Bank of America does not charge a fee to open a checking account

You can open a Bank of America checking account with no opening fee. The account itself costs nothing to start. However, Bank of America does charge a monthly maintenance fee on most checking accounts unless you meet certain conditions to waive it.

The monthly maintenance fee is typically $12 per month on their standard checking account (called Checking). You can avoid this fee by keeping a minimum daily balance of $1,500 or by setting up direct deposit of your paycheck. Some accounts have different fee structures, so the exact amount depends on which checking product you choose.

Key Takeaways

  • Opening a Bank of America checking account has no upfront cost, but most accounts charge a $12 monthly maintenance fee.
  • You can waive the monthly fee by maintaining a $1,500 minimum daily balance or by setting up direct deposit of your paycheck.
  • Bank of America offers different checking account types with different fee structures and minimum balance requirements.
  • You will need a government-issued ID, Social Security number, and initial deposit (which can be as little as $25) to open an account.
  • You can open an account online, by phone, or in person at a branch, and the process typically takes 10 to 15 minutes.

What you need to bring or provide to open an account

Bank of America requires a government-issued photo ID (driver's license, passport, or state ID card) and your Social Security number. You will also need to provide your current address. If you do not have a Social Security number, you can use an Individual Taxpayer Identification Number (ITIN) instead.

You must make an initial deposit to fund the account. The minimum deposit is $25. You can deposit this by transferring money from another bank account, bringing cash or a check to a branch, or using a debit card. If you open the account online, you will typically transfer money from an existing bank account.

Different checking account types and their fees

Bank of America offers several checking accounts, and the monthly fee varies by account type. The standard Checking account charges $12 per month (waived with direct deposit or $1,500 minimum balance). The eBanking account charges $10 per month and requires you to receive statements online only. The SafePass Checking account is designed for people under 25 and has no monthly fee.

If you are a student, you may be able to open a student checking account with reduced or no fees. If you maintain a higher balance or have other Bank of America products (like a savings account or credit card), you may may have access to for fee waivers through their relationship pricing programs. Ask a banker about your specific situation when you open the account.

How to open an account online, by phone, or in person

You can open a Bank of America checking account online at bankofamerica.com, by calling 1-800-432-1000, or by visiting a local branch in person. Online opening usually takes 10 to 15 minutes and requires you to enter your personal information, verify your identity, and link an existing bank account for your initial deposit.

If you open in person at a branch, a banker will walk you through the process and can answer questions about which account type fits your needs. You can bring cash or a check for your initial deposit. Phone opening is also available, though you will still need to verify your identity and arrange your initial deposit.

Once you complete the application, your account is typically active within one business day. You will receive a debit card in the mail within 7 to 10 business days, though you can request expedited delivery in some cases. You can start using your account number and routing number to set up direct deposit or transfers before your card arrives.

Fees beyond the monthly maintenance charge

Bank of America charges fees for specific actions beyond the monthly account maintenance. Overdraft fees are $35 per transaction if you spend more than your balance. ATM fees apply if you use an out-of-network ATM (typically $2.50 per withdrawal). Wire transfer fees range from $15 to $30 depending on whether the transfer is domestic or international.

Stopping payment on a check costs $30. Replacing a lost or stolen debit card is free. Closing your account has no fee. Many of these fees can be avoided by managing your balance carefully, using Bank of America's ATM network (which is one of the largest in the country), and avoiding overdrafts.

How to avoid the monthly maintenance fee

The most straightforward way to avoid the $12 monthly fee is to set up direct deposit of your paycheck. This means your employer deposits your salary directly into your Bank of America account. You only need one direct deposit per month to waive the fee, regardless of the amount.

If you do not receive a paycheck, you can maintain a minimum daily balance of $1,500. This means your account balance must stay at or above $1,500 every day of the month. If your balance dips below $1,500 on even one day, the monthly fee will be charged. This option works if you have savings or regular transfers you can keep in the account.

Some customers may have access to for fee waivers through other means: being a student under 25, maintaining other Bank of America accounts, or having a high combined balance across multiple accounts. Ask about these options when you open your account or call customer service to discuss your situation.

Frequently Asked Questions

Can I open a Bank of America checking account without a Social Security number?

Yes. You can use an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. You will still need a government-issued photo ID and your current address. Call 1-800-432-1000 or visit a branch to discuss your specific situation.

What is the minimum initial deposit?

The minimum initial deposit is $25. You can deposit this amount by transferring from another bank account, bringing cash or a check to a branch, or using a debit card if you open online.

How long does it take to open an account?

Opening an account online or by phone typically takes 10 to 15 minutes. Your account is usually active within one business day. Your debit card will arrive in the mail within 7 to 10 business days, though you can use your account number and routing number immediately.

What happens if my balance falls below $1,500?

If you are using the $1,500 minimum balance to waive the monthly fee and your balance drops below that amount on any day of the month, the $12 monthly maintenance fee will be charged. You can avoid this by setting up direct deposit instead, which waives the fee regardless of your balance.

Can I close my account if I change my mind?

Yes. You can close your Bank of America checking account at any time with no penalty or closing fee. Visit a branch, call 1-800-432-1000, or use online banking to request closure. Make sure you have withdrawn or transferred any remaining balance first.