Hey there! Thinking about giving your Bank of America checking account a little refresh? Whether your financial habits have changed or you're simply looking for different features, switching your account type can be a smart move. Let's walk through exactly how to do it, step-by-step, to ensure a smooth transition.
How to Change Your Bank of America Checking Account Type: A Comprehensive Guide
Changing your checking account type at Bank of America isn't as complicated as you might think. While you can't simply click a button online to "upgrade" or "downgrade," Bank of America makes the process fairly straightforward, primarily by working with their specialists.
Before you dive in, it's crucial to understand the different types of checking accounts Bank of America offers and which one might better suit your needs.
Understanding Bank of America's Advantage Banking Accounts
Bank of America primarily offers three main "Advantage Banking" checking accounts, each designed for different financial profiles:
- Bank of America Advantage SafeBalance Banking®:
- Best for: Those who want to avoid overdraft fees entirely, prefer to manage their money digitally, and don't typically use paper checks. It's often a good choice for students or those new to banking.
- Key Features: No overdraft item fees, basic banking, typically a lower monthly maintenance fee (or waivable for those under 25 or with a minimum daily balance).
- Considerations: No paper checks.
- Bank of America Advantage Plus Banking®:
- Best for: Customers who need more traditional banking features, including the ability to write checks, but also want flexible options to avoid monthly fees.
- Key Features: Standard checking features, can avoid monthly fees with qualifying direct deposits or by maintaining a minimum daily balance.
- Considerations: Overdraft fees may apply if you opt-in for overdraft services.
- Bank of America Advantage Relationship Banking®:
- Best for: Individuals with higher balances who want to earn interest on their checking account and benefit from additional perks, potentially including waived fees on other linked accounts and advanced banking services.
- Key Features: Earns interest, offers various benefits like no fees on select services, reduced wire transfer fees, and free standard check orders.
- Considerations: Requires a significantly higher combined balance to waive the monthly maintenance fee. This account can also be a gateway to the Preferred Rewards program, offering even more benefits.
Now that you have a clearer picture of the account types, let's get into the practical steps of making the change.
Step 1: Assess Your Current Banking Needs and Habits
Before you even think about contacting Bank of America, take a moment to honestly evaluate your current financial situation and how you use your checking account. This is the most crucial first step, as it will guide your decision.
Ask yourself these questions:
- How often do you write checks? Do you even use them anymore?
- Do you frequently overdraw your account, or are you looking to prevent overdrafts entirely?
- What is your typical monthly income and spending pattern?
- Do you maintain a consistent balance in your checking account? If so, roughly how much?
- Do you have other accounts with Bank of America (savings, investments, credit cards) that could be linked for benefits?
- Are you currently paying a monthly maintenance fee? If so, are you meeting the waiver requirements for your current account type, or would a different account make it easier to avoid fees?
- Are you interested in earning interest on your checking balance?
- Do you value additional perks like free wire transfers, discounted loans, or enhanced rewards on credit cards?
Understanding your answers will help you pinpoint which Bank of America Advantage Checking account aligns best with your financial lifestyle.
Step 2: Research and Compare Account Features and Fees
Once you have a good grasp of your needs, it's time to dig into the specifics of Bank of America's checking account offerings.
Sub-heading: Delving into the Details Online
Visit the official Bank of America website. Navigate to their "Checking Accounts" section. You'll find detailed breakdowns of each Advantage Banking account: SafeBalance, Advantage Plus, and Advantage Relationship. Pay close attention to:
- Monthly Maintenance Fees: What is the standard fee for each account type?
- How to Waive Fees: This is often the most important part! Look for requirements like:
- Minimum daily balance
- Qualifying direct deposits
- Student status (for SafeBalance)
- Enrollment in Preferred Rewards (for all Advantage accounts)
- Overdraft Policies: Understand how each account handles transactions that would overdraw your account. SafeBalance, for instance, prevents overdrafts entirely, while Advantage Plus and Relationship Banking may have overdraft fees.
- Included Features: Do they offer paper checks? Is there an interest-earning component? What about ATM access and foreign transaction fees?
- Preferred Rewards Eligibility: If you have significant balances across Bank of America and Merrill accounts, explore the Preferred Rewards program. Being a Preferred Rewards member can waive fees on eligible checking and savings accounts and offer enhanced benefits across various Bank of America products.
Sub-heading: Don't Forget the Fine Print!
Always review the "Personal Schedule of Fees" and "Deposit Agreement" documents available on the Bank of America website. These PDFs contain the most comprehensive and legally binding information about fees, account terms, and conditions.
Step 3: Gather Necessary Information and Documentation
While Bank of America generally aims to keep your existing account number and debit card when switching Advantage Checking account settings, it's always wise to be prepared with some key information.
- Your Current Bank of America Account Information: Have your account number and routing number readily available.
- Personal Identification: A valid government-issued photo ID (driver's license, passport, state ID).
- Social Security Number (SSN): Essential for account verification.
- Proof of Address: A recent utility bill or another official document showing your current address, if it differs from what Bank of America has on file.
- Any supporting documents: If you're trying to qualify for a fee waiver (e.g., proof of student enrollment for SafeBalance if applicable, although typically internal systems will verify this for existing customers).
Step 4: Initiate the Account Type Change
This is where you directly engage with Bank of America. You have a couple of primary options, and it's recommended to choose the one that feels most comfortable for you.
Option A: Visit a Bank of America Financial Center (Recommended)
This is often the easiest and most direct way to change your account type.
- Schedule an Appointment: Bank of America encourages scheduling appointments, which can save you wait time. You can do this through their website or by calling customer service. Specify that you want to discuss changing your checking account type.
- Meet with a Specialist: When you arrive, a personal banker or specialist will sit down with you.
- Clearly explain your goal: "I'd like to switch my checking account type from [Current Account Type] to [Desired Account Type]."
- Discuss your needs: Reiterate why you believe the new account type is a better fit based on your assessment in Step 1.
- Confirm Fee Waivers: Ask specifically about how you can avoid the monthly maintenance fee for the new account type. Ensure you understand the requirements.
- Review Terms and Conditions: The specialist will provide you with the terms and conditions for the new account. Read them carefully before agreeing to the change.
- Sign Documents: You will likely need to sign some paperwork to authorize the account type change.
- Confirmation: The specialist will confirm the change and provide you with any new account disclosures. They will also inform you when the change is expected to take effect. Often, you can keep your existing account number and debit card.
Option B: Call Bank of America Customer Service
If visiting a financial center isn't feasible, you can initiate the change over the phone.
- Dial the General Customer Service Number: Call 1-800-432-1000 (Consumer accounts).
- Navigate the Automated System: Listen carefully to the prompts to connect with a representative who can assist with account changes. You may need to provide your account information and verify your identity.
- Explain Your Request: State clearly that you wish to change your checking account type.
- Discuss and Confirm: The representative will guide you through the process, explain the new account's features and fees, and confirm eligibility. Be prepared to answer questions about your banking habits.
- Follow Up: Ask for an email confirmation of the change and clarification on when it will be effective. If any documents need to be mailed or signed, ensure you understand the next steps.
Step 5: Monitor Your Account and Update Direct Deposits/Payments
Once the change is processed, it's essential to monitor your account closely for a few statement cycles.
Sub-heading: Verify the Change
- Online Banking/Mobile App: Log in to your Bank of America online banking or mobile app to confirm that your account type has been updated correctly.
- Statement Review: Check your next statement to ensure the new fee structure (or fee waiver) is applied as expected.
Sub-heading: Update Recurring Transactions (if necessary)
While Bank of America generally tries to keep your account number the same, it's always a good practice to review any direct deposits and automatic payments.
- Direct Deposits: If your employer or other payers use your account and routing numbers, these should generally continue without interruption. However, if any fee waiver is tied to direct deposit amounts, ensure those are still being met.
- Automatic Payments/Bill Pay: Similarly, any recurring payments set up through Bank of America's Bill Pay or linked to your debit card should continue.
- External Links: If you have external apps or services linked to your Bank of America account (e.g., budgeting apps, other bank transfers), you may want to re-verify the connection, especially if you also changed your online banking login credentials or if the account type change somehow impacted linked services.
Congratulations! You've successfully navigated the process of changing your Bank of America checking account type. By being proactive and informed, you can ensure your banking relationship continues to meet your evolving financial needs.
10 Related FAQ Questions
Here are 10 frequently asked questions related to changing your Bank of America checking account type, with quick answers:
How to know if changing my Bank of America checking account type is right for me?
- Review your current banking habits and fees. If you're consistently paying fees you could avoid with a different account type, or if your banking needs have changed significantly (e.g., higher balances, less need for checks), then switching might be beneficial.
How to find out what Bank of America checking account type I currently have?
- You can typically find your current account type by logging into your Bank of America online banking account, checking your monthly statement, or by calling customer service.
How to avoid monthly maintenance fees on Bank of America checking accounts?
- Each account type has specific waiver requirements, such as maintaining a minimum daily balance, having qualifying direct deposits, being a student (for SafeBalance), or being enrolled in the Preferred Rewards program.
How to upgrade my Bank of America checking account to Advantage Relationship Banking?
- You'll need to contact Bank of America directly, either by scheduling an appointment at a financial center or calling customer service. Be prepared to discuss your financial situation and ensure you meet the balance requirements for this account.
How to downgrade my Bank of America checking account to SafeBalance Banking?
- Similar to upgrading, contact Bank of America. SafeBalance is ideal if you want to avoid overdraft fees and primarily bank digitally. Confirm you meet any eligibility or fee waiver criteria.
How to change my Bank of America checking account type online?
- As of now, you generally cannot change your Bank of America checking account type directly online. The process typically requires speaking with a Bank of America specialist either in person or over the phone.
How to determine if I qualify for Bank of America Preferred Rewards?
- Preferred Rewards eligibility is based on your combined balances across eligible Bank of America deposit accounts and Merrill investment accounts. There are different tiers (Gold, Platinum, Platinum Honors, Diamond Honors) with varying balance requirements, starting at $20,000 for Gold.
How to ensure my direct deposits continue after changing my account type?
- Bank of America states that if you switch between Advantage Banking settings, your account number and debit card generally remain the same, meaning direct deposits should continue uninterrupted. However, it's always wise to confirm this with the representative during the change and monitor your account.
How to understand the fees associated with each Bank of America checking account type?
- Thoroughly review the "Personal Schedule of Fees" document on the Bank of America website for the most detailed information. You can also ask a Bank of America specialist to clarify all applicable fees and waiver conditions.
How to get help if I encounter issues changing my Bank of America account type?
- If you face any difficulties, the best course of action is to call Bank of America customer service at 1-800-432-1000 or visit your local financial center to speak with a personal banker.
