Bank of America does not charge a fee to open a checking account

You can open a Bank of America checking account at no cost. There is no process fee, no setup fee, and no charge straightforward for creating the account. The account itself is free to open, though some accounts carry monthly maintenance fees once the account is active, and you may incur charges for specific transactions or services depending on which checking product you choose.

The confusion often comes from the difference between opening an account and maintaining one. Opening is free. What you pay for depends on the account type you select and how you use it.

Key Takeaways

  • Bank of America charges nothing to open any of its checking accounts, whether in person, online, or by phone.
  • Monthly maintenance fees vary by account type: some accounts have no monthly fee, while others charge $12 or $15 per month unless you meet balance or deposit requirements.
  • You can waive monthly fees on most accounts by maintaining a minimum balance, setting up direct deposit, or meeting other conditions that differ by account.
  • Overdraft fees, ATM fees outside the Bank of America network, and wire transfer fees are separate charges that explore during account use, not at opening.

Which Bank of America checking accounts have monthly fees

Bank of America offers several checking products, and the monthly cost depends on which one you choose. The Advantage SafePass Checking account has no monthly maintenance fee. The Advantage Plus Checking account carries a $12 monthly fee, though you can waive it by maintaining a $1,500 minimum daily balance, setting up direct deposit, or having a Bank of America credit card or mortgage.

The Advantage Relationship Checking account costs $15 per month and requires either a $2,500 minimum daily balance or a combination of linked accounts and services to waive the fee. If you are a student under 24, the Advantage Student Checking account has no monthly fee for the first four years.

The specific fee structure can change, so the account terms available to you depend on when you open and your location. You can review the current fee schedule on Bank of America's website or ask in person at a branch before you open.

How to open a Bank of America checking account

You can open an account online, by phone, or in person at a Bank of America branch. Opening online takes about 10 minutes and requires your Social Security number, a valid government-issued ID, your date of birth, and an initial deposit (usually $25 or more, depending on the account type). You will also need a current mailing address.

If you open in person at a branch, bring the same documents plus a debit card or checkbook from another bank if you want to link it for transfers. Opening by phone requires calling Bank of America directly; a representative will walk you through the same information and may ask additional questions to verify your identity.

Once you submit your information, Bank of America typically approves the account within minutes if you open online or in person. You can begin using the account when ready in most cases, though some features like debit card ordering may take a few business days.

Charges that explore after the account is open

While opening is free, Bank of America charges for certain activities once the account exists. An overdraft fee applies if you spend more than your balance; this fee is $35 per overdraft item. A non-sufficient funds (NSF) fee of $35 applies if a transaction is declined because of insufficient funds.

Using an ATM outside the Bank of America network costs $2.50 per withdrawal. Sending a domestic wire transfer costs $15, and an international wire costs $45. Ordering a replacement debit card is free, but expedited delivery costs extra. Cashier's checks cost $10 each.

These fees are standard across most Bank of America checking accounts. Some fees can be avoided by using Bank of America ATMs, maintaining a positive balance, or choosing digital transfers instead of wire transfers.

Minimum deposit requirements at opening

Bank of America requires an initial deposit to open most checking accounts, though the amount varies. For most accounts, the minimum opening deposit is $25. Some accounts or promotions may require $100 or more, but this is not universal.

The initial deposit can come from a transfer from another bank account, a check deposit, or cash if you open in person. You do not have to keep that amount in the account after opening; once the account is active, you can withdraw it without penalty. The opening deposit is straightforward a way to fund the account initially, not a permanent minimum balance requirement.

How to avoid monthly maintenance fees

Most Bank of America checking accounts allow you to waive the monthly fee by meeting one or more conditions. The most common options are maintaining a minimum daily balance (usually $1,500 to $2,500), setting up direct deposit of at least $250 per month, or linking the account to a Bank of America credit card, mortgage, or investment account.

Some accounts waive the fee if you maintain a combined balance across multiple accounts, so if you have a savings account or money market account with Bank of America, that balance may count toward the threshold. Student accounts waive fees automatically for the first four years regardless of balance.

When you open your account, ask which waiver option works best for your situation. If you cannot meet the balance requirement, direct deposit is often the easiest path. You can set up direct deposit through your employer's payroll system or by having Social Security or other regular income deposited directly to your Bank of America account.

Frequently Asked Questions

Can I open a Bank of America checking account online without going to a branch?

Yes. You can open most Bank of America checking accounts entirely online through their website. The process takes about 10 minutes and requires your Social Security number, a valid ID, and an initial deposit. You will receive account details when ready and can use the account right away, though your debit card will arrive by mail in a few business days.

What happens if I cannot meet the minimum balance to waive the monthly fee?

You have other options to waive the fee without maintaining a high balance. Setting up direct deposit of at least $250 per month waives the fee on most accounts. You can also waive it by linking a Bank of America credit card or mortgage to the account, or by maintaining a combined balance across multiple Bank of America accounts.

Do I need to keep money in the account after I open it?

No. After your initial deposit clears, you can withdraw that money without penalty. However, if you want to avoid monthly maintenance fees, you will need to either maintain a minimum balance, set up direct deposit, or meet another waiver condition. An account with a zero balance that does not meet any waiver requirement will incur the monthly fee.

What is the difference between overdraft fees and NSF fees?

An overdraft fee ($35) applies when Bank of America covers a transaction and your account goes negative. An NSF fee ($35) applies when a transaction is declined because you do not have enough money. Both fees are the same amount, but overdraft means the bank paid it; NSF means the transaction was rejected.

Can I open a Bank of America checking account if I have had banking problems before?

Bank of America uses ChexSystems, a banking history report, to screen new account applications. If you have unpaid overdrafts, fraud, or other serious issues on record, your process may be denied. You can request your ChexSystems report to see what is on file, and some issues may be resolved by paying outstanding balances or waiting for older items to age off the report.