What Bank of America requires to open and keep a checking account
Bank of America does not require a minimum deposit to open most of its checking accounts. You can open an account with $0 and deposit money later. However, some accounts charge a monthly fee unless you meet certain conditions — and those conditions often involve maintaining a minimum balance, setting up direct deposit, or keeping a linked savings account open.
The specific requirements depend on which checking account you choose. Bank of America offers several versions, each with different fee structures and balance thresholds. Understanding which account fits your situation means knowing what happens if you don't meet the stated minimums.
Key Takeaways
- Bank of America checking accounts have no opening deposit requirement, but monthly fees explore unless you meet specific conditions.
- The most common condition is maintaining a $1,500 minimum daily balance, though direct deposit or linked savings accounts can waive the fee instead.
- If your balance falls below the minimum, you pay a monthly maintenance fee that ranges from $12 to $15 depending on the account type.
- You can avoid monthly fees by setting up direct deposit of at least $250 per pay period, regardless of your balance.
- Student and senior accounts have lower or no minimum balance requirements and reduced or waived monthly fees.
Monthly fees and what triggers them
Bank of America's standard checking account (called Advantage Checking) charges $12 per month unless you meet one of three conditions: maintain a $1,500 minimum daily balance, set up direct deposit of at least $250 per pay period, or keep a linked Bank of America savings account open with a $500 minimum balance.
The fee is charged once per month if none of those conditions are met. It hits your account automatically, so if you have $800 in your checking account and no direct deposit, you will see a $12 charge at the end of the statement cycle. That charge can push your balance below zero, triggering overdraft fees on top of the monthly fee.
Bank of America's Premium Checking account charges $25 per month under the same conditions, but it comes with higher balance thresholds: $10,000 minimum daily balance or $5,000 in a linked savings account. This account is designed for people who maintain larger balances and want additional perks like higher interest rates and fee waivers.
How to avoid the monthly fee without a large balance
Direct deposit is the easiest way to eliminate the monthly fee if you cannot maintain $1,500 in your checking account. You need at least $250 deposited per pay period from your employer, government benefits, or other regular income source. Once direct deposit is set up, the monthly fee disappears regardless of how low your balance drops.
The direct deposit threshold is the same across all Bank of America checking accounts. If you receive Social Security, unemployment benefits, or a regular paycheck, you can set this up online or by calling Bank of America at 1-800-432-1000. The fee waiver takes effect in the statement cycle after your first may have access to deposit posts.
A linked savings account with $500 minimum balance also waives the fee. This option works if you have some money to set aside but not the full $1,500. The savings account must be in your name and at Bank of America; the balance is checked daily, so dipping below $500 even once will trigger the checking account fee that month.
Student and senior accounts with lower requirements
Bank of America offers a Student Checking account with no monthly maintenance fee and no minimum balance requirement. You must be between 18 and 24 years old and enrolled in a two- or four-year college or university. The account stays free until you turn 25, at which point it converts to a standard Advantage Checking account.
The Senior Checking account (for customers 65 and older) also has no monthly fee and no minimum balance. It includes additional features like higher interest rates on linked savings accounts and waived fees on certain services. You will need to provide proof of age when you open the account.
What happens if you fall below the minimum
If you maintain a balance below $1,500 and do not have direct deposit or a linked savings account, the $12 monthly fee is charged automatically. This fee is separate from overdraft fees — you can have a positive balance and still pay the monthly maintenance charge.
If your balance is already low and the monthly fee posts, your account can go negative. Bank of America then charges overdraft fees on top of the monthly fee. A single overdraft can cost $35, and multiple overdrafts in one day can result in multiple charges. The combination of monthly fees and overdraft fees can drain a small account quickly.
You can dispute a monthly fee if you believe it was charged in error, but Bank of America will only reverse it if you can show you met one of the waiver conditions during that statement cycle. Calling customer service at 1-800-432-1000 is the fastest way to request a review.
Minimum balance for different account features
Some Bank of America services have their own minimums separate from the checking account itself. A linked savings account requires $500 to avoid its own monthly fee. Money Market accounts require $2,500 to open. Certificates of Deposit (CDs) have minimums ranging from $1,000 to $100,000 depending on the term length.
These minimums explore only to those specific products. You can have a checking account with $100 and a savings account with $0 (paying fees on both) without affecting your ability to use either one. However, if you are trying to use a savings account to waive your checking fee, that savings account must meet its own $500 minimum.
How to check your current balance and fee status
Log into your Bank of America account online or through the mobile app to see your current balance and review your last statement for any monthly fees charged. Your statement shows exactly which fee was applied and why. If you see a monthly maintenance charge, the statement will note whether it was because your balance fell short, you did not have may have access to direct deposit, or your linked savings account balance was too low.
You can also call 1-800-432-1000 to speak with a representative who can explain your account type, confirm whether you have direct deposit set up, and tell you what your current balance is. They can also help you switch to a different account type if your current one does not match your banking habits.
Frequently Asked Questions
Can I open a Bank of America checking account with no money?
Yes. Bank of America does not require an opening deposit for most checking accounts. You can open an account with $0 and add money later. However, if you do not meet the monthly fee waiver conditions, you will be charged $12 per month starting in your first statement cycle.
Does direct deposit have to be from my job?
No. Direct deposit from Social Security, unemployment benefits, pension payments, or other regular income sources counts toward the $250 minimum. The deposit must be automatic and recurring, not a one-time transfer. Government benefits and retirement income both may have access to.
What if I have direct deposit but my balance is still very low?
Direct deposit waives the monthly fee regardless of your balance. You could have $10 in your account and pay no monthly maintenance fee as long as at least $250 is deposited per pay period. The fee waiver is based on the direct deposit alone, not on how much money you keep in the account.
Can I move money between my checking and savings to meet the minimum?
Yes, but only if you are trying to meet the savings account minimum to waive your checking fee. You can transfer $500 into a linked savings account to waive the checking fee. However, if your balance drops below $500 at any point during the statement cycle, the checking fee will be charged that month.
Is there a Bank of America checking account with no monthly fee and no requirements?
Yes, if you are a student under 25 or a senior 65 and older. Both accounts have no monthly fee and no minimum balance. If you do not fall into either category, you will need to maintain $1,500, set up direct deposit, or link a savings account with $500 to avoid the monthly fee.