What It Costs to Open a Checking Account at Bank of America

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

You can open a Bank of America checking account with no opening fee. The bank does not require a minimum deposit to start the account, though you will need to fund it with at least some money before you can use it. The actual cost depends on which checking product you choose and how you use it after opening.

Bank of America offers several checking account types, each with different features and different monthly maintenance fees. The most common option for everyday banking is the Advantage SafePass Checking account, which has a $12 monthly maintenance fee that you can waive by meeting one of several conditions. Other accounts have different fee structures entirely.

Key Takeaways

Opening a Bank of America checking account costs nothing upfront, and there is no minimum deposit required to open one.
Most accounts charge a monthly maintenance fee ($12 for Advantage SafePass), but you can waive it by keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account.
You can open an account online, by phone, or in a branch, and the process takes about 10 minutes.
Some accounts are designed for students or seniors and have different fee structures or waiver options.

The monthly maintenance fees for each account type

Bank of America's checking accounts fall into three main categories, each with its own fee structure. The Advantage SafePass Checking account charges $12 per month. The Advantage Plus Checking account also charges $12 per month. The Advantage Relationship Pricing account has no monthly maintenance fee, but it requires you to maintain a linked savings account with a minimum balance or meet other conditions.

The account you can open depends partly on your circumstances. If you are under 25, you may be able to open an eChecking account, which has no monthly maintenance fee. If you are 65 or older, the Advantage 65 Plus Checking account has no monthly maintenance fee either. These accounts are designed for specific groups and have different features than the standard accounts.

The monthly fee is not the only cost to consider. Bank of America charges overdraft fees, out-of-network ATM fees, and fees for certain services like wire transfers or stop payments. These fees explore regardless of which account you open, so understanding them matters before you start using the account.

How to waive the monthly maintenance fee

If you open an Advantage SafePass or Advantage Plus account, you can avoid the $12 monthly fee by meeting one of these conditions: maintain a minimum daily balance of $1,500 in the checking account, set up direct deposit of at least $250 per month, or maintain a linked Bank of America savings account with a minimum balance of $300. You only need to meet one of these conditions to waive the fee for that month.

Direct deposit is the easiest waiver for most people. If your employer or a government agency deposits your paycheck or benefits directly into your Bank of America account, the fee is automatically waived. The deposit must be at least $250 and must occur within the calendar month. If you miss a month, the fee applies that month, but it resumes being waived the next month when a deposit comes through.

The minimum balance requirement is straightforward but requires you to keep money in the account that you may not spend. The linked savings account option works if you already have or are willing to open a Bank of America savings account. The savings account itself may have fees or balance requirements, so check those before choosing this route.

What you need to open an account online or in a branch

To open a checking account at Bank of America, you will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and your current address. If you are opening the account online, you will also need an email address and a phone number. The entire process takes about 10 minutes.

Bank of America will run a check through ChexSystems, a banking history database, to verify that you do not have a history of unpaid overdrafts or fraud at other banks. This is not a credit check and does not affect your credit score. If you have had problems with a bank account in the past, this check may prevent you from opening an account, though you can dispute the information if it is incorrect.

You can open the account online at bankofamerica.com, by calling 1-800-432-1000, or by walking into a branch. Online opening is the fastest if you have all your documents ready. If you open in a branch, a banker can answer questions about which account type suits your needs, though they cannot change the fees or waiver requirements.

Initial funding and how to add money to your new account

Bank of America does not require you to deposit a specific amount when you open the account, but you will need to fund it before you can use it. Most people transfer money from another bank account, deposit a check, or bring cash to a branch. If you are opening the account online, you can link an external bank account and transfer money when ready, or you can wait until you receive your debit card and use an ATM.

If you have direct deposit set up through your employer, you can provide your new Bank of America account number and routing number to your payroll department, and your next paycheck will go directly into the account. This is the fastest way to fund the account if you are opening it before your next payday. The routing number for Bank of America is 026009593, though you should confirm this on the bank's website or with a banker, as routing numbers can vary by region.

You will receive a debit card in the mail within 7 to 10 business days of opening the account. Until it arrives, you can withdraw money at any Bank of America ATM using your temporary card number, or you can visit a branch and withdraw cash over the counter.

Fees that explore after you open the account

The monthly maintenance fee is just one cost. Bank of America charges $35 for each overdraft (when you spend more than you have in the account), though the bank allows up to four overdraft fees per day. If you use an ATM that is not owned by Bank of America, you pay $2.50 per transaction. If a non-Bank of America ATM charges you a fee as well, you pay both.

Other common fees include $15 for a wire transfer sent out of the account, $30 for a stop payment request (asking the bank to cancel a check you wrote), and $10 for a replacement debit card if yours is lost or stolen. Foreign transaction fees explore if you use your debit card outside the United States. These fees are standard across Bank of America's checking accounts and do not change based on which account you open.

You can reduce some of these costs by using Bank of America's ATM network (there are over 16,000 ATMs nationwide), by not overdrawing your account, and by using online bill pay instead of writing checks. Setting up account alerts through the Bank of America app can help you avoid overdrafts by notifying you when your balance drops below a certain amount.

Special accounts for students and seniors

If you are a student under 25, Bank of America offers eChecking, which has no monthly maintenance fee and no minimum balance requirement. The account includes the same features as the standard checking accounts, including debit card access and online banking. You will need to provide proof of enrollment at an accredited school, such as a student ID or acceptance letter. The account automatically converts to a standard checking account when you turn 25, at which point the monthly fee applies unless you meet a waiver condition.

If you are 65 or older, the Advantage 65 Plus Checking account has no monthly maintenance fee and includes some additional benefits like higher interest rates on linked savings accounts and discounts on safe deposit boxes. You will need to provide proof of age, such as a driver's license or passport. This account also has no minimum balance requirement.

Frequently Asked Questions

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

Yes. You can open an account entirely online at bankofamerica.com or by phone at 1-800-432-1000. You will need a valid ID, Social Security number, and current address. The online process takes about 10 minutes and does not require a visit to a branch.

What is the difference between Advantage SafePass and Advantage Plus checking?

Both accounts charge $12 per month and have the same waiver options. The main difference is that Advantage SafePass includes identity theft protection and fraud monitoring as part of the account, while Advantage Plus does not. If identity protection matters to you, SafePass is the better choice.

Do I need a minimum balance to avoid the monthly fee?

You need to meet one of three conditions: maintain $1,500 in the checking account, set up direct deposit of at least $250 per month, or maintain a linked savings account with $300. Direct deposit is the easiest for most people because it happens automatically once you set it up with your employer.

What happens if I overdraw my account?

Bank of America charges $35 per overdraft. The bank allows up to four overdraft fees per day. You can set up low-balance alerts in the mobile app to avoid overdrafts, or you can link a savings account to cover overdrafts automatically.

Can I switch to a different checking account type after I open one?

Yes. You can contact Bank of America by phone or visit a branch to change your account type at any time. There is no fee to switch, and your account number and routing number stay the same.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.