Bank of America checking accounts have no opening deposit requirement
You can open a Bank of America checking account with zero dollars. There is no minimum deposit needed to start the account, and no fee to open it. You can fund the account later, or not at all—the account itself costs nothing to create.
What matters instead is what happens after you open it. Bank of America charges a monthly maintenance fee on most checking accounts unless you meet one of their waiver conditions. That fee is where the real cost lives, and whether you pay it depends on your balance, your deposits, or your account activity.
Key Takeaways
- Opening a Bank of America checking account requires no money upfront and no opening fee.
- Most accounts charge a $12 monthly maintenance fee unless you maintain a $1,500 minimum daily balance or have $250 or more in direct deposits per month.
- The SafePass checking account has no monthly fee and no balance requirement, but it comes with limited features and no debit card.
- You can open an account online, on the mobile app, or in a branch, and the process takes about 10 minutes.
- If you do not meet the fee waiver conditions, you will pay $12 per month unless you close the account.
Monthly maintenance fees and how to avoid them
Bank of America's standard checking account (called Advantage SafePass or Advantage Plus, depending on your state) charges $12 per month. You can waive this fee in two ways: keep a $1,500 minimum daily balance in the account, or receive at least $250 in direct deposits during the month.
The balance requirement means $1,500 must be in the account every single day of the month—not an average, not a one-time deposit. If your balance dips to $1,499 on any day, you do not may have access to for the waiver that month. The direct deposit route is simpler if your employer or another source sends money to your account regularly: as long as $250 or more lands via direct deposit in a calendar month, the fee disappears.
If you cannot meet either condition, the $12 fee hits your account every month. Over a year, that is $144. If you keep less than $1,500 and do not receive regular direct deposits, this account will cost you money just to exist.
SafePass: the no-fee option and what you give up
Bank of America offers a checking account called SafePass with no monthly maintenance fee and no balance requirement. You can open it with zero dollars and never pay a fee, regardless of your balance or deposit activity.
The trade-off is significant. SafePass comes with no debit card. You can withdraw cash at Bank of America ATMs and make transfers online, but you cannot swipe or tap to pay at stores. You also cannot use the account to set up automatic bill payments through merchants—you would need to pay bills through Bank of America's bill pay system instead. For someone who wants a basic savings vehicle or a place to receive direct deposits without paying fees, SafePass works. For someone who needs to spend from the account regularly, it does not.
How to open an account and what you need
You can open a Bank of America checking account online, through the mobile app, or by walking into a branch. Online and app openings take about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and an initial funding source—though as noted, you can fund it with $0.
If you open online or on the app, you can complete the entire process without visiting a branch. Bank of America will verify your identity electronically. If you choose to open in a branch, bring your ID and Social Security number, and a banker will walk you through it. You can fund the account immediately with a debit card, transfer from another bank, or cash deposit, or you can leave it empty and fund it later.
Once the account is open, you will receive a debit card in the mail within 7 to 10 business days (unless you opened SafePass, which has no card). You can use your account number and routing number to set up direct deposits or transfers before the card arrives.
Other costs beyond the monthly fee
Bank of America does not charge fees for common transactions like deposits, withdrawals, or transfers between your own accounts. However, other fees can apply depending on how you use the account.
Overdraft fees are $35 per transaction if you spend more than your balance. Returned deposit fees are $25 if a check or transfer bounces. ATM fees apply if you use an out-of-network ATM—Bank of America charges $2.50, and the other bank may charge an additional fee. Wire transfer fees are $15 for domestic wires and $45 for international wires. If you need a cashier's check or money order, those cost $5 to $10 depending on the type.
None of these fees are automatic—they only hit your account if you trigger them. The monthly maintenance fee is the only one that recurs whether you use the account actively or not.
Comparing Bank of America to other banks with no opening cost
Many banks and credit unions offer checking accounts with no opening fee and no monthly maintenance fee, period. Online banks like Ally, Charles Schwab, and Discover have no monthly fees and no balance requirements. Some credit unions offer free checking to anyone who joins, regardless of balance or deposits.
The advantage of Bank of America is the branch network—over 4,000 branches and 16,000 ATMs in the United States. If you value in-person banking and cash access, that network has real value. The disadvantage is the monthly fee unless you meet the waiver conditions. If you do not have $1,500 to keep in the account and do not receive regular direct deposits, you will pay $12 a month to use Bank of America, while many competitors charge nothing.
SafePass removes the fee but removes the debit card. For someone who wants free checking with a debit card and no balance requirement, a different bank may be the better choice.
What happens if you close the account
Bank of America does not charge a fee to close a checking account. You can close it online, on the app, or in a branch at any time. If you have a balance, you can request a check, transfer the money to another account, or withdraw it in cash. If you have pending transactions or automatic payments set up, close the account after those clear to avoid complications.
There is no waiting period and no penalty. If you opened an account, realized the monthly fee does not work for your situation, and want to switch to another bank, you can close it immediately.
Frequently Asked Questions
Can I open a Bank of America checking account without a Social Security number?
No. Bank of America requires a valid Social Security number to open any account. If you do not have one, you would need to explore banks or credit unions that accept an Individual Taxpayer Identification Number (ITIN) instead, though these are less common.
Do I have to use direct deposit to avoid the monthly fee?
No. You can waive the $12 fee by keeping $1,500 in the account at all times, or by receiving $250 or more in direct deposits per month. You only need one of these two conditions to be met—you do not need both.
If I open with $0, when does the monthly fee start?
The monthly fee begins the month after you open the account, unless you meet a waiver condition in that first month. If you open on the 15th and do not meet the $1,500 balance or $250 direct deposit requirement by the end of that calendar month, the $12 fee will post in the following month.
Can I switch from a regular checking account to SafePass later?
Yes. You can convert an existing Bank of America checking account to SafePass through the app or by calling customer service. There is no fee to switch, and you keep the same account number. Your debit card will stop working once the conversion is complete.
What if my balance drops below $1,500 for one day?
The fee waiver is lost for that month. The requirement is a $1,500 minimum daily balance, meaning the account must never drop below that amount during the calendar month. If it does, even for a single day, you do not may have access to for the waiver and the $12 fee will post.