Bank of America is a real bank you can use

Yes, Bank of America is a real bank. It is one of the largest banks in the United States, with branches in most states and online banking available everywhere. If you have seen the name on a building, a debit card, or online, that is the actual company — not a scam or a renamed service.

Bank of America (often called BofA) offers the same basic services as other banks: checking accounts, savings accounts, loans, and credit cards. You can walk into a branch, call their customer service line, or use their website and mobile app to manage your money. The bank is regulated by the federal government, which means your deposits are insured up to $250,000 per account type through the Federal Deposit Insurance Corporation (FDIC).

Key Takeaways

  • Bank of America is a federally regulated bank with physical branches across the country and online banking available to anyone.
  • Your deposits in a Bank of America checking or savings account are protected up to $250,000 by federal insurance.
  • You can open an account in person at a branch, by phone, or online — the process takes about 10 to 15 minutes.
  • Bank of America charges monthly fees on some accounts, but offers fee-free checking if you meet certain requirements like direct deposit or maintaining a minimum balance.
  • If you are new to banking, a basic checking account is the simplest way to start, and staff at a branch can walk you through the process.

How to know Bank of America is legitimate

Bank of America is chartered by the federal government and regulated by the Office of the Comptroller of the Currency (OCC). This means it follows strict rules about how it handles your money, what it can charge you, and how it must protect your information. You can verify this status on the OCC website or by calling the bank directly at 1-800-432-1000.

The bank's FDIC insurance means that if Bank of America failed (which is extremely unlikely), the federal government would return your money up to the $250,000 limit per account type. A checking account and a savings account are separate, so you would be covered for $250,000 in each. This protection applies whether you bank in person or online.

What accounts Bank of America offers

Bank of America's most common account for people new to banking is the Checking Plus account. This account has no monthly fee if you set up direct deposit (your employer or benefits program deposits money straight into your account) or maintain a $1,500 minimum balance. If neither applies to you, the fee is $12 per month.

The bank also offers a Savings account that earns a small amount of interest — money the bank pays you for letting them use your deposits. The interest rate changes based on what the Federal Reserve does, so it varies over time. Savings accounts have a monthly fee of $5 unless you maintain a $500 minimum balance or have a direct deposit.

For people who want to avoid monthly fees entirely, Bank of America offers the eChecking account, which has no monthly fee and no minimum balance requirement. This account is designed for online and mobile banking; you cannot use a physical checkbook, but you can transfer money, pay bills online, and receive direct deposits.

How to open a Bank of America account

You can open an account three ways: in a branch, by phone, or online. The fastest route for someone new to banking is usually a branch, because a staff member can answer questions as you go and help you choose the right account type.

To open an account in person, bring a government-issued photo ID (a driver's license, passport, or state ID card) and your Social Security number. You will also need an initial deposit — usually $25 or more, depending on the account type. The process takes about 10 to 15 minutes. You will receive a debit card on the spot or within a few business days, and your account is ready to use when ready.

If you open an account online or by phone, you will need the same documents, but you may have to wait a few days for your debit card to arrive. Online and phone applications ask you to verify your identity by answering security questions based on your credit history, so the process is slightly longer but still straightforward.

Monthly fees and how to avoid them

Bank of America charges monthly fees on most accounts, but you can avoid them by meeting one straightforward requirement. For checking accounts, that requirement is either a direct deposit or a $1,500 minimum balance. For savings accounts, it is either a direct deposit or a $500 minimum balance.

If you do not have a direct deposit yet, keeping the minimum balance is the easiest path. The money stays in your account and earns a small amount of interest in a savings account. You can also ask your employer or benefits program to set up direct deposit — most will do this for free, and it usually takes one or two pay periods to start.

The eChecking account has no monthly fee and no minimum balance, so it is a good choice if you want to avoid fees entirely and do not need a physical checkbook.

What to expect when you start banking

Once your account is open, you will receive a debit card that works like a prepaid card — you can only spend money that is actually in your account. You will also get online and mobile banking access, which lets you check your balance, transfer money between accounts, and pay bills from your computer or phone.

Bank of America also offers a feature called Overdraft Protection, which prevents your account from going negative if you spend more than you have. Instead of declining the transaction, the bank can transfer money from a savings account or line of credit to cover the difference. This feature has a fee (usually $35 per transfer), so it is worth understanding before you use it.

Your first statement will arrive about 30 days after you open the account. It shows every deposit, withdrawal, and fee from that month. You can view statements online anytime, and you can set up alerts that notify you when your balance drops below a certain amount or when a large transaction occurs.

How Bank of America compares to other banks

Bank of America is larger and has more physical branches than most other banks, which is useful if you prefer in-person banking. However, it also charges monthly fees on most accounts, while some smaller banks and online-only banks offer free checking with no minimum balance.

The trade-off is convenience versus cost. Bank of America's size means you can find a branch almost anywhere, and customer service is available 24/7 by phone. Smaller banks and online banks often have lower fees but fewer physical locations and sometimes slower customer service.

If you are new to banking and want the security of a large, well-known bank with branches nearby, Bank of America is a solid choice. If you want to avoid monthly fees and do not need a physical branch, you might explore online banks or credit unions in your area.

Frequently Asked Questions

Is my money safe at Bank of America?

Yes. Bank of America is federally regulated and your deposits are insured by the FDIC up to $250,000 per account type. Even if the bank failed, the federal government would return your money. The bank also uses encryption and security measures to protect your online and mobile banking.

What do I need to open an account?

You need a government-issued photo ID, your Social Security number, and an initial deposit of at least $25. You can open an account in a branch, by phone, or online. In-person is fastest if you are new to banking because staff can answer questions.

Can I avoid the monthly fee?

Yes. For checking accounts, set up direct deposit or keep a $1,500 minimum balance. For savings accounts, set up direct deposit or keep a $500 minimum balance. The eChecking account has no monthly fee and no minimum balance requirement.

How do I contact Bank of America if I have a problem?

Call 1-800-432-1000 (available 24/7), visit a branch in person, or use the messaging feature in the mobile app or online banking. You can also mail a letter to Bank of America's customer service address, which you can find on their website.

What happens if I spend more money than I have in my account?

Without Overdraft Protection, the transaction will be declined and you will not be charged a fee. With Overdraft Protection enabled, the bank will transfer money from another account or line of credit to cover the difference, and you will be charged a fee (usually $35). You can turn Overdraft Protection on or off anytime.