Bank of America offers free checking, but the account comes with conditions
Bank of America's eChecking account is free to open and maintain — there is no monthly fee. However, "free" does not mean unrestricted. The account includes limits on how many times you can withdraw cash at a teller, and some features that cost money at other banks (like overdraft protection) cost money here too. If you keep a minimum balance or set up direct deposit, you unlock additional perks. If you do not, the account still works, but you pay for certain transactions.
The real question is whether eChecking fits your banking habits. Most people who use it regularly say it does. People who need unlimited teller withdrawals or frequent transfers between accounts often find the limits frustrating enough to switch.
Key Takeaways
- Bank of America eChecking has no monthly maintenance fee, but you pay per transaction if you exceed certain limits.
- You get six free teller withdrawals per month; additional withdrawals cost $3 each.
- Direct deposit or a $500 minimum daily balance waives some fees and unlocks a small interest rate on savings.
- Overdraft fees are $35 per occurrence, and Bank of America charges them even on small overages.
- You can open eChecking online in minutes, but you will need a government ID and Social Security number.
What the free checking account actually includes
eChecking gives you a debit card, online banking, mobile app access, and the ability to write checks. You can deposit checks through the mobile app and transfer money between your own accounts at no charge. There are no limits on how many checks you write or how many times you use the debit card.
The restrictions kick in when you use a teller. You get six free teller withdrawals per month. The seventh and each one after that costs $3. This matters if you regularly withdraw cash in person rather than using ATMs. ATM withdrawals are free at Bank of America machines and at most ATMs in the Allpoint network, which includes thousands of locations outside the bank.
Transfers between your own Bank of America accounts are free and unlimited. Transfers to accounts at other banks are also free, but they take one to three business days. Wire transfers cost $15 for domestic wires and $45 for international ones.
How to avoid most fees on eChecking
Bank of America waives several fees if you meet one of two conditions: set up direct deposit of your paycheck or maintain a $500 minimum daily balance. With either one, you get:
- Waived overdraft fees on the first overdraft per year (you still pay $35 on the second and beyond).
- A small interest rate on linked savings accounts (the rate changes monthly and is currently very low, but it is better than zero).
- Waived foreign transaction fees on debit card purchases outside the U.S.
Direct deposit is the easiest route if your employer offers it. You do not need to maintain any balance — the deposit itself qualifies you. If you do not have direct deposit, keeping $500 in the account at all times works, though that money is then unavailable for spending.
Even with these waivers, overdraft fees still explore. Bank of America charges $35 per overdraft, and the bank counts each day you are overdrawn as a separate overdraft. If your account is negative for three days, you could owe $105 in fees alone.
Overdraft protection and how it costs money
Bank of America offers overdraft protection, which links your checking account to a savings account or credit line. If you overdraw checking, the bank automatically transfers money from savings or charges your credit line. This sounds helpful, but it costs money: each transfer is $10, and credit line overdrafts charge interest on top of the transfer fee.
Many people turn overdraft protection on thinking it will save them from overdraft fees. It does not. If you overdraw and the bank cannot complete the transfer (because savings is empty or the credit line is maxed), you still pay the $35 overdraft fee. Overdraft protection is useful only if you have a funded savings account or credit line and you want to avoid the overdraft fee itself — but you will pay $10 per transfer instead.
The safer approach is to turn off overdraft protection and set up account alerts. Bank of America sends free text or email alerts when your balance drops below a level you choose. This gives you time to transfer money in before you overdraw.
How eChecking compares to other Bank of America checking accounts
Bank of America offers two other checking accounts: Advantage Banking and Premium Rewards Checking. Advantage Banking costs $12 per month but waives the monthly fee if you maintain a $1,500 minimum balance or set up direct deposit. It includes unlimited teller withdrawals and a higher interest rate on linked savings. Premium Rewards Checking costs $25 per month and is designed for people who want cash back on debit card purchases and travel rewards.
For most people, eChecking is the right choice. You pay nothing unless you use teller withdrawals heavily or overdraw. Advantage Banking makes sense only if you value unlimited teller access enough to maintain a $1,500 balance or if you want the slightly higher savings rate. Premium Rewards Checking is rarely worth the $25 monthly fee unless you spend thousands per month on the debit card.
How to open eChecking and what you need
You can open eChecking online at bankofamerica.com or through the mobile app. You will need:
- A government-issued ID (driver's license, passport, or state ID).
- Your Social Security number.
- A current email address and phone number.
- An initial deposit (Bank of America does not specify a minimum, but most people deposit at least $25).
The process takes about 10 minutes. You will receive a debit card in the mail within 7 to 10 business days. You can use your account online and through the app when ready, but you cannot use the debit card in stores until it arrives.
If you prefer to open an account in person, visit any Bank of America branch with your ID and Social Security number. A banker can open the account on the spot and order your debit card.
Frequently Asked Questions
Can I use eChecking if I have bad credit or a banking history?
Bank of America checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts or closed accounts in bad standing, you may be denied. If you are denied, you can dispute the ChexSystems report or wait for old items to age off (usually after five years). Some credit unions and online banks have looser requirements if Bank of America turns you down.
What happens if I go negative on my account?
Bank of America charges $35 per day you are overdrawn, up to a maximum of four fees per day (so $140 maximum daily charge). The bank also charges $35 for each transaction that would overdraw you, even if the transaction is denied. If you catch it quickly, call the bank and ask for a one-time courtesy reversal — they sometimes grant one per year.
Can I link eChecking to savings or investment accounts?
Yes. You can link eChecking to Bank of America savings accounts, money market accounts, and investment accounts. Transfers between linked accounts are free and when ready. You can also link external accounts from other banks, though transfers take one to three business days and are still free.
Does Bank of America charge fees for using ATMs outside their network?
Bank of America does not charge you a fee for using out-of-network ATMs, but the ATM operator may charge a surcharge (usually $2 to $3). You will see the surcharge on your receipt before you complete the withdrawal. To avoid surcharges, use Bank of America ATMs or Allpoint network ATMs, which are free.
What if I want to close my eChecking account?
You can close eChecking online, through the app, or by visiting a branch. There is no early closure fee. The bank will send you a check for any remaining balance, or you can transfer it to another account. Make sure you have paid any outstanding checks or automatic payments before you close, because the account will not process new transactions once it is closed.