Bank of America Core Checking is a no-monthly-fee account for everyday banking

Core Checking is Bank of America's basic checking account. It has no monthly maintenance fee, no minimum balance requirement, and comes with a debit card and online banking. You can use it to deposit paychecks, pay bills, withdraw cash, and make everyday purchases. It's designed for people who want straightforward checking without extra features or costs.

The account works like any checking account: you deposit money, write checks or use your debit card to spend it, and the bank keeps a record. Bank of America offers it at all of its branches and online. You can open one in person or through their website.

Key Takeaways

  • Core Checking has no monthly fee and no minimum balance, making it free to hold as long as you keep it open.
  • You get a debit card, online banking, and the ability to write checks, but no interest paid on your balance.
  • You can withdraw cash at any Bank of America ATM, and at ATMs in the Allpoint network outside the US.
  • If you overdraw your account, Bank of America charges an overdraft fee, which you can turn off in your account settings.

What comes with the account

Core Checking includes a debit card you can use to buy things in stores or online, and to withdraw cash from ATMs. You also get online banking through Bank of America's website or mobile app, where you can check your balance, transfer money between accounts, and pay bills electronically.

You can deposit checks by taking them to a branch, using the mobile app to photograph them, or mailing them to Bank of America. Direct deposit is available if your employer or benefit provider sends paychecks electronically. You can also write paper checks if you need to pay someone that way.

The account does not earn interest on your balance. If you want your money to grow, you would need to move it to a savings account or money market account, which do pay interest (though the rate varies).

ATM access and cash withdrawal

You can withdraw cash free at any Bank of America ATM. If you use an ATM that does not belong to Bank of America, the bank that owns that ATM may charge you a fee, and Bank of America may also charge you a fee. The amount varies by ATM owner.

Bank of America also participates in the Allpoint network, which means you can withdraw cash free at certain ATMs outside the United States. Check the Allpoint website or ask Bank of America which ATMs near you are included.

Overdraft fees and how to avoid them

If you spend more money than you have in your account, Bank of America will cover the purchase or withdrawal and charge you an overdraft fee. This fee is currently $35 per overdraft, though Bank of America can change this amount. You can have multiple overdrafts in one day, and each one costs $35.

You can turn off overdraft protection in your account settings. If you do, Bank of America will decline purchases or ATM withdrawals that would overdraw your account instead of charging you a fee. Checks and automatic bill payments may still overdraw your account even with this setting on, because the bank processes them differently.

If you overdraw your account, contact Bank of America as soon as you notice. The bank sometimes reverses one overdraft fee per year if you ask and have a good account history.

How to open a Core Checking account

You can open Core Checking online through Bank of America's website or in person at any branch. Online, you will need a valid government ID, a Social Security number, and an initial deposit (the amount varies). The process takes about 10 minutes.

In person, bring the same documents to a branch near you. A banker will help you set up the account and order your debit card. Your card usually arrives in 7 to 10 business days.

If you already have a Bank of America account, you can open a second Core Checking account online without visiting a branch.

Comparing Core Checking to other Bank of America accounts

Bank of America also offers Advantage Banking, which has a monthly fee ($12) but includes extra features like higher ATM withdrawal limits and priority customer service. Most people do not need these features, so Core Checking is the better choice if you want to avoid fees.

If you want to earn interest on your money, Bank of America offers savings accounts and money market accounts alongside your checking account. You can link them together so money moves easily between them. The interest rate on savings accounts is very low right now across all banks, so compare rates if earning interest matters to you.

Frequently Asked Questions

Do I need a minimum balance to keep Core Checking open?

No. Core Checking has no minimum balance requirement. You can keep the account open with $0 in it, though you will not be able to make purchases or withdrawals. The account will not close as long as you do not close it yourself.

Can I use my Core Checking debit card internationally?

Yes. Your debit card works in most countries. You may be charged a foreign transaction fee (currently 3% of the purchase amount), and the exchange rate Bank of America uses may not be the best available. Ask Bank of America about their current international fees before you travel.

What happens if I lose my debit card?

Call Bank of America when ready at the number on the back of your card or log into online banking. The bank will freeze your card to stop unauthorized use and order a replacement, which arrives in 7 to 10 business days. You can request a temporary card to use while you wait.

Can I set up automatic bill payments from Core Checking?

Yes. Through online banking, you can schedule automatic payments to most companies and people. You can pay on a date you choose, and the payment comes out of your checking account. If you set up a payment to a company that does not receive electronic payments, Bank of America will mail a check for you.

Is my money safe if Bank of America fails?

Yes. Bank of America is insured by the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account are protected. If the bank fails, the FDIC returns your money. Core Checking is a standard checking account, so the full $250,000 protection applies.