Thinking about opening a new checking account? It's a smart move to understand your options before committing! Bank of America, being one of the largest banks in the U.S., offers a variety of checking accounts designed to suit different financial needs and lifestyles. So, let's dive into the specifics of how many types of checking accounts Bank of America offers and help you figure out which one might be the perfect fit for you.
Understanding Bank of America Checking Account Types: A Comprehensive Guide
Bank of America primarily offers a suite of personal checking accounts under their "Advantage Banking" umbrella, along with specialized options for students and businesses. They aim to provide flexibility, from basic accounts for everyday transactions to interest-bearing options with more comprehensive benefits.
Here's a detailed breakdown:
Step 1: Identifying Your Banking Needs – A Crucial First Question!
Before we even list the accounts, ask yourself: What do I really need from a checking account? Are you looking for a simple, no-frills account to manage daily expenses, or do you need something more robust with interest-earning potential and premium benefits? Do you anticipate frequent transactions, or are you primarily looking for a safe place to hold your money with minimal activity? Your answers to these questions will guide you toward the most suitable Bank of America checking account.
Step 2: Exploring Bank of America's Advantage Banking Accounts (Personal)
Bank of America's core personal checking offerings fall under their "Advantage Banking" line. These accounts are designed with different levels of features and fee structures to cater to a diverse clientele.
2.1. Advantage SafeBalance Banking®: The Basics, No Overdraft Fees
This account is perfect for those who want a straightforward checking experience and are keen on avoiding overdraft fees. It's often recommended for students and young adults, or anyone who wants to strictly manage their spending.
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Key Features:
- No Overdraft Fees: This is a major highlight. If you don't have enough funds, transactions will typically be declined instead of incurring an overdraft fee. This provides peace of mind for budgeting.
- Debit Card & Digital Banking: You get a debit card for purchases and ATM access, along with full access to Bank of America's robust online and mobile banking tools, including Zelle® for sending and receiving money.
- No Paper Checks: This account generally does not allow for writing paper checks. Transactions are primarily managed digitally or with your debit card.
- Fee Waiver Options: While there's a monthly maintenance fee, it can often be waived if:
- You're under 25 years old.
- You maintain a minimum daily balance of $500 or more.
- You're a member of the Bank of America Preferred Rewards® program.
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Who it's for: Individuals seeking basic banking, students, young adults, or those who want to avoid overdraft fees and prefer digital transactions.
2.2. Advantage Plus Banking®: Flexible Banking for Everyday Needs
This is Bank of America's more standard checking account, offering a balance of features suitable for most everyday banking needs. It includes traditional checking functionalities.
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Key Features:
- Debit Card, Digital Banking & Paper Checks: You get all the digital conveniences, plus the option to write paper checks.
- Overdraft Protection Options: You can choose your overdraft setting (Standard or Decline All) and can link other eligible accounts (like savings) for Balance Connect® overdraft protection to help cover transactions. Note that overdraft fees may apply if funds aren't available and you choose the Standard setting.
- Easier Fee Waiver Options: The monthly maintenance fee for this account can be waived by meeting one of several criteria, making it more accessible for many users:
- Making at least one qualifying direct deposit of $250 or more each statement cycle.
- Maintaining a minimum daily balance of $1,500 or more.
- Being a member of the Preferred Rewards® program.
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Who it's for: Individuals with regular income and expenses, who may occasionally write checks, and who want flexible options for managing potential overdrafts.
2.3. Advantage Relationship Banking®: Comprehensive Banking with Interest
This account is designed for those who maintain a higher balance and desire a more comprehensive banking experience, including the ability to earn interest on their checking funds.
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Key Features:
- Interest Earning: Unlike the other Advantage accounts, this account earns interest, providing a small return on your balance.
- Full Suite of Banking Services: Includes debit card, digital banking, paper checks, and typically waives fees on select banking services like incoming domestic wires and stop payments.
- Monthly Fee Waiver: The higher monthly maintenance fee can be waived if:
- You maintain a minimum daily balance of $20,000 or more in your account.
- You are a member of the Preferred Rewards® program.
- You link eligible accounts (like certain savings or investment accounts) to your primary Advantage Relationship Banking account to meet the combined balance requirement.
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Who it's for: Individuals with higher balances who want to earn interest on their checking account and benefit from waived fees on various banking services.
Step 3: Understanding Specialized Checking Accounts
Beyond the core Advantage Banking suite, Bank of America also offers specialized checking solutions for specific demographics and purposes.
3.1. Advantage SafeBalance Banking® for Family Banking: For Parents and Children
This is a parent-owned account that allows a child (as young as 6) to use it with a debit card, offering parental controls and monitoring capabilities. It shares many features with the regular Advantage SafeBalance Banking account.
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Key Features:
- Parental Controls: Parents can set spending limits, view transactions, and manage the child's access.
- No Monthly Fee for Children Under 25: Similar to the standard SafeBalance, the monthly fee is waived if the child using the account is under age 25.
- Teaches Financial Responsibility: A great way to introduce children to banking and money management in a controlled environment.
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Who it's for: Parents who want to provide their children with a debit card and teach them financial literacy while maintaining oversight.
3.2. Business Checking Accounts: For Entrepreneurs and Businesses
Bank of America also provides a range of checking accounts tailored specifically for businesses, from small businesses to larger enterprises. These accounts come with features like higher transaction limits, cash deposit allowances, and tools for managing business finances.
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Key Options (Examples):
- Business Advantage Fundamentals™ Banking: A foundational account for small businesses, with fee waiver options based on average monthly balance, debit card purchases, or Preferred Rewards for Business membership.
- Business Advantage Relationship Banking®: Offers more features and potentially higher transaction limits for growing businesses, with fee waivers often tied to higher combined balances or Preferred Rewards for Business membership.
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Who it's for: Sole proprietors, small business owners, and larger corporations needing dedicated banking solutions for their operations.
Step 4: The Power of Preferred Rewards®
It's essential to highlight the Bank of America Preferred Rewards® program, as it significantly impacts the benefits and fee waivers across many checking accounts. If you have a combined balance across eligible Bank of America deposit and Merrill investment accounts, you can qualify for different tiers (Gold, Platinum, Platinum Honors, Diamond).
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Benefits Often Include:
- Waived Monthly Maintenance Fees: For eligible checking and savings accounts.
- Higher Interest Rates on savings accounts.
- Credit Card Rewards Bonuses.
- Discounts on loans and other banking services.
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Why it matters: If you have substantial assets with Bank of America or Merrill, becoming a Preferred Rewards member can unlock significant savings and enhanced benefits across your entire banking relationship, potentially making a higher-tier checking account more cost-effective.
Final Considerations
When choosing your Bank of America checking account, remember to:
- Review the Personal Schedule of Fees: This document provides all the details on potential fees, including ATM fees (especially out-of-network), wire transfer fees, and more.
- Understand Waiver Requirements: Be confident you can meet the criteria to waive the monthly maintenance fee for your chosen account.
- Utilize Digital Tools: Bank of America offers excellent mobile and online banking features, including mobile check deposit, Zelle®, custom alerts, and the Erica® virtual financial assistant. Make sure you're comfortable using these tools to manage your account effectively.
By carefully considering your financial habits and goals, you can select the Bank of America checking account that best suits your needs and helps you manage your money efficiently.
10 Related FAQ Questions
Here are 10 "How to" FAQ questions with quick answers related to Bank of America checking accounts:
How to open a Bank of America checking account?
You can open a Bank of America checking account online, by visiting a Bank of America financial center, or by calling their customer service. You'll typically need personal identification (like a driver's license or state ID), Social Security number, and an initial deposit.
How to waive the monthly maintenance fee for Bank of America checking accounts?
Fee waiver requirements vary by account type. Generally, you can waive the fee by maintaining a minimum daily balance, having qualifying direct deposits, or being a member of the Preferred Rewards program.
How to deposit a check with Bank of America?
You can deposit checks using the Bank of America mobile app (mobile check deposit), at an ATM, or by visiting a Bank of America financial center.
How to set up direct deposit with Bank of America?
To set up direct deposit, you'll need your Bank of America account number and routing number. Provide these details to your employer or the payer. You can usually find these numbers in your online banking portal or on a voided check.
How to find my Bank of America routing number?
Your Bank of America routing number can be found on your checks, in your online banking account (under account details), or by using the routing number locator tool on the Bank of America website.
How to get a debit card for my Bank of America checking account?
A debit card is typically issued automatically when you open a checking account. If you need a replacement or an additional card, you can request one through online banking, the mobile app, or by contacting customer service.
How to use Zelle with Bank of America?
You can send and receive money with Zelle directly through the Bank of America mobile banking app or online banking by enrolling your U.S. mobile number or email address.
How to avoid overdraft fees with Bank of America?
The Advantage SafeBalance Banking account is designed to avoid overdraft fees by declining transactions if funds are insufficient. For other accounts, you can opt for the "Decline All" overdraft setting or set up Balance Connect® by linking a savings or other eligible account for overdraft protection.
How to close a Bank of America checking account?
You can close a Bank of America checking account by visiting a financial center, by mail, or by calling customer service. Ensure your balance is zero and all pending transactions have cleared before closing.
How to switch to a different Bank of America checking account?
You can switch to a different Bank of America Advantage Banking account by contacting customer service or visiting a financial center. In many cases, you can keep the same account number and debit card.
