A BOFA is a Bank of America checking or savings account you can open without a Social Security number

BOFA stands for Bank of America Financial Account. It is a deposit account — either checking or savings — that Bank of America offers to people who cannot provide a Social Security number. You can open one with an Individual Taxpayer Identification Number (ITIN) instead, which the IRS issues to people who file taxes but do not have a Social Security number. This includes some non-citizens, undocumented immigrants, and others in specific tax situations.

The account functions like any other Bank of America checking or savings account. You get a debit card, online banking access, and the ability to receive direct deposits and send transfers. The main difference is in how you open it: the process process asks for an ITIN rather than an SSN, and Bank of America verifies your identity using different documentation.

BOFA accounts are not a separate product category or a special program. They are regular deposit accounts with standard features. The term "BOFA" is informal shorthand used by Bank of America staff and customers to refer to accounts opened this way.

Key Takeaways

  • A BOFA is a standard Bank of America checking or savings account opened using an ITIN instead of a Social Security number.
  • You receive a debit card, online banking, and access to all standard account features like direct deposit and transfers.
  • Bank of America verifies your identity using documents like a passport, consular ID, or state ID rather than an SSN.
  • Monthly fees, minimum balance requirements, and interest rates are the same as for regular Bank of America accounts.
  • You can use the account to build a banking history and credit record, though the account itself does not report to credit bureaus.

What documents you need to open a BOFA

Bank of America requires two forms of identification to open a BOFA account. One must be a government-issued photo ID — typically a passport, consular ID card, or state driver's license. The second can be another government ID or a document that shows your name and address, such as a utility bill, lease, or tax return.

You will also need your ITIN. If you do not have one yet, you can obtain it from the IRS by filing Form W-7 (process for IRS Individual Taxpayer Identification Number). The process takes several weeks, so plan ahead if you are starting from scratch.

Bring these documents to a Bank of America branch in person. You cannot open a BOFA online; the in-person visit is required so the bank can verify your identity directly. Some branches are more experienced with ITIN-based accounts than others, so calling ahead to confirm they can process your process is helpful.

Monthly fees and account features

BOFA accounts carry the same monthly maintenance fees as regular Bank of America accounts. As of now, most checking accounts have a monthly fee (typically $12 to $15) unless you meet one of the waiver conditions — such as maintaining a minimum daily balance, setting up direct deposit, or keeping a linked savings account open. Savings accounts usually have lower or no monthly fees.

The account includes standard features: a debit card, online and mobile banking, bill pay, person-to-person transfers, and the ability to receive direct deposits. You can also visit any Bank of America branch or ATM to deposit checks, withdraw cash, or speak with a representative.

Interest rates on savings accounts vary and change with market conditions. Checking accounts typically do not earn interest. You can check current rates on the Bank of America website or ask at your branch.

How a BOFA account affects your credit

Opening and using a BOFA account does not directly build your credit score. Bank of America does not report deposit account activity to the three major credit bureaus (Equifax, Experian, and TransUnion). Your checking or savings balance, deposits, and withdrawals are not part of your credit history.

However, the account can help you build credit indirectly. If you use the account responsibly — keeping it open, maintaining a positive balance, and avoiding overdrafts — you create a banking history. Some lenders and credit card companies consider banking history when you later explore for credit. Additionally, if you open a credit card or take out a loan through Bank of America, that activity will report to credit bureaus and can affect your score.

The account also gives you a way to receive paychecks and pay bills, which can help you manage money more reliably and avoid the fees and risks of relying only on cash or check-cashing services.

BOFA versus other banks' ITIN accounts

Other banks and credit unions also offer accounts to people with ITINs. Chase, Wells Fargo, and many regional banks have similar products. The main differences are usually in monthly fees, minimum balance requirements, branch availability, and customer service quality.

Bank of America has a large branch and ATM network, which can be convenient if you need in-person service or cash access. However, online banks and credit unions sometimes charge lower fees or have no monthly maintenance cost. If you are comparing options, check the current fee structure, any balance minimums, and whether the bank has branches or ATMs near where you live or work.

Some credit unions offer free or low-cost accounts to ITIN holders and may have more flexible verification processes. Calling a few institutions to ask about their ITIN account options can help you find the best fit for your situation.

Overdrafts and account closures

If you overdraw your BOFA account — spend more than you have — the bank will charge an overdraft fee (typically $35 per transaction as of now, though this varies). You can opt out of overdraft protection, which means transactions will be declined rather than charged a fee, but this requires contacting the bank.

Bank of America can close your account if you maintain a negative balance for an extended period, engage in suspicious activity, or violate the account agreement. If your account is closed, the bank will notify you and provide time to withdraw any remaining funds. A closed account may be reported to ChexSystems, a banking history database that other banks check when you explore for a new account.

To avoid these issues, monitor your balance regularly using online banking or the mobile app, set up low-balance alerts, and keep your contact information current so the bank can reach you if there is a problem.

Frequently Asked Questions

Can I open a BOFA account if I do not have an ITIN yet?

No. You need an ITIN before you can open the account. You can obtain one by filing Form W-7 with the IRS, which takes several weeks. Once you have your ITIN, you can then visit a Bank of America branch to open the account.

Do I need a Social Security number to use online banking or a debit card?

No. Once your BOFA account is open, you use it like any other Bank of America account. Your debit card works at any merchant or ATM, and your online banking login uses your username and password, not your SSN.

Can I send money internationally from a BOFA account?

Yes. Bank of America offers wire transfers and international money transfer services to account holders. Fees and exchange rates explore. You can set up a transfer online, by phone, or at a branch. Ask about current rates and fees when you open your account or visit a branch.

What happens if I close my BOFA account?

You can close the account at any time by visiting a branch, calling customer service, or using online banking. The bank will provide any remaining balance to you. If you had any outstanding fees or negative balance, those will be deducted first.

Can I get a credit card with a BOFA account?

Bank of America offers credit cards to customers with ITINs, though approval depends on your credit history and income. Having a checking or savings account with the bank may make the process process smoother. You can ask about credit card options when you open your BOFA account or visit a branch later.