Ready to take control of your finances? Opening a bank account is a fundamental step, and if you're considering Bank of America, you're likely wondering: how much does it cost? The good news is, opening an account at Bank of America isn't about a single, fixed "cost" in the way you might buy a product. Instead, it's about understanding potential fees and how to avoid them. This comprehensive guide will walk you through everything you need to know, from the types of accounts to the exact steps for opening one, and how to minimize any associated costs.
Understanding the "Cost" of a Bank Account at Bank of America
When we talk about the "cost" of opening a bank account, it's less about an upfront payment and more about ongoing fees. Bank of America offers various checking and savings accounts, each with its own fee structure and ways to waive those fees. The goal is to choose an account that aligns with your financial habits and helps you avoid unnecessary charges.
Let's dive into the details!
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| How Much Is It To Open A Bank Account At Bank Of America |
Step 1: Discover Your Banking Needs – What Kind of Account is Right for You?
Before you even think about applying, ask yourself what you need from a bank account. Do you primarily need a place to deposit your paycheck and pay bills? Are you looking to save money for a big purchase? Is this your first bank account? Your answers will help you choose the most suitable account type and ultimately, influence any potential "costs."
Bank of America primarily offers three main types of Advantage Checking accounts, each designed for different needs, along with savings accounts:
A. Bank of America Advantage Checking Accounts
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Advantage SafeBalance Banking®:
- Ideal for: Those who want a simple, straightforward checking experience with no overdraft fees. It's often a great choice for students and young adults.
- Monthly Maintenance Fee: $4.95
- How to Waive:
- Maintain a minimum daily balance of $500 or more.
- Be an account owner under age 25.
- An account owner is a member of the Preferred Rewards program.
- Minimum Opening Deposit: $25
- Key Feature: No Overdraft Item Fees. Transactions will be declined if funds aren't available, preventing overdraft charges. You cannot write paper checks with this account.
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Advantage Plus Banking®:
- Ideal for: Individuals who need more flexibility, including the option to write paper checks and overdraft protection.
- Monthly Maintenance Fee: $12
- How to Waive:
- Maintain a minimum daily balance of $1,500 or more.
- Have at least one qualifying direct deposit of $250 or more per statement cycle.
- An account owner is a member of the Preferred Rewards program.
- Minimum Opening Deposit: $100
- Key Feature: Offers Balance Connect® for overdraft protection, allowing transfers from linked accounts to cover transactions.
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Advantage Relationship Banking®:
- Ideal for: Customers with more significant balances who want to earn interest and receive premium banking benefits.
- Monthly Maintenance Fee: $25
- How to Waive:
- Maintain a minimum daily balance of $20,000 or more across your linked Bank of America deposit accounts and Merrill investment accounts.
- An account owner is a member of the Preferred Rewards program.
- Minimum Opening Deposit: $100
- Key Feature: Earns interest and offers $0 monthly maintenance fee on up to 7 eligible accounts when linked to your primary Relationship Banking account.
B. Bank of America Advantage Savings Accounts
- Ideal for: Building up your savings, whether for emergencies or specific goals.
- Monthly Maintenance Fee: $8
- How to Waive:
- Maintain a minimum daily balance of $500 or more.
- Link your account to a Bank of America Advantage Relationship Banking® account.
- Be an account owner under age 25.
- Enroll in the Preferred Rewards program.
- For new accounts, the monthly maintenance fee is waived for the first six months from account opening.
- Minimum Opening Deposit: $100
- Key Feature: Can be linked to a checking account for overdraft protection and the "Keep the Change®" program, which rounds up debit card purchases and transfers the difference to your savings.
Step 2: Gather Your Required Documents – Be Prepared!
To ensure a smooth account opening process, whether online or in person, having the right documents ready is crucial. Don't show up empty-handed!
QuickTip: Short pauses improve understanding.
A. For U.S. Citizens and Permanent Residents:
You'll generally need:
- Social Security Number (SSN): This is a primary identifier.
- Valid Government-Issued Photo ID: This could include:
- U.S. Driver's License
- State-Issued ID Card
- U.S. Passport
- Proof of Current Residential Address: This could be a utility bill, lease agreement, or another official document with your name and address.
- Initial Deposit Funds: As mentioned above, this varies by account type ($25 for SafeBalance, $100 for Plus and Relationship checking, and $100 for Savings). You can usually make this deposit via:
- Transfer from an existing Bank of America account (if you're an existing customer)
- Transfer from another bank account
- Debit card
- Check or money order
B. For Non-U.S. Citizens/Non-Permanent Residents (e.g., International Students, Professionals):
Bank of America is accommodating to non-U.S. citizens. You will need to apply in person at a financial center and provide:
- Proof of U.S. Residency:
- U.S. government-issued photo ID (if applicable)
- Student/employer photo ID (if applicable)
- Current utility bill or rental agreement (must show your name and U.S. physical address)
- One Primary Photo ID (e.g.):
- Foreign passport (with or without a U.S. visa)
- U.S. Non-Immigrant Visa and Border Crossing Card-DSP-150
- Mexican, Guatemalan, Dominican, or Colombian Consular ID (with photo)
- Canadian Citizenship Card (with photo)
- One Secondary ID (e.g.):
- Foreign or U.S. driver's license (with photo)
- Student/employer ID (with photo)
- Major debit or credit card with Visa® or Mastercard® logo
- Major retail credit card from a nationally well-known company
- U.S. Department
of State Diplomat ID
- Tax Identification Number (TIN): This could be a U.S. ITIN (Individual Tax Identification Number) if you have one, or your Foreign Tax Identification Number (FTIN) issued by your home country. A U.S. Social Security Number is NOT always required for non-permanent residents.
- Proof of Foreign (Permanent) Address
- Initial Deposit Funds: Same as for U.S. citizens.
Step 3: Choose Your Application Method – Online or In-Person?
Bank of America offers flexibility in how you open your account. Which method is best for you?
A. Opening an Account Online (Most Common for U.S. Citizens):
This is often the quickest and most convenient option if you meet the eligibility requirements (typically U.S. citizens and permanent residents).
- Visit the Bank of America Website: Go to
www.bankofamerica.com - Select Your Desired Account: Click on the account type you've determined is best for you (e.g., Advantage SafeBalance Banking).
- Initiate the Online Application: Look for buttons like "Open an Account" or "Apply Now."
- Fill Out the Application Form: You'll be prompted to enter your personal information, including:
- Name, date of birth, SSN
- Current residential address, email address, phone number
- Employment information
- Information for any co-applicant, if applicable.
- Verify Your Information: Bank of America will use the information provided to verify your identity.
- Choose Features & Funding Options: This is where you'll select how you want to make your initial deposit and any additional services you might want.
- Review and Submit: Carefully review all the information before submitting your application.
- Confirmation: You'll receive an email confirming your application has been received and then a follow-up email regarding approval and next steps. Account documents are usually mailed within 7-10 business days.
B. Opening an Account In-Person at a Financial Center:
This method is ideal if you prefer face-to-face assistance, have questions, or are a non-U.S. citizen/non-permanent resident.
QuickTip: Read a little, pause, then continue.
- Locate a Branch: Use the Bank of America website or app to find a financial center near you.
- Schedule an Appointment (Recommended): While walk-ins are often welcome, scheduling an appointment can save you time and ensure a specialist is available to assist you.
- Bring All Required Documents: As outlined in Step 2, ensure you have all necessary identification, proof of address, and your initial deposit funds.
- Meet with a Banking Specialist: A representative will guide you through the application process, answer any questions you have about account features and fees, and help you set up your account.
- Sign Necessary Paperwork: You'll sign account agreements and disclosure forms.
- Make Your Initial Deposit: You can deposit cash or a check with the specialist, or set up a transfer.
- Receive Your Temporary Debit Card (Often): In many cases, you can walk out with a temporary debit card, and your permanent one will be mailed to you within a few business days.
Step 4: Understanding and Avoiding Monthly Maintenance Fees – The Real "Cost" Factor!
This is where the "how much" really comes into play. The monthly maintenance fees are the primary ongoing cost of a Bank of America account. But here's the key: they are almost always waivable if you meet certain criteria.
Let's reiterate the waiver conditions for each account:
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- Advantage SafeBalance Banking ($4.95/month):
- Maintain a $500 minimum daily balance OR
- Account owner is under 25 years old OR
- Account owner is a Preferred Rewards member.
- Advantage Plus Banking ($12/month):
- Maintain a $1,500 minimum daily balance OR
- Have at least one qualifying direct deposit of $250 or more per statement cycle OR
- Account owner is a Preferred Rewards member.
- Advantage Relationship Banking ($25/month):
- Maintain a $20,000 combined average daily balance across eligible linked Bank of America deposit accounts and Merrill investment accounts OR
- Account owner is a Preferred Rewards member.
- Advantage Savings ($8/month):
- Maintain a $500 minimum daily balance OR
- Link to a Bank of America Advantage Relationship Banking® account OR
- Account owner is under 25 years old OR
- Account owner is a Preferred Rewards member OR
- (New accounts) Fee waived for the first six months.
Pro-Tip: If you're eligible, the Preferred Rewards program is an excellent way to waive fees across multiple accounts and unlock other benefits like interest rate boosters on savings and credit card rewards bonuses. To qualify for Preferred Rewards, you need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.
Step 5: Be Aware of Other Potential Fees – Beyond Monthly Maintenance
While monthly fees are the most common, there are other fees you might encounter. Knowledge is power when it comes to avoiding them!
- Overdraft Fees: For Advantage Plus and Relationship Banking, an Overdraft Item Fee of $10 may apply for overdrafts created by check, recurring debit card transactions, or other electronic means. Bank of America typically limits these to a maximum of two per day. SafeBalance Banking does not charge overdraft fees, as transactions are declined if you don't have sufficient funds.
- Non-Bank of America ATM Fees: While using Bank of America ATMs is free, using an ATM outside their network may incur a fee from Bank of America (e.g., $2.50 in the U.S. and $5.00 for international ATMs) plus any fee charged by the ATM operator.
- Wire Transfer Fees: Fees apply for both domestic and international outgoing wire transfers. Incoming wires may also have a fee, though Preferred Rewards members may get waivers.
- Stop Payment Fees: If you need to stop payment on a check, there's usually a fee.
- Rush Debit Card Delivery Fee: If you need a replacement debit card quickly, there's often a charge for rush delivery.
- Foreign Transaction Fees: If you use your debit card for purchases internationally, a foreign transaction fee (typically around 3%) may apply.
Always refer to Bank of America's "Personal Schedule of Fees" for the most up-to-date and detailed information on all potential charges. This document is readily available on their website.
QuickTip: Skim the first line of each paragraph.
In Conclusion: The "Cost" is Often Zero!
While Bank of America accounts come with advertised monthly maintenance fees, the vast majority of personal checking and savings account holders can easily avoid these fees by meeting the simple waiver requirements. By understanding your banking needs, choosing the right account, and managing your balances or direct deposits, you can enjoy the convenience of banking with Bank of America without paying any regular "cost."
Frequently Asked Questions (FAQs)
Here are 10 common questions about opening a Bank of America account, with quick answers:
How to open a Bank of America account online?
Visit the Bank of America website, select your desired account, fill out the online application, provide your personal details and SSN, fund your account, and submit.
How to avoid monthly maintenance fees on a Bank of America checking account?
Maintain a minimum daily balance, set up qualifying direct deposits, or enroll in the Preferred Rewards program, depending on the account type. Students and those under 25 often have fees waived.
How to make the initial deposit for a new Bank of America account?
You can transfer funds from an existing Bank of America account, transfer from another bank, use a debit card, or deposit a check or money order.
QuickTip: Keep a notepad handy.
How to open a Bank of America account if I am under 18?
Minors typically need a parent or legal guardian to be a co-owner on the account. Bank of America offers specific accounts for young adults like SafeBalance Banking® for Family Banking with parental controls.
How to find the minimum deposit to open a Bank of America account?
The minimum deposit varies by account: $25 for Advantage SafeBalance Banking, and $100 for Advantage Plus, Advantage Relationship, and Advantage Savings accounts.
How to get a Bank of America debit card after opening an account?
You often receive a temporary debit card immediately when opening in person. Your permanent debit card will be mailed to your address within a few business days after account opening.
How to open a Bank of America account as an international student or non-resident?
You must open the account in person at a financial center and provide specific documents, including your passport, visa (if applicable), proof of U.S. and foreign address, and a tax identification number (ITIN or FTIN).
How to check Bank of America account fees?
The most comprehensive place to find all fees is the "Personal Schedule of Fees" document, available on the Bank of America website.
How to link accounts to waive Bank of America fees?
For some accounts, like Advantage Relationship Banking, linking multiple eligible Bank of America deposit and Merrill investment accounts can help you meet the combined balance requirement to waive fees.
How to avoid overdraft fees with Bank of America?
Consider the Advantage SafeBalance Banking account, which declines transactions if funds are insufficient. For other accounts, enroll in Balance Connect® for overdraft protection, which transfers funds from a linked backup account to cover transactions.
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