Bank of America is a retail and commercial bank where you can open deposit accounts, borrow money, and manage investments

Bank of America (BofA) is one of the largest banks in the United States. It offers checking and savings accounts, credit cards, mortgages, auto loans, and investment services to individuals and businesses. You can use it as your primary bank or as one of several financial institutions you work with.

The bank operates through physical branches in most states, online banking, a mobile app, and customer service phone lines. When you open an account, you get access to their ATM network and can deposit checks, withdraw cash, and transfer money between accounts.

Bank of America is a publicly traded company and a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type are protected if the bank fails. This protection applies to checking accounts, savings accounts, and money market accounts held in your individual name.

Key Takeaways

  • Bank of America offers deposit accounts, loans, credit cards, and investment services through branches, online, and mobile apps.
  • FDIC insurance protects your deposits up to $250,000 per account type if the bank becomes insolvent.
  • You can open accounts online or in person, and the bank charges monthly maintenance fees on some accounts unless you meet balance or direct deposit requirements.
  • If you have a problem with a transaction or account, you can file a dispute through your online account, by phone, or in a branch.
  • Bank of America has a complaint process for issues that don't resolve through normal customer service channels.

Types of accounts and services Bank of America offers

Bank of America's deposit accounts include checking, savings, and money market accounts. Checking accounts come in several versions—some have no monthly fee if you maintain a minimum balance or set up direct deposit, while others charge $12 to $15 per month. Savings accounts typically earn interest, though the rate varies based on market conditions and account type.

The bank also offers credit cards with different rewards structures, mortgages for home purchases and refinancing, auto loans, personal loans, and investment accounts through its Merrill subsidiary. Business customers can open commercial checking and savings accounts, explore for business loans, and use merchant services.

If you already have an account and want to add services, you can do so online, through the mobile app, or by visiting a branch. The bank's website lists current interest rates, fee schedules, and product details for each account type.

How to open an account with Bank of America

You can open a checking or savings account online without visiting a branch. The process takes about 10 minutes and requires your Social Security number, date of birth, address, phone number, and initial deposit information. You'll need a valid government-issued ID to verify your identity.

If you prefer to open an account in person, visit a local branch with your ID and initial deposit. A banker can walk you through account options and answer questions about fees and features. Some branches offer appointments, which you can schedule through the website or by calling 1-800-432-1000.

Once your account is open, you receive a debit card, checkbook (if you opened a checking account), and online banking access. You can set up direct deposit, link external accounts for transfers, and configure alerts for low balances or large transactions.

Fees and monthly maintenance costs

Bank of America charges monthly maintenance fees on most accounts, but you can waive them by meeting one of several conditions. For checking accounts, common ways to avoid fees include maintaining a minimum daily balance (usually $1,500 to $2,500 depending on account type), setting up direct deposit of at least $250 per month, or maintaining a linked savings account with a minimum balance.

The bank also charges fees for specific transactions: overdraft fees (typically $35 per occurrence), out-of-network ATM withdrawals ($2.50 per transaction), wire transfers ($15 to $30), and stop payment requests ($30). Some of these fees can be waived if you contact the bank and explain your situation, particularly if you have a good account history.

Savings accounts generally have lower or no monthly fees but may limit the number of withdrawals you can make per month without penalty. Money market accounts combine features of checking and savings and may have higher minimum balance requirements.

What to do if you have a problem with your Bank of America account

If you notice an unauthorized transaction, incorrect balance, or other account error, contact Bank of America within 60 days of the problem. You can report it through online banking, the mobile app, by phone at 1-800-432-1000, or in person at a branch. The bank will investigate and typically respond within 10 business days for debit card disputes or account errors.

For credit card disputes, the process is similar but governed by different rules. You have 60 days from when the statement was issued to report the problem. The bank must acknowledge your dispute within 30 days and complete the investigation within 90 days.

If the bank's response doesn't resolve your issue, you can file a formal complaint with the Consumer Financial Protection Bureau (CFPB) online at consumerfinance.gov. The CFPB forwards your complaint to Bank of America, which has 15 days to respond. You can also contact your state's banking regulator or the Office of the Comptroller of the Currency (OCC), which oversees national banks like Bank of America.

How Bank of America handles fraud and unauthorized transactions

Bank of America monitors accounts for fraudulent activity and will contact you if suspicious transactions appear. If you report fraud on a debit card, the bank typically refunds the amount while it investigates. For credit cards, you are not liable for unauthorized charges over $50, and most cardholders pay nothing because the bank absorbs the loss.

To protect your account, enable alerts through online banking or the mobile app. You can set notifications for transactions over a certain amount, out-of-state purchases, or ATM withdrawals. The bank also offers two-factor authentication, which requires a code sent to your phone when you log in from a new device.

If your debit card or credit card is lost or stolen, call 1-800-432-1000 when ready to report it. The bank will freeze the card and issue a replacement, usually within 5 to 7 business days. Until the new card arrives, you can use your online account to transfer money or pay bills.

How deposits and transfers work at Bank of America

You can deposit checks through mobile check deposit (photograph the check with the app), at an ATM, through a branch, or by mail. Mobile deposits typically post within one business day. ATM deposits may take one to two business days, and mailed checks take longer depending on mail delivery time.

Direct deposit from your employer or government benefits (Social Security, tax refunds) usually posts on the scheduled date or one business day before. You provide your account and routing number to your employer or benefits administrator, and the money transfers electronically.

Transfers between your own Bank of America accounts are when ready. Transfers to accounts at other banks take one to three business days through the ACH system (Automated Clearing House). Wire transfers are faster—typically same-day or next-day—but cost $15 to $30 depending on whether the receiving bank is domestic or international.

Frequently Asked Questions

What is Bank of America's routing number?

Bank of America's routing number depends on your state and the type of account. You can find your specific routing number on the bottom left of your checks, in online banking under account details, or by calling 1-800-432-1000. The most commonly used routing number for ACH transfers is 011000015, but verify yours before initiating a transfer.

Can I access my Bank of America account if I don't have a branch nearby?

Yes. You can manage your account entirely online or through the mobile app, deposit checks by photograph, withdraw cash at any Bank of America ATM or through partner networks, and call customer service at 1-800-432-1000. You can also visit any Bank of America branch in the country to conduct in-person transactions, even if it's not your home branch.

What happens if I overdraft my checking account?

If you spend more than your balance, Bank of America will cover the transaction and charge an overdraft fee (typically $35). The bank processes transactions in a specific order, which can result in multiple overdraft fees in one day. You can request overdraft protection by linking a savings account, which transfers money automatically to cover shortfalls.

How do I close my Bank of America account?

Visit a branch with your ID, call 1-800-432-1000, or use online banking to request account closure. Make sure your account balance is zero—withdraw remaining funds or request a check. The bank will close the account within a few business days. If you have outstanding fees or negative balance, the bank may hold the account open until those are resolved.

Is my money safe at Bank of America?

Your deposits are protected by FDIC insurance up to $250,000 per account type (checking, savings, money market) in your individual name. If you have accounts in different ownership categories—such as a joint account or an account in trust—each category is insured separately up to $250,000. Amounts over $250,000 are not protected if the bank fails, though this is extremely rare for large, well-capitalized banks.