How Much Does It Cost To Open a Checking Account at Bank of America?

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Bank of America, Member FDIC, is the second-largest commercial U.S. bank, with over 3,800 branches. It provides a full range of consumer banking products, including three checking account options, but you might assume a large bank may charge more than you’ll want to pay for its services. 

So how much does it cost to open a checking account at Bank of America, and what is the monthly fee? The following is an overview of minimum opening deposit requirements and how to avoid Bank of America’s monthly fees.

What Are the Costs To Open a Checking Account at Bank of America?

Bank of America offers three primary checking accounts, each with specific initial deposit requirements and potential fees:

Additional Considerations:

• Overdraft Fees: The Advantage SafeBalance Banking® account does not permit overdrafts, thereby eliminating overdraft fees. For other accounts, overdraft fees may apply unless you have overdraft protection set up.
• ATM Fees: Using non-Bank of America ATMs may incur fees. However, certain accounts offer waivers or reimbursements, especially for Preferred Rewards members.
• Paper Checks: The Advantage SafeBalance Banking® account does not offer paper checks, which may be a consideration based on your banking preferences.

Looking for more details about Bank of America? Check out our comprehensive Bank of America Review.

How To Avoid Monthly Fees on Bank of America Checking Accounts

Each of Bank of America’s checking accounts has specific minimum account requirements for avoiding the monthly fee.

• Advantage Plus: Maintain a minimum daily balance of of $1,500 or receive a qualifying direct deposit of at least $250 during the statement cycle.
• Advantage SafeBalance: Account holder must be under age 25.
• Advantage Relationship: Maintain a minimum combined balance of $20,000 or more each statement cycle across eligible Bank of America accounts.

You can also waive the monthly fee for any Advantage checking account by enrolling in the Preferred Rewards program, although the eligibility requirements may be steep for some. To be eligible for the lowest reward tier, you must maintain a three-month combined average daily balance of $20,000 or more across all your Bank of America accounts.

How To Avoid Overdraft Fees With Bank of America

Bank of America’s overdraft fee is only $10 — but it can charge you two overdraft fees per day. The SafeBalance account doesn’t charge overdraft fees, because it doesn’t allow you to overdraw your account.

Advantage Plus and Advantage Relationship accountholders can enroll in Balance Connect to avoid overdraft fees. This will link another account to your checking account and cover any overdrafts with funds from the linked account.

What Are the Requirements To Open a Bank of America Checking Account?

To open a Bank of America account, whether at a local branch or online, have the following information handy for yourself — and your co-applicant if opening a joint account.

• Social Security number
• Address
• Email address
• The account or debit card number you’ll use for the initial deposit

Frequently Asked Questions About Bank of America Checking Accounts

Is it free to open a Bank of America account?

There is no fee to open the account itself, but you will need to have enough money to cover the minimum opening deposit, which is $25 or $100, depending on the checking account.

How do I avoid the $12 monthly fee at Bank of America?

To avoid having to pay the $12 monthly fee for the Advantage Plus checking account, you’ll need to maintain a minimum daily balance of at least $1,500 or receive a qualifying direct deposit of at least $250 during the statement cycle.

Can I open a checking account with no money?

Yes, you can open a checking account with no money at many banks, including Capital One, Axos Bank and Varo.

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