needs. You will still need the same documents.

Frequently Asked Questions

Does eChecking have any hidden fees?

eChecking has no monthly maintenance fee. You may incur other fees if you overdraw your account, use an out-of-network ATM repeatedly, or request certain services like a cashier's check, but the account itself has no monthly charge.

Can I switch from a checking account with a fee to eChecking?

Yes. You can close your current account and open eChecking, or in some cases convert your existing account to eChecking. Contact Bank of America to ask which option is available to you. Closing an account does not cost anything.

What if I want to earn interest on my checking balance?

Bank of America's standard checking accounts, including eChecking, do not earn interest. If earning interest matters to you, ask about their savings accounts or money market accounts, which do pay interest, though the rate varies.

Do I need a minimum opening deposit to start eChecking?

Bank of America does not require a minimum opening deposit for eChecking. You can open the account with any amount, even a small deposit, and there is no minimum you must maintain.