Bank of America does offer a nonprofit checking account, but it requires 501(c)(3) status
Bank of America's Nonprofit Checking account is designed for tax-exempt organizations that have received 501(c)(3) status from the IRS. The account comes with no monthly maintenance fee, unlimited check writing, and online banking at no charge. You cannot open this account as an individual — only as a registered nonprofit organization with proof of tax-exempt status.
The account is part of Bank of America's broader nonprofit banking program, which also includes savings accounts, money market accounts, and credit products. If your organization does not yet have 501(c)(3) status, you will need to complete that process with the IRS before you can open the account. If you already have status, the application process typically takes one to two weeks once you submit your documentation to a Bank of America branch or relationship manager.
Key Takeaways
- Bank of America's Nonprofit Checking requires your organization to hold active 501(c)(3) tax-exempt status from the IRS before you can open an account.
- The account has no monthly maintenance fee, no minimum balance requirement, and unlimited check writing and online transactions.
- You will need to bring your IRS information letter, articles of incorporation, and board resolution authorizing the account when you apply at a branch.
- Bank of America also offers nonprofit savings accounts, money market accounts, and lines of credit through the same program.
What documents you need to open the account
To open a Nonprofit Checking account, bring your IRS information letter — the official document showing your organization received 501(c)(3) status. This is the single most important piece of paperwork. Bank of America will not open the account without it.
You will also need your organization's articles of incorporation (or articles of organization if you are a nonprofit corporation), a board resolution authorizing the account, and a government-issued ID for the person signing on behalf of the organization. Some branches may also ask for your Employer Identification Number (EIN) and a recent bank statement from any existing nonprofit account. Call your local Bank of America branch ahead of time to confirm what they require — requirements can vary slightly by location.
Monthly fees and account features
The Nonprofit Checking account has no monthly maintenance fee, which is the main cost advantage over a standard business checking account. You get unlimited check writing, unlimited debit card transactions, and unlimited online bill pay at no per-transaction charge. Mobile banking and online banking are both included at no extra cost.
The account does not pay interest on your balance. If you need to earn interest on nonprofit funds, Bank of America offers a separate Nonprofit Money Market account that pays a variable rate. You can link both accounts together for easier fund transfers. Overdraft protection is available but must be set up separately and may carry fees if you use it.
How to apply at a Bank of America branch
Visit a Bank of America branch in person with your IRS information letter, articles of incorporation, board resolution, and the ID of the authorized signer. Tell the banker you want to open a Nonprofit Checking account. They will verify your 501(c)(3) status by looking at your information letter and may contact the IRS to confirm if the status is recent.
The banker will ask you to choose a business name for the account (usually your organization's legal name), set up online banking credentials, and order checks. Most branches can open the account the same day, though it may take one to two business days for the account to become fully active for online transactions. You will receive your debit card and checks in the mail within five to ten business days.
What happens if your 501(c)(3) status changes or lapses
If your organization loses its 501(c)(3) status — either because you did not file required annual returns or because the IRS revoked your status — Bank of America may close the Nonprofit Checking account or convert it to a standard business account. The bank typically gives you notice before this happens, but the timeline varies.
If your status lapses temporarily (for example, because you missed a filing deadline but plan to restore it), contact Bank of America immediately to explain the situation. Some branches will work with you to keep the account open during the restoration process, but this is not may provide. Once your status is restored, you can provide an updated information letter to confirm the account should remain as a nonprofit account.
Nonprofit accounts at other banks if Bank of America does not work for you
If Bank of America's Nonprofit Checking does not fit your organization's needs, other banks offer similar accounts. Wells Fargo has a Nonprofit Checking account with no monthly fee and unlimited transactions. Chase offers a Nonprofit Business Checking account with comparable features. Credit unions often have nonprofit accounts as well, sometimes with lower fees or better interest rates on linked savings accounts.
The features are similar across banks — no monthly fee, unlimited checks, online banking included — so the choice often comes down to branch location, customer service, and whether you need additional products like nonprofit lines of credit or grant management tools. Some nonprofit-focused banks like Amalgamated Bank and Beneficial State Bank offer accounts designed specifically for nonprofits and may have more specialized services.
Frequently Asked Questions
Can I open a Nonprofit Checking account if my 501(c)(3) application is still pending?
No. Bank of America requires proof that your organization already holds 501(c)(3) status. You cannot open the account while your application is pending with the IRS. Once you receive your information letter, you can apply for the account.
Is there a minimum balance requirement for the Nonprofit Checking account?
Bank of America does not require a minimum balance to keep the Nonprofit Checking account open or to avoid monthly fees. You can maintain a zero balance if needed, though most nonprofits keep at least some operating funds in the account.
Can I use the Nonprofit Checking account for personal expenses or board member reimbursements?
The account is for organizational expenses only. You can reimburse board members for legitimate nonprofit business expenses, but you cannot use the account for personal spending. The IRS expects nonprofit bank accounts to hold only organizational funds.
What if I need to add another authorized signer to the account?
Contact your Bank of America branch or relationship manager. You will typically need to provide a new board resolution authorizing the additional signer and their government-issued ID. The process usually takes a few business days.
Does Bank of America offer nonprofit credit cards or lines of credit?
Yes. Bank of America offers nonprofit credit cards and lines of credit to organizations with active 501(c)(3) status. These are separate products from the checking account and have their own terms. Ask your relationship manager about nonprofit lending options if your organization needs credit.