Bank of America offers free checking, but the account comes with conditions

Bank of America has a free checking account called eChecking, which charges no monthly maintenance fee if you meet one requirement: you must receive your paycheck or other regular deposits through direct deposit, or maintain a minimum balance of $500. If you do neither, the account costs $12 per month. The account itself is free to open and has no opening deposit requirement.

The confusion around "free" at Bank of America comes from the fact that most of their other checking accounts do charge monthly fees. If you walk into a branch without knowing which account you want, you may end up in a paid tier. eChecking is the free option, but you have to ask for it or know to look for it online.

Key Takeaways

  • eChecking is Bank of America's free checking account, with no monthly fee if you get direct deposit or keep $500 in the account.
  • Without direct deposit or the $500 minimum, eChecking costs $12 per month.
  • Other Bank of America checking accounts (Advantage, Advantage Plus, Premier) charge monthly fees ranging from $12 to $25 and require higher minimums or direct deposit to waive them.
  • eChecking includes a debit card, online banking, and mobile app access at no extra cost, but does not include overdraft protection or ATM fee reimbursement.
  • Bank of America charges $35 per overdraft transaction if you do not opt into overdraft protection, which costs money to add.

How the $500 minimum or direct deposit requirement works

The $500 minimum is a daily balance, not an average. If your balance drops to $499 on any day of the month, you lose the fee waiver and the $12 charge applies to that month. Direct deposit means any regular paycheck, Social Security payment, or other recurring deposit from an employer or government agency—it does not include transfers you make yourself from another account.

If you have direct deposit set up, the $500 minimum does not matter. You can keep $0 in the account and pay no monthly fee. If you do not have direct deposit, you must keep the full $500 there at all times, which means that money is not available to spend without risking the fee.

What eChecking includes and what it does not

eChecking comes with a debit card, checks, online bill pay, mobile banking, and access to Bank of America's ATM network. You can set up alerts, freeze your card, and use Zelle for peer transfers. There is no limit on the number of debit card transactions or checks you can write.

eChecking does not include overdraft protection, which means if you spend more than your balance, the transaction will be declined. Bank of America offers overdraft protection as an add-on (linking to a savings account or credit line), but you pay for it separately. If you do not have overdraft protection and you overdraft, Bank of America charges $35 per transaction. eChecking also does not reimburse out-of-network ATM fees—you pay $2.50 per withdrawal at ATMs that are not Bank of America's.

How eChecking compares to Bank of America's other checking accounts

Bank of America offers three other checking accounts besides eChecking. Advantage Checking costs $12 per month (waived with direct deposit or a $1,500 minimum balance). Advantage Plus Checking costs $25 per month (waived with direct deposit or a $2,500 minimum balance) and includes overdraft protection and out-of-network ATM fee reimbursement. Premier Checking costs $25 per month (waived with direct deposit or a $10,000 minimum balance) and adds higher ATM reimbursement limits and other perks.

For most people, eChecking is the right choice because it is the cheapest option. You only move to a paid tier if you need overdraft protection or ATM fee reimbursement, which Advantage Plus and Premier provide. If you have a very high balance or income, Premier may make sense for the extra features, but the cost is the same as Advantage Plus unless you may have access to for fee waivers.

What happens if you do not meet the requirements

If you open eChecking but do not set up direct deposit and do not keep $500 in the account, Bank of America will charge you $12 at the end of each month you fall short. The fee appears as a debit to your account. You can avoid it by adding direct deposit or moving money in before the statement closes, but if you forget or do not have the funds, the charge sticks.

If you are charged the fee and want to dispute it, you can call Bank of America customer service and ask them to reverse it as a one-time courtesy. Whether they will depends on your account history and how long you have been a customer. Repeated requests are less likely to be granted.

How to open eChecking and confirm you have the right account

You can open eChecking online at bankofamerica.com, on the mobile app, or in a branch. Online is fastest—it takes about 10 minutes and you can start using the account the same day. In a branch, tell the representative you want eChecking, not Advantage Checking. The names are similar and staff sometimes steer customers toward the paid account by default.

Once your account is open, log into online banking and check your account details. Your account type should say "eChecking" or "eBanking Checking." If it says "Advantage" or anything else, contact customer service and ask them to switch you. Do not assume the account you opened is the one you got.

Setting up direct deposit to avoid the balance requirement

Direct deposit is the easiest way to waive the $500 minimum. You give your employer or benefits administrator Bank of America's routing number (026009593 for most accounts) and your account number, which you can find on your debit card or in online banking. The first direct deposit usually takes one to two pay cycles to process.

Once direct deposit is active, you no longer need to keep any minimum balance. You can spend down to $0 and still pay no monthly fee. If you lose your job or your direct deposit stops, you have until the end of that month to either set up a new direct deposit or move $500 back in. If you do neither, the $12 fee applies the following month.

Frequently Asked Questions

Can I have eChecking if I do not have a job or direct deposit?

Yes, but you must keep $500 in the account at all times to avoid the $12 monthly fee. If you have Social Security, disability payments, or any other regular government deposit, that counts as direct deposit and waives the minimum. If you have no regular deposits at all, the $500 minimum is your only option.

What is the routing number for Bank of America eChecking?

The routing number is 026009593 for most Bank of America accounts. Some regions use different routing numbers, so check your debit card or online banking to confirm yours before giving it to your employer. Using the wrong routing number will delay your direct deposit.

Does Bank of America charge for incoming wire transfers to eChecking?

No, incoming wire transfers are free. Outgoing wire transfers cost $30 domestic and $45 international. eChecking does not include wire transfer capability through the mobile app—you have to do it online or in a branch.

Can I switch from another Bank of America checking account to eChecking?

Yes, you can call customer service or go to a branch and ask to convert your account to eChecking. Your account number and routing number stay the same, so direct deposits and automatic payments do not need to be updated. The switch is immediate.

What happens to my eChecking account if I move out of state?

Your account stays active and works the same way. Bank of America operates nationwide, so your debit card, online banking, and direct deposit all continue to work. You still have access to Bank of America ATMs and branches if you travel or move.