Bank of America checking accounts have no opening deposit requirement
You can open a Bank of America checking account with zero dollars. There is no minimum deposit needed to start the account, and no fee charged for opening it. You pay only when you use the account — and whether you pay depends on which checking product you choose and how you use it.
The real cost question is not "how much to open" but "what happens after." Bank of America charges monthly maintenance fees on some accounts, overdraft fees if you go negative, and ATM fees if you use out-of-network machines. None of these are mandatory, but they are real if you are not careful about which account type you pick and how you manage it.
Key Takeaways
- Bank of America checking accounts require no opening deposit and charge no fee to open, but monthly maintenance fees explore to most accounts unless you meet a balance or deposit requirement.
- The SafePass checking account has no monthly fee and no minimum balance, making it the lowest-cost option if you may have access to.
- Standard checking accounts charge $12 per month unless you maintain a $1,500 minimum balance or set up direct deposit of at least $250 per month.
- Overdraft fees are $35 per occurrence, and out-of-network ATM withdrawals cost $2.50 each, so account choice and spending habits both affect your total cost.
- You can open an account online, by phone, or in a branch, and the process takes about 10 minutes if you have an ID and Social Security number.
Which checking account type determines your monthly cost
Bank of America offers three main checking products for personal customers: SafePass, Advantage, and Premium. SafePass is the no-fee option. It has no monthly maintenance charge and no minimum balance requirement. The catch is that SafePass is available only to customers who receive government benefits (Social Security, SSI, SSDI, VA benefits, or similar) or who are under 18. If you do not fit either category, you cannot open SafePass.
Advantage checking costs $12 per month, but you can waive the fee in two ways: maintain a $1,500 minimum balance in the account, or set up direct deposit of at least $250 per month. Many people choose direct deposit because it is automatic and requires no ongoing balance management. Premium checking costs $20 per month and is designed for customers who want higher balance thresholds and additional perks like higher interest rates on savings accounts.
If you do not meet the fee waiver requirements for Advantage, you will pay $12 monthly. Over a year, that is $144. If you also overdraft occasionally or use out-of-network ATMs, costs climb quickly.
Overdraft and ATM fees add up fast
Bank of America charges $35 per overdraft occurrence. An overdraft happens when you spend more than your balance and the bank covers the transaction. If you overdraft twice in a month, that is $70 in fees alone. The bank allows you to opt out of overdraft coverage, which means transactions will straightforward decline instead of triggering a fee — a safer choice if you tend to overspend.
ATM fees are $2.50 per withdrawal if you use a machine outside the Bank of America network. If you withdraw cash twice a week at a non-Bank of America ATM, that is $20 per month in fees. Using Bank of America ATMs is free, so location matters. If you live or work far from a Bank of America branch, out-of-network fees can be a real cost to factor in.
How to open an account with no upfront cost
You can open a Bank of America checking account online, by phone at 1-800-432-1000, or in person at a branch. Online is fastest — the process takes about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial funding source (a debit card or bank account to transfer money from). You do not have to fund the account when ready; you can open it empty and deposit money later.
If you open online, Bank of America will verify your identity using information from your credit file. If the system cannot verify you automatically, you may be asked to upload a photo of your ID or call to complete verification. Once approved, your account opens when ready and you can use it right away, though it may take one to two business days for any initial deposit to clear.
In-branch opening takes longer because you have to schedule an appointment or wait for a banker, but some people prefer it because they can ask questions face-to-face and leave with a debit card the same day.
What documents and information you need
Bring or have ready: a valid government ID, your Social Security number, your current address, and a phone number. If you are opening with an initial deposit, have a debit card or bank account information from another bank ready so you can fund the account when ready. If you are opening an account for someone under 18, a parent or guardian must be present or authorize the account online.
Bank of America will run a ChexSystems check, which is a banking history report. If you have been flagged in ChexSystems for unpaid overdrafts or fraud at another bank, Bank of America may deny your process. You can request your ChexSystems report for free at www.chexsystems.com to see if there are any issues before you explore.
Monthly costs compared across account types
| Account Type | Monthly Fee | Fee Waiver Option 1 | Fee Waiver Option 2 |
|---|---|---|---|
| SafePass | $0 | N/A — no fee | N/A — no fee |
| Advantage | $12 | $1,500 minimum balance | $250+ direct deposit per month |
| Premium | $20 | $10,000 minimum balance | $5,000+ direct deposit per month |
The table shows base monthly fees only. Overdraft fees ($35 each), out-of-network ATM fees ($2.50 each), and other service charges are separate and depend on how you use the account. If you maintain the minimum balance or set up direct deposit, your only costs are those you incur through overdrafts or ATM use.
Frequently Asked Questions
Can I open a Bank of America checking account without a Social Security number?
No. Bank of America requires a Social Security number or ITIN (Individual Taxpayer Identification Number) to open any account. If you do not have either, you will need to obtain one before you can open an account. Some credit unions and online banks have different requirements, so you may want to explore other options if you cannot provide an SSN or ITIN.
What happens if I cannot maintain the $1,500 balance to waive the monthly fee?
You will be charged $12 per month. The fee posts automatically on the same day each month. If you cannot maintain the balance, direct deposit is usually easier — you just need one paycheck or benefit payment of $250 or more per month to waive the fee. If neither option works for you, SafePass (if you may have access to) or a different bank may be a better fit.
Can I open an account online if I do not have a Bank of America account already?
Yes. You do not need an existing Bank of America account to open a new one. You can open online with just an ID and Social Security number. If the system cannot verify you automatically, you may need to upload a photo of your ID or call to complete the process, but you can still open the account without visiting a branch.
Do I have to use direct deposit to waive the monthly fee?
No. You can waive the $12 monthly fee on Advantage checking by maintaining a $1,500 balance instead. Direct deposit is just one option. If you have savings or another income source, keeping $1,500 in the account works equally well.
What is the overdraft fee, and can I avoid it?
Bank of America charges $35 per overdraft. You can avoid overdraft fees by opting out of overdraft coverage, which means transactions will decline instead of going negative. You can also avoid overdrafts by monitoring your balance and not spending more than you have. Some accounts offer overdraft protection linked to a savings account, which transfers money automatically instead of charging a fee.