Here’s everything you need to know to open a checking account at bank of america.
Fees or commissions are charged on Bank of America checking accounts; however, it is very important that you have one, regardless of what your financial goals are. This account allows you to pay bills with ease and also provides proof of payment for all your transactions.. For this reason, we will explain how to open a checking account at Bank of America.
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- 1 What is a Bank of America checking account?
- 2 What do you need to open a checking account at Bank of America?
- 3 Decide which Bank of America account is best for you
- 4 Bank of America Checking Account Fees
- 5 Bank of America Checking Account FAQs
- 6 Will my checking account be protected?
- 7 Can I deposit a check without walking into a branch?
- 8 Do Bank of America checking accounts have special benefits?
What is a Bank of America checking account?
A checking account (or current account) is a type of deposit account that allows you to deposit and withdraw available funds on demand, usually by writing a check or using a debit card. Checking accounts sometimes earn interest.
What do you need to open a checking account at Bank of America?
You can open a Bank of America checking account through your online banking system or in person at an agency or branch. Either way, you will need to gather essential information to complete the application, which includes the following documents:
- Current mailing address
- Social Security number
- Email address
- Your account number or debit card number to make your initial deposit into the new Bank of America account
- Personal information of any other owner if the account is joint
You also have the option of visiting a local branch to open a checking account, but you will need to show two forms of identification. The main forms of acceptable identification include:
- Driver’s license
- State issued photo ID
- US passport
- Military Photo ID
- Bank of America debit or credit card with photo
Your second form of ID works to verify your primary ID. Acceptable secondary ID types include:
- Major credit card from another financial institution
- Retail credit card from a department store or national retail company
- Debit card with the Visa or MasterCard logo from another financial institution
- US college or university ID
- US student identification card from a local high school
- Employment or work identification card or card issued in the US
Decide which Bank of America account is best for you
Once you have gathered your documents, you will need to choose the checking account that best suits your needs. Bank of America offers two options:
- Bank of America Core Checking: This Bank of America personal checking account is designed for individuals and students who want an account that doesn’t require a high minimum balance. You can set up direct deposit with this account.
- Bank of America Interest Checking: if you carry a high balance in your checking account, this account might be right for you. You’ll earn interest and receive benefits like no service fees and the option to open three additional checking or savings accounts with no monthly maintenance fees. You’ll also qualify for the Preferred Rewards program, which offers benefits such as 12 free ATM transactions per month and discounts on auto loan interest rates.
Bank of America Checking Account Fees
Bank of America checking account fees vary. Core Checking is $12 a month unless you have a $250 direct deposit or maintain a minimum daily balance of $1,500. Students under the age of 23 enrolled in an educational institution get this fee waived.
Interest Checking is $25 a month, unless you maintain a combined balance of $10,000 in your checking, savings, certificates of deposit, and accounts. GO TO (individual retirement account). You’ll also have to pay a $35 fee if you overdraw, but in some cases overdraft fees can be avoided.
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Bank of America Checking Account FAQs
After reviewing the list of documents you need, choosing a Bank of America checking account, and understanding its fee structure, you may still have some questions. Here are some frequently asked questions about the bank of america online banking so that you can better understand the options and services of bofa.
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Will my checking account be protected?
You can also use the Bank of America online system for block your debit card if you lose its, giving you the opportunity to locate and reactivate it instead of canceling it entirely.
Can I deposit a check without walking into a branch?
Yes, you can make a mobile deposit using your smartphone by following these steps:
- Download the mobile banking app.
- Take a photo of the front and back of the check with your phone’s camera.
- Write the exact amount of the check.
- Hit the “send” button.
- Verify the deposit on your online account transaction summary or on your paper statement.
Read more about Bank of America checks:
Do Bank of America checking accounts have special benefits?
You can take advantage of two special benefits when you open a Bank of America checking account:
- Maintain the Change Savings Program: If you also have a Bofa savings account, round up each purchase you make with your debit card to the nearest dollar and transfer that money to your savings account.
- BankAmeriDeals: open the mobile app on your phone and earn money by clicking on the offers you want. Use your debit card to shop and the cash back you earn will be credited to your account at the end of the month.