A Bank of America checking account is a deposit account where you can store money, make withdrawals, and pay bills using checks, debit cards, or transfers

Bank of America offers several checking account types, each with different features, monthly fees, and minimum balance requirements. The most common are Advantage SafePass, Advantage Plus, and Premium Rewards. When you open one, you receive a debit card and checkbook, and you can set up online banking to move money and pay bills from your computer or phone.

The account itself is FDIC-insured up to $250,000, meaning your money is protected if the bank fails. You can deposit checks by mail, at an ATM, or through the mobile app. You can withdraw cash at any Bank of America ATM or branch, and you can send money to other people using Zelle, a transfer service built into the account.

Key Takeaways

  • Bank of America checking accounts come in three main types, each with different monthly fees ranging from $0 to $15 depending on the account and how you use it.
  • You get a debit card and checks with your account, and you can pay bills online, by phone, or by mail without visiting a branch.
  • The bank charges overdraft fees if you spend more than your balance, though you can opt out of overdraft protection to prevent charges.
  • You can deposit checks through the mobile app, at ATMs, or by mail, and withdraw cash at any Bank of America location or ATM.

The three main checking account types and their costs

Bank of America's Advantage SafePass account has no monthly fee if you maintain a $500 minimum balance or set up direct deposit. If your balance falls below $500 and you have no direct deposit, the bank charges $12 per month. This account comes with a debit card, online bill pay, and access to Zelle.

Advantage Plus charges $15 per month unless you meet one of these conditions: maintain a $1,500 minimum balance, set up direct deposit of at least $250 per month, or keep $20,000 or more in any Bank of America deposit account. This account includes the same features as SafePass plus higher ATM limits and slightly better fraud protection.

Premium Rewards is designed for customers who want cash back on debit card purchases. It charges $25 per month but waives the fee if you maintain a $10,000 minimum balance or have $100,000 or more in Bank of America accounts. This account earns 1.25% cash back on debit card purchases up to $2,500 per month, then 0.1% after that.

How overdraft fees work and how to avoid them

If you spend more money than you have in your account, Bank of America will cover the transaction and charge you an overdraft fee. The bank charges $35 per overdraft, and you can be charged multiple times per day if you make several transactions that overdraw your account. These fees add up quickly if you are not careful.

You can prevent overdraft fees by opting out of overdraft protection. When you do, the bank will decline transactions that would overdraw your account instead of charging you a fee. You keep your debit card and checks, but they straightforward will not work if you do not have enough money. You can change this setting anytime through online banking or by calling the bank.

Another way to manage overdrafts is to link a savings account or credit card to your checking account. If you overdraw, the bank will transfer money from the linked account instead of charging a fee. This transfer may have a small fee (usually $10), but it is less than an overdraft fee.

Depositing and withdrawing money

Bank of America lets you deposit checks without visiting a branch. You can photograph the front and back of a check using the mobile app, and the bank deposits it within one to two business days. You can also mail checks to the address on your statement, though this takes longer. At any Bank of America branch, you can hand a check to a teller and have it deposited when ready.

You can withdraw cash at any Bank of America ATM for free. The bank has over 16,000 ATMs nationwide. If you use an ATM outside the Bank of America network, you will pay a fee from the other bank (usually $2 to $3), and Bank of America may charge you an additional $2.50 fee. Some checking accounts waive out-of-network ATM fees if you meet balance or direct deposit requirements.

You can also withdraw cash at the teller window during branch hours. Bank of America branches are open Monday through Friday, with limited Saturday hours at most locations. You will need your debit card or ID to withdraw.

Online banking and bill pay

Every Bank of America checking account includes online banking through the website or mobile app. You can view your balance, see recent transactions, transfer money between your own accounts, and send money to other people using Zelle. Zelle transfers arrive within minutes if the recipient also uses Zelle, or within one to three business days if they do not.

You can pay bills directly from your checking account through online bill pay. You enter the company name, account number, and the amount you want to pay. Bank of America sends the payment by check or electronic transfer, depending on the company. Most bills arrive within three to five business days, though some arrive faster. You can schedule payments in advance and set up recurring payments for bills that are the same amount each month.

You can also pay bills by phone by calling Bank of America's automated system or speaking to a representative. Phone payments work the same way as online payments and take the same amount of time.

What happens if you close your account

You can close a Bank of America checking account anytime by visiting a branch, calling the bank, or using online banking. The bank will not charge you a fee to close. If you have a balance, the bank will send you a check or transfer the money to another account you specify. If you have outstanding checks or pending transactions, the bank will wait for those to clear before closing the account.

If you close your account while you have a negative balance (you owe the bank money), you must pay that amount before the account closes. The bank will not close the account until the debt is paid. If you do not pay, the bank may send your account to a collection agency.

Frequently Asked Questions

Do I need a minimum balance to open a Bank of America checking account?

No minimum balance is required to open an account. However, some accounts charge a monthly fee unless you maintain a minimum balance or set up direct deposit. Advantage SafePass requires $500 to avoid the $12 monthly fee, while Advantage Plus requires $1,500 or direct deposit to avoid the $15 fee.

Can I use my Bank of America debit card at other banks' ATMs?

Yes, but you will pay a fee. Bank of America charges $2.50 when you use an out-of-network ATM, and the other bank may charge an additional $2 to $3. Some Bank of America checking accounts waive these fees if you meet balance or direct deposit requirements.

How long does it take for a check deposit to show up in my account?

Mobile check deposits typically appear within one to two business days. Checks deposited at a branch or ATM may appear the same day or the next business day. Mailed checks take five to seven business days. The exact timing depends on when the check clears the other bank.

What is Zelle and how do I use it?

Zelle is a money transfer service built into Bank of America checking accounts. You can send money to anyone with a U.S. bank account by entering their email address or phone number. Transfers arrive within minutes if both people use Zelle, or within one to three business days otherwise. There is no fee to send or receive money through Zelle.

Can I have multiple checking accounts with Bank of America?

Yes, you can open more than one checking account. Each account is separate and has its own debit card and checks. You can use online banking to transfer money between your accounts when ready. However, each account may have its own monthly fee based on the account type and your balance.