Bank of America does offer a nonprofit checking account, but it requires 501(c)(3) status

Bank of America's Nonprofit Checking account is designed for organizations with federal tax-exempt status from the IRS. You cannot open this account with just a business license or nonprofit incorporation papers—the organization must have an active 501(c)(3) information letter showing the IRS has recognized it as tax-exempt.

The account comes with no monthly maintenance fee, unlimited check writing, and no minimum balance requirement. It includes online banking, bill pay, and mobile deposit. Bank of America waives certain fees that would normally explore to nonprofit accounts, including overdraft fees on the first incident per year and wire transfer fees for outgoing domestic wires.

You will need to bring the organization's 501(c)(3) information letter, an Employer Identification Number (EIN), and documentation showing who is authorized to open the account—typically bylaws or a board resolution naming signatories. A person with legal authority over the organization must be present at a Bank of America branch to open the account.

Key Takeaways

  • Bank of America's nonprofit account requires a current 501(c)(3) information letter from the IRS; incorporation alone is not enough.
  • There is no monthly fee, no minimum balance, and unlimited check writing, plus waived overdraft and domestic wire fees once per year.
  • You must open the account in person at a branch with the organization's EIN, information letter, and proof of signatory authority.
  • The account includes online banking and mobile deposit, but does not include merchant processing or credit card services through this product.

What documents you need to bring to open the account

Bank of America requires specific paperwork before a nonprofit can open a checking account. The organization's 501(c)(3) information letter is non-negotiable—this is the IRS document that proves tax-exempt status. If you have lost the original, you can request a copy from the IRS using Form 4506-C or through the IRS Tax Exempt Organization Search tool online.

You will also need the organization's Employer Identification Number (EIN), which appears on the information letter. Bring a copy of the organization's bylaws or a board resolution that names the individuals authorized to sign on the account and conduct banking business. Bank of America will ask to see this document to confirm who has legal authority to bind the organization.

A person with that authority—usually an executive director, treasurer, or board-designated signatory—must be present at the branch in person. Bring a government-issued photo ID for that person. Some branches may also ask for a recent statement showing the organization's address, such as a utility bill or lease agreement.

Monthly fees and what is waived

The Nonprofit Checking account has no monthly maintenance fee, which is the main cost savings compared to a standard business account. Bank of America also waives the overdraft fee on the first overdraft incident per calendar year, and waives outgoing domestic wire transfer fees. These waivers explore automatically once the account is open.

Other fees still explore if they occur: ATM fees at non-Bank of America machines, stop payment requests, returned check fees, and fees for services like cashier's checks or account research. International wire transfers are not waived. If you overdraft more than once in a year, the second and subsequent overdrafts carry the standard fee.

Bank of America does not charge a fee to close the account, and there is no early closure penalty if you decide to move the account elsewhere.

How the account differs from a standard business checking account

A standard Bank of America business checking account typically has a monthly maintenance fee (usually $12 to $15, depending on the account tier) and does not include the overdraft or wire fee waivers. The nonprofit account is designed to reduce costs for organizations with limited budgets and tax-exempt status.

Both accounts offer the same core features: online banking, bill pay, mobile deposit, and unlimited transactions. The nonprofit account does not include merchant processing, credit card services, or investment products—if the organization needs to accept card payments or manage investments, those would require separate products or accounts.

If the organization loses its 501(c)(3) status, Bank of America may require conversion to a standard business account and may begin charging the monthly maintenance fee going forward. The bank typically provides notice before making this change.

What happens if your organization loses 501(c)(3) status

If the IRS revokes or suspends the organization's 501(c)(3) status, Bank of America will eventually learn this through IRS data updates or when you renew your account documentation. The bank does not continuously monitor status, so the change may not happen when ready.

Once Bank of America becomes aware, the account will be converted to a standard business checking account, and the monthly maintenance fee will begin to explore. The bank will typically send written notice before the conversion takes effect, usually giving 30 days' notice. The account itself remains open and functional during this transition.

To avoid this, organizations must file their annual Form 990-N, 990-EZ, or 990 with the IRS to maintain active status. Failure to file for three consecutive years results in automatic revocation of 501(c)(3) status.

How to open the account and what to expect

Visit a Bank of America branch in person with the documents listed above. Call ahead to confirm the branch can open nonprofit accounts—not all branches handle nonprofit accounts, and some may require an appointment. You can find branches and phone numbers on Bank of America's website.

The process typically takes 15 to 30 minutes. The banker will verify the 501(c)(3) information letter, confirm the signatory authority, and collect the organization's information. You will receive account numbers and online banking credentials on the same day, though the account may take one to two business days to become fully active for all services.

You can begin depositing checks and making transfers once the account is open. Debit cards and checks can be ordered during the appointment or online afterward. Checks typically arrive within 5 to 10 business days.

Alternatives if your organization does not yet have 501(c)(3) status

If the organization is incorporated as a nonprofit but does not yet have a 501(c)(3) information letter, Bank of America will not open the nonprofit checking account. You have two options: open a standard business checking account in the meantime, or wait until the 501(c)(3) status is approved.

explore for 501(c)(3) status through the IRS typically takes 2 to 4 weeks if you file Form 1023-EZ (the shorter form), or 4 to 12 weeks if you file the full Form 1023. Once approved, you can then open the nonprofit account and potentially move the balance over.

Some organizations open a standard business account first, then convert to the nonprofit account once the information letter arrives. Bank of America can help with this conversion, though you may need to visit a branch again to update the account type and documentation.

Frequently Asked Questions

Can I open a nonprofit account if the organization is brand new?

No. The organization must have an active 501(c)(3) information letter from the IRS. A new nonprofit incorporation or pending 501(c)(3) process is not enough. You can open a standard business account while waiting for the information letter, then convert later.

What if I do not have the original information letter?

Request a copy from the IRS using Form 4506-C, or search for the organization in the IRS Tax Exempt Organization Search tool and print the record. Both methods provide proof of 501(c)(3) status that Bank of America will accept.

Can I open this account online or by mail?

No. Bank of America requires an in-person visit to a branch with the authorized signatory present and a government-issued photo ID. This is a compliance requirement for nonprofit accounts.

What if the organization has multiple authorized signers?

You can name multiple signers on the account during the opening process. All signers do not need to be present at the branch, but at least one authorized person must be. The bylaws or board resolution should list all individuals authorized to sign.

Does Bank of America offer nonprofit savings accounts or credit cards?

Bank of America offers nonprofit savings accounts with similar fee waivers. Credit cards and merchant processing are not part of the nonprofit product line—those require separate business products or partnerships with third-party processors.