Bank of America does not charge a fee to open a checking account

Bank of America offers several checking accounts with no opening fee. You can open an account online, by phone, or in a branch without paying anything upfront. The accounts available are the Core Checking, Advantage Checking, and Premium Checking — each with different features and minimum balance requirements, but none with an opening cost.

However, "free to open" does not mean "free to use." Once the account is open, you may face monthly maintenance fees, overdraft charges, or other costs depending on which account type you choose and how you use it. Understanding what happens after opening is where most people encounter unexpected charges.

Key Takeaways

  • Bank of America charges no fee to open any of its checking accounts, whether you do it online, by phone, or in a branch.
  • Core Checking has a $12 monthly maintenance fee that you can waive by maintaining a $500 minimum daily balance or setting up direct deposit.
  • Advantage Checking and Premium Checking have higher balance requirements but may waive fees if you meet them or use direct deposit.
  • Overdraft fees, ATM fees outside the Bank of America network, and other service charges can add up quickly after the account opens.
  • You can compare the three account types before opening to see which one fits your banking habits and balance level.

The three checking account types and their monthly costs

Core Checking is Bank of America's basic option. It has a $12 monthly maintenance fee, but you can waive it by keeping a $500 minimum daily balance or by setting up direct deposit of your paycheck. If you do neither, you pay $12 every month. There is no minimum balance to open the account — you can start with $1 — but you have to maintain the $500 to avoid the fee once it is open.

Advantage Checking requires a $1,500 minimum daily balance to waive its $12 monthly maintenance fee. If your balance drops below $1,500, you pay the fee. Direct deposit does not waive the fee for this account type. This account is designed for people who keep a higher balance anyway.

Premium Checking requires a $2,500 minimum daily balance to waive its $12 monthly maintenance fee. It is the highest-tier option and includes additional perks like higher interest rates on the balance and waived fees for certain services. Like Advantage Checking, direct deposit does not waive the monthly fee.

If you do not meet the minimum balance requirement for your account type, you will pay $12 every month. There is no partial fee — it is either waived or charged in full.

Overdraft fees and other charges that add up

Bank of America charges $35 per overdraft transaction if your account goes negative. If multiple transactions post on the same day and your account is overdrawn, you can be charged $35 for each one. The bank also charges $35 for each non-sufficient funds (NSF) attempt — a transaction that is declined because you do not have enough money, even if the overdraft protection does not kick in.

Using an ATM outside the Bank of America network costs $2.50 per withdrawal. If you use out-of-network ATMs frequently, this adds up. Bank of America has a large ATM network, but if you travel or live far from a branch, you may end up paying these fees regularly.

Other charges include wire transfer fees (typically $15 for domestic wires), stop payment requests ($30), and expedited delivery of checks ($15). Most people do not use these services often, but they exist if you need them.

How to open an account without paying anything

You can open a Bank of America checking account online at bankofamerica.com, by calling 1-800-432-1000, or by walking into a branch. Online opening is the fastest — it usually takes 10 to 15 minutes and you can start using the account the same day. You will need a valid government ID, your Social Security number, and an initial deposit (though some accounts allow you to open with $0 and deposit later).

When you open, you will choose which account type you want. If you are unsure, Core Checking is the most common choice because the $500 balance requirement to waive the fee is lower than the other options. If you know you will keep a higher balance anyway, Advantage or Premium Checking might make sense.

There is no fee charged during the opening process itself. The monthly maintenance fee (if any) does not start until your first full billing cycle, which is usually 30 days after opening.

Ways to avoid monthly maintenance fees

If you want to use Bank of America checking without paying the $12 monthly fee, you have two main paths with Core Checking: keep a $500 minimum daily balance, or set up direct deposit. Direct deposit is the easier route for most people — you just need your employer to send your paycheck to your Bank of America account. Even a small direct deposit counts; it does not have to be your full paycheck.

If you cannot maintain $500 or set up direct deposit, you will pay $12 every month. Some people accept this as the cost of banking with Bank of America. Others switch to a bank with no monthly fee and no balance requirement, which is an option worth considering if you carry a low balance.

For Advantage and Premium Checking, the only way to waive the fee is to meet the daily balance requirement. Direct deposit does not help. If you cannot keep $1,500 or $2,500 in the account at all times, these accounts will cost you $12 per month.

What to do if you want to avoid fees entirely

If the idea of a monthly maintenance fee bothers you, Bank of America may not be the right fit. Many online banks and credit unions offer checking accounts with no monthly fee, no minimum balance, and no direct deposit requirement. You can open those accounts for free and use them for free, with no catches.

The trade-off is usually fewer physical branches and ATMs. If you need to deposit cash frequently or prefer in-person banking, Bank of America's network is an advantage worth paying for. If you mostly use your phone and ATM, a no-fee bank might save you money over time.

You can also keep both — open a Bank of America account for the branch access and a no-fee account elsewhere for everyday spending. Many people do this to get the best of both worlds.

Frequently Asked Questions

Can I open a Bank of America checking account with no money?

You can open Core Checking with $0 and deposit money later. Some branches or online openings may require a small initial deposit, but Bank of America does not have a strict minimum to open. Call 1-800-432-1000 or check the website to confirm the current opening requirements.

What happens if I close my account right after opening?

Bank of America does not charge a fee to close a checking account. If you open and close within a few days, you pay nothing. However, if you close within 90 days, some banks flag this as account abuse, though Bank of America does not publicly state a penalty for early closure.

Do I have to use direct deposit to waive the Core Checking fee?

No. You can waive the $12 monthly fee by keeping a $500 minimum daily balance instead. Direct deposit is just one option. You only need to do one or the other, not both.

Can I switch from Core Checking to Advantage Checking later?

Yes. You can change your account type at any time by calling Bank of America or visiting a branch. There is no fee to switch. If you switch to a higher-tier account and cannot meet the balance requirement, you will start paying the monthly fee for that account type.

What if I go over my overdraft limit?

Bank of America charges $35 per overdraft transaction. There is no hard limit on how many overdrafts you can have in a day, but the bank may close your account if overdrafts become frequent. If you overdraft regularly, contact the bank about overdraft protection options or consider switching to a bank with overdraft grace periods.