What Bank of America requires to open and maintain a checking account

Bank of America does not require a minimum opening deposit to start a checking account. You can open most of their checking products with $0 and make your first deposit afterward. However, some accounts charge a monthly fee unless you meet a minimum balance or set up direct deposit, so the real cost depends on which account you choose and how you use it.

The monthly maintenance fee ranges from $0 to $15 depending on the account type. You avoid the fee by either keeping a minimum daily balance (usually $500 to $1,500) or setting up direct deposit of your paycheck. Some accounts waive the fee automatically if you're under 25 or a student.

Key Takeaways

  • Bank of America checking accounts have no minimum deposit required to open, but monthly fees apply unless you meet balance or direct deposit requirements.
  • The Advantage SafeBalance account charges no monthly fee and has no minimum balance requirement, making it the lowest-cost option.
  • Standard checking accounts charge $12 per month unless you maintain a $500 minimum daily balance or set up direct deposit.
  • Student and under-25 accounts waive monthly fees automatically without requiring a minimum balance.
  • Minimum balance requirements are based on your daily balance, not your average balance, so one large withdrawal can trigger a fee.

Account types and their balance requirements

Bank of America offers three main checking accounts for individual customers, each with different balance thresholds. The Advantage SafeBalance account charges no monthly fee and has no minimum balance requirement—this is the account to choose if you want to avoid fees entirely. It includes a debit card, online banking, and mobile check deposit, but does not pay interest on your balance.

The Advantage Checking account charges $12 per month unless you maintain a $500 minimum daily balance or set up direct deposit. This account is the standard option for most customers and includes the same features as SafeBalance plus overdraft protection options.

The Advantage Plus Checking account is designed for customers who want higher limits and more features. It charges $15 per month unless you maintain a $1,500 minimum daily balance or set up direct deposit. This account includes higher daily ATM withdrawal limits and additional overdraft protection.

How the minimum balance is calculated

Bank of America measures your minimum balance requirement using your daily balance, not an average. This means the bank looks at the lowest amount in your account on any single day during the month. If your balance drops below the required threshold even once, you owe the monthly fee for that entire month—even if you deposit money back the next day.

For example, if you have Advantage Checking with a $500 minimum requirement and your balance is $600 on the 15th but drops to $400 on the 16th, you will be charged the $12 fee that month. The fee posts at the end of the statement cycle, usually 30 to 31 days after your account opened or after the previous statement closed.

Direct deposit as an alternative to maintaining a balance

Setting up direct deposit of your paycheck waives the monthly fee on both Advantage Checking and Advantage Plus Checking, regardless of how low your balance goes. Direct deposit means your employer sends your paycheck electronically to your Bank of America account instead of issuing a paper check.

The direct deposit must be a recurring deposit—a one-time transfer does not count. Most employers can set this up through their payroll department or HR system. Once direct deposit is active, the fee waiver applies immediately, even if your balance falls to $0 between paychecks.

Student and age-based fee waivers

Bank of America waives monthly fees automatically for customers under 25 years old on the Advantage Checking account, with no minimum balance requirement. This waiver continues until you turn 25, at which point the standard $500 minimum balance requirement takes effect unless you set up direct deposit.

Student accounts follow the same structure: no monthly fee and no minimum balance requirement while you are enrolled in school full-time. You will need to verify your student status through your school's verification system when you open the account. After graduation or if you drop below full-time enrollment, the standard fee structure applies.

What happens if your balance falls below the minimum

When your daily balance drops below the required minimum, Bank of America charges the monthly maintenance fee at the end of your statement cycle. The fee is deducted from your account automatically. If your balance is too low to cover the fee, your account will go negative and you may face overdraft fees on top of the maintenance fee.

You can dispute a fee if it was charged in error, but the bank will only reverse it if you can show you met the balance requirement or had direct deposit active during that statement period. Calling customer service or visiting a branch to request a one-time reversal sometimes works if this is your first fee, but the bank is not required to waive it.

Minimum balance requirements for linked savings accounts

If you open a savings account linked to your checking account, that account has its own separate minimum balance requirement. Bank of America savings accounts typically require a $300 minimum daily balance to avoid a $5 monthly fee. This balance is independent of your checking account—you cannot combine the two balances to meet either requirement.

Some customers link accounts to move money easily between checking and savings, but this does not reduce the cost if both accounts fall below their minimums. If you want to avoid fees on both accounts, you need to maintain $500 in checking and $300 in savings simultaneously, or set up direct deposit for the checking account.

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. You can open an account with $0 and deposit money later. However, if you choose an account with a monthly fee and do not meet the balance or direct deposit requirement, you will be charged that fee even if your account is empty.

What is the cheapest Bank of America checking account?

The Advantage SafeBalance account has no monthly fee and no minimum balance requirement. It costs nothing to maintain. If you have direct deposit, the standard Advantage Checking account is also free and includes more features, but SafeBalance is the lowest-cost option if you do not have direct deposit.

Does the minimum balance requirement include money in savings?

No. Bank of America counts only the balance in your checking account toward the checking account minimum. Savings account balances are separate and do not help you meet the checking requirement, even if the accounts are linked.

What if I go below the minimum for one day?

You will be charged the monthly fee. Bank of America uses your daily balance, so even one day below the minimum triggers the fee for the entire statement cycle. The fee posts at the end of the month, not immediately.

Does direct deposit have to be from my employer?

Direct deposit must be a recurring electronic transfer to your account. Most commonly this is a paycheck from an employer, but it can also be a regular government benefit deposit like Social Security or unemployment. One-time transfers or payments do not count as direct deposit for fee waiver purposes.