LorinAlthough Bank of America currently operates in more than 35 countries around the world, it still takes a local focus when serving its 47 million consumers and small business relationships . Within the U.S., Bank of America caters to a multitude of customers with eight lines of businesses, spanning from digital banking for the daily shopper to investment solutions for small American businesses.
Take a look at this Bank of America checking account review, which covers products, services and advantages offered by the bank, to figure out if BofA is where you want to the open a checking account .
Click here to read a full review of Bank of America.
Bank of America Checking Account Review
The online application for any type of BofA checking account takes around 10 minutes to complete, and you have the option to open a Reward Savings account as well . Two types of checking accounts are available, depending on your initial deposit and personal needs. All BofA checking account holders receive the following benefits :
- $0 liability guarantee
- Mobile banking app
- Preferred rewards
- Customizable alerts
- Monthly maintenance fee waivers
Bank of America Checking Account Types
Depending on your own financial needs, BofA offers two different types of checking accounts with different balance requirements, fees and benefits. Read further to see a review of each option to figure out which of these checking account types might be the right fit for you.
Bank of America Core Checking Account
A standard checking account with online convenience, the Core Checking Account from BofA offers a straightforward checking option with select key benefits.
Bank of America has many tools to ensure your financial safety. With its basic benefits, fraudulent transactions are credited back to your account as soon as the next business day.
With the mobile banking app, you can manage your finances on the go and even lock and unlock your debit cards from the app . Additionally, you can customize your notifications so that you are alerted to suspicious activity immediately via either text or email, free of any BofA service charge .
Read More: 10 Best Checking Accounts of 2018
The mobile banking app also has its own rewards system that you can take advantage of with your checking account. BankAmeriDeals allows you to get up to 15 percent cash back on your everyday purchases, and students under age 24 — as well as Preferred Rewards members — are eligible to have the $12 monthly maintenance fee waived .
Things to Keep in Mind Before Signing Up
BofA does require a $25 minimum initial deposit . For non-students and non-Preferred Rewards members, getting the monthly maintenance fee waived requires keeping your daily balance above $1,500 or having at least one qualifying direct deposit of $250 or more .
Bank of America Interest Checking Account
If you want a little more than the standard checking account, BofA offers the option to credit compounded interest to your account every month . Rates and APYs run from 0.01 percent when you have under $50,000 to 0.02 percent when you have over $50,000 deposited . Interest Checking Account holders earn all the benefits of the Core Checking account but also do not need to pay:
- Monthly maintenance fees on additional checking and savings accounts
- Transfer fees on overdraft protection from eligible linked deposit accounts
- Fees for standard checks and incoming domestic wires
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Things to Keep in Mind Before Signing Up
For an Interest Checking Account, BofA require a $100 minimum initial deposit . To qualify for the monthly maintenance fee waiver, you must have a $10,000 combined balance in your BofA accounts, including eligible linked checking and savings accounts, personal CDs and IRAs, and eligible linked Merrill Lynch and Merrill Edge investment accounts .
Some Bank of America checking account fees might still be applied. Depending on where you fit into the bank’s personal schedule of fees, some, like the monthly maintenance fees, can be waived, but many, such as the international transaction fees, ATM fees, and copy fees typically can’t.
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Bottom Line: How to Decide Whether to Open a BofA Account
Bank of America’s combination of mobile technology, straightforward checking account options and global presence makes it a convenient and reputable place to manage your money. But the fees can be a setback for some customers who might not meet minimum balance, deposit or other requirements.
More on Checking Accounts:
- 12 Essential Money Tips for Every Phase of Your Financial Life
- How to Open a Checking Account: All the Documents You Need
- What Is a Routing Number?
This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Bank of America.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion, and some bonus offers might no longer be available on the issuers’ websites, depending on how you access the web page.