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 straightforward for opening it. The account becomes active once you complete the process and Bank of America verifies your identity.

However, the account itself may have a monthly maintenance fee once it is open. Whether you pay that fee depends on which checking product you choose and whether you meet certain conditions that waive it.

Key Takeaways

  • Bank of America charges no opening deposit and no fee to open a checking account, but monthly maintenance fees may explore once the account is active.
  • The Advantage SafeBalance Checking account has no monthly fee and is designed for customers who want to avoid overdraft charges.
  • The Advantage Plus Checking account charges $12 per month unless you maintain a minimum balance or set up direct deposit.
  • You can open an account online, by phone, or in person at a branch, and the process typically takes 10 to 15 minutes.
  • Bank of America will ask for your Social Security number, date of birth, and address to verify your identity before the account opens.

Monthly fees depend on which checking account type you choose

Bank of America offers two main checking products for personal customers. The Advantage SafeBalance Checking account has no monthly maintenance fee. This account does not allow overdrafts—if you do not have enough money to cover a transaction, it will be declined rather than processed.

The Advantage Plus Checking account charges $12 per month. You can waive this fee in three ways: keep a minimum daily balance of $1,500, set up direct deposit of at least $250 per month, or maintain an average daily balance of $1,500 across the month. If you do not meet any of these conditions, you pay the $12 fee each month.

Bank of America also offers premium checking accounts tied to investment or wealth management services, but these are not the standard checking products most people open.

How to open an account without visiting a branch

You can open a checking account online through the Bank of America website or mobile app. The process takes about 10 to 15 minutes. You will need your Social Security number, date of birth, current address, and a government-issued ID to verify your identity.

Bank of America will also run a check through ChexSystems, a banking history database, to see whether you have had problems with previous accounts. If you have been flagged in ChexSystems, the bank may deny your process or ask you to visit a branch in person.

You can also open an account by phone at 1-800-432-1000 or in person at any Bank of America branch. Opening in person takes longer but allows you to ask questions and set up additional services like a debit card on the spot.

What happens after you open the account

Once your account is open, Bank of America will mail you a debit card within 7 to 10 business days. You can use your online banking login to transfer money in when ready, or you can wait for the card to arrive. If you need to deposit cash or checks, you can do so at any Bank of America ATM or branch.

Your first statement will show any monthly fees that applied during that month. If you opened the Advantage Plus account and did not meet a fee waiver condition, the $12 charge will appear on your statement. You can change your account type at any time by contacting the bank or visiting a branch.

Opening deposit requirements are different from opening fees

Bank of America does not require you to deposit money to open the account. However, if you want to use the account when ready—to set up direct deposit, pay bills online, or receive transfers—you will need to fund it. The amount you deposit is your money, not a fee.

Some banks require a minimum opening deposit of $25 or $100 and hold that money in the account. Bank of America does not work this way. You can deposit $1 if you want, or nothing at all, and the account will still open.

Overdraft and insufficient funds charges

If you choose the Advantage Plus Checking account, Bank of America will decline transactions that would overdraw your account unless you have linked a savings account or credit card as backup. If a transaction is declined, there is no fee. If you have overdraft protection enabled and a transfer occurs from another account, you may be charged a fee for that transfer depending on the account type.

The Advantage SafeBalance account does not allow overdrafts at all—transactions straightforward decline if you do not have the funds. This means you will never face an overdraft fee with this account type.

Frequently Asked Questions

Can I open a Bank of America checking account if I have been denied before?

If you were denied because of ChexSystems, you can request a copy of your report and dispute any errors. You can also visit a branch in person and explain your situation to a banker, who may override the online decision. Some people with ChexSystems flags have opened accounts this way, though it is not may provide.

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

Only if you choose the Advantage Plus Checking account. You need either a $1,500 minimum daily balance, $250 in monthly direct deposit, or a $1,500 average daily balance. The Advantage SafeBalance account has no monthly fee and no balance requirement.

How long does it take to receive my debit card?

Bank of America typically mails debit cards within 7 to 10 business days of account opening. You can use your account online or through mobile banking before the card arrives. If you need a card faster, you can visit a branch and request an expedited card or temporary access.

What if I want to close the account later?

You can close a Bank of America checking account at any time by visiting a branch, calling 1-800-432-1000, or using online banking. There is no fee to close. Make sure you have withdrawn all your money and paid any outstanding checks before closing.

Can I open more than one checking account?

Yes. Bank of America allows you to open multiple checking accounts. Each account is separate and has its own monthly fee structure. You might open one Advantage SafeBalance account for everyday spending and one Advantage Plus account for a different purpose, for example.