Bank of America does not charge an opening fee for most checking accounts
You do not pay Bank of America to open a checking account. There is no application fee, no setup charge, and no deposit requirement to start the account itself. You can walk into a branch or open one online with zero dollars and have an active account within minutes.
What matters is what happens after you open it. Bank of America charges a monthly maintenance fee on most checking accounts unless you meet one of their waiver conditions. That fee is where the real cost lives, and it varies by account type.
Key Takeaways
- Opening a Bank of America checking account costs nothing — there is no fee to create the account.
- Most checking accounts charge a monthly maintenance fee of $12, but you can waive it by keeping a minimum balance or setting up direct deposit.
- The SafePass checking account has no monthly fee and no minimum balance requirement, making it the lowest-cost option.
- You can open an account online, by phone, or in person, and the account becomes active the same day or next business day.
- If you close the account within 90 days, Bank of America may charge an early closure fee of $25.
Monthly maintenance fees and how to avoid them
Bank of America's standard checking account is called Advantage Banking, and it carries a $12 monthly maintenance fee. You can eliminate this fee in three ways: keep a minimum daily balance of $1,500, set up direct deposit of at least $250 per month, or maintain an average daily balance of $1,500 across all your linked accounts at the bank.
If none of those work for you, the SafePass checking account has no monthly fee and no minimum balance. It also has no overdraft fees — if you spend more than you have, the transaction is simply declined. The tradeoff is that SafePass does not include overdraft protection, so you cannot accidentally go negative.
Student accounts (for people under 24) also waive the monthly fee as long as you are enrolled in school. Once you turn 24 or leave school, the account converts to Advantage Banking and the $12 fee begins.
What you need to bring or provide to open an account
If you open in person at a branch, bring a government-issued photo ID and your Social Security number. You will also need a way to fund the account — either cash, a check, or a debit card from another bank. Bank of America does not require an opening deposit, but you may want to put money in immediately so you can use the account right away.
If you open online, you will need your Social Security number, a valid email address, and a phone number. You can link a debit card or bank account from another institution to fund it, or you can leave it empty and deposit money later. The online process takes about 10 minutes.
Bank of America will run a ChexSystems check, which is a banking history report. If you have unpaid overdrafts or fraud flags at other banks, you may be denied. If you are denied, you can still open a SafePass account, which has looser approval requirements.
Timeline from opening to using your account
If you open in a branch, your account is active the same day. You can use your debit card immediately for online purchases, though the physical card arrives in 7 to 10 business days. You can also set up transfers and bill pay the same day.
If you open online, the account is usually active within one business day. Debit card delivery takes the same 7 to 10 business days. If you need to deposit checks, you can use the mobile app to photograph them and deposit them remotely once your account is set up.
If you fund the account with a transfer from another bank, that transfer typically takes one to three business days to arrive, depending on the other bank's processing speed.
Early closure fees and account restrictions
If you close your Bank of America checking account within 90 days of opening it, the bank charges a $25 early closure fee. After 90 days, you can close the account with no penalty. You can close by phone, in person, or through the mobile app.
Bank of America also has limits on how many times you can transfer money out of a checking account per month. Federal rules allow up to six outgoing transfers per month (including ACH transfers, wire transfers, and transfers to accounts at other banks). Once you hit six, additional transfers are declined until the next month resets the counter. Transfers within Bank of America itself do not count toward this limit.
Overdraft fees and what happens if you spend too much
If you use Advantage Banking and you overdraw your account, Bank of America charges $35 per overdraft transaction. You can have multiple overdrafts in a single day, and each one triggers a separate fee. The bank does offer overdraft protection, which links your checking account to a savings account or credit line so transfers happen automatically if you go negative — but that protection costs extra and requires you to set it up.
SafePass has no overdraft fees because transactions are simply declined if you do not have the funds. This means you cannot accidentally rack up multiple $35 charges, but it also means your card will not work if your balance is too low.
How to open your account online or in person
Online: Go to bankofamerica.com, click "Open an Account," and choose the account type (Advantage Banking or SafePass). Enter your Social Security number, email, phone number, and basic personal information. Verify your identity by answering security questions or uploading a photo ID. Link a debit card or bank account to fund it, or skip funding for now. Review and sign the account agreement. Your account opens within one business day.
In person: Visit any Bank of America branch with your photo ID and Social Security number. Tell the representative which account type you want. They will verify your identity, run the ChexSystems check, and open the account on the spot. You can fund it with cash, a check, or a debit card. Ask for a temporary debit card if you need one before the permanent card arrives.
By phone: Call Bank of America at 1-800-432-1000. A representative can walk you through the online process over the phone, or they can schedule an appointment at a branch near you.
Frequently Asked Questions
Do I need a minimum deposit to open a Bank of America checking account?
No. Bank of America does not require a minimum opening deposit. You can open an account with zero dollars and add money later. However, if you want to avoid the $12 monthly fee on Advantage Banking, you will need to maintain a $1,500 minimum balance, set up direct deposit, or switch to SafePass.
What is the difference between Advantage Banking and SafePass?
Advantage Banking charges $12 per month but includes overdraft protection and allows you to go negative (with a $35 fee per overdraft). SafePass has no monthly fee and no overdraft fees, but transactions are declined if you do not have funds. Choose SafePass if you want simplicity and no fees; choose Advantage Banking if you want overdraft flexibility and can meet the fee waiver requirements.
Can I open a Bank of America account if I have been denied before?
If you were denied because of ChexSystems issues (unpaid overdrafts or fraud), you may still open a SafePass account, which has more lenient approval. Contact Bank of America directly to ask about your specific situation, or visit a branch and ask a representative to review your case.
How long does it take to receive my debit card?
Your debit card arrives in 7 to 10 business days after you open the account. You can use your account for online purchases and transfers immediately, even before the physical card arrives. If you need a card faster, ask at a branch about rush delivery options.
What happens if I close my account right after opening it?
If you close within 90 days, Bank of America charges a $25 early closure fee. After 90 days, you can close with no penalty. Make sure any pending deposits or transfers have cleared before you close, or they may be returned to the sending account.