What Bank of America actually has

Bank of America is one of the largest banks in the United States, with branches in most states and a full range of banking products. They offer checking and savings accounts, credit cards, loans, investment services, and retirement accounts. If you're new to banking or returning after time away, you don't need every product they have — most people start with a checking account and a savings account, then add other services later if they need them.

The bank operates both in physical branches (where you can walk in and talk to someone) and online through their website and mobile app. You can open an account in person at a branch, online through their website, or sometimes by phone. Which route works best depends on whether you have the documents ready and whether you prefer talking to someone face-to-face.

Key Takeaways

  • Bank of America offers checking accounts, savings accounts, credit cards, and loans, but you only need to choose the products that match your actual needs.
  • You can open an account online, at a branch, or by phone, and the process typically takes 15 to 30 minutes if you have your ID and Social Security number ready.
  • Monthly fees exist on some accounts but can be waived if you meet conditions like keeping a minimum balance or setting up direct deposit.
  • Bank of America has a mobile app and online banking that work 24/7, so you can check your balance and move money without visiting a branch.
  • If you have questions about your account or need help, you can call their customer service line, visit a branch, or use their online chat feature.

Checking accounts: where your paychecks land

A checking account is where you deposit money (usually your paycheck), and then spend it by writing checks, using a debit card, or transferring it online. Bank of America offers several checking account options, each with different features and different monthly fees.

The most basic option is their Advantage SafePass Checking, which has a monthly fee but waives it if you set up direct deposit or keep a minimum balance. There is also Advantage Plus Checking, which costs more per month but includes extra features like overdraft protection (the bank covers a small overage if you accidentally spend more than you have, though they charge a fee for this). The specific fee amounts and balance requirements change, so you should check their website or ask at a branch for current numbers.

When you open a checking account, the bank gives you a debit card (a card that pulls money directly from your account) and access to online banking so you can check your balance anytime. You can also set up bill pay through their website, which lets you pay bills electronically without writing checks.

Savings accounts: where your money grows slowly

A savings account is a separate account where you keep money you're not spending right now. The bank pays you a small amount of interest (money they give you just for keeping your money there), though the amount is usually very small — often less than one percent per year. The main point of a savings account is to have a place to keep emergency money separate from your checking account, so you're less likely to spend it.

Bank of America offers Advantage Savings, which has a monthly fee that can be waived by keeping a minimum balance or linking it to a checking account. They also offer a Money Market Account, which typically pays slightly higher interest but requires a larger minimum balance to open.

You can move money between your checking and savings accounts online or at a branch, usually when ready or within one business day. Many people set up automatic transfers — for example, moving $50 from checking to savings every payday — to build savings without thinking about it.

Credit cards: borrowing money you pay back later

A credit card lets you borrow money from the bank to make purchases, then pay it back later. Bank of America offers many credit card options, each with different rewards (cash back, points, or airline miles), different interest rates, and different annual fees.

If you're new to credit or rebuilding your credit history, Bank of America has a Secured Credit Card option. This card requires you to put down a cash deposit (usually $500 to $2,500) that acts as security. You use the card like a regular credit card, and if you pay your bills on time, the bank may eventually convert it to a regular card and return your deposit.

Credit cards charge interest if you don't pay your full balance by the due date each month. The interest rate (called the APR, or annual percentage rate) varies depending on the card and your credit history. If you're just starting out, expect the rate to be higher than someone with a long history of on-time payments.

Loans: borrowing larger amounts for specific purposes

Bank of America offers personal loans (money you borrow for any reason), auto loans (money to buy a car), and home loans (mortgages). A loan is different from a credit card because you borrow a set amount upfront and pay it back in fixed monthly payments over a set period — usually 3 to 7 years for a personal loan, up to 6 years for an auto loan, and 15 to 30 years for a mortgage.

The interest rate on a loan depends on what you're borrowing for, how much you borrow, how long you take to pay it back, and your credit history. Someone with no credit history or a poor credit history will pay a higher rate than someone with a strong history of on-time payments.

To get a loan, you'll need to show proof of income (usually recent pay stubs or tax returns), proof of identity, and sometimes proof of what you're using the money for. The bank will also check your credit report to see your borrowing history. The whole process typically takes a few days to a few weeks.

Opening an account: what you need and how long it takes

To open a checking or savings account at Bank of America, you'll need a government-issued photo ID (a driver's license, passport, or state ID card), your Social Security number, and proof of your current address (a recent utility bill, lease, or bank statement). If you're opening an account online, you'll enter this information into their website. If you're opening at a branch, you'll bring the documents in person.

The process usually takes 15 to 30 minutes. Once your account is open, you can start using it when ready for transfers and online payments. Your debit card arrives in the mail within 7 to 10 business days.

If you don't have a Social Security number yet (for example, if you're a recent immigrant), Bank of America can sometimes open an account using an ITIN (Individual Taxpayer Identification Number) instead. Ask at a branch or call their customer service line to confirm whether this is possible at your location.

Fees and how to avoid them

Most Bank of America accounts have a monthly maintenance fee, but the fee is waived if you meet certain conditions. For checking accounts, the fee is typically waived if you set up direct deposit (your employer deposits your paycheck directly into the account), keep a minimum balance (usually $500 to $1,500), or link the account to a savings account. For savings accounts, the fee is usually waived if you keep a minimum balance or link it to a checking account.

Beyond the monthly fee, Bank of America charges other fees for specific actions: overdraft fees (if you spend more than you have), ATM fees (if you use an ATM that doesn't belong to Bank of America), wire transfer fees, and others. You can see the full fee schedule on their website or ask at a branch.

The easiest way to avoid most fees is to set up direct deposit when you open your account. This waives the monthly maintenance fee on most checking accounts and is free for you — your employer handles the setup.

Getting help and managing your account

Bank of America customer service is available by phone 24/7. You can find the phone number on their website or on the back of your debit card. They can answer questions about your account, help you reset your password, report a lost card, or walk you through using their online banking system.

You can also visit a branch in person during business hours to talk to someone face-to-face. Branches are typically open Monday through Friday during the day, and some are open Saturday mornings. You can find branch hours on their website by entering your zip code.

Bank of America's mobile app and website let you check your balance, transfer money between accounts, pay bills, deposit checks by taking a photo, and manage your debit card settings — all without visiting a branch. The app works 24/7, so you can handle banking tasks whenever you need to.

Frequently Asked Questions

Do I need to have a minimum balance to keep my account open?

Most Bank of America accounts have a minimum balance requirement to waive the monthly fee, but the account stays open even if your balance drops below that amount. If you fall below the minimum, you'll be charged a monthly fee. The specific minimum varies by account type, so check their website or ask at a branch for the current requirement on the account you're considering.

Can I use Bank of America ATMs for free?

Yes, you can use any Bank of America ATM for free with your debit card. If you use an ATM that belongs to a different bank, that bank may charge you a fee, and Bank of America may also charge you a fee. Some Bank of America accounts include access to a network of ATMs from other banks at no charge — ask about this when you open your account.

What happens if I overdraft my checking account?

If you spend more money than you have in your checking account, Bank of America will cover the overage (up to a limit) and charge you an overdraft fee, usually $35 per transaction. You can turn off overdraft protection if you want the bank to decline purchases instead of covering them. You can manage this setting through their website or app.

How do I report a lost or stolen debit card?

Call Bank of America customer service when ready at the number on the back of your card or on their website. They will cancel your card right away so no one else can use it. A new card will arrive in the mail within 7 to 10 business days. In the meantime, you can still access your money through online banking or at a branch.

Can I have multiple accounts at Bank of America?

Yes, you can have multiple checking accounts, multiple savings accounts, or both. Some people keep separate accounts for different purposes — one for bills, one for savings, one for a specific goal. Each account has its own monthly fee (or fee waiver conditions), so consider whether the extra accounts are worth the cost.